The National Council of Real Estate Investment Fiduciaries Property index returned 2.7% in the first quarter - composed of 1.3% income return and 1.4% capital appreciation.

The trailing four-quarter return for the index was 11.18% - 5.53% income return and 5.43% appreciation.

Retail led all property types, returning 4.3% in the quarter, followed by industrial (2.75%), office (2.23%), apartment (2.21%) and hotel (0.79%).