Spreads on retail loans, which were primarily on neighborhood and community centers, dipped about 5 basis points (bp), consistent with an ongoing recovery in asset values. Multifamily and industrial spreads increased slightly, but these changes did not seem to mark the start of an upward trend. Office lending remained sparse, and spreads continued to be high.
Movement in the U.S. Treasury yield curve was again the main driver of performance through its effect on capital value. Last quarter, capital value return was -2.29% due to increased Treasury yields. This quarter, yields declined, powering a 2.06% capital value return. Income return remained solid at 1.17%. (G-L 1 income return fluctuates as capital value, which is the denominator in the return calculation, moves up and down.)
Rising U.S. Treasury yields caused the Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) total return for 4Q 2024 to drop to -1.05%. Income return, as usual, was fairly steady, coming in at 1.24% compared with 1.16% in 3Q. Yield increases led to a -2.29% capital-value return. Credit effects had a slight effect. Most of the decline reflected loan values being marked to align with market yields.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) generated 4.63% total return for 3Q 2024.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) posted 1.10% total return for 2Q 2024.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) generated 0.29% total return for 1Q 2024.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) posted a 4.59% total return, its strongest quarterly result since 2Q 2010.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) declined again in 3Q 2023. A sharp rise in yields pushed values lower, resulting in -1.36% total return.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) posted a -0.74% total return in 2Q 2023.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) posted a 3.13% total return in 1Q 2023.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) moved back into positive return territory in 4Q 2022, posting 1.22% total return.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) produced a -4.07% total return for 3Q 2022. Download the complete results below.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) produced a -1.94% total return for 2Q 2022. Download the complete results below.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) posted a -4.41% total return for 1Q 2022. Download the complete results below.
The Giliberto-Levy Commercial Mortgage Performance Index (G-L 1) generated 0.28% total return for 4Q 2021. Total return consisted of 0.94% income return and -0.66% capital value return, which includes price changes and other factors. Download the complete results below.
The G-L 1 posted a 0.42% total return for 3Q 2021. Total return consisted of 0.94% income return and -0.52% capital value return. Rising Treasury yields caused most of the capital value return. Download the complete results below.
The G-L 1 generated 2.45% total return for 2Q 2021. Total return consisted of 0.97% income return and 1.47% capital value return. Declining Treasury yields produced most of the capital value return. Download the complete results below.
The G-L 1 posted a -1.22% total return for 1Q 2021. Total return consisted of 0.95% income return and -2.17% capital value return. Sharp increases in Treasury yields caused the capital value hit. Download the full results below.
The G-L 1 generated 1.16% total return for 4Q 2020. Fourth quarter spreads declined about 25 basis points (bp) for major sectors. Download the results below.
The G-L 1 produced 1.74% total return for 3Q 2020. Third quarter spreads declined about 20-25 bps. Download the results below.
The G-L 1 rebounded strongly in 2Q 2020, generating 4.27% total return. Download the results below.
The G-L 1 started Q1 2020 on an upbeat note, generating positive returns in January and February. Download the results below.
G-L 2 posted -0.13% total return in 2Q 2025, compared with 1.11% (revised) reported for 1Q 2025.
G-L 2 generated 1.18% total return in 1Q 2025, compared with 2.18% (revised) reported for 4Q 2024.
The G-L 2 generated 1.90% total return in 4Q 2024, compared with 1.77% (revised) reported for 3Q 2024.
The Giliberto-Levy High-Yield Real Estate Debt Index or G-L 2 posted 2.53% total return in 3Q 2024, compared with 1.06% (revised) reported for 2Q 2024.
The Giliberto-Levy High-Yield Real Estate Debt Index or G-L 2 posted 1.07% total return in 2Q 2024, compared with 1.95% (revised) reported for 1Q 2024.
The Giliberto-Levy High-Yield Real Estate Debt Index or G-L 2 generated a 1.86% total return in 1Q 2024, up a bit from 1.75% (revised) reported for 4Q 2023.
The Giliberto-Levy High-Yield Real Estate Debt Index or G-L 2 posted a 1.62% total return in 4Q 2023, rebounding from 0.96% (revised) reported for 3Q.
3Q 2023 total return for the Giliberto-Levy High-Yield Real Estate Debt Index or G-L 2 slumped to 0.92%, down from 2Q’s 1.99%.
2Q 2023 total return for the Giliberto-Levy High-Yield Real Estate Debt Index or G-L 2 was 1.99%, an increase from 1.10% posted in 1Q 2023.
1Q 2023 total return was 1.10% compared with last quarter’s 1.83%.
4Q 2022 total return was 2.32% compared with last quarter’s 1.99%.
3Q 2022 total return was 2.03%, gaining some from last quarter’s 1.94%.
2Q 2022 total return came in at 1.73%, a bit above last quarter’s 1.66%. Click below to download the full results.
1Q 2022 total return was 1.66%, slightly less than the prior quarter’s 1.72%. Click below to download the full results.
4Q 2021 total return was 1.60%. This was less than last quarter’s 1.92%. Click below to download the full results.
3Q 2021 total return was 1.90%. This was consistent with last quarter’s 1.88%. Click below to download the full results.
2Q 2021 total return was 1.93%, on par with 1.87% generated in 1Q 2021. Click below to download the full results.
1Q 2021 total return was 1.87%, a decline from 2.12% posted for 4Q 2020. Click below to download the full results.
Total return performance improved considerably, with the index posting a 2.12% total return for 4Q 2020. Click below to download the full results.
Total return for 3Q 2020 came in at 0.54% compared with 2Q 2020’s 1.72%. Click below to download the results.
