Msci Inc. · NYSE:MSCI
Msci — Investor Presentation (March 2026)
32 slides from Msci's investor presentation, Mar 16, 2026
Slide 1: MSCI Real Assets' Client Roundtable
MSCI Real Assets’ Client Roundtable March 16, 2026 MSCI RA Team © 2026 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.
Slide 2: Agenda
Agenda → 01 Market Overview: Bryan → 02 Product Update: Andrei Carreno & Lu Mabeta → 03 Coverage Update: Haley Crimmins, Valery Flores, Elizabeth Francis → 04 Audience Q&A: You Information Classification: GENERAL 2
Slide 3: Market Overview
Section 01 Market Overview Information Classification: GENERAL
Slide 4: Transaction Volume softens in January
$200b Transaction 180 Volume softens 160 in January 140 120 → Deal volume declined YoY in January, with weakness broad- 100 based across most sectors → Individual asset sales fell 6% to 80 $27.2b — first YoY decline since June 2024 60 → Megadeal volume down 7% YoY, driven by portfolios (-63%); 40 en
Slide 5: Office transactions buck the trend
Office transactions Jan 2026 Past 12 Months RCA CPPI Vol ($b) YOY Vol ($b) YOY Cap Rate YOY buck the trend Office 7.3 20% 84.2 26% 7.5% 1.5% Industrial 7.9 -10% 114.9 13% 6.4% 3.7% Data Center 0.0 -100% 29.1 279% → Office led all sectors at $7.3b (+20% YoY), with gains broad- Retail 4.6 1% 72.8 39%
Slide 6: Transaction cap rates still edging up
Transaction 9% cap rates still edging up 8% 7% → Cap rates have largely plateaued over the past year but still showing some upward movement 6% → Office continues to see greatest upward pressure, reaching 7.5% 5% 4% '21 '22 '23 '24 '25 '26 Off Ret Ind Apt Htl Information Classification: GENERAL 6
Slide 7: Performance improved in 2025
Total returns and transaction volume change 30% 150% Performance improved in 20% 100% 2025 10% 50% → Transaction volumes and total returns improved over the 0% 0% course of 2025 → 2025 volume was up 26% on prior year. -10% -50% → Total volume for the year was just above 2015-2019 average in nominal
Slide 8: Listed market performance has bounced
Total return vs deleveraged REIT return 50% Listed market performance 40% has bounced 30% 20% → Singal from listed markets was 10% largely negative in 2025 as growth and rate fears weighed on stocks 0% → US REITs had a fairly disappointing 2025 in total return -10% terms, especially relative to the
Slide 9: But divergence across property types
Retail vs deleveraged REIT total Office vs deleveraged REIT total returns returns But divergence 60% 60% across property 40% 40% types 20% 20% 0% 0% -20% -20% → Office and apartment REITs continue to -40% -40% '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 fa
Slide 10: Borrowing cost pressure has eased slightly
New loan mortgage rates 10% Borrowing cost pressure has eased slightly 8% 6% → Mortgage rates on new loans peaked in 2023 at 7.5% for commercial buildings but ended 2025 at 6.3% 4% → Apartment loans peaked at 6.2% but were at 5.3% in December 2025. 2% 0% '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '
Slide 11: Distress still climbing but at slower rate
Cumulative distress (bn) $250 Distress still climbing but at slower rate $200 $150 → Distress climbed to $130.3b by the end of 2025, a $14.1b increase over the year. → This marks a sharp deceleration $100 from 2024, when net distress expanded by $32.1b. → Slower growth was driven primarily by an inc
Slide 12: Liquidity weighs on closed-end funds
Vintage cash flows (bn) $80 2.0 Liquidity weighs on 1.8 closed-end $40 1.6 funds 1.4 1.2 → RE fund distributions hit new lows in 2025 $0 1.0 → Closed-end funds are sitting on a large amount if unrealized 0.8 valuations → Considerable amount of dry 0.6 powder yet to be deployed from $40 recent vintag
Slide 13: What's being underwritten in valuations?
14% What’s being 12% underwritten in 10% 8.2% 8.4% 8.7% 8.4% valuations? 7.5% 7.5% 7.2% 7.6% 7.6% 7.6% 8% 7.3% 7.3% 7.2% 7.2% 6.9% 6.9% 6.8% 6.9% 7.0% 7.0% 3.6% 3.5% 6% 3.2% 3.5% 2.6% 3.5% 5.1% 4.8% 2.9% 4.5% 5.2% 3.3% 3.3% 3.3% 3.3% 4.1% 3.6% 5.7% 5.8% 4% 8.5% → Discount rates represent the 5.4% 5.
Slide 14: Difference between implied income growth and recent 10Y average
Difference between implied income growth and recent 10Y average All Property Retail Office Industrial Apartments All Markets 1.1% 1.3% 4.0% -1.2% -0.9% Primary Markets 1.3% 1.4% 3.9% -1.3% -1.0% Atlanta 0.7% -1.2% 5.2% 0.7% -1.1% Boston 2.3% 2.7% 4.7% -0.1% -3.6% → Implied income growth at all Chica
Slide 15: Hedonic income indexes in development
$25 $12,000 Hedonic income indexes in $20 $10,000 development $8,000 $15 → Looking to transaction markets, we can estimate hedonic income per $6,000 square ft or per unit $10 → Complements existing hedonic price per square ft/unit and hedonic cap $4,000 rate measures $5 $2,000 $0 '01 '03 '05 '07 '09
Slide 16: Data center construction in the age of AI
Data center 14 Construction Starts 40% Sales Price Distribution 2024 vs 2025 construction in the age of AI 35% 12 30% 10 25% → US data center construction starts 8 exceeded 12,000 MW in 2025 — more than double 2024 and 10x the 20% 2020 level 6 → Pricing has shifted sharply upmarket: 15% the sub-$2.5
Slide 17: Data center construction in the age of AI
Data center construction in the age of AI → The development pipeline shows no signs of slowing, with large planned projects (orange) concentrated in the Southeast, Mid-Atlantic, and Texas → The largest project under construction is a 1,000 MW AWS facility in North Carolina; the largest planned is th
Slide 18: Will AI bend the growth curve?
U.S. real GDP per capita, chained 2017 dollars, log scale Will AI bend the LLMs growth curve? Recessions $60,000 GPS Internet $40,000 Space flight Gen. AI Penicillin Smartphones Mass production DNA Heavier-than-air flight $20,000 Television Personal computing Air-conditioning ISO containerization →
Slide 19: Product Update
Section 02 Product Update Information Classification: GENERAL
Slide 20: Expanding Private Assets in 2026
Expanding Private Assets in 2026 In 2026 we are expanding from coverage to intelligence to seamless access data. Q1 Q2 Q3 Q4 Enhanced Market Expanding analytics Simplifying Data Smarter portal Coverage Access capabilities → Introduces fund-to-asset → Realized deal, track record and → Review of repor
Slide 21: Information Classification: GENERAL
Information Classification: GENERAL 21
Slide 22: Coverage Update
Section 03 Coverage Update Information Classification: GENERAL
Slide 23: Coverage Updates: Market Change?
Coverage Updates: Market Area’s Coding Additional data (AFOE) change? 20380 None 20500 22 assets, $1.3B; A, I, STG, OR Currently defined as Raleigh, NC (Area 39580) only 25780 None 37080 None There is the ability to add all or some of the following 41820 None divisions as they fall into “Raleigh-Dur
Slide 24: Coverage Updates: Other Secondary Markets
Coverage Updates: Other Secondary Markets Secondary Markets Data (AFOE) Austin, TX (CBSA Area 12420) Austin 154 assets, $8.6B Baltimore, MD (CBSA Area 12580) Baltimore 37 assets, $3.6B Charlotte, NC (CBSA Area 16740) Minneapolis, MN (CBSA Area 33460) Charlotte 80 assets, $3.9B Nashville, TN (CBSA Ar
Slide 25: Coverage Updates: Lease Type?
Coverage Updates: Lease Type? ENUMERATION CODE VALUE Definition Landlord pays all operating expenses, including the utilities, maintenance, property taxes, 2) Requesting a lease 10 - Gross Lease and insurance. Tenant pays only base rent, and percentage rent, if applicable. Landlord pays most operati
Slide 26: MSCI Survey
MSCI Survey → No voter ID required! Information Classification: GENERAL 26
Slide 27: Audience Questions & Answers
Section 04 Audience Questions & Answers Information Classification: GENERAL
Slide 28: Glossary
Section → 05 Glossary Abbreviation Explanation Abbreviation Explanation Abbreviation Explanation LTV % Calculation Property + Fund Liabilities as a percentage of Gross Asset ACOE All Core Open End Property Fund Index Current mgrs of AEW, ARA Core, ASB, Barings, BentallGreenOak, Value the ACOE BlackR
Slide 29: Contact
Contact Americas Asia Pacific Europe, Middle East & Africa The process for submitting a formal index United States China South Africa complaint can be found on the index +1 888 588 4567 (toll free) North: 10800 852 1032 (toll free) + 27 21 673 0103 South: 10800 152 1032 (toll free) page of MSCI’s we
Slide 30: About Us
About Us MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return
Slide 31: Notice and Disclaimer
Notice and Disclaimer This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the The Information may contain back tested data. Back-tested performance is not actual performance but is hypothetical. There are “Information”)
Slide 32: Notice and Disclaimer: Real Assets
Notice and Disclaimer: Real Assets ©MSCI. All rights reserved. The information contained herein (the “Information”) may not be reproduced or redisseminated in whole or in part without prior written permission from MSCI. The Information may not be used to verify or correct other data, to create any d