It’s balance sheet season for SCPIs. According to Aspim, the sector’s professional association, in 2025, the average distribution rate (TD) reaches 4.91%, better than in 2024 (4.72%). Diversified SCPIs are doing well with 6% on average, with some even posting double-digit returns.
But the big news for 2026 is the arrival of a new mandatory indicator which puts the results into perspective: the annual overall performance (PGA). And the contrast is clear. In 2025, this performance stands at only 1.46% on average for all SCPIand even becomes negative for certain categories.
So which indicator should be favored to compare or analyze SCPIs? “They all have their uses and limitations.answers Jonathan Dhiver, founder of MeilleureSCPI.com. But for the investor, the new indicator of overall performance is much more relevant than the distribution rate alone. And, over time, the internal rate of return (IRR) remains the best way to know the real performance of an investment“.
The distribution rate, useful but to be put into perspective
The distribution rate measures the rents (dividends) paid by the SCPI over the year in relation to the share price on January 1 of the year. To simplify, for 1,000 euros invested and 60 euros of rent received over the year, the TD reaches 6%.
His fault? It does not take into account the change in the price of the share during the year. But above all, if the value of the share falls, the TD increases mechanically the following year, without real performance progressing. Conversely, if the price of the share rises, the TD will be lower… even though the investment increases in value! An optical effect that can confuse reading.
Overall performance, closer to reality
To better reflect what the saver actually earns, the new overall annual performance therefore includes two components: the rents paid and the change in the share price. If this declines during the year – which happened to fourteen SCPIs in 2025 – the overall profitability decreases, even with stable income. Conversely, a revaluation of the share price improves performance. Logically, if the share price does not change, TD and PGA are identical.
This new indicator thus offers a very different perspective on the distribution rate. For example, for 2025, office, health/education and residential SCPIs show a positive distribution rate (4.6% for offices and 4.2% for the other two), but their overall performance is negative: respectively -0.2%, -1.3% and -4.5%, “due to a significant adjustment in the value of the shares», underlines Aspim. On the other hand, diversified SCPIs recorded an average PGA of 6.3%, higher than their TD of 6%, some having revalued their share price last year.
Attention, “the PGA does not take into account subscription fees», remarks Jonathan Dhiver. However, the entry fees, often close to 10%, weigh heavily on the saver, especially in the first year.
The TRI, the reference over time
To judge the performance of your investment over time, the internal rate of return (IRR) remains the most comprehensive indicator. Like the PGA, it includes rents and changes in the price of shares, but over several years (from five years) and above all, it includes subscription fees. An indicator that promising new SCPIs will not be able to display before their fifth anniversary.
