An investor who subscribed to SCPI shares at the end of 2022, during the rise in interest rates, is now receiving a distributed income higher than that promised at the time of purchase. This is not an isolated case. The average distribution rate of the market has been increasing for the third consecutive year, reaching about 4.9% for the 2025 fiscal year according to ASPIM-IEIF data. For 2026, this dynamic changes the perspective on the investment.
Continuous SCPI Yield Increase: Three Years of Growth
SCPI yield is often discussed as a fixed figure. The reality on the ground is different: the average distribution rate has been rising since 2023, moving from 4.72% in 2024 to about 4.92% in 2025. This upward trend over three consecutive years sets real estate investment apart from most regular income investments.
What matters for an investor is not the yield of a single year, but the trajectory. When analyzing SCPI yield in France according to Immobserver, it is noted that this growth is accompanied by a net collection recovery, reaching 4.6 billion euros in 2025, an increase of 29% compared to 2024.
Returns vary on this point, but several indicators converge: gross collection reaches 5.5 billion euros for the year, and the fourth quarter of 2025 alone shows a net collection of 1.3 billion euros. Investors are returning to the investment, and they are coming back because the distributed income is following suit.
Dispersion of SCPI Performance: Not All Types Are Equal
The average rate masks a reality that general rankings do not show. The dispersion between types of SCPI has reached levels rarely observed. We are not only talking about the gap between offices and logistics: diversified SCPI, vehicles specialized in health, and those focused on hospitality show very different trajectories.
In concrete terms, some recent SCPI significantly exceed the market average, while historical vehicles, particularly those heavily exposed to Parisian offices, see their distribution stagnate or decline. For an investor entering in 2026, the choice of type is as important as the amount invested.
What Concentrated Collection Reveals About the Market
The collection is not evenly distributed. A handful of SCPI capture the bulk of subscriptions, creating a concentration effect. The vehicles that collect the most are often those investing outside France, particularly in the eurozone, in commercial or logistics assets.
For the investor, the lesson is simple: selecting an SCPI based on its past yield without analyzing its acquisition strategy leads to disappointments. One should look at the distribution rate, but also the occupancy rate, the nature of the leases, and the geographical area of the assets.
European SCPI and Geographical Diversification: A Yield Lever in 2026
SCPI invested in continental Europe (Germany, Netherlands, Spain, Ireland) benefit from a double advantage. The first is fiscal: foreign-source rental income is partially exempt from French taxation due to bilateral tax treaties. The second is operational: these markets sometimes offer gross rental yields higher than those of the French market, particularly in the logistics and health segments.
- European SCPI allow capturing rental income in markets where vacancy rates remain low, such as in the Netherlands in the logistics segment.
- Reduced taxation on foreign-source income improves net yield for a French tax resident, without requiring complex arrangements.
- Geographical diversification reduces exposure to a single national real estate cycle, which protects the income stream in the event of a local downturn.
In practice, a portfolio composed exclusively of French SCPI is heavily impacted by price adjustments on Parisian offices. Mixing French and European SCPI stabilizes the distributed income over time.
Overall Performance Indicator: What PGA Changes for Comparing SCPI
Recently, a new indicator has emerged in reports: the Annualized Global Performance (PGA). While the distribution rate only measures current income relative to the share price, the PGA also incorporates the change in the share price itself.
For an investor, the difference is significant. An SCPI that distributes 5% but whose share price drops by 3% shows a PGA of 2%. Conversely, an SCPI with a 4.5% distribution whose share price increases by 1% offers a PGA of 5.5%. The real yield of an SCPI can no longer be read on a single line.
How to Use the PGA Before Subscribing
It is recommended to compare SCPI over at least three years using the PGA rather than just the distribution rate. Vehicles that have experienced share price declines in 2023-2024 may show a high distribution rate (mechanical effect of the calculation on a reduced share price) while having destroyed asset value.
- Check that the PGA remains positive over three years before subscribing.
- Compare the PGA among SCPI of the same type to isolate the management effect.
- Look at the stock of shares pending withdrawal: a high volume (the market shows about 2.8 billion euros of shares pending at the end of 2025) signals a liquidity risk that weighs on future PGA.
The SCPI market in 2026 is no longer the same as in 2019. Yields are increasing, but the selection of the vehicle determines the bulk of the performance. An investor entering today with an updated reading framework (PGA, European diversification, analysis of concentrated collection) positions themselves on an investment whose risk-return profile remains competitive compared to other asset classes accessible without direct management.