Upcoming Events

  • Open Council Meeting - December 19, 2018
  • Open Council Meeting - February 20, 2019

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Global Workgroup


​To develop a global set of standards which are transparent, useful and comparable to stakeholders in non-listed real estate investment vehicles on a global basis and to understand and facilitate the interrelationships of these efforts with other efforts pursued individually and collectively by the Sponsorship.

​​Global Real Estate Standards: Business Plan 2017

​Global Standards: Collaboration with INREV, ANREV, NCREIF and PREA

In 2015, NCREIF, PREA and INREV (and via license ANREV) executed a memorandum of understanding to collaborate on the development of uniform reporting for investment vehicles.  The goal is to provide comparable, useful and transparent information to private non-listed real estate investors on a global basis.  The NCREIF PREA Reporting Standards and the INREV Guidelines are currently utilized by investment managers in the US, Europe and Asia, respectively, for institutional real estate investment reporting purposes.  A global standards steering committee has been formed to develop a uniform global set of information reporting and disclosure standards, on a non-exclusive basis in order to support efficiency and best practice as well as the flow of capital in this industry sector with the objective to limit further divergence in reporting and information standards and disclosure practices.

Memorandum of Understanding

​​Global Standards Steering Committee (SSC):


Committee Members


  • John Caruso, Managing Director, Head of Finance - Americas, TH Real Estate (Reporting Standards Council Member) 
  • Guido Verhoef, Head of Private Real Estate, PGGM (INREV)​

Other Members: 

  • Ken Greguski, Executive Director, Products, MSCI (Reporting Standards)
  • Bill Hughes, Head of Global Real Estate Research, UBS, (Reporting Standards)
  • Dimme Lucassen, Senior Investment Manager, Aberdeen Standard Investment (INREV)
  • Mike Morrell, Manager - Global Real Estate Investments & Commercial Lending, NYSTRS (Reporting Standards Board Member)
  • Andrew Muscat, Head of Operations and Deputy Country Executive for Malta, Alter Domus (INREV)
  • Matthias Pilz, Head of Special Projects, Allianz Real Estate (INREV)
  • John Ravoisin, Partner, PwC, Luxembourg (INREV)
  • ​Connie Tirondola, Managing Director, Real Estate Fund Admin/Accounting, CBRE (Reporting Standards)
  • ​Candice Todd, Managing Director, Morgan Stanley (Reporting Standards)
  • Stephen Tross, Managing Director International Investments, Bouwinvest (ANREV)

Publications and News

SSC Minutes

Current Projects:

Volunteers are always welcome to participate in current projects. Contact Marybeth Kronenwetter for more information.

  • Definitions: develop converged definitions used within comprehensive investor reporting
  • Fees and Expenses Metrics: converge existing guidelines for fees and expenses measures including INREV's Total Expense Ratio (TER), Real Estate Expense Ratio (REER), and Reporting Standards Real Estate Fees and Expenses Ratio (REFER)
  • ​Reporting: address general reporting issues using INREV's Standard Data Delivery Sheet (SDDS) and Reporting Standards Executive Summary to identify scope of work

Information on other current projects and business plans for the Global Workgroup can be found under Projects and Business Plans