Global Workgroup

Upcoming Events

  • Open Council Meeting -  February 21
  • Open Council Meeting -  At NCREIF Conference March 14

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To understand, evaluate, and globally converge the concepts and practices with respect to institutional, real estate investor reporting. The group will coordinate with other organizations sharing similar objectives around the world, understand our commonalities and differences to foster the establishment of investor reporting standards, performance measurement reporting, accounting guidelines and other information standards which evolve into consistent practices that ultimately serve the best interest of the investor. 

​​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: 

  • Christopher Andrews, Head of Client Relationships and Marketing, M&G Real Estate (ANREV)
  • Ken Greguski, Executive Director, Client Coverage, MSCI (Reporting Standards)
  • Bill Hughes, Head of Global Real Estate Research, UBS, (Reporting Standards)
  • 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)
  • John Ravoisin, Partner, PwC, Luxembourg (INREV)
  • ​Connie Tirondola, Managing Director, Global Relationship Manager for BlackRock, 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