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Exposure Draft: Proposed changes to time-weighted return and related disclosure requirements for closed-end funds
Comments due by January 31, 2019
Question: Should the Reporting Standards requirement for TWR reporting be changed from requiring TWR reporting in all cases to making TWR reporting (including disclosures) available upon request only?

The NCREIF PREA Reporting Standards Board and Council invite closed-end fund investors, investment managers and other interested parties to comment on the amended and reissued exposure draft: Proposed changes to time-weighted return and related disclosure requirements for closed-end funds. The Reporting Standards requirement for closed-end funds to report time-weighted return in all cases was reported by investment managers as an issue for claiming compliance. However, the majority of investors wanted TWR reporting to remain a requirement within the Reporting Standards. A public comment process which proposed a solution was concluded earlier this year and results were mixed.  This amended and reissued exposure draft considered: comments received; recent activities to change NFI-CEVA; the proposed 2020 edition of the Global Investment Performance Standards (GIPS®); and further outreach to propose a more streamlined requirement.  We expect this proposed requirement will effectively balance the reporting objectives for investors and investment managers.

The current strategy aims to expand the adoption of the Reporting Standards by improving the transparency and consistency of reporting across closed-end funds. These efforts are expected to culminate in the reissuance of the Reporting Standards for 2020. With industry comment and the support of our sponsors, NCREIF and PREA, the Board and Council continues its mission to establish, manage and promote reporting standards for the industry to facilitate informed investment decision making. 

The comment period for the above referenced exposure draft concludes on January 31, 2019. 


What Ever Happened to Apples-to-Apples Comparisons?
By Sally Ann Flood, Deloitte & Touche LLP, Chair of the Reporting Standards Council

For years, real estate investors have struggled to make sense of the various data points and reports they receive from investment managers. How do investors analyze different managers reporting similar data in diverse ways, using key terminology with slightly different meanings and performance or operating metrics calculated employing different methodologies? Such inconsistencies can result in frustration when investors analyze their existing portfolios or evaluate new investment offerings for inclusion in their real estate portfolios. The evolution into a global investment landscape magnifies these differences, making an insightful comparison of investments in the US, Europe, and Asia a challenging task. Similar challenges exist when trying to select from competing investment options from numerous investment managers, whether foreign or domestic. Some investors have set up internal teams, at great expense, to try to reconcile these differences. But what if investors could receive standardized data and reporting for their real estate investments?

…continue reading

Source: PREA Quarterly Fall 2018


Letter to AICPA

​​The Reporting Standards responds to the AICPA Accounting and Valuation Guide working draft, Valuation of Portfolio Company Investments of Venture Capital and Private Equity and Other Investment Companies. Read the response here.


Council Nominations accepted through August 31, 2018

​The nomination period to identify new NCREIF PREA Reporting Standards Council members is now open through August 31, 2018.  New appointees will serve an initial three-year term beginning November 1, 2018. 

The mission of the Reporting Standards is to manage and promote transparent and consistent reporting standards for the real estate industry to facilitate investment decision-making.   Our current initiatives include: working with INREV and ANREV to align global reporting standards; providing standards and guidance in areas of particular interest to closed-end fund stakeholders; addressing complex valuation issues for real estate investments; investor, investment manager, consultant and service provider outreach; and  ongoing dialogue with our foundational standards organizations (FASB, GIPS, USPAP) and other related industry groups which engage in standard setting activities. The Reporting Standards Board is looking for candidates who want to take a leadership role in the industry and are ready to make an impact.   

Seasoned institutional real estate professional members of NCREIF and PREA who possess discipline specific expertise and an interdisciplinary perspective are encouraged to complete the nomination form.  In addition, nominations for qualified candidates may be submitted from NCREIF committees and PREA affinity groups.  Click here for more information about the qualifications and responsibilities of Council members.

The Reporting Standards Board is expected to complete the selection process by early October and nominees will be notified of the Board’s decision shortly thereafter.   New Council members will be asked to join the Council during its meetings at the November NCREIF conference in Orlando, Florida.

Please submit completed nomination forms by August 31 or direct any questions relating to the nomination process to Marybeth Kronenwetter, Director, Reporting Standards.


Total Global Expense Ratio Fee and Cost Transparency Adding Light to the Opaque​

​The industry wide collaboration between the NCREIF PREA Reporting Standards, INREV and ANREV fund fee and expense transparency goes global! Discover how an industry wide collaboration is paving the way for consistent and transparent global metrics for the real estate industry. View full article here.


Global best practices for fees and expense metrics webinar - May 16, 2018 10-11 AM EST

Register now for this webinar on global best practices for fees and expense metrics.
This session, led by Renaud Breyer, EY, and Barbara Flusk, Citco Fund Services, will examine the current market practices in fees and expense metrics and their related disclosures as well as presenting the new Total Global Expense Ratio (TGER) – the first globally consistent measure for real estate investment vehicle fees and costs which INREV, ANREV, NCREIF and PREA jointly developed.

In Europe and Asia, the INREV Fee and Expense Metrics module clarifies the calculation and disclosure of key fee and expense metrics: the Total Expense Ratio (TER) and the Real Estate Expense Ratio (REER). The module is accompanied by an online assessment to allow users to quantify their level of compliance with the INREV Guidelines.

In the US, the NCREIF PREA Reporting Standards Real Estate Fees and Expenses Ratio (REFER) measures the total fee load of a fund.

The webinar will cover:

  • INREV Guidelines for calculation and disclosure of fees and expense metrics
  • NCREIF PREA Reporting Standards measure of fund fee load
  • Global initiative on Total Global Expense Ratio
  • Benefits of implementing these guidelines

Who should attend the webinar?  

The webinar will be of interest for investors, fund managers as well as advisors. It will be of particular interest for investment managers who work in fund reporting and those on the product development side who are interested in trends in fee terms and structures. NCREIF, ANREV and PREA members can register by sending an email to training@inrev.orgRegister here.


Introducing the First Global Expense Ratio

NCREIF, PREA, INREV, and ANREV are pleased to jointly release for industry consultation the first globally comparable measure of fees and costs named Total Global Expense Ratio (TGER).


The new proposed global standard measures the fees and costs related to participation in a real estate investment vehicle and enables comparison across products, regardless of the vehicle domicile, structure and management activities.


Barbara Flusk, Citco Fund Services, Co-chair Global Fee and Expense Metrics task force: “TGER provides investors with the ability to compare fee and expense burden of funds they invest in across the globe. It provides transparency into costs associated with investing and operating in different regions.”


The Total Global Expense Ratio incorporates definitions from the Global Definitions Database, bringing consistent terminology for the most widely used vehicle fees and costs that may be charged directly and indirectly by investment managers and service providers.


Renaud Breyer, EY, Co-chair Global Fee and Expense Metrics task force: “I am very excited about this project as it is a significant step ahead in our journey towards converged best practices for the real estate investment industry. We look forward to receiving the feedback of industry professionals on these proposed reporting measures.”


The consultation process for TGER runs until June 21 to provide the industry with the opportunity to help design a global standard that is simple, practical and facilitates comparison and consistent reporting of fees and costs.


TGER and the GDD are initiatives of the Global Standards Steering Committee, established as a collaboration between INREV, ANREV, NCREIF and PREA to jointly develop comparable reporting standards for institutional real estate investment vehicles on a global basis.


John Caruso, TH Real Estate, Co-chair Global Standards Steering Committee: “TGER represents a major step forward towards the overall goal to level the playing field for global real estate investors.”

For further information please contact:
Amelie Delaunay, ANREV
Constantin Sorlescu, INREV
Marybeth Kronenwetter, NCREIF PREA Reporting Standards


​Enhanced Related Party Fees and Affiliate Transactions for implementation in 2017 annual audit reports
In response to a call from Institutional Investors, the NCREIF PREA Fair Value Accounting Manual now has enhanced footnote disclosure guidance for Related Party Fees and Affiliate Transactions. The new disclosures can be found at: www.reportingstandards.info

Dave Gillan, Managing Director, Global Real Estate Investments & Commercial Lending at New York State Teachers Retirement System (NYSTRS) stated the following:

“Disclosure of all fees and expenses has clearly become a focal point of investors for transparency and disclosure to our constituents. We appreciate the pro-active efforts of the NCREIF PREA Reporting Standards Council and the NCREIF Accounting Committee. We are greatly encouraging our investment partners to work with the CPA firms to focus on this all- important disclosure.”

“I’ve spoken with a great number of our peer investors that also feel quite strongly about this provision. The incremental cost and time to produce this disclosure on behalf of the investors will provide great efficiencies and benefits for all industry participants.”


A number of large Investment Managers and General Partners have also already formally committed to the new format for their 2017 year-end audit reports. 

Highlights important about the new footnote disclosures include:      

  • Groups major categories of Related Party Fees and Affiliate Services in a concise format to build consistency of disclosure across Investment Advisors.   
  • Disclosure examples directionally aligned with SEC guidance on appropriate level of transparency to investors.  
  • Content and general format of example disclosures has been approved by the NCREIF Accounting Committee and NCREIF PREA Reporting Standards Council including involvement of the Public Accounting Firms.  
  • The Industry considers this to be an acceptable and preferable presentation of related party information for the various property types, risk profiles (core through opportunistic) and fund structures (separate accounts, open-ended and closed-ended funds).
  • Additional audit costs, if any, not anticipated to be significant.

Applicability of disclosure for each type of fee and/or affiliate transaction will need to be interpreted and applied properly to each product. 

The Reporting Standards Council and Accounting Committee Chairs highly recommend that you review the new disclosure template and implement it, as appropriate, in your year end 2017 reporting. Please direct any questions or comments to Marybeth Kronenwetter, Director, Reporting Standards at NCREIF.


2018 Business Plan

The NCREIF PREA Reporting Standards Business Plan for 2018 is available here.


Exposure Draft: Proposed changes to time-weighted return and related disclosure requirements for closed-end funds

​The NCREIF PREA Reporting Standards Board and Council invite all interested parties to comment on the exposure draft: Proposed changes to time-weighted return and related disclosure requirements for closed-end funds. The Reporting Standards requirement for closed-end funds to report time-weighted return was reported by investment managers as an issue for claiming compliance. However, the majority of investors wanted TWR to remain a requirement within the Reporting Standards. The project included researching and analyzing these differing views with a goal to support a position as to the appropriateness of the requirement within the Reporting Standards which balances best reporting practices and reporting requirements.

The 2018 strategy aims to expand the adoption of the Reporting Standards by improving the transparency and consistency of reporting across closed-end funds. With industry comment and the support of our sponsors, NCREIF and PREA, the Board and Council continues its mission to establish, manage and promote reporting standards for the industry to facilitate informed investment decision making. The comment period for the above referenced exposure draft concludes on January 22, 2018.  


Reporting Standards: Importance of Compliance - Video

​Jerry Silvey, CFO of Starwood Capital Group and NCREIF PREA Reporting Standards Board vice-chair recently sat down with Eric Lang, Senior Managing Director Private Markets for Teacher Retirement System of Texas to discuss the importance of compliance with the Reporting Standards for both investors and investment managers. Seeking compliance within closed-end funds is a top priority for the Reporting Standards initiative. Jerry and Eric support this compliance effort which aims to provide transparency, consistency and comparability within and across real estate investments in order to facilitate informed decision making in an increasingly complex and competitive marketplace. The video can be viewed by clicking here.


North American Conference & Global Standards Open Committee Meeting

​INREV and its partner organisations ANREV, NCREIF and PREA are creating global standards to provide the industry with one unique set of standards that will help increase transparency and align the industry globally.

We would like to update you on the progress, and the next steps of our initiative in our first Global Standards event in New York on the 27 September.

Following the Global Standards event will be the INREV North American Conference. This afternoon event will open with a real estate outlook where we compare the US and Europe followed by a session on the developments around BREXIT. Additionally, we will include a panel with industry professionals to talk about the opportunities and challenges when investing in Europe.

To register for either event please contact events@inrev.org

Global Standards programme

Conference programme


NCREIF, PREA, INREV and ANREV Announce Joint Global Definitions Database (GDD)

​​NCREIF, PREA, INREV and ANREV are pleased to jointly unveil the Global Definitions Database (GDD).  The GDD represents one unique depository of definitions comprising almost 400 real estate market related terms. A common glossary of terms is a critical step towards convergence of reporting standards for institutional real estate investment vehicles and creates a one-stop resource that has not existed until now.

Many of the terms contained in the GDD have been agreed to globally. Additionally, there are also terms specific to Asian, European and North American standards, guidelines and data products. New terms will be added as the Global Definitions Database is embraced by industry participants.

“This is an important step towards achieving a set of global reporting standards and guidelines that would eliminate a major pain point for both investors and investment managers alike,” said John Caruso, Managing Director, Head of Finance TH Real Estate - Americas and Co-Chair of the Global Standards Steering Committee.

The need for a common set of terms is a critical component of the global initiative and the fact that it is available as an interactive online tool makes it easily assessable to everyone.

“As real estate continues to go digital, offering a common data dictionary is a key stepping stone in the process of developing global standards, as all real estate players seek alignment and improved efficiency of their operations. The Global Definitions Database will speed up this process and lead to more data quality and consistency in the areas of reporting and performance,” commented John Ravoisin, PwC Partner and member of the Global Definitions Task Force.

The Global Definitions Database can be found by clicking here or through the NCREIF PREA Reporting Standards website.

The GDD is an initiative of the Global Standards Steering Committee, established as a collaboration between ANREV, INREV, NCREIF and PREA to jointly develop uniform market standards for institutional real estate investment vehicles on a global basis.

For further information please contact Marybeth Kronenwetter, NCREIF PREA Reporting Standards.


Council Nominations accepted through August 31, 2017

The nomination period to identify new NCREIF PREA Reporting Standards Council members is now open through August 31, 2017. New appointees will serve an initial three year term beginning November 1, 2017.


The Reporting Standards continue to gain momentum and our initiatives include: converging global reporting standards; providing standards and guidance in areas of particular interest to closed-end fund stakeholders; addressing complex valuation issues for real estate investments; investor and consultant outreach; and facilitating ongoing dialogue with our foundational standards organizations (FASB, GIPS, USPAP). The Reporting Standards Board is looking for candidates who want to take a leadership role in the industry and are ready to make an impact.


Seasoned institutional real estate professionals with discipline-specific expertise and an interdisciplinary perspective are encouraged to complete the nomination form. In addition, nominations for qualified candidates may be submitted from NCREIF committees and PREA affinity groups and committees. Click here for more information about the qualifications and responsibilities of Council members.


The Reporting Standards Board is expected to complete the selection process by early October and nominees will be notified of the Board’s decision shortly thereafter.


Please submit completed nomination forms by August 31 or direct any questions relating to the nomination process to Marybeth Kronenwetter, Director - Reporting Standards.


Reporting Standards Council members discuss global standardization at recent PERE COO CFO Forum

​During the May PERE CFO COO Forum, NCREIF PREA Reporting Standards Council members John Caruso (TH Real Estate), and Barbara Flusk (Citco), and Marybeth Kronenwetter, (NCREIF), spoke about the critical need for global reporting standards.  John co-leads the Global Standards Steering Committee of INREV, ANREV, NCREIF and PREA and Barbara chairs the global fee and expense measures project.  ​Click here  for PERE News article.


REFER, Measure of Fund Fee Load Enhanced from Global Convergence Efforts

The NCREIF PREA Reporting Standards (“Reporting Standards”) Real Estate Fees and Expenses Ratio (REFER) has been enhanced as a result of the Council and Board’s strategic plan to converge reporting standards globally. The updated version of the paper is a direct result of the initial global convergence effort between NCREIF, PREA, INREV and ANREV and is available on the Reporting Standards website for download and immediate implementation. 

REFER is a measure of the total fee load of a fund. It serves to disclose all fees and costs incurred by the fund which are not specific to the operations of the underlying investments, regardless of whether such costs are paid within a fund or charged directly to investors or whether the charges are reported at the fund or property level for accounting and reporting purposes. As such, it provides a comparable measure of load across all funds and all fund structures.

In this current update, all associated fees and cost categories are both clearly identified and defined. In addition, a side by side comparison of which fees and costs are included in REFER and INREV’s Total Expense Ratio (TER) and Real Estate Expense Ratio (REER) is provided to facilitate global comparisons. The Reporting Standards Council continues its work with INREV and ANREV to converge reporting standards globally. Progress is being made towards a global measure of fund load which is expected to be issued in 2017. Although REFER is a recommended ratio within the Reporting Standards, we urge investment managers to report REFER in their quarterly and annual reports to investors and we encourage investors to request the REFER calculation information.

If you have further questions or need more information visit the Reporting Standards website at www.reportingstandards.info or contact Marybeth Kronenwetter, Director, Reporting Standards.


New Council Members Appointed

The Reporting Standards Board is pleased to announce the appointment of Paul Briggs, Vice President, Head of US Research, Bentall Kennedy; Barbara Flusk, Senior Vice President, Head of Investment Accounting and Financial Operations, Clarion Partners; and John Kjelstrom, Director, Chatham Financial to the Reporting Standards Council for their initial term and John Caruso, Senior Director, Head of Finance - Americas, TH Real Estate for his second term. The Board is also pleased to report that Sally Ann Flood, Partner, Deloitte & Touche has agreed to continue as chair of the Council.


Council Nominations accepted through August 31, 2016
The nomination period to identify new NCREIF PREA Reporting Standards Council members is now open through August 31, 2016. New appointees will serve an initial three year term beginning November 1, 2016. 

The Reporting Standards continue to gain momentum and our initiatives include: risk measurement and reporting, converging global reporting standards, investor outreach, ongoing dialogue with our foundational standards organizations (FASB, GIPS, USPAP) and providing standards and guidance in areas of particular interest to closed-end fund stakeholders. The Reporting Standards Board is looking for candidates who want to take a leadership role in the industry and are ready to make an impact.   
 
Seasoned institutional real estate professionals with discipline specific expertise and an interdisciplinary perspective are encouraged to complete the nomination form. In addition, nominations for qualified candidates may be submitted from NCREIF committees and PREA affinity groups. Click here for more information about the qualifications and responsibilities of Council members.
 
The Reporting Standards Board is expected to complete the selection process by September 28 and nominees will be notified of the Board’s decision shortly thereafter.  
 
Please submit completed nomination forms by August 31 or direct any questions relating to the nomination process to Marybeth Kronenwetter, Director, Reporting Standards.


​​Introduction to Reporting Standards Initiative, the 4 Ws and 1 H

Basic information and facts about the NCREIF PREA Reporting Standards can be reviewed in this 10 minute video: Introduction to the Reporting Standards Initiative. The video was developed and approved by the Reporting Standards Council and Board with substantial contributions by Bob Hess, a member of the Reporting Standards Council who spearheads our education efforts. Viewers will come to understand what exactly the initiative is; why should investors, managers and other stakeholders want strong reporting standards; who is involved; how we create, publish and enforce the Reporting Standards; and where you can find the Reporting Standards, supporting materials and links to other resources. This video is the first of what is anticipated to become a series of shelf videos which will address how the specific information produced within the initiative can be utilized, or provide a deeper dive into topic specific matters surrounding performance and risk measures, valuation and fair value accounting.


​Global Standards Fee and Expense Metrics - Update 5/18/16
First Milestone Achievement Begins Paving a Path to Global Reporting Standards
With the participation of many of their volunteer members, NCREIF, PREA, INREV and ANREV are pleased to present Setting the Right Path for Global Real Estate Standards: Fee and Expense Metrics – Phase I Results – the first joint publication towards global reporting standards. The Setting the Right Path for Global Real Estate Standards: Fee and Expense Metrics – Phase I Results bridges gaps in terminology and associated definitions of the most common fees and costs.
Investors can use this report guidance to enhance their understanding of fees (between investment managers and their investors) and costs (charged to a fund by external service providers). These include the Total Expense Ratio (TER) and the Real Estate Expense Ratio (REER) contained in the INREV Guidelines and the Real Estate Fees and Expenses Ratio (REFER) contained in the NCREIF PREA Reporting Standards. In 2017 we expect to build on this product as we complete the development of a globally consistent set of measures of fees and costs; thereby equipping investors with the tools needed to compare costs across regions.
Representatives from each association worked together to jointly develop this report. The Global Standards Steering Committee (SSC) sets the priorities for our collaboration efforts. John Caruso, Senior Director at TIAA and member of the NCREIF PREA Reporting Standards Council, along with Neil Harris, Senior Vice President at GIC and INREV Chairman, co-chair the committee. According to Mr. Caruso:
             The focus of the SSC and the sponsoring organizations is the development of global standards which provide investors more comparable and          

             transparent information that can be used to facilitate informed decision making. Fees and expense loads are always near the top of considerations  

             investors have when making an investment. The ability to compare costs on a global basis helps level the playing field for investors and is an important 

             first step towards global standards.
The SSC has other projects progressing including a converged glossary of terms and also reporting asset management information similar to that provided within INREV’s Standard Data Delivery Sheet. They have also begun discussing Net Asset Value (NAV). “A globally consistent calculation of NAV will catapult our ability to converge many key measures of performance including time-weighted returns. We are in the initial phases of discussion for this challenging project and will provide updates as the project progresses,” stated Mr. Harris.
We assert that globally consistent reporting standards must be developed by industry practitioners and welcome multiple perspectives in the discussion. Please contact Marybeth Kronenwetter, Director, Reporting Standards, for further information.


Global Standards Steering Committee – Update 10/29/15
We are pleased to present the first product of our Global Standards Steering Committee, and to update members on three global projects.

The NCREIF PREA Reporting Standards and INREV Guidelines: Broad Comparison 2015, highlights the most important differences between the INREV Guidelines and the NCREIF PREA Reporting Standards and proposes steps to bring them into closer alignment.

The report is based on a study prepared by Deloitte NL and focuses on five areas of convergence: definitions, fees and expense ratios, reporting, valuation, and NAV and fair value accounting. Two projects are currently underway to take the next step towards global reporting standards in these areas of convergence.


The Global Definitions Project strives to develop a common glossary of terms – an essential component of any converged standard.  A taskforce has been assembled and milestones are being established. This project will be on-going throughout the conversion process.

The Fee and Expense Project is converging the NCREIF PREA Reporting Standards Real Estate Fees and Expenses Ratio (REFER) with the INREV Total Expense Ratio (TER) to create a single global standard – a critical component to understand manager performance for a fund or vehicle. A taskforce has been assembled and has commenced work.  We anticipate substantial completion of the Fee and Expense Project for use in the Management Fees Term Study: for Non-listed Property Investment Funds: A Global Comparison Study published annually by PREA, using data provided by INREV.

The Reporting Project will harmonise qualitative and related quantitative reporting elements globally.  We are currently seeking volunteers to form the third project.

The Global Standards Steering Committee was established in early 2015 as a collaboration between ANREV, INREV, NCREIF and PREA to jointly develop a global set of information reporting and disclosure standards, on a non-exclusive basis, which apply and are relevant to the private/non-listed real estate vehicle industry in order to support efficiency and best practice as well as the flow of capital in this industry sector. For further information about any of our projects or if you are interested in participating, please contact Marybeth Kronenwetter, NCREIF PREA Reporting Standards Director of Operations.


NCREIF, PREA, INREV, and ANREV form Global Standards Steering Committee: first projects identified


NCREIF, PREA, INREV, and ANREV are pleased to announce the members of the Global Steering Committee who will spearshead the ongoing collaborative efforts to create global standards for vehicle reporting to investors. These senior industry leaders represent global investors, investment managers and service providers. 


Click here for more information on the Global Standards Steering Committee. 


Council Nominations accepted through August 31, 2015

The nomination period to identify new NCREIF PREA Reporting Standards Council members is now open through August 31, 2015.  New appointees will serve an initial three year term beginning November 1, 2015. 

 
The Reporting Standards continue to gain momentum and our initiatives include: risk measurement and reporting, converging global reporting standards, investor outreach, ongoing dialogue with our foundational standards organizations (FASB, GIPS, USPAP) and providing standards and guidance in areas of particular interest to closed-end fund stakeholders.   The Reporting Standards Board is looking for candidates who want to take a leadership role in the industry and are ready to make an impact.   
 
Seasoned institutional real estate professionals with discipline specific expertise and an interdisciplinary perspective are encouraged to complete the nomination form.  In addition, nominations for qualified candidates may be submitted from NCREIF committees and PREA affinity groups.  Click here for more information about the qualifications and responsibilities of Council members.
 
The Reporting Standards Board is expected to complete the selection process by September 30 and nominees will be notified of the Board’s decision shortly thereafter.  
 
Please submit completed nomination forms by August 31 or direct any questions relating to the nomination process to Marybeth Kronenwetter, Reporting Standards Director of Operations.


WEBINAR: An Introduction to the Joint Global Standards Initiative- NCREIF PREA INREV ANREV ​

Date: Tuesday, April 28, 2015
Time: 2:00 PM EDT
Hosts: John Caruso, TIAA-CREF and Sara Geiger, FL State Board of Admin


This investor only session will introduce the recently-announced initiative by NCREIF, PREA, INREV and ANREV to align reporting standards globally and explore opportunities for varying levels of investor participation.

As noted in NCREIF’s and PREA’s  joint press release, the organizations will “… collaborate on the development of uniform reporting standards for institutional real estate investment vehicles. Their goal is to provide comparable, useful and transparent information to private/non-listed real estate investors on a global basis.”


Materials from the webinar are now available. Click here for more information


​​Press Releases 3/23/2015:


New Release: NCREIF PREA Reporting Standards Executive Summary Template
Investors have reported their desire to receive consistent, comparable and uniform summary information on all of their real estate funds quarterly. The NCREIF PREA Reporting Standards Executive Summary Fund Template is a summary of pertinent information contained within a Reporting Standards compliant report as well as other information frequently provided to investors.  The template was developed through working sessions with a representative sample of users and preparers of investment reporting.  As the template is Excel based, investors can tailor it to meet their specific needs.   Investment managers are encouraged to provide this information to their investors in all types of funds (commingled and single client).   The template is available for download at www.reportingstandards.info



NCREIF and PREA to collaborate with INREV and ANREV on global reporting standards

NCREIF, PREA and INREV (and via license ANREV) have agreed to collaborate on the development of uniform reporting standards for institutional real estate investment vehicles. Their 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 (formerly known as the Real Estate Information Standards (REIS), the INREV Guidelines and the ANREV Guidelines are currently utilized by investment managers in the US, Europe and Asia, respectively, for institutional real estate investment reporting purposes.  Representatives from each association will work together 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 being to limit further divergence in reporting and information standards and disclosure practices..

About NCREIF
The National Council of Real Estate Investment Fiduciaries (NCREIF) is an association of institutional real estate professionals who share a common interest in their industry. NCREIF was established to serve the institutional real estate investment community as a non-partisan collector, processor, validator and disseminator of real estate performance information.

About PREA
Founded in 1979, the Pension Real Estate Association (PREA) is a non-profit trade association for the global institutional real estate investment industry. PREA currently lists over 700 corporate member firms across the United States, Canada, Europe and Asia.

About INREV
INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. We are Europe’s leading platform for sharing knowledge on the non-listed real estate industry. Our goal is to improve transparency, professionalism and best practices across the sector, making the asset class more accessible and attractive to investors.