With the participation of many of their volunteer members, ANREV, INREV, NCREIF and PREA are pleased to present the Fee and Expense Metrics – Phase I Results – the first joint publication towards global reporting standards. These 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.

The Global Standards Steering Committee (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).

Please contact Amélie Delaunay for further information.