Research - JANUARY 30, 2020

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Real estate industry associations agree to global standard to measure fees and costs

by Released

The principal global real estate associations, ANREV, NCREIF, PREA and INREV, have reached unanimous agreement to the new Total Global Expense Ratio (TGER), which sets out a standardized approach for measuring the total fees and costs of real estate investment vehicles, enabling investors and managers to compare vehicles across different regions.

Following industry-wide consultation (March 2018 to July 2018), TGER has been incorporated into the NCREIF PREA Reporting Standards after a transition period, which will run until January 2021. TGER will be a required element of the INREV Guidelines, which are also adopted by ANREV in Asia Pacific.

The new ratio builds on the original INREV Total Expense Ratio (TER) and the Reporting Standards Real Estate Fees and Expense Ratio (REFER) and will greatly enhance the ability of investors and managers to compare fee structures across their nonlisted real estate vehicles and investment portfolios, regardless of the regional domicil

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