The private equity real estate industry has taken its first steps towards standardized reporting with the publication of a digital dictionary.
The Global Definitions Database includes a common glossary of non-listed real estate terms, which have been either agreed to globally, or are region-specific. New terms are expected to be added to the online publication in the future.
The GDD should increase alignment among private real estate fund managers, streamline processes and create more consistency in reporting, according to John Ravoisin, member of the Global Definitions Tax Force.
The database was compiled by industry bodies including the Asian and European Associations for Investors in Non-listed Real Estate Vehicles, the Pension Real Estate Association and the National Council of Real Estate Investment Fiduciaries.
It is part of a wider initiative, spearheaded by the organizations, to create a set of global reporting standards and guidelines which aims to address the disparities in global real estate operations. There are standardized due diligence questionnaires in Europe and Asia that are not used in the US, while the US’s focus on risk management is less emphasized than in other regions, for example.
The consortium will now work on developing a standardized fees and expenses metric and an accompanying investor reporting template.
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