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.