The NCREIF PREA Reporting Standards Board and Council are pleased to announce the publication of the 2025 edition of the NCREIF PREA Reporting Standards which is expanded to include recommended asset and investment level reporting! This expansion is a direct response to investor needs and reflects the continued evolution of the collective priorities of the private real estate investment industry.

For over 30 years, these standards have served as the framework for institutional private real estate reporting, widely recognized as the industry benchmark. Co-Sponsored by the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Pension Real Estate Association (PREA), the standards are shaped through extensive input from stakeholders across the industry, including investors, investment managers, consultants, and service providers. As such, they reflect a framework created by the industry, for the industry, grounded in practical application and broad consensus.

Thank you to the many volunteers who worked to make this expansion happen! The 2025 edition is effective for fiscal years on or after December 31, 2025, with early adoption encouraged.

Resources: