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Global Definitions Database

Access, learn and discover all terms related to the non-listed real estate sector.

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G

Gross Assets (for fund leverage measures)

Under the Operating Model, gross assets equals the sum of total balance sheet assets minus the JV partner's economic share of total assets. (if the Operating Model includes investments that are subject to both consolidation and equity method accounting, separate adjustments to the denominator need to be made on an investment by investment basis.) Under the Non-operating model it is the sum of total balance sheet assets plus the Fund's economic share of JV liabilities. View full definition

Date: 23 October 2026 Source: NCREIF PREA

N

Net Debt Yield

Net Operating Income (NOI) as a percentage of the nominal value of debt, also known as book value. View full definition

Date: 23 October 2026 Source: Global

P

Portfolio Interest Service Coverage Ratio

Projected NOI over the following four quarters as a ratio of projected interest payments on bank (not shareholder) loans over the same period. This is a portfolio metric which may not reflect precisely the varying stipulations of each loan facility of the vehicle but aims to give an indication of the vehicle’s general ability to service its debt. For the avoidance of doubt, the ISCR is calculated without reference to cash in bank. View full definition

Date: 23 October 2026 Source: INREV