General
1. What is the Global Open End Diversified Core Equity Real Estate Fund Index (Global ODCE) Quarterly Index?
The Global ODCE Index is a fund level index which covers the performance of only non-listed real estate funds of ANREV, INREV and NCREIF ODCE indices, combined on an equally weighted basis.
2. Do you have to be a member of either of the partner organisation to be part of the index?
To contribute data to ANREV or INREV you do not need to be a member of either organisation. To contribute data to NCREIF, you need to be a member of NCREIF.
The Global ODCE publication is only available to members of ANREV, INREV or NCREIF and is accessible via the respective organisation’s website.
3. Can we see the individual fund performance data available in your platform?
No, performance data is only available in aggregate format. Individual fund performance data is never disclosed and is not accessible by any external party.
4. How can we join the Global Real Estate Fund Index?
Index specifications
1. What are the criteria for Global ODCE inclusion?
The consultation Index includes the following assets:
- All funds included in the ANREV ODCE Index
- All funds included in the INREV ODCE Index
- All funds included in the NCREIF Fund Index Open End Diversified Core Equity, NFI - ODCE
2. Is the index frozen or unfrozen?
The Global ODCE Index is unfrozen, which means that historical data can change with future updates.
3. Can this index be used for derivatives?
The INREV Index cannot be used for derivatives, due to the Benchmarks Regulation (BMR) which entered into effect on 1 January 2018
4. What type of data are the index results based on?
The Index results are based on fund level data that is provided to INREV, ANREV and NCREIF directly by fund managers.
The Quarterly Index includes only quarterly valued funds.
5. What happens when a member stops contributing data, would their fund data remain in the index?
When a member stops contributing their data to the Index, this data will remain in the Index ending at the last date of contribution; historical data will be kept in the index to ensure continuity.
6. Is the index equally weighted or value weighted?
Due to the very different size of the three regional core indices, the Global ODCE fund index has been built on an equal weight basis meaning that each region accounts equally in the global total return. Therefore, it is important to note that it is not an investible index.
7. What is the frequency of data reported in this index?
The Global ODCE Index includes funds that are reported on a quarterly basis.
8. What are the confidentiality rules for this index?
The performance is reported only at a regional ODCE level.
9. What is done regarding currency conversion when calculating returns?
The headline Global ODCE returns are in reporting currencies of their respective regional ODCE indices. ANREV & INREV are using a net total return that is affected by FX at the local reporting level; NCREIF is not affected as all funds report locally in USD.
USD aggregation: in order to aggregate the performance of funds in different currencies, all funds’ cash-flows and NAVs for funds reporting in non-USD reporting currency (ANREV and INREV ODCE funds only) are converted into USD using the exchange rate at the beginning of the quarter. USD returns are available in the excel supplement.
10. Do partner organisations collect historical data?
All partner organisation encourage the provision of full history of participating funds.
11. How is data collected?
ANREV, INREV and NCREIF collect data directly from managers in accordance to respective organisation’s data collection practices.
- Fund managers with a fund investing in APAC, please contact Amelie Delaunay
- Fund managers with a fund investing in Europe, please contact Iryna Pylypchuk
- Fund managers with a fund investing in US, please contact Dan Dierking
12. When should we provide and update the data?
Quarterly data collection starts immediately after a quarter has ended. Please visit the partner organisations’ website for more information on deadlines.
13. What calculation methodology is used to calculate performance?
The performance for ANREV and INREV funds are calculated from underlying cash flows, while NCREIF funds are based on numerators and denominators provided to NCREIF in compliance with the NCREIF / PREA Reporting Standards Handbook.
Performance for ANREV and INREV are calculated using the Modified Dietz methodology. The Modified Dietz methodology is used to calculate annual and quarterly net asset value fund performance.
The total return measures the performance over a specific period and does not include projections to the end of the fund’s life.
The total return is computed as follows:
$$ NAV_t - NAV_{t-1} - contributions + redemptions + distributions \over NAV_{t-1} + TwdC - TwdR - TwdD $$
For more information about Performance Measurement visit the INREV Guidelines on Performance Measurement (for INREV and ANREV) and NCREIF / PREA Reporting Standards Handbook Volume I and Volume II.
14. When was the Index launched and when does the data date back up to?
The Global ODCE Index was launched in 2023 and is now published 10 weeks after quarter end. The Global ODCE is an unfrozen index which means that historical data can change with future updates. The history of this consultation index starts in Q2 2016.
15. Does Global ODCE provide gross of fees performance?
The consultation release of Global ODCE (Global Open End Diversified Core Equity Real Estate Fund Index) measures Net Asset Value (NAV) quarterly performance, net of fees and other costs, with a near-term plan to report gross of fees performance.
16. What currency is used in Global ODCE publication?
The headline Global ODCE returns are in reporting currencies of their respective regional ODCE indices. ANREV & INREV are using a net total return that is affected by FX at the local reporting level; NCREIF is not affected as all funds report locally in USD.
USD aggregation: in order to aggregate the performance of funds in different currencies, all funds’ cash-flows and NAVs for funds reporting in non-USD reporting currency (ANREV and INREV ODCE funds only) are converted into USD using the exchange rate at the beginning of the quarter. USD returns are available in the excel supplement.
17. What currency is required for data submission?
Financial data for the funds need to be reported in the reporting currency of the fund.
