Since 2021, the Total Global Expense Ratio (TGER) has been a required metric for all managers following the INREV Guidelines. Developed collaboratively by INREV, ANREV, NCREIF and PREA, TGER provides a harmonised approach to measuring the total fees and costs of real estate investment vehicles worldwide. Read the first paper published on TGER.
TGER’s adoption continues to grow. It is now used for ODCE submissions, embedded in the Management Fees & Terms Study, and referenced in the NCREIF PREA Reporting Standards manuals. In the UK, the Association of Real Estate Funds (AREF) has aligned its guidance on expense ratios with TGER, further cementing its role as the single global benchmark.
The Management Fees & Terms Study, published annually, provides detailed insights into TGERs and Real Estate Expense Ratios (REERs) across European non-listed real estate vehicles. The first Global ODCE TGER Comparison, a joint initiative of ANREV, INREV and NCREIF, was published in 2024, representing 46 funds with a combined USD 359 billion GAV. See the 2025 edition for the latest insights.
For managers seeking to assess their own TGER compliance, the Fee and Expense Metrics module of the INREV Guidelines offers guidance alongside a self-assessment tool. For expert commentary, read the IQ blog ‘Time for TGER’ featuring Renaud Breyer, Chair of the INREV Reporting Committee.
TGER is more than a number; it is a globally recognised standard that promotes transparency, comparability, and trust across the non-listed real estate industry.