The NCREIF PREA Reporting Standards (Reporting Standards) is a non-listed real estate industry initiative co-sponsored by the National Council of Real Estate Investment Fiduciaries (NCREIF) and the Pension Real Estate Association (PREA) with a mission to establish, manage and promote transparent and consistent reporting standards for the real estate industry to facilitate informed investment decision making. Established standard-setting organizations such as the Financial Accounting Standards Board (FASB) and the CFA Institute (developed and administers Global Investment Performance Standards-GIPS®) do not specifically address certain institutional real estate investment and investor reporting issues. This is why the Reporting Standards initiative was created-to fill that gap and increase transparency within the industry.