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| Background The REIS standards were first published in 1995 in order to provide standards for calculating, presenting and reporting investment results to the institutional real estate investment community in the United States. REIS is sponsored by the National Council of Real Estate Investment Fiduciaries (NCREIF), and the Pension Real Estate Association (PREA). Applicability The REIS standards govern institutional investment in real estate and apply to those who invest in or manage such investments in the United States. Basis for Governance within REIS Institutional equity real estate investments are part of a broader investment universe that includes both public and private equity and debt instruments. These markets tend to be governed by various regulatory, industry, or professional bodies with differing levels of standard-setting authority. While most authority is legislative, other standards observed in capital markets are often derived from professional affiliations and market custom. In many respects, this is the case with institutional equity real estate investment in the United States. REIS incorporates by reference governance from standard-setting organizations where applicable, to the institutional equity real estate investment management community. In addition, REIS provides alternative guidance in specific areas such as valuation, fair value accounting and performance measurement where the aforementioned standards are silent or subject to interpolation. The standard setting organizations which are foundational to REIS ("Foundational Standards") are:
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Real Estate Information Standards