Time-Weighted Return (TWR), property level
Property level TWRs reflect the performance of an operating property or group of properties. The property level relates strictly to property operations and attempts to strip out all ownership level activity, usually including advisory fees, use of working capital and owner income and expenses. As such, property level TWRs do not represent investors' earnings from those properties, even in single property funds, but rather the earnings (in the form of appreciation and operating income) that are generated by the property.