Global Definitions Database

Garden-type Apartments

Low-rise apartments situated on a sizable landscaped plot, under one management.

General Consultant or Consulting Firm

One or more experts that provide professional advice and recommendations across all asset classes to an individual or an organization for a fee.

Sometimes referred to as Managing Member, an entity or person who joins with at least one other entity or person to form a partnership. The general partner, bound by the terms of the partnership agreement, is responsible to act on behalf of business without having to seek agreement from the limited partners for the day to day operational activities and the authority to legally bind the partnership. The general partner may or may not be monetarily invested in the partnership, but generally has unlimited liability for the financial obligations of the partnership.

Generally Accepted Accounting Principles (GAAP)

GAAP are the standards, conventions, and rules that accountants follow in recording and summarizing transactions and in preparing financial statements. GAAP, measured at fair value, is the foundational standard for accounting within the Reporting Standards. See www.fasb.org

Geo-Fence

A virtual perimeter for a real-world geographic area.

Geographic Core

A geographic area containing the customers of a particular firm or group of firms for specific goods or services; encompasses 50 to 80 percent of a store's customers; the area closest to the store and possesses the highest density of customers to population and the highest per capita sales; also known as a “primary trade area”.

Geographic Information System(s) (GIS)

System(s) (usually computer-based) used for capturing, handling, storing, retrieving, managing, manipulating, and displaying geographic information or geo-coded data.

Geometric Mean

The average of a set of products, the calculation of which is commonly used to determine the performance results of an investment or portfolio; defined as the “nth root product of n numbers”.

Geometrically linked TWR

A process by which sub-period returns are averaged to arrive at a period's rate of return. The linking formula is: (1 + S1) x (1 + S2) x ... (1 + Sn) - 1, S1 - is the first sub-period return , S2 - is the second sub-period return , and Sn - is the last sub-period return.

Giveback Provision

With reference to a general partner or manager: a mechanism whereby a manager is obligated to return a portion of its previously received promote or performance fee payment if as a result of timing and fund performance, the general partner receives more carry or performance fee during the life of the fund than the general partner would be entitled to receive had profits and losses been allocated on an aggregate basis at the time of dissolution of the fund; With reference to a limited partner: the obligation of an investor to return previously received distributions to the fund if the fund requires such amounts to fulfill its indemnification obligations or satisfy expenses or other liabilities; Also known as “clawback provision”.

Glide Path

The formula in the design of a target date fund that defines the asset allocation mix for the fund, based on the number of years to the target date; defines an asset allocation that becomes more conservative (more fixed-income assets and fewer equities, for example) the closer a fund gets to its target date.

Global Endowment Management Implied Private Premium® (GEM IPP)

A benchmark metric that calculates the annualized rate of excess return that a private return stream generates over a public market benchmark, where a positive (negative) rate indicates outperformance (underperformance).

Global Financial Crisis (GFC)

The most severe economic recession in the US since the Great Depression; applies to both the US recession, officially lasting from December 2007 to June 2009, and the ensuing global recession in 2009; began when values in the US housing market collapsed, and large amounts of mortgage-backed securities (MBSs) and derivatives lost significant value; also known as “the Great Recession”.

Global Investment Performance Standards (GIPS®)

The Global Investment Performance Standards are a set of standardized, industry-wide ethical principles that provide investment managers with guidance on how to calculate and report their investment results to prospective clients based on the principles of fair representation and full disclosure. The GIPS® standards are sponsored by the CFA Institute. The GIPS® standards (www.gipsstandards.org) are the Foundational Standards for performance within the Reporting Standards and INREV Performance Guidelines.

Going-Concern Value

The enhanced or synergistic value of assets due to their existence within, or assemblage into, an operating and economically viable business that is expected to continue its operation in the future with no intention or necessity of liquidation or the material alteration of the scale of operation.

Going-In Capitalization (Cap) Rate

The capitalization rate computed by dividing the projected first year's net operating income by the value of the property.

Governmental Accounting Standards Board (GASB)

The designated organization to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports. See www.gasb.org

Graduated Lease

A lease, generally long-term in nature, in which rent varies depending upon future contingencies.

Gravity or Gravitational Models

Economic models that apply to all types of retailing situations in which a spatial dimension is present; assert that groups of customers are drawn to certain locations because of factors like the distance to market, distance between markets, market population, the size of the retail establishment, the location of competitors, etc.

Great Depression, The

The greatest and longest economic recession in modern world history; began with the US stock market crash of 1929 and did not end until 1946 after World War II; some of the many repercussions included the failure of thousands of banks and the loss of employment for nearly one-fourth of the US workforce.

Great Recession, The

The most severe economic recession in the US since the Great Depression; applies to both the US recession, officially lasting from December 2007 to June 2009, and the ensuing global recession in 2009; began when values in the US housing market collapsed, and large amounts of mortgage-backed securities (MBSs) and derivatives lost significant value; also known as the “Global Financial Crisis (GFC)”.

Greenfield

Land that has never been used or previously developed (i.e. natural and without improvements).

Greenhouse gas (GHG) emissions

Greenhouse gases (sometimes abbreviated to GHG) are gas in the Earth’s atmosphere that is the fundamental cause of the greenhouse effect which can greatly affect the temperature of the Earth. GHGs are the six gases listed in the Kyoto Protocol: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6). Since the beginning of the Industrial Revolution, the burning of fossil fuels has substantially increased carbon dioxide (CO2) emissions into the atmosphere thereby contributing to the greenhouse gas effect.

Gross Asset Value of Vehicle (GAV)

Total assets as per the Vehicle's financial statetment under the chosen GAAP before INREV adjustments, if applicable. Note: For further information on INREV adjustments visit this page.

Gross Assets (for fund leverage measures)

Under the Operating Model, gross assets equals the sum of total balance sheet assets minus the JV partner's economic share of total assets. (if the Operating Model includes investments that are subject to both consolidation and equity method accounting, separate adjustments to the denominator need to be made on an investment by investment basis.) Under the Non-operating model it is the sum of total balance sheet assets plus the Fund's economic share of JV liabilities.

Gross Building Area

The total floor area measured from the exterior of the walls, including below-grade space but excluding unenclosed areas.

Gross Domestic Product (GDP)

An estimated value of the total worth of a country’s production and services, within its boundary, by its nationals and foreigners, calculated over the course of one year.

Gross equity multiple of vehicle realized

Equity multiple of portion of equity invested that has been divested (regardless of whether the proceeds have been distributed), before any vehicle-level fees, taxes and carried interest are deducted.

Gross Floor Area (GFA)

The sum of the floor areas of the spaces within the building, including basements and mezzanine and intermediate-floored tiers; excludes non-enclosed (or non-enclosable) roofed-over areas, such as exterior covered walkways, porches, terraces or steps, roof overhangs, and similar features; measured from the exterior faces of exterior walls or from the centerline of walls separating buildings.

Gross Income Multiplier (GIM)

A capitalization technique that uses the ratio between the sale price of a property and its potential gross income or its effective gross income; may be multiplied against the income of a property to obtain an estimate of value.

Gross initial yield

The passing rent divided by the property value.

Gross Leasable Area (GLA)

The total area rented to tenants, including basements and mezzanine and intermediate-floored tiers; measured from the outside wall surface to the center of interior partitions.

Gross Lease

A commercial lease where the tenant pays a base rent and the landlord pays for all operating expenses related to the tenant’s occupancy of the space such as common area maintenance, utilities, property insurance, and property taxes; generally includes an expense stop, above which any additional expenses are passed through to the tenant; also known as a “full service lease”.

Gross National Product (GNP)

An estimated value of the total worth of production and services, by citizens of a country, on its land or on foreign land, calculated over the course on one year.

Gross Negligence

A conscious and voluntary disregard of the need to use reasonable care, which is likely to cause foreseeable grave injury or harm to persons, property, or both; conduct that is extreme when compared with ordinary Negligence, which is a mere failure to exercise reasonable care.

Gross operating income

The total income generated by an investment before deducting general operating expenses. Total income includes rental income, and all other income associated with the investment (eg, parking).

Gross property return

The absolute unleveraged return of the property portfolio over a stated period before any vehicle-level costs are deducted.

Gross property value

The fair value of the property based on the latest external or internal valuation as of the reporting date.

Gross Rent Multiplier (GRM)

The factor by which gross rent is multiplied in order to obtain an estimate of value or the ratio between sale price and potential gross income (PGI) or effective gross income (EGI); typically the term used when developing the relationship based on monthly rent.

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Due Diligence Questionnaire (DDQ)

Standard Data Delivery Sheet (SDDS)