Investment level TWRs reflect the performance of a single investment or group of investments, whether that investment is wholly-owned or a joint venture. Investment level TWRs differ from property level in that the full scope of the investment, including ownership level activity (use of working capital, owner expenses, etc.), is included in the calculation.
Global Definitions Database
Time-Weighted Return (TWR), investment level
Source: NCREIF PREA Reporting Standards | Date: 23 March 2020 | ID: D0189 | Version: 2