Assets under Management (AUM) refers to the market value of real estate as well as non-real estate related assets (including any cash in the vehicle or mandate) with respect to which a company provides oversight and investment management services (for internal client capital and third-party capital), and which generally consist of:
• direct real estate investments (investment property) at fair value and gross of leverage;
• investment property under construction at fair value;
• % share owned by JVs and co-investments, gross of leverage;
• debt investments at fair value and gross of leverage;
• % share owned by investments in underlying funds (fund of funds) and securities at net asset value;
• undrawn investor commitments without any gross-up for leverage, both at property and vehicle level, contractually locked in, non-revocable, and not subject to expiration.
Note: Going forward this definition will be used by INREV, NCREIF, and ANREV for research purposes (and referenced within the INREV DDQ). This may be adopted by investment managers and investors at their discretion.