MSCI GLOBALDATA STANDARDSFOR REAL ESTATEINVESTMENT
Real Estate Product Management

September 2024

SEPTEMBER 2024

MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
2024

Contents
1

Introduction ............................................................................ 3

2

Purpose of the Data Standards ............................................. 4

3

Benefits of Adopting the Data Standards ...................... 5

4

Characteristics of the Data Standards .................................. 7

5

Structure of the Data Standards.......................................... 10

Appendix 1: Format of the Data Standards ............................... 11
Appendix 2: General Principles for Data Recording under the Data
Standards.................................................................................... 13
Appendix 3: GDS Model and Enumerations .............................. 16
Appendix 4: Versioning Table .................................................... 17© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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1

INTRODUCTION
This document describes the MSCI Global Data Standards for Real Estate Investment(GDS), which considers private real estate direct investment (equity) as well as private
real estate lending (debt), among other types of indirect real estate investment. The GDS
is based on careful deliberation and extensive consultation with clients and otherinterested industry participants globally. The transformation, currently taking place, in theway real estate is viewed and invested in by a rapidly broadening class of asset owners
and managers who share global mandates. Real estate is no longer just the focus ofdomestic investors whose mandates are defined by national boundaries.
For this reason, a new approach is required to define the data inputs that underpin
performance measurement and investment reporting in an era of ambitious cross-border
strategy formation and implementation. The new GDS is designed to deliver thisinfrastructure.
Compared to other real estate reporting standards that center on areas such as bestpractices in valuation and governance. The MSCI Global Data Standards complement
these by focusing on the data inputs needed for investment performance measurement
at vehicle, asset and tenant level.
GDS will continue to be updated and revised in future editions to meet the evolving
requirements of the various stakeholders. MSCI welcomes ongoing discussion andfeedback on the contents of the GDS. The main benefits to investors in commercial realestate from the adoption of the MSCI Global Data Standards are as follows:••

Better informed decision-making through enhanced cross border and crossasset class comparability;
Improved data quality and quicker availability of performance results, due toprocess rationalization.

The GDS has been designed and constructed in parallel and to support the MSCI Global
Methodology Standards for Real Estate Investment, MSCI Property Indexes
Methodology, MSCI Property Fund Indexes Methodology and MSCI Europe Quarterly
Private Real Estate Debt Fund Index Methodology. Together these documents provide
comprehensive definitions of the data inputs and calculations that support themeasurement and reporting of performance and risk for private real estate investments.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
2024This document provides some background to the MSCI Global Data Standards, explaining
its purpose, benefits and structure. The outline of the Data Standards is followed byappendices that has the link to the documents listing all data fields, enumerations,definitions and data formats available in the GDS model.

2

PURPOSE OF THE DATA STANDARDSThe development and implementation of performance measurement and reporting
standards is a significant step in the evolution of industries. The evolution of thesestandards typically follows a common pattern, progressing from local or national, toregional and then global standards. At each stage of this evolution, gains in transparency
and efficiencies in reporting are achieved that enable the industry to mature and grow.
Private real estate investment, like many other areas of finance, needs globally consistent
performance measurement standards to encourage cross border investment and thedevelopment of more efficient markets. However, today most of the existing standard
applied to private real estate remains highly localized and focused on the physicalproduct due to the immobile nature of real estate assets.
Progression from localized physical standards to global investment standards has beenslow, but with increasing levels of cross-border investment, the need for consistentcomparisons of performance metrics across countries and regions of the world has
moved to the forefront for asset owners and asset managers of real estate.
Institutions at the forefront of the globalization process are discovering that the potential
benefits of private real estate are being limited by information inconsistencies (acrossboth markets and asset classes) and hampered by slow, costly, and error prone datacollection and transfer processes. This handicap is especially evident when comparing
real estate to other financial asset classes like equities or fixed income, where there aremuch higher levels of global consistency and automation of data exchange. A global
standard will help to rationalize the way that data are held in source systems, making it
possible to automate standard data exchange and limit the amount of time spent on data
input and validation.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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3

BENEFITS OF ADOPTING THE DATA STANDARDS
Today, performance information about private real estate investments often
remains relatively opaque, and the timely measurement requires multiple layers ofprivate data to be passed between owners, managing agents, accountants, valuers,
and analysts, on an increasingly frequent basis. The impetus for this interchange isbeing driven by increasing regulatory demands from bodies such as theInternational Organization of Securities Commissions (IOSCO), and more specificregulations including the European Parliament’s Alternative Investment FundManagers Directive (AIFMD). The current lack of consistent global data standards
for real estate investment performance means that, even at the country level, parties
involved do not always use the same language and often store data in their bespoke
systems, with little transferability. The result is often inconsistent comparative
measurement and substantial investments in time, money and effort spent on data
calculation, collection, and management tasks at every stage of the investment
process.
The MSCI Global Data Standards have been developed to provide the real estateindustry with improved comparability across markets and asset classes andovercome information exchange challenges. The potential benefits to investors
include better informed decision-making through enhanced cross border and crossasset class comparability and improved data quality and quicker availability of
performance results, due to process rationalization.

BETTER INFORMED DECISION MAKING
Enhanced consistency, across real estate markets and other asset classes, willcontribute to improved decision making. Below are some examples:
Consistent within- and cross-asset class strategy development and portfolio
construction: Better informed allocations will be possible owing to an improvedalignment of return calculations, standardized market and sector reweighting procedures,and globally consistent currency conversion processes. At the same time, like-for-likeassessment of real estate market cycles will be possible as a result of more comparable
yield and rent measures. Globally consistent geographic and property type classifications
will improve the comparability of market segments between countries. Operational
metrics like vacancy rates and net operating costs will be compared and projected moreconsistently across markets.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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Consistent within- and cross-asset class benchmarking: The availability of robust
cross border indexes that are appropriate for benchmarking private real estate
investments independently, or in combination with indexes from other asset
classes, will grow.
IMPROVED DATA QUALITY AND QUICKER AVAILABILITY OF PERFORMANCERESULTS
Through broad agreement on performance measures and definitions, the quality ofreal estate data is also expected to improve. By removing some of the ambiguity andheterogeneity in local or national market practices, the Data Standards will potentiallyhelp to reduce discrepancies in the way measures are calculated across markets andresult in greater confidence in the underlying data.
This should in turn help to reduce the reliance on manual calculation, encouraging
automation and improved data quality. The resulting benefits will likely include:•

More precise comparisons across countries and sectors.

•

Fewer error-prone processes.

•

Greater levels of consistency, promoting comparison with other asset
classes.

With increased global consistency and automation, the speed of data verification
should also improve, resulting in faster and more efficient data collection as well as
more timely reporting and analysis. The results of this improvement in speed are likely
to include:•

Faster delivery of indexes and portfolio analytics•

Reduced reporting lags•

Increased reporting frequencies•

More timely risk analyses•

Enhanced regulatory reporting

Ultimately, improvements in consistency, quality, and speed of delivery in performance
reporting will help to improve transparency and comparability across real estatemarkets as well as between real estate and other asset classes. The result will be more
informed and better investment decision making, and an improvement in the
integration of real estate within the multi-asset class portfolio.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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4

CHARACTERISTICS OF THE DATA STANDARDSHistorically, MSCI had maintained slightly different data specifications in each country,
to reflect local differences in legal frameworks, real estate management practices andgeographies. Although the core principles of return calculation and data point
specification have been synchronized for many years, national and other service-specificvariations have persisted to accommodate local requirements. While additional data
items may still be necessary for some specific reporting services, the increasing numberof global investors needing accurate cross border comparisons, and the generaladherence to higher level international standards for valuation and accounting, now makeit both desirable and possible to integrate MSCI’s local data specifications within a single
Data Standards framework.
The Data Standards cover a broad range of real estate performance measurement data
inputs at the vehicle, asset, and tenancy levels that support performance and risk
analytics. The scope of the Data Standards extends from the data inputs necessary for
performance measures (returns, yields, and costs) and segmentations (asset type andgeographic classification), to methods of data transformation (such as interpolation andcurrency conversion). It covers not only financial metrics, but also non-financial
typologies and descriptors.
The Data Standards have been designed to complement existing standards. Wherever
possible, MSCI principles and definitions are consistent with other external international
data standards. In particular, MSCI draws on existing reporting, accounting, valuation andmeasurement standards:•

The overarching principles governing MSCI portfolio level performancemeasurements are those contained in the GIPS Global Investment
Performance Standard, prepared by the Chartered Financial Analyst (CFA)
Institute, which covers the measurement and disclosure of investment
returns for all asset classes.

•

International Financial Reporting Standards (IFRS), developed by theInternational Accounting Standards Board (IASB), are also fundamental to
MSCI’s Data Standards. IFRS accounting standards now cover the majority
of countries contributing to MSCI global indexes, and although these have
not yet been made mandatory, it is generally acknowledged that local
standards will converge towards IFRS. MSCI has, therefore, aligned its data
recording principles with IFRS wherever possible.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
2024•

MSCI has always aimed to utilize only those valuations which are predicatedupon open market principles, in order to produce like-for-like international
comparisons of investment performance. However, there have historically
been a number of different area-specific valuation or appraisal standards
adopted within national markets and prepared by local valuation bodies. The
International Valuation Standards Council (IVSC) was formed in 1981 todevelop international technical and ethical standards for valuations to
support the regulation of financial markets.
In 2014 the IFRS Foundation and International Valuation Standards Council(‘IVSC’) agreed a statement of protocols for co- operation on International
Financial Reporting Standards and International Valuation Standards,
acknowledging their common interest in ensuring consistent measurement ofFair Value. MSCI has, therefore, adopted the IVSC valuation standards as thepreferred basis for reporting capital and rental values for performancemeasurement purposes.

•

The European Association for Investors in Non-Listed Real Estate Vehicles(INREV) publishes an integrated set of principles and guidelines forreporting for non-listed vehicles. Wherever possible, MSCI Global Data
Standards for Real Estate Investment for vehicle level reporting have beenaligned with INREV definitions, albeit with terminology adjusted to fit a wider
range of global markets.

•

EPRA, the European Public Real Estate Association, is the industry body for
European REITs and other listed property companies. It provides industry
standard definitions of performance measures such as yields, which havebeen adopted here as the basis for definitions of some data inputs.

•

The NCREIF PREA Reporting Standards (Reporting Standards) are a U.S.
industry initiative, co-sponsored by the National Council of Real Estate
Investment Fiduciaries (NCREIF) and the Pension Real Estate Association(PREA), with a mission to establish and implement information standards
for the real estate industry which will facilitate transparency, consistency
and informed decision making.
Established standard-setting organizations such as the Financial AccountingStandards Board (FASB) and the CFA Institute do not specifically address certain
institutional real estate investment and investor reporting issues. The ReportingStandards initiative was created to fill this gap and increase transparency within
the industry. Wherever possible, the Data Standards are consistent with NCREIFPREA Reporting Standards, albeit with terminology adjusted to fit a wider rangeof global markets.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
2024•

The Task Force on Climate-Related Financial Disclosures (TCFD), created by the
Financial Stability Board (FSB), has developed consistent climate-related
financial risk disclosures for use by companies, banks, and investors in providing
information to stakeholders. MSCI's Global Data Standards are designed toenable calculation of Climate-related Risk (physical and transitional risk) using
the TCFD disclosures and also for ESG disclosure as part of the Sustainable
Finance Disclosure Regulation (SFDR) as introduced by the European
Commission.

MSCI’s Global Data Standards complements the MSCI Global Methodology Standards
for Real Estate Investment, MSCI Property Indexes Methodology, MSCI Property Fund
Indexes Methodology, MSCI Europe Quarterly Private Real Estate Debt Fund Index
Methodology, MSCI Standards for Real Estate Valuations and the MSCI Real Estate Data
Provider Code of Conduct. The Global Methodology Standards detail all MSCI’s
definitions of real estate performance measures and core analysis procedures. These
measures and calculations rely either directly or indirectly on the data conventions set
out in the Global Data Standards. The Code of Conduct defines the broad organizationaland quality control principles to which any contributor must adhere when contributing
real estate data to MSCI.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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5

STRUCTURE OF THE DATA STANDARDSThe MSCI Global Data Standards for Real Estate Investment is structured to provide arobust and comprehensive data model. At the highest level, the Data Standards can be
broken down into four sections relating to the type of data being classified:•

The vehicle section classifies fund-level data, including descriptive,
valuation, capital and revenue-flow and allocation information.

•

The Non-Direct Holding section classifies holdings in indirect real estate,other financial assets and liabilities.

•

The direct Real Estate section classifies real estate asset-level data
including descriptive, transaction, valuation, capital and revenue- flow
information.

•

The tenancy section classifies lease level data and includes descriptive,
valuation, cashflow, ESG and lease details of units within the direct realestate properties.

The broad structure of the Data Standards is summarized in the Exhibit 1 in the next page.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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Exhibit 1: Structure of the Global Data Standards

Entity Level
VehicleNon-Direct
holdings

Direct Real Estate
Tenancy

Investment Types

Indirect Investment
Cash
Debt Investment
Derivatives
Forward Commitment
Acquisition Costs Capitalized
Other Assets
Debt (Liability)
Minority Interest Liabilities
Other Liabilities

Data Category
Descriptive Valuation
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

Cash flow

Asset Allocation(Index specific)

Lease
Details

ESG

Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y

Y
-

Y

Y
Y

Below is a brief description of data categories:
Descriptive: This data is largely static in nature and should be populated in the initialdelivery to MSCI or for any new purchases. It includes reference identifiers, dates andasset and vehicle characteristics
Valuation: Data that is required to be updated as at the end of each measurement period.
Includes Capital Values, NAV and internal Fund Returns, among other data fields
Cash flow: Total Capital and Revenue flows for all assets and liabilities over the period.
Cash flows are provided in periodic increments (day dated, monthly etc.) as specified
Asset Allocation (Index specific): The aggregated breakdown of the vehicle’s investment
in direct or indirect assets, including private real estate lending (debt), by sector andsegmentation at the end of each measurement period
Lease Details: Information regarding (Lease details, Unit characteristics, Tenancy Steps
indicating future rent schedule of the unit)
ESG: Data for Climate risk reporting and Index calculation based on building
certifications. Includes GHG Emissions, Energy Consumption, Energy Performance
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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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APPENDIX 1: FORMAT OF THE DATA STANDARDSThe Data Standards are presented as a series of complete schedules of all the data items
required for performance measurement and risk analysis at a global level. Other datarequired by MSCI for specific local or asset type products can be supplied to MSCI clientson request.
The data fields are set out in a readily searchable tabular format, showing:
•
•
•
•
•
•
•

Data Field Name
Data Field Label
Data Category
Data Field definition
Data Format
Enumerations (Whether or not enumerations are available)
Countries (Global or regional data field)

All data definitions must be interpreted in the context of the general principles as outlinedin Appendix 2.
Appendix 3 consists of the Data field definitions as well as Enumerations for the fields
which are listed separately (where required).

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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APPENDIX 2: GENERAL PRINCIPLES FOR DATARECORDING UNDER THE DATA STANDARDSThe data definitions must all be applied in accordance with the following principles, which
underpin all the data items, bringing them together into a consistent and coherent data
structure that is appropriate for investment performance and risk measurement. These
principles are set out in more detail in the instructions section of the data collection
template.
Frequency of data records: The minimum frequency for external valuations is annual.
Actual valuations (whether full or desktop, external or internal) should be provided for themonth to which they pertain.
Cash flows are recorded by MSCI as monthly amounts. All capital and revenue flows
should be provided month by month, unless otherwise requested. Transactions should
be day-dated.
Completeness: All assets and liabilities that form part of the vehicle or portfolio must be
included.
• All direct properties including, but not restricted to developments, joint
ventures and shared ownership, owner occupied and non-domestic holdings
in commercial and residential assets.
•

All indirect investments in private and public vehicles including: Listed andunlisted vehicles, property company shares, mortgage loans and otherderivatives.

•

Cash, other assets, debt and other liabilities.

For further details, see investment types in the MSCI Global Data Standards - Model.
All financial data for shared ownership properties must be provided pro rata for theappropriate share. Floor space, Emissions and Energy usage data must however be
provided at 100% .

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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Direct real estate assets: Asset should be recorded at individual building or group ofbuildings. For a group of buildings, they should ideally share the same location, samebuilding quality and same property sector. In the case of a building or group of buildings
has a mixture of types (i.e. office and retail), those should be recorded as two separate
assets if the valuation and revenues and costs could be provided for the individual assets.
In certain cases, assets are aggregated even at different locations, because it isn’t
feasible to split them into individual assets because there is one agreement with thetenant and that agreement can’t be attributed to single assets including separate
valuations for the individual buildings.
Valuations: Valuations standards are documented in the MSCI Standards for Real Estate
Valuations document.
Accruals principle: All income and costs must be submitted on an accrual basis,
assuming that income is received when due, and costs are paid when invoiced, excludinginterest on payment arrears and provisions for bad debts.
Transaction costs: Costs associated with the purchase or sale of whole properties must
be recorded as at the date of the transaction in the specific fields provided for thesecosts. These costs must be excluded from on-going capital expenditure or receipts toavoid double counting.
Transaction dates: Purchases and sales of buildings, sites or direct developments should
be timed to the day of legal completion, from which the new owner is entitled to receive
income. For pre-funded developments, the purchase date is taken to be that of thepayment of the first installment to the developer. For Non-direct holdings, the transaction
date should be the contract/trade date, not the settlement date.
Currency: For direct holdings, all data are recorded in the local currency of the property,
except for several Eastern European Countries (e.g. Bulgaria, Czech Republic, Hungary,
Poland, Romania, and Slovakia) for which the data are recorded in Euros. Data recorded
at vehicle level must be provided in the operating currency of the vehicle. For Non-direct
holdings, where data are recorded for specific holdings, it should be provided in local
currency. If Non-direct holdings data are recorded at aggregate level, it should be
provided in the operating currency of the vehicle.
Language: Local languages and scripts should be used for asset, vehicles and othernames and addresses. Otherwise English is the default language for the Data Standards.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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Rounding: All financial amounts and floor spaces are recorded as whole integers,
unrounded. Decimal values for percentages or other rates should be recorded to at least
two decimal places. Percentages should be provided as percentage points, not decimals(e.g., 75% should be provided as ’75.00’ not ‘0.75’).
Null responses: A zero should be recorded for all financial fields if there has been no
income, receipt or expenditure under a category. A field left blank will be treated as a nonresponse.
All enumerated fields include three standard default responses: (1) Not applicable – asindicated by field definitions, which state the types of record requiring a response. (2) Not
known – only to be used where the field is applicable, and the response is genuinely not
known. (3) Applicable, not categorized – only to be used where the field is applicable, but
the response cannot be categorized under any of the possible responses listed.
Negative values: Data points for expenditures and receipts should all be submitted as
positive amounts. Corrections and reversals of accruals should be recorded as negative
amounts.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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APPENDIX 3: GDS Model and Enumerations
The details of the GDS Model that entails the Data Field Name, Data Field Label, Data
Category, Data Field Definition, Data Format, Enumeration and Countries are available inthe spreadsheet titled MSCI Global Data Standards for Real Estate Investment – Appendix
3.
Additionally, the spreadsheet also details the enumerations that entails the Data Field
Name, Data Field Label, Combined enumeration code value and Definition. To access the
spreadsheet – please click the link below:
MSCI Global Data Standards for Real Estate Investment – Appendix 3© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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APPENDIX 4: Versioning Table
VersionPublication Date

Key Changes

1.0

July 2016

First release of MSCI Global Data Standards for Real
Estate Investment

1.1

February 2017

Sale Costs: Other
Correct definition included; previous definition was
related to different data field

Turnover Rent
Correct definition included; previous definition was
related to different data field

Property Type
Enumeration definition 1703 - Other – Applicable Not
Categorized has been amended and includes mixed
used properties

Tenant Name
Added to definition that if the tenant is a named
individual the name should be replaced with “Private
Individual”

Name of Tenant Guarantor
Added to definition that if the guarantor is a named
individual the name should be replaced with “Private
Individual”© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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VersionPublication Date

Key Changes

1.2

August 2017

Development Status
Enumerations added include data fields to collectvehiclerevenue flows:- Distributions Unitized- Net Investment Income Before Fees Unitized- Net Investment Income After Fees Unitized- Incentive Fees Unitized - Capital account- Incentive Fees

1.3

January 2019

Valuation standards are removed from the document
and are included in the MSCI Standards for Real
Estate Valuations document
The principles for data provision on the level of direct
real estate assets have been added.
The principle for currency data provision has been
made explicit for Eastern European countries forwhich the data needs to be provided in euros.

1.4

July 2020

Introduced additional global and regional data fields
along with corresponding enumerations
Introduced additional data fields pertaining to TWR
methodology for Property Fund Indexes
Introduced new data fields pertaining to ESG for
Direct Real Estate
Replaced the tables in Appendix 3 and 4 with MSCI
Global Data Standards for Real Estate Investment –Appendix 3 Spreadsheet
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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT September
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VersionPublication Date

Key Changes

1.5

June 2021

Updated Exhibit 1: Structure of the Global Data
Standards now includes ESG data collected for Direct
Real estate properties
Introduced new data definitions pertaining to: Legal
entity Identifier (LEI), GHG Emissions, Energy
consumption, Share of Fossil fuel related activities,
Energy Performance Certificate for Property,
Environment Assessment Rating for Property, OtherESG definitions. Enumerations added to support datacollection for new data fields
Introduced a new enumeration for Property Type:‘Offices – Life Science and Lab Spaces’
Introduced additional global and regional data fields
along with corresponding enumerations
Clarification to the definition of the following data
fields: New Capital Invested (Day Dated), Capital
Returned (Day Dated), Distributions (Day Dated), Net
Investment Income After Fees
Minor edits to definitions of multiple data fields
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet

1.5.1

October 2021

Updated link to appendix 3 spreadsheet with multiple
minor changes (Refer to version control tab inappendix 3 spreadsheet)

1.5.2

December 2021

Included minority interest liabilities in the structure of
global data standards.
Updated link to appendix 3 spreadsheet with multiple
minor changes (Refer to version control tab inappendix 3 spreadsheet)

1.5.3

June 2022

Updated appendix 3 spreadsheet with multiple minorchanges (Refer to version control tab in appendix 3
spreadsheet)© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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VersionPublication Date

Key Changes

1.5.4

January 2023

Introduced new data fields and new enumerations
Clarification to definition of data fields andenumerations
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet

1.5.5

April 2023

Introduced new data field
Clarification to definition of data fields
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet

1.5.6

June 2023

Existing data fields replaced with new data fields
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet

1.5.7

September 2023

Introduced new enumerations
Clarification to definition of enumerations
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet

1.5.8

February 2024

Clarification to definition of data fields
Introduced new enumeration
Clarification to definition of existing enumeration
Introduced new data field
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet

1.5.9

March 2024

Existing data fields replaced with new data fields
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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VersionPublication Date

Key Changes

1.6

June 2024

Introduced new data fields and enumerations forprivate real estate debt (lending)

1.6.1

September 2024

Introduced new data fields
Clarification to definition of data fields
For details regarding changes please refer theversioning tabs in Appendix 3 spreadsheet

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— INTERNAL —ABOUT MSCIMSCI is a leading provider of criticaldecision support tools and services forthe global investment community. With
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MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT | September 2024

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