Overview: The Real Estate Information Standards are the result of the dedicated efforts of the National Council of Real Estate Investment Fiduciaries (NCREIF), the Pension Real Estate Association (PREA), and the National Association of Real Estate Investment Managers (NAREIM). The purpose of the information standardization project was rooted in the perception of the real estate investment field relative to larger and more established institutional investment segments, such as equities and fixed income. These investment segments are primarily public in nature, and have had many years of scrutiny and guidance by regulatory bodies. While some may challenge these perceptions, the fact is that if real estate is to become more acceptable as an institutional investment vehicle, both in the private and public markets, increased standardization of information and its disclosure is critical. The Joint Task Force encourages the distribution of these standards among all professionals interested in institutional real estate investment.