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GLOSSARY
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Alternative Investments
Institutional asset class that includes investments in private equity, real estate, oil & gas, timberlands, distressed debt, and may include some varieties of hedge funds.
Appraisal
A formals process for establishing the market value of a property investment, typically encompassing three approaches to value: discounted cash flow analysis or capitalization of future cash flows (income approach); replacement cost analysis (cost approach) and analysis of recent sales of comparable properties (sales comparison approach). Appraisals are often conducted by third parties. In the United States the Appraisal Institute provides an MAI designation to professional appraisers who have passed its certification requirements.
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