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GLOSSARY

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Real Estate Investment Trust
A corporate real estate ownership vehicle created by the U.S. tax code which allows for a direct pass through of property income and capital gains to the company’s shareholders provided that the company makes annual distributions equal to 95% of its taxable income and provided that its meets certain tests with respect to the composition of its shareholders.

Real Estate J-Curve
Profile of cumulative net distributions in a private real estate fund: cumulative investor contributions typically exceed fund distributions for the first several years in the life of a fund (investor multiple is less than 1.0X); as the fund matures, and commences liquidating investments, capital is returned to the investors; for successful funds the cumulative total of operating cash flow distributions and capital distributions grows over time to produce an acceptable multiple of invested equity.

Recapitalization
Investment strategy offering partial liquidity to the ownership group of a company; recaps typically take place in founder/owner situations for estate and succession planning.

Re-development Property
A property investment that entails the substantial renovation of an existing building, sometimes involving conversion of the property to a new use.

Reported Value
Value of the underlying investments in a private equity or real estate fund as reported by the general partner.

Residual Value
The remaining value of the equity in a fund, used to calculate interim performance before final fund liquidation; in other words, cash and other assets net of liabilities plus the reported value of the remaining investments.

Restructuring
Investments made in distressed or poorly performing companies, with the intent of initiating a recovery via financial restructuring.

ROI (Return on Investment)
Multiple of cost received on a particular investment at liquidation

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