Basis point ("BPS"): A unit of measure used to indicate percentage changes in financial instruments, making it possible to communicate small variations in financial variables.    

Book value: The value of a company's assets after netting out its liabilities. It approximates the total value shareholders would receive if the company were liquidated.    

Capitalization rate: Also known as cap rate, is used in the world of commercial real estate to indicate the rate of return that is expected to be generated on a real estate investment property.  

Dividends: The percentage of a company's earnings that is paid to its shareholders as their share of the profits. Dividends are generally paid quarterly, with the amount decided by the board of directors based on the company's most recent earnings.    

Earnings yield: Refers to the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield (the inverse of the P/E ratio) shows the percentage of a company's earnings per share.    

EBITDA: Short for earnings before interest, taxes, depreciation, and amortization, is an alternate measure of profitability to net income.    

Enterprise multiple: Also known as the EV multiple, is a ratio used to determine the value of a company. The enterprise multiple, which is enterprise value divided by earnings before interest, taxes, depreciation, and amortization (EBITDA), looks at a company the way a potential acquirer would by considering the company's debt.    

Enterprise Value ("EV"): The measure of a company’s total value. It looks at the entire market value rather than just the equity value, so all ownership  interests and asset claims from both debt and equity are included.  

Excess Return: Refers to the return from an investment above the benchmark.    

Free cash flow ("FCF"): Represents the cash that a company generates after accounting for cash outflows to support its operations and maintain its capital assets.  

FTSE EPRA Nareit Global ex US Index: The FTSE EPRA Nareit Global ex US Index is designed to track the performance of listed real estate companies and Real Estate Investment Trusts in both developed and emerging markets. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). The index is not a security that can be purchased or sold.  

FTSE EPRA/NAREIT Developed Real Estate Index: The FTSE EPRA/NAREIT Developed Real Estate Index was developed by the European Public Real Estate Association (EPRA), a common interest group aiming to promote, develop, and represent the European public real estate sector, and the North American Association of Real Estate Investment Trusts (NAREIT), the representative voice of the US REIT industry. The index series is designed to reflect the stock performance of companies engaged in specific aspects of the North American, European, and Asian Real Estate markets. The Index is capitalization-weighted. The index is not a security that can be purchased or sold.  

Liquidation value: The net value of a company's physical assets if it were to go out of business and the assets sold. The liquidation value is the value of company real estate, fixtures, equipment, and inventory. Intangible assets are excluded from a company's liquidation value. Readily ascertainable NAV.  

MSCI ACWI ex USA IMI Core Real Estate Index: The MSCI ACWI ex USA IMI Core Real Estate Index is a free float-adjusted market capitalization index that consists of large, mid and small-cap stocks across 22 Developed Markets (DM) and 24 Emerging Markets (EM) countries engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties.  The index is not a security that can be purchased or sold.    

MSCI ACWI IMI Core Real Estate Index: The MSCIThe  MSCI ACWI IMI Core Real Estate Index is a free float-adjusted market capitalization index that consists of large, mid, and small-cap stocks across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The index is not a security that can be purchased or sold.    

MSCI USA All Cap Index: The MSCI USA All Cap Index captures broad US equity coverage. The index includes 3,464 constituents across large, mid, small and micro capitalizations, representing about 99% of the US equity universe.  The index is not a security that can be purchased or sold.    

MSCI USA Small Cap Value Index: The MSCI USA Small Cap Value Index captures small cap securities exhibiting overall value style characteristics across the US equity markets.  The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.  The index is not a security that can be purchased or sold.    

MSCI World Index: The MSCI World Index is an unmanaged, free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 23 of the world’s most developed markets. The index is not a security that can be purchased or sold.    

MSCI World Value: The MSCI World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 Developed Markets (DM) countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. The index is not a security that can be purchased or sold.    

Net asset value ("NAV"): The value of an investment fund that is determined by subtracting its liabilities from its assets.  

Net cash: Refers to the position of a company with regard to its liquidity position. To calculate net cash, a company will need to deduct its current liabilities from its cash balance.  Liabilities are a business’ obligations to transfer assets or provide a service that’s already taken place.  

Net debt-to-EBITDA (earnings before interest depreciation and amortization) ratio: A measurement of leverage, calculated as a company's interest-bearing liabilities minus cash or cash equivalents, divided by its EBITDA.    

Price to Book: Weighted harmonic average of the ratio of current share price to its book value per share of each security holding invested in the portfolio.  

Price to Cash Flow: Weighted harmonic average of the ratio of current share price to its trailing 12-months cash flow per share of each security holding invested in the portfolio.  

Price to Sales: Weighted harmonic average of the ratio of current share price to its trailing 12-months sales per share of each security holding invested in the portfolio.    

Price-to-earnings ratio ("P/E Ratio"): The P/E ratio for valuing a company that measures its current share price relative to its per-share earnings.    

Resource conversions: Include mergers, privatizations, spin-outs, recapitalizations, or significant buybacks.    

Return of capital ("ROC"):  A payment that an investor receives as a portion of their original investment and that is not considered income or capital gains from the investment. Note that a return of capital reduces an investor's adjusted cost basis.    

Return on assets ("ROA"): A financial ratio that indicates how profitable a company is relative to its total assets.    

Return on equity ("ROE"): A measure of a company's financial performance. It is calculated by dividing net income by shareholders' equity.    

Russell 2000® Value Index: The Russell 2000 Value Index measures the performance of small-cap value segment of the US equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The index is not a security that can be purchased or sold.    

S&P 500 Index, or the Standard & Poor's 500 Index: The S&P 500 Index is a market-capitalization-weighted index of the 500 largest publicly-traded companies in the U.S. It is not an exact list of the top 500 U.S. companies by market capitalization because there are other criteria to be included in the index. The index is not a security that can be purchased or sold.  

Share repurchase: A transaction whereby a company buys back its own shares from the marketplace.