The Institute for Portfolio Alternatives (IPA) represents the top sponsors and distributors of alternative investments, advocating/ or diversification and innovation in investment portfolios. IP Xs values align with industry-wide efforts to modernize and elevate alternative investments for broader adoption and impact.

This industry guideline offers direction to management teams, advisors and boards on evaluating operating performance using a supplemental measure known as Modified Funds From Operations (MFFO). It seeks to improve consistency, transparency and uniformity in financial reporting across the non-listed REIT sector.