What is IRR?
In short
The annualised measure, and how it differs from total projected return.
The internal rate of return is the annualised rate at which an investment's cash flows grow. It answers a different question from total return: not 'how much in total', but 'how fast'.
A 40% total return over two years and a 40% total return over five years are the same number and very different investments. IRR separates them.
RealTIRR computes IRR from total project basis and projected exit value over the stated term, using one calculation engine. Where an offering produces interim cash flow, that flow is disclosed separately as cash yield rather than blended silently into the headline figure.