SDDS Wiring-Guide

Accounting basis

Cash or accrual

Accounting standard

Indicates the accounting standard used to fill in the SDDS for the underlying vehicle, e.g., Luxembourg GAAP, IFRS-EU, US GAAP. Please provide details in case of vehicle specific accounting standard.

Acquisition date

In case of acquisition during the period, date of completion of acquisition of the asset. 

Acquisition expenses (amortised over five years)

Under the fair value model, acquisition expenses of an investment property are effectively charged to income when fair value is calculated at the first subsequent measurement date after acquisition. This results in the fair value of a property on subsequent fair value measurement being lower than the total purchase price of the property, all other things being equal.  Property acquisition expenses should be capitalised and amortised over the first five years after acquisition of the property.  The rationale to capitalise and amortise acquisition expenses is to better reflect the duration of the economic benefits to the vehicle of these costs.    When capitalising and amortising acquisition costs, a possible impairment test should be taken into account every time the adjusted NAV is calculated when market circumstances change and it is not expected that the capitalised acquisition costs can be utilised with the sale of units of a vehicle.  When a property is sold during the amortisation period or is classified as held for sale, the balance of capitalised acquisition expenses of that property should be expensed. 

Acquisition expenses (amortised over holding period)

For pricing purposes only. Amortisation periods of acquisition expenses should be adapted to the planned holding period of a vehicle. For evergreen vehicles, asset specific features should determine the amortisation period and, in their absence, a 10-year period is recommended unless there is a specific asset feature which requires deviation from this period. The approach and rationale should be disclosed in the constitutional documentation when the investment vehicle is being launched. See INREV Governance module for more details.

Address 1

Main address, name of the street on which the asset is located

Address 2

The number of a building / house of the asset (includes suffix)

Adjusted net asset value for pricing purposes

Represents the adjusted vehicle NAV for pricing purposes, using the INREV NAV or another NAV as a base. It can be calculated as sum of #4.3 and #4.4. See INREV Governance guideline G09 for details on open end fund pricing best practice.

Adjustment for other fee adjustments

Any adjustments performed as a result of different share classes (net basis)

Amount of capital expenditure (re)development

Costs related to capital improvements for redevelopments that lengthen the life and increase the value of the assets.

Amount of capital expenditure for standing investments & initial leasing

Costs related to capital improvements for an standing investments and initial leasing that lengthen the life and increase the value of the assets. This is an addition to any maintenance operating expenses. 

Amount of new / renewed debt facilities

Total value of new third party debt facilities (additional borrowing / refinancing) during the reported period. This excludes shareholders' loans and lease liabilities.

Area unit of measurement

Please select from dropdown list the unit of area measurement to indicate the unit measurement for all data fields related to area.

Asset capital return

Asset capital returns on a time-weighted basis reflect the performance of the respective operating asset. See Performance Measurement Module of the INREV Guidelines for detailed calculation PM21.

Asset income return

Asset income returns on a time-weighted basis reflect the performance of the respective operating asset. Net investment income of the asset divided by NAV of the asset plus the time weighted (daily) contributions for the measurement period (TwdC) minus the time weighted (daily) redemptions for the measurement period (TwdR) and minus the time weighted (daily) distributions for the measurement period (TwdD). See Performance Measurement Module of the INREV Guidelines PM20.

Asset level total return

Time-weighted net and unlevered return. See Performance Measurement Module of the INREV Guidelines PM19. Asset level total return reflect the Asset level total returns on a time-weighted basis reflect the performance of the respective operating asset. Reference is made to  Performance Measurement Module of the INREV Guidelines PM19.

Asset life cycle

Current life cycle stage for the asset (e.g. Pre-development, development, etc.)

Asset management fees

Fee typically charged by investment advisors, or managers, for their services regarding the management of the vehicle’s assets. See INREV Fee and Expense Metrics module for detailed services included in the asset management fee.

Asset management fees

Fee typically charged by investment advisors, or managers, for their services regarding the management of the vehicle’s assets. See INREV Fee and Expense Metrics module for detailed services included in the asset management fee.

Asset management fees- portion incl. in REER

Portion of Asset management fees allocated to TGER. The investment manager should use best judgement to split its asset management fee services between what is directly attributable to the building and the vehicle management activities, e.g. strategic input, production of asset level business plan. Click here for details around INREV Fee and expense metrics.

Asset management fees- portion incl. in TGER

Portion of Asset management fees allocated to TGER. The investment manager should use best judgement to split its asset management fee services between what is directly attributable to the building and the vehicle management activities, e.g. strategic input, production of asset level business plan. Click here for details around INREV Fee and expense metrics.

Asset name

A text description of the name of the asset. This describes land and/or building(s)

Asset sub-type

Asset sub-type depends on the asset type. (eg for residential: student housing, social housing, etc). If the share of market rent of any single sub-asset use type is greater than 50% select this as the main asset use. If none of the types has a share greater than 50%, the asset sub type should be defined as mixed.

Asset type

Asset use (eg retail, office, industrial, residential, etc).  Main asset use is determined by the local authority classification or is manager defined. If the share of market rent of any single asset use type is greater than 50% select this as the main asset use. If none of the types has a share greater than 50%, the asset type should be defined as mixed.  

Building completion date

The date when construction is officially completed. 

Capital commitments - during the reporting period

Amount which the investor committed to subscribe to the vehicle during the reporting period as part of an unexpired subscription agreement.

Capital commitments - during the reporting period

Amount which all investors have committed to subscribe to the vehicle during the reporting period as part of an unexpired subscription agreement.

Capital distributions - during reporting period

Amount of capital returned to the investor in accordance with the vehicle documentation (both recallable and non-recallable) during the reporting period. 

Capital distributions - during reporting period

Amount of capital returned to investors in accordance with the vehicle documentation (both recallable and non-recallable) during the reporting period. 

Capital distributions - since inception

Amount of capital returned to the investor in accordance with the vehicle documentation (both recallable and non-recallable) since inception.

Capital distributions - since inception

For closed end funds only. Amount of capital returned to investors in accordance with the vehicle documentation (both recallable and non-recallable) since inception.

Capital return - five-year annualised

See instruction and definition of #7.24. Where a track record exists.

Capital return - five-year annualised - gross of fees

See instruction and definition of #7.30. Where a track record exists.

Capital return - one-year

See instruction and definition of #7.24. Calculated on a rolling four-quarter basis.

Capital return - one-year - gross of fees

See instruction and definition of #7.24, with gross of fees as described in the INREV Performance Measurement module. Vehicle level income return gross of fees should be calculated by using the same calculation for #7.24  excluding fees.

Capital return - quarter

Realised and unrealised capital gain/loss on assets during the period as a percentage of the time-weighted average NAV over the same period, as defined in the INREV Performance Measurement module. The use of the INREV NAV is encouraged. When the INREV NAV is not used and adjustments are made to the vehicle NAV, these should be properly disclosed.

Capital return - since inception annualised

See instruction and definition of #7.24. Where a track record exists.

Capital return - since inception annualised - gross of fees

See instruction and definition of #7.30. Where a track record exists.

Capital return - ten-year annualised

See instruction and definition of #7.24. Where a track record exists.

Capital return - ten-year annualised - gross of fees

See instruction and definition of #7.30. Where a track record exists.

Capital return - three-year annualised

See instruction and definition of #7.24. Where a track record exists.

Capital return - three-year annualised - gross of fees

See instruction and definition of #7.30. Where a track record exists.

Cash and cash equivalents

Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

City name

The name of the town, city or village of the address

Commitment fees

A commitment fee is a charge to investors on undrawn committed capital for the duration of the commitment period. This is seen to be part of the fund management fee.

Commitment fees

A commitment fee is a charge to investors on undrawn committed capital for the duration of the commitment period. This is seen to be part of the fund management fee.

Contact person email

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Contact person email

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Contact person name

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Contact person name

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Contact person telephone

Please use 00 instead of + to define the country code.

Contact person telephone

Use 00 instead of + to define the country code.

Contractual fees

A liability represents a present obligation as a result of past events. A fee payable at the end of the life of a vehicle or at any other time during the life of a vehicle may not meet the criteria for recognition as a provision or liability in accordance with the different GAAPs at reporting date.  Examples of such fees include performance fees, disposal fees, or liquidation fees, representing a present obligation from contractual arrangements. Most of these fees are normally accrued under different accounting rules. The adjustment represents the impact on the NAV for the amount of the estimated contractual fees payable based on the current NAV of the vehicle if, in rare circumstances, these fees are not already recognised in financial statements produced under different GAAPs and it is probable that they will be incurred. In order to determine the amount of the adjustment, reference should be made to IFRS standards for the measurement (but not necessarily the recognition) of provisions or deferred liabilities.  A description of the calculation methodology and the terms of the underlying agreement should be disclosed (or reference could be made to the related party disclosures in which such agreements and terms are explained).

Contribution 1 amount

Any capital paid from the investor(s) into the vehicle.

Contribution 1 date

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Contribution 10 amount

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Contribution 10 date

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Contribution 2 amount

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Contribution 2 date

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Contribution 3 amount

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Contribution 3 date

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Contribution 4 amount

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Contribution 4 date

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Contribution 5 amount

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Contribution 5 date

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Contribution 6 amount

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Contribution 6 date

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Contribution 7 amount

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Contribution 7 date

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Contribution 8 amount

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Contribution 8 date

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Contribution 9 amount

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Contribution 9 date

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Cost of development portfolio

All costs paid up until and including the reporting period in relation to all assets under development.

Country

The name of the country of the address

Currency

The reporting currency of the asset

Currency exposure

Net amount of balances denominated in currencies other than the vehicle currency expressed as a percentage of NAV (#3.2). 

Current capital closing period

Current capital closing period based on vehicle documentation.

Current development exposure as % of GAV

% of Vehicle GAV that is invested in development projects excluding Right of Use Assets. Calculated as fair value of development portfolio (#9.14) over INREV GAV (#4.7).

Current income tax charge

Income taxes include all domestic and foreign taxes that are based on taxable profits. Current tax for current and prior periods is, to the extent that it is unpaid, recognised as a liability. Overpayment of current tax is recognised as an asset. Current tax liabilities (assets) for the current and prior periods are measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Data as of reporting year

Reporting date year of the current submission.

Data: preliminary, final, audited

Indicate whether the figures provided in the SDDS are preliminary, final, or audited.

Debt service coverage ratio

Projected cash NOI over the following four quarters as a ratio of projected interest and scheduled amortisation payments on bank (not shareholder) loans over the same period (it also excludes payments under lease liabilities).   This is a portfolio metric which may not reflect precisely the varying stipulations of each loan facility of the vehicle but aims to give an indication of the vehicle’s general ability to service its debt (ignores cash in bank).

Deferred tax charge

The combined mutation in deferred tax assets and deferred tax liabilities. Deferred tax asset: The amounts of income taxes recoverable in future periods in respect of: 1) deductible temporary differences  2) the carry forward of unused tax losses, and  3) the carry forward of unused tax credits Deferred tax liability: The amounts of income taxes payable in future periods in respect of taxable temporary differences

Development fees

A fee charged to the vehicle by the investment manager for the construction process of a development project. These costs may be expensed or capitalised at the property level.

Development fees

A fee charged to the vehicle by the investment manager for the construction process of a development project. These costs may be expensed or capitalised at the property level.

Distributed income return - quarter

Distributed income return, also known as dividend yield, is calculated as distributions (dividends and interest paid during the period) as a percentage of time-weighted average NAV over the same period. It has the same denominator as PM04, PM05, and PM06.

Distribution 1 amount

Dividends (profit distribution) paid from the vehicle to its shareholder(s). 

Distribution 1 date

The exact day of the capital flow should be filled in. For an “as declared/registered” distribution payment the last day of the respective month should be filled in. If there are more than ten specific capital flows in the reported period, use the reserved placeholders. In case this is not sufficient, capital flows should be summarised on a monthly basis putting the date of capital flow at the end of the month.

Distribution 10 amount

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Distribution 10 date

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Distribution 2 amount

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Distribution 2 date

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Distribution 3 amount

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Distribution 3 date

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Distribution 4 amount

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Distribution 4 date

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Distribution 5 amount

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Distribution 5 date

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Distribution 6 amount

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Distribution 6 date

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Distribution 7 amount

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Distribution 7 date

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Distribution 8 amount

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Distribution 8 date

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Distribution 9 amount

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Distribution 9 date

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Dividend/profit distributions - during reporting period

Total amount of dividend payments and profit distributions to the investor during the reporting period, made in accordance with the vehicle documentation.

Dividend/profit distributions - during reporting period

Total amount of dividend payments and profit distributions to investors during the reporting period, made in accordance with the vehicle documentation.

Dividend/profit distributions - since inception

Total amount of dividend payments and profit distributions to the investor since inception, made in accordance with the vehicle documentation.

Dividend/profit distributions - since inception

For closed end funds only. Total amount of dividend payments and profit distributions to investors since inception, made in accordance with the vehicle documentation.

Effect of dividends recorded as a liability which have not been distributed

Under certain circumstances dividends are recorded as a liability but have not yet been legally distributed. For the determination of INREV NAV, these accrued dividends should be reversed to the NAV. 

Effect of reclassifying shareholders' loans and hybrid capital instruments

Investors’ capital can take various forms aside from equity – examples include shareholders' loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and shareholders' loans. Shareholder loans and hybrid capital instruments are generally seen as part of the investors’ overall interest in the vehicle. They should be included as a component of equity in the INREV NAV and reclassified as such if they have been classified as liabilities in the financial statements of the vehicle. The amount to be reclassified should reflect the corresponding carrying value of the liabilities in the financial statements. The existence of such instruments as part of the capital structure of a vehicle at its origination, or investor loans that are pari-passu to their equity stake and at off market loan terms, are indicators, among others, that these items should be reclassified as part of the INREV NAV. The reclassification should also take account of accrued interest, which is treated in a similar fashion to dividends.

Effect of subsidiaries having a negative equity (non-recourse)

The NAV of a consolidated group under the different GAAPs may include the net liability position of subsidiary undertakings. In practice, however, the group may have neither a legal nor a constructive obligation to vehicle the accumulated losses in situations where the financing of the subsidiaries is non-recourse to the vehicle. In this scenario it is appropriate to make an adjustment when calculating the INREV NAV in order to recognise the group’s interest in such subsidiaries at nil or an adjusted negative amount rather than at a full net liability position, to the extent there is no intention or obligation on the vehicle to make good those losses. The adjustment represents the positive impact on the NAV of the difference between the negative equity of the specific subsidiary and/or an adjusted negative amount. If the vehicle has granted shareholders' loans to the subsidiary, these should be taken into account. 

Encumbered / non-encumbered

Encumbered / Not encumbered

End of investment period date

The end of the investment period as defined in the vehicle documentation during which the vehicle can acquire assets.

ESG SDDS submitted to investors?

INREV reporting template reflecting vehicle level and asset level ESG data and including the required and recommended ESG KPIs of the INREV Guidelines. Click to go to INREV ESG SDDS.

Extension term

The maximum pre-determined extensions (in years) at the discretion of the vehicle manager or extensions with advisory board or investor vote.

External / internally valued

External / Internally  asset valuation. Refer to PV17

Facilitator of secondary market transactions - during the reporting period

The party who facilitated the secondary market transactions during the reporting period.

Fair value of debt

Mark to market value of fixed and floating interest rate debt excluding shareholders' loans and lease liabilities.

Fair value of derivatives

Sum of #6.4.1 and #6.4.2.

Fair value of derivatives of currency hedging

Mark to market value of foreign currency hedging instruments.

Fair value of derivatives of interest rate

Mark to market value of interest rate in relation to portfolio debt.

Fair value of development portfolio

The appraised market value of property under construction or development for future use as determined by an external or internal valuer. These are excluding right of use assets under IFRS 16.

Fair value of investment portfolio

The appraised market value of investment property as determined by an external or internal valuer plus trading properties intended for sale (properties that are stabilised and in lease-up). These are excluding right of use assets under IFRS 16.

Fair value of investor's stake in vehicle according to INREV reporting guidelines

Investor share of INREV NAV (# 4.3).

Fair value of investor's stake in vehicle according to net asset value for pricing purposes

Investor share of INREV NAV for pricing purposes (# 4.5).

Fair value of investor's stake in vehicle per share/unit per INREV NAV

Fair value of investor's stake in vehicle according to INREV NAV in Reporting guidelines (# 17.3) divided by the number of shares/units owned by the investor (#17.4).

Fair value of investor's stake in vehicle per share/unit per pricing NAV

Fair value of investor's stake in vehicle according to Net Asset Value for Pricing Purposes (#17.3.1) divided by the number of shares/units owned by the investor (#17.4).

Final capital closing date

As defined in the vehicle documentation, the date of the final closing occurs at the end of the equity raising period set by the manager when the vehicle is closed to new commitments.

Financing costs (amortised over holding period)

For pricing purposes only. Amortisation periods of financing costs should be adapted to the planned holding period of a vehicle. For evergreen vehicles, asset specific features should determine the amortisation period and, in their absence, a 10-year period is recommended unless there is a specific asset feature which requires deviation from this period. The approach and rationale should be disclosed in the constitutional documentation when the investment vehicle is being launched. See INREV Governance module for more details.

Financing/ debt arrangement fee

Also known as financing fees, these fees are charged by the investment manager for services rendered in arranging debt financing for asset purchases or financing at  the vehicle or other special purpose entity level of the holding structure. This fee is separate from any arrangement costs paid to the debt provider or external party such as a broker.

Financing/debt arrangement fees

Also known as debt arrangement fees, these fees are charged by the investment manager for services rendered in arranging debt financing for asset purchases or financing at  the vehicle or other special purpose entity level of the holding structure. This fee is separate from any arrangement costs paid to the debt provider or external party such as a broker.

Fund management fees

Also known as investment management or investment advisory fees, fund management fees are typically charged by investment advisors, or managers, for their services regarding the management of the vehicle. See INREV Fee and Expense Metrics module for detailed services included in the fund management fee.

Fund management fees

Also known as investment management or investment advisory fees, fund management fees are typically charged by investment advisors, or managers, for their services regarding the management of the vehicle. See INREV Fee and Expense Metrics module for detailed services included in the fund management fee.

Future distribution

For pricing purposes only. Future distributions that are only attributable to investors pre-dating the INREV NAV calculation should be subtracted from the INREV NAV, for trading purposes.

GEO code

Geocoding is the process of converting addresses (like "1600 Amphitheatre Parkway, Mountain View, CA") into geographic coordinates (like latitude 37.423021 and longitude -122.083739). The following website https://plus.codes/ needs to be used to lookup the correct GEO code. GEO code should be provided in the following format: 52.337063,4.873062

Goodwill

At acquisition of an entity which is determined to be a business combination, goodwill may arise as a result of a purchase price allocation exercise. Often a major component of such goodwill in property vehicles reflects the difference between the full recognition of deferred tax, purchaser’s costs or similar items in the accounts (which does not generally take account of the likely or intended method of subsequent exit), and the economic value attributed to such items in the actual purchase price. Except where such components of goodwill have not already been written off in the NAV as determined under the different GAAPs, they should be written off in the INREV NAV.

GRESB score, if available

The GRESB score is the result of the Global Real Estate Sustainability Benchmark (GRESB) survey, which is expressed as a percentage of the maximum score (www.gresb.com).  See #ESG2.2 in ESG SDDS Note: The GRESB survey does NOT form part of the INREV Reporting Guidelines, unlike the other KPIs in the INREV SDDS

Gross asset value of vehicle (GAV)

Total assets as per vehicle's financial statements under the chosen GAAP before INREV adjustments.

Gross leasable area

Total gross leasable area of vehicle's assets which includes common parts. Applicable to buildings only.

Gross leasable area

Total area of the asset including unlettable areas such as common areas, attached land, under development, etc. (if land is selected number of acres or hectares).

Gross operating income

The gross income of all investment properties before deducting general operating expenses. Gross income includes rental income, and all other income associated with a property (e.g., parking). 

Gross value of acquired properties (standing investment & initial leasing)

Total amount of completed acquisition deals including acquisition costs for the initial leasing & standing investments.

Inception date

The date on which the vehicle has commenced operations.

Income distributions - during the reporting period

Amount of income distributed to the investor in accordance with the vehicle documentation during the reporting period.

Income distributions - during the reporting period

Amount of income distributed to investors in accordance with the vehicle documentation during the reporting period.

Income distributions - since inception

Total amount of income distributed to the investor in accordance with the vehicle documentation since inception.

Income distributions - since inception

For closed end funds only. Total amount of income distributed to investors in accordance with the vehicle documentation since inception.

Income return - five-year annualised

See instruction and definition of #7.13. Where a track record exists.

Income return - five-year annualised - gross of fees

See instruction and definition of #7.19. Where a track record exists.

Income return - one-year

See instruction and definition of #7.13. Calculated on a rolling four-quarter basis.

Income return - one-year - gross of fees

See instruction and definition of #7.13, with gross of fees as described in the INREV Performance Measurement module. Vehicle level income return gross of fees should be calculated by using the same calculation for #7.13  excluding fees.

Income return - quarter

Calculated as the Net Investment Income (#7.12) as a percentage of the time-weighted average NAV over the same period. The same time period is based on the formula of INREV NAV (t-1) plus the time weighted (daily) contributions minus the time weighted (daily) redemptions and distribution.

Income return - since inception annualised

See instruction and definition of #7.13. Where a track record exists.

Income return - since inception annualised - gross of fees

See instruction and definition of #7.19. Where a track record exists.

Income return - ten-year annualised

See instruction and definition of #7.13. Where a track record exists.

Income return - ten-year annualised - gross of fees

See instruction and definition of #7.19. Where a track record exists.

Income return - three-year annualised

See instruction and definition of #7.13. Where a track record exists.

Income return - three-year annualised - gross of fees

See instruction and definition of #7.19. Where a track record exists.

INREV gross asset value of vehicle (INREV GAV)

Any specific calculation of NAV in case it is agreed in the vehicle documentation.

INREV net asset value of vehicle (INREV NAV)

Vehicle NAV (#3.2) adjusted for INREV required items and fair value concepts. 

INREV reporting guidelines self-assessment score

Indicate total compliance % of the vehicle reporting with the INREV Reporting module. Click to go to INREV Assessment online tool.

INREV sustainability best practice module - adoption score

Indicate total compliance % of the vehicle reporting with the INREV Sustainability module. Click to go to INREV Assessment online tool.

INREV sustainability reporting guidelines - compliance score

Indicate total compliance % of the vehicle reporting with the INREV Reporting module. Click to go to INREV Assessment online tool. 

Interest paid on shareholders' loans - during reporting period

Amount of interest paid to the investor during the reporting period relating to shareholders' loans (does not include repayment of principal).

Interest paid on shareholders' loans - during reporting period

Amount of interest paid to investors during the reporting period relating to shareholders' loans (does not include repayment of principal).

Interest rate hedging ratio

Percentage of the nominal value of debt (#6.1) of which the interest rate risk is hedged through derivatives.

Interest service coverage ratio

Projected cash NOI over the following four quarters as a ratio of projected interest payments on bank (not shareholders') loans over the same period (it also excludes payments under lease liabilities). This is a portfolio metric which may not reflect precisely the varying stipulations of each loan facility of the vehicle but aims to give an indication of the vehicle’s general ability to service its debt (ignores cash in bank).

Internal leasing commissions

Commissions charged by investment advisors, or managers, after a new lease or a renewal lease is signed. These include marketing of vacant space. Commission ranges vary and may depend on the market and/or the value of the transaction.

Internal leasing commissions

Commissions charged by investment advisors, or managers, after a new lease or a renewal lease is signed. These include marketing of vacant space. Commission ranges vary and may depend on the market and/or the value of the transaction.

Investment manager

The organisation responsible for the overall governance and oversight of the real estate investment fund or other type of investment vehicles and may incorporate the investment advisor. The manager is ultimately accountable to investors for the overall management of the fund or vehicle. This can be a formal role as defined by applicable regulation (e.g. the AIFMD), or legally such as the role of the General Partner in a partnership arrangement.   

Investment manager/direct Investor asset ID

ID provided by investment manager/direct investor. Unique identifier of asset known by the direct investment  manager/direct investor. This ID should remain unchanged for every period.

Investment multiple or total value to paid-in capital multiple (TVPI) - since inception

Applicable to closed end vehicles only. This measure provides information on the total net value of the investment as at a certain date (TV), relative to the capital invested. Calculated as the sum of residual vehicle net assets (NAV) plus aggregate vehicle distributions over the cumulative capital contributed to the vehicle (PIC).

Investor name

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Investor's economic share of vehicle (%)

Percentage interest of investor in vehicle (economic interest based on contributed equity and shareholder loan capital).

Lease expiries (based on rent)

The aggregate of the undiscounted contracted annual rent (lease payments to be received) for lease contract that expire (or are subjected to tenant break options) within the respective year). For residential properties, details around number of units may be added in the comment box.

Lease expiries: 1-year rolling rent

Represents the annual rent expiring in the first year after the financial reporting year (see #9.12)

Lease expiries: 10-year rolling rent

Represents the annual rent expiring in the tenth year after the financial reporting year (see #9.12)

Lease expiries: 10-year+ rolling rent

Represents the annual rent expiring in the tenth-plus year after the financial reporting year (see #9.12)

Lease expiries: 2-year rolling rent

Represents the annual rent expiring in the second year after the financial reporting year (see #9.12)

Lease expiries: 3-year rolling rent

Represents the annual rent expiring in the third year after the financial reporting year (see #9.12)

Lease expiries: 4-year rolling rent

Represents the annual rent expiring in the fourth year after the financial reporting year (see #9.12)

Lease expiries: 5-year rolling rent

Represents the annual rent expiring in the fifth year after the financial reporting year (see #9.12)

Lease expiries: 6-year rolling rent

Represents the annual rent expiring in the sixth year after the financial reporting year (see #9.12)

Lease expiries: 7-year rolling rent

Represents the annual rent expiring in the seventh year after the financial reporting year (see #9.12)

Lease expiries: 8-year rolling rent

Represents the annual rent expiring in the eighth year after the financial reporting year (see #9.12)

Lease expiries: 9-year rolling rent

Represents the annual rent expiring in the ninth year after the financial reporting year (see #9.12)

Legal vehicle structure

Indicate the legal vehicle structure from the drop-down selection.

Market value at the end of the period

The current appraised market value (value as of last day of current quarter) of the asset as determined by an external or internal appraisal as if it were being sold without existing financing

Maximum LTV

Indicate maximum Loan-to-Value (LTV) agreed in the vehicle documentation, if applicable.  LTV is the consolidated total external leverage at the vehicle level as a percentage of the gross asset value of the vehicle.

Minority share - total result

Part of the total results of the non-controlling interest of underlying vehicles.

Minority share in the other gain/(loss) directly accounted for in equity

Part of the other gain/losses of the non-controlling interest of underlying vehicles.

Multiple shares/unit class type

If yes, disclose the different classes of shares in the comment box.

Name of investor's share/unit class in vehicle (if applicable)

Name or category of investor's units in vehicle

NAV after reclassification of equity such as interests and dividends yet to be distributed

Sum of #4.1, #4.1.1 and #4.1.2.

NAV TGER

Vehicle fees (#11.17) and costs (#11.19), expressed as a percentage of time-weighted average INREV NAV (#11.20). Calculated on a rolling four-quarter basis.

NAV TGER after tax (optional)

Optional ratio calculated as vehicle fees (#11.17) and costs (#11.19), plus vehicle tax, expressed as a percentage of time-weighted average INREV NAV (#11.20). Calculated on a rolling four-quarter basis. Click here for detailed calculation guidance for INREV Fee and expense metrics.

Net asset value of vehicle (NAV)

NAV as per the vehicle's financial statements under the chosen GAAP before INREV adjustments.

Net asset value of vehicle (NAV)

Same as #3.2 . Starting point for calculations for rows below.

Net capital contributed - during the reporting period

Net amount of (equity) capital contributed, recalled capital and shareholders' loans drawn from the investor during the reporting period. Sum of #20.1 to #20.5. 

Net capital contributed - during the reporting period

Net amount of (equity) capital contributed, recalled capital and shareholders' loans drawn from investors during the reporting period. Sum of #13.1 to #13.5.

Net financing cost

Interest and other costs related to external debt (eg interest expense or income, extension fees, prepayment fees, cost of related interest rate swaps, debt arrangement fees), excluding dividend distribution to investors.

Net initial yield

Current passing rent of the portfolio (net of operating costs, recoverable and non recoverable) over the gross property value (including notional acquisition costs).

Net investment income - quarter

Net investment income represents the net operational income of a vehicle, on an accrual basis, containing the income and cost items described in the INREV Performance Measurement module. This excludes any capital transactions or movements in the reported period, including valuation gains or losses on assets and liabilities, transaction costs, sale proceeds and taxes on capital profits and losses.

Net leasable area

Total net leasable area of vehicle's assets that does not include common parts.

Net leasable area

Leasable area that does not include unlettable areas, eg common parts

Net operating income (NOI)

Gross operating income (#5.1) less operating expenses (#5.2 and #5.3). It relates to the operating portfolio of the vehicle and not (re)development assets which are reported under #5.5.

Net operating income (NOI)

Income generated by the operation of the asset, independent of external factors such as financing and income taxes. It is calculated as quarterly gross income less operating expenses. Gross income includes both rental income and other income such as parking fees, laundry and vending receipts, variable rent, etc. Operating expenses are costs incurred during the operation and maintenance of a property. They include repairs and maintenance, non-recoverable expenditures, letting costs, rent review feeds, as well as insurance, property management fees(excl. asset management fee), utilities, supplies, property taxes, bed debt write offs,  etc. The following are not operating expenses: principal and interest, capital expenditures, depreciation, income taxes, and amortization of loan points

Net proceeds from dispositions

Total proceeds, net of disposition costs and fees.

NOI yield

Net operating income (NOI) (#5.4) over fair value of investment portfolio (#9.2).

Nominal value of debt

Total third party drawn debt facilities, bonds, notes, or credit lines (and any drawn equity bridge), excluding shareholders' loans and lease liabilities. All currencies converted to vehicle currency.  Please note that the nominal value refers to the outstanding amount the debtor owes to the creditor so excluding any capitalized and not yet amortized loan arrangement costs/fees. Sum of #6.1.1 and #6.1.2. 

Nominal value of fixed interest rate debt

Total third party drawn fixed interest rate debt facilities, bonds, notes, or credit lines (and any drawn equity bridge), excluding shareholders' loans and lease liabilities. Please note that the nominal value refers to the outstanding amount the debtor owes to the creditor so excluding any capitalized and not yet amortized loan arrangement costs/fees.

Nominal value of floating interest rate debt

Total third party floating drawn interest rate debt facilities, bonds, notes, or credit lines (and any drawn equity bridge), excluding shareholders' loans and lease liabilities. Please note that the nominal value refers to the outstanding amount the debtor owes to the creditor so excluding any capitalized and not yet amortized loan arrangement costs/fees.

Non-controlling interest effects on the above adjustments

This adjustment represents the impact on the NAV of the recognition of non-controlling interest on all of the above adjustments.

Notional amount of derivatives of currency hedging

Gross nominal amount of foreign currency hedging instruments in relation to third party portfolio debt.

Notional amount of derivatives of interest rate

Gross nominal amount of interest rate hedging instruments in relation to third party portfolio debt.

Number of acquired properties ((re)development)

Number of acquired properties as accounted for in vehicle's statement of financial position ((re)development).

Number of acquired properties (standing investment & initial leasing)

Number of acquired properties as accounted for in vehicle's statement of financial position for standing investments & initial leasing.

Number of dispositions

Number of completed disposition deals as per vehicle's financial statements (expected is the number of properties, however the financial statements are leading). For residential properties, details around number of units may be disclosed in the comment box

Number of forward contracted properties not accounted for in the statement of financial position.

Number of acquired properties not accounted for in the vehicle's  statement of financial position, including forward contracts (which should be taken into consideration in the adjustments of INREV NAV. See NAV-Q12 of the INREV NAV Guidelines. 

Number of investors

Current number of investors in the vehicle.

Number of new / renewed debt facilities

Total number of new third party debt facilities (additional borrowing / refinancing) during the reported period. This excludes shareholders' loans and lease liabilities.

Number of shares/units owned by investor in vehicle

Amount of issued shares/units owned directly or indirectly by the investor

Number of units (applicable to residential asset)

Number of residential units contained by the asset (if asset type is residential)

Occupancy (based on leasable area)

Percentage of total net leasable floor space being occupied, based on the actual move-in date of tenants. Occupancy = 1 - % of vacancy.  

Occupancy (based on rent)

Calculated as 1 - (Estimated rental income of vacant space / (contractual rental income of occupied space + estimated rental income of vacant space)).   

Occupancy rate (%)

Occupancy rate = (Estimated rental income of occupied space) / (Contractual rental income of occupied space + estimated rental income of vacant space). 

Ongoing management fees incl. in TGER

Fund and asset management fees charged by investment managers for their services regarding the everyday running of the vehicle and its portfolio. Click here for detailed calculation guidance for INREV Fee and expense metrics.

Operating expenses (repairs and maintenance)

Non-recoverable costs incurred during the day-to-day running of a property, such as repairs and maintenance. They exclude insurance, property management fee, utilities, supplies, property taxes, non-recoverable service charge, net finance costs, vehicle-level expenses and fees, capital expenditure, depreciation and income taxes.

Operational result

Interest and other costs related to external debt (eg interest expense or income, extension fees, prepayment fees, cost of related interest rate swaps, debt arrangement fees), excluding dividend distribution to investors.

Other fees earned by the manager excl.from TGER

Other fees earned by the investment manager. Click to see List of fees and costs for items included and excluded from INREV ratios.

Other gain/(loss) directly accounted for in equity

Other gain/losses directly accounted for in equity, such as CTA, hedging reserves.

Other gain/(loss) directly accounted for in equity attributed to the investors of the vehicle

This includes among others the unrealised revaluation of all assets and liabilities held in a currency other than the vehicle's functional currency (CTA), valuation changes of hedge instruments as well as other revaluation items directly accounted for in equity.

Other items not presented above

Items not captured in the lines above due to specific events, eg discontinued operations. Provide explanation in the comment box.

Other non-recurring net income

Non-recurring non-operating profit income, calculated by subtracting related operating expenses from the revenue of development projects and non-rental revenue.

Other operating expenses

Non-recoverable costs incurred during the day-to-day running of a property, such as insurance, property management fee, utilities, supplies, property taxes, non-recoverable service charge. They exclude net finance costs, vehicle-level expenses and fees, capital expenditure, depreciation and income taxes.

Other related fees, please specify

Any fees earned by the investment manager, not mentioned under previous fee categories. Provide explanation in the comment box.

Other related fees, please specify

Any fees earned by the investment manager, not mentioned under previous fee categories, eg commitment, subscription, redemption. Provide explanation in the comment box.

Other relevant asset level KPI

Definition text is not available yet.

Other specific adjustments (I)

For pricing purposes only. Only applicable to local GAAP. Additional adjustments to INREV NAV which cannot be captured in the above fields. Provide explanation in the comment box.

Other specific adjustments (I)

Only applicable to local GAAP. Additional adjustments to INREV NAV which cannot be captured in the above fields. Provide explanation in the comment box.

Other specific adjustments (II)

For pricing purposes only. Only applicable to local GAAP. Additional adjustments to INREV NAV which cannot be captured in the above fields. Provide explanation in the comment box.

Other specific adjustments (II)

Only applicable to local GAAP. Additional adjustments to INREV NAV which cannot be captured in the above fields. Provide explanation in the comment box.

Other specific critical date

Other specific key dates of the vehicle if agreed in the vehicle documentation.

Other tax charges

Other (if applicable) P&L related taxes. Items not included as deferred or current income tax.

Other vehicle specific NAV

Any specific calculation of NAV in case it is agreed in the vehicle documentation.

Outstanding capital commitments

Outstanding commitments which all investors are still bound to provide according to unexpired subscription agreements either as equity capital or shareholder loans.

Ownership share (%)

In case of acquisition during the period, date of completion of acquisition of the asset. 

Ownership type

Freehold vs leasehold. If part of asset are leasehold and part is freehold it should be defined based on the share of Market Rent (MR) if any type is more than 50%

Paid-in capital multiple or paid-in capital to committed capital multiple - since inception

Applicable to closed end vehicles only. This measure provides information on the level of total commitments drawn down. Calculated as cumulative capital contributed to the vehicle (PIC) over the cumulative capital plus undrawn capital. 

Percentage externally valued

Indicate which percentage is externally valued of #9.1

Performance

For pricing purposes only. Performance fees should be accrued as soon as a reliable estimation is completed

Performance fees

Also known as incentive fees, promote or carried interest, these are fees charged by investment advisors, or managers, after a predetermined investment performance has been attained. These are fees which have either been paid, accrued, or disclosed as a potential liability. Carried interest represents a re-allocation of equity and should be treated accordingly for accounting, tax or regulatory purposes.

Performance fees

Also known as incentive fees, promote or carried interest, these are fees charged by investment advisors, or managers, after a predetermined investment performance has been attained. These are fees which have either been paid, accrued, or disclosed as a potential liability. Carried interest represents a re-allocation of equity and should be treated accordingly for accounting, tax or regulatory purposes.

Placeholder amount

Reservations to accommodate any additional capital events during the reporting period.

Placeholder date

Reservations to accommodate any additional capital events during the reporting period.

Postal code

Postal code of the asset

Pricing adjustments

Represents adjustments performed to NAV for pricing purposes. Sum of #4.4.1 to #4.4.8

Project management fees

A fee charged to the vehicle by the advisor, or manager, for guiding the design, approval, and execution of a renovation project, as well as the construction process of a development project. These costs may be expensed or capitalised at the property level.  

Project management fees

A fee charged to the vehicle by the advisor, or manager, for guiding the design, approval, and execution of a renovation project, as well as the construction process of a development project. These costs may be expensed or capitalised at the property level.  

Projected % of current remaining capital commitments to be invested in future development projects

Based on manager's estimates.

Property acquisition fees

Fee charged by investment advisors, or managers, associated with the closing of a new investment. The fee compensates the real estate investment advisor, or manager, for services rendered in an investment acquisition, including sourcing, negotiating and closing the deal.

Property acquisition fees

Fee charged by investment advisors, or managers, associated with the closing of a new investment. The fee compensates the real estate investment advisor, or manager, for services rendered in an investment acquisition, including sourcing, negotiating and closing the deal.

Property costs included in the REER

Property costs charged by external service providers classified in line with the INREV Guidelines. Click to see List of fees and costs for items included and excluded from INREV ratios.

Property disposition fees

Fee typically charged by investment advisors, or managers, for services rendered in an investment disposition, including sales marketing, negotiating and closing of the deal.

Property disposition fees

Fee typically charged by investment advisors, or managers, for services rendered in an investment disposition, including sales marketing, negotiating and closing of the deal.

Property fees included in the REER

Property fees earned by the manager classified in line with the INREV Guidelines. Click to see List of fees and costs for items included and excluded from INREV ratios.

Property level loan-to-cost

Nominal value of debt (#6.1) as a percentage of the (historical acquisition) cost of the investment & development portfolio, including purchasers' costs.

Property level LTV

Nominal value of debt (#6.1) over total fair value of investment & development portfolio (#9.1). These excludes lease liabilities and right of use assets under IFRS 16.

Property management fees

Fee charged by investment advisors, or managers, for the administration, technical and commercial management of real estate. A property management engagement typically involves the managing of property that is owned by another party or entity. This includes property advisory services.

Property management fees

Fee charged by investment advisors, or managers, for the administration, technical and commercial management of real estate. A property management engagement typically involves the managing of property that is owned by another party or entity. This includes property advisory services.

Property valuation standard

Indicate the valuation standards (such as RICS) used in arriving at an opinion of value for the portfolio.

Realisation multiple or cumulative distributions to paid-in capital multiple (DPI) - since inception

Applicable to closed end vehicles only. This measure provides information on the portion of realised return for investors. Calculated as distributions over the cumulative capital contributed to the vehicle (PIC).  Distributions retained in the vehicle and not paid to the investors are considered as realised.

Realised capital gain/(loss)

All realised capital gains (losses) on all vehicle assets and liabilities, accounted for directly through the income statement of the vehicle. Sum of #5.11.1 and #5.11.2.

Realised investment property gain/(loss)

See instruction and definition of #5.11.

Realised non-property gain/(loss)

See instruction and definition of #5.11.

Redemption 1 amount

Return of investors' equity holdings.

Redemption 1 date

Definition text is not available yet.

Redemption 10 amount

Definition text is not available yet.

Redemption 10 date

Definition text is not available yet.

Redemption 2 amount

Definition text is not available yet.

Redemption 2 date

Definition text is not available yet.

Redemption 3 amount

Definition text is not available yet.

Redemption 3 date

Definition text is not available yet.

Redemption 4 amount

Definition text is not available yet.

Redemption 4 date

Definition text is not available yet.

Redemption 5 amount

Definition text is not available yet.

Redemption 5 date

Definition text is not available yet.

Redemption 6 amount

Definition text is not available yet.

Redemption 6 date

Definition text is not available yet.

Redemption 7 amount

Definition text is not available yet.

Redemption 7 date

Definition text is not available yet.

Redemption 8 amount

Definition text is not available yet.

Redemption 8 date

Definition text is not available yet.

Redemption 9 amount

Definition text is not available yet.

Redemption 9 date

Definition text is not available yet.

Redemption fees

One-time fee paid to the manager when investors redeem from the fund, calculated as redemption amount, NAV or NAV per share, multiplied by redemption fee rate. This fee is mostly seen in open-ended funds. If the amount is paid to the fund, then it is not included in TGER.

Redemption fees

One-time fee paid to the manager when investors redeem from the fund, calculated as redemption amount, NAV or NAV per share, multiplied by redemption fee rate. This fee is mostly seen in open-ended funds. If the amount is paid to the fund, then it is not included in TGER.

Redemption limits

Limits (in millions) related to investor redemptions based on the vehicle documentation. Convert any defined percentages into a figure. Provide details in the comment box.

Redemption requests outstanding

All redemption requests outstanding in fund currency at reporting date

Redemption requests outstanding in %

All redemption request received (#12.9) divided by vehicle NAV (#3.2)

Redemptionn NAV

The redemption value of NAV for open end vehicles following vehicle documentation.

REER

Property-specific fees (#11.26) and costs (#11.27) as a proportion of INREV time-weighted average INREV GAV (#11.21). Calculated on a rolling four-quarter basis.

Remaining capital commitments

Undrawn commitments which the investor is still bound to provide according to unexpired subscription agreements either as equity capital or shareholder loans.

Remaining total commitments under forward contracts not yet accounted for at reporting date

This includes agreed fixed amounts in the contract, or any verbal amount estimated to pay as per reporting (when a reliable measurement can be made).

Reporting period

Period of reporting (i.e. Q1, Q2, Q3, Q4, FY, YTD)

Reporting period

Quarter, year-to-date or annual reporting time period.

Reporting year

Year of reporting

Revaluation to fair value of construction contracts for third parties

Construction contracts for third parties are normally accounted for based on the stage of completion. The adjustment represents the impact on NAV of the revaluation of construction contracts for third parties to fair value in accordance with the fair value principles of IVS.

Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments

For pricing purposes only. In general, under different GAAPs, deferred tax assets and liabilities are measured at the nominal statutory tax rate. The manner in which the vehicle expects to realise deferred tax (for example, for investment properties through share sales rather than direct property sales) is generally not taken into consideration.  The adjustment represents the impact on the NAV of the difference between the amount determined in accordance with the GAAP and the estimate of deferred tax which takes into account the expected manner of settlement (i.e., when tax structures and the intended method of disposals or settlement of assets and liabilities have been applied to reduce the actual tax liability). Disclosures should include an overview of the tax structure including, for instance, details of the property ownership structure, key assumptions and broad parameters used for estimating deferred taxes for each country, the maximum deferred tax amount estimated assuming only asset sales (i.e., without taking into account the intended method of disposal) and the approximate tax rates used.  The estimate of the amount of the adjustment required to bring the deferred tax liability related to property disposals to fair value might have a large impact on the INREV NAV. Since the tax structures may differ from vehicle to vehicle, significant judgement is required and the mechanics of the calculation methodology for this adjustment may vary from vehicle to vehicle. Other components of the overall deferred tax adjustment require less judgement and are more mechanical in nature. This adjustment should include a full assessment of the tax impact on NAV of INREV NAV adjustments. Deferred tax balances are not discounted to take into account time value of money.

Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments

In general, under different GAAPs, deferred tax assets and liabilities are measured at the nominal statutory tax rate. The manner in which the vehicle expects to realise deferred tax (for example, for investment properties through share sales rather than direct property sales) is generally not taken into consideration.  The adjustment represents the impact on the NAV of the difference between the amount determined in accordance with the GAAP and the estimate of deferred tax which takes into account the expected manner of settlement (i.e., when tax structures and the intended method of disposals or settlement of assets and liabilities have been applied to reduce the actual tax liability). Disclosures should include an overview of the tax structure including, for instance, details of the property ownership structure, key assumptions and broad parameters used for estimating deferred taxes for each country, the maximum deferred tax amount estimated assuming only asset sales (i.e., without taking into account the intended method of disposal) and the approximate tax rates used.  The estimate of the amount of the adjustment required to bring the deferred tax liability related to property disposals to fair value might have a large impact on the INREV NAV. Since the tax structures may differ from vehicle to vehicle, significant judgement is required and the mechanics of the calculation methodology for this adjustment may vary from vehicle to vehicle. Other components of the overall deferred tax adjustment require less judgement and are more mechanical in nature.  This adjustment should include a full assessment of the tax impact on NAV of INREV NAV adjustments.  Deferred tax balances are not discounted to take into account time value of money.

Revaluation to fair value of financial assets and financial liabilities

Financial assets and liabilities such as hedging instruments or debt obligations are generally measured at amortised cost, taking into account any impairment when applicable. The adjustment represents the impact on NAV of the revaluation of financial assets and financial liabilities to fair value as determined in accordance with IVS, if not yet accounted for at fair value. In addition, vehicles may incur costs for redemption of bank debts as a result from sales of properties. Similar to disposal costs, these costs are generally not accrued. Where the disposal of a property is expected within one year, and therefore, the redemption of the related bank debt is also expected within one year, the bank early redemption costs should be accrued in the NAV.  

Revaluation to fair value of indirect investments not consolidated

Indirect investments in real estate, such as investments in associations and joint ventures, have different accounting treatments and carrying values under general accounting frameworks. Such investments can be valued at cost, fair value or net asset value. The adjustment represents the impact on NAV of the revaluation of indirect investments to fair value if not yet accounted for at fair value.

Revaluation to fair value of investment properties

If a real estate vehicle uses the option to account for investment properties under the cost model, this adjustment represents the impact on NAV of the revaluation of the investment property to fair value. The effect of straight lining of lease incentives, rent guarantees, insurance claims (for damages, lost rent, etc.) should be taken into account when valuing the property at fair value in accordance with IVS to ensure that any asset is not counted twice in the NAV.

Revaluation to fair value of other investments in real assets

Other investments in real assets are normally accounted for at cost.  The adjustment represents the impact on NAV of the revaluation of other investments in real assets to fair value (in accordance with the fair value assumptions under IVS - International Valuation Standards).

Revaluation to fair value of property held for sale

Some investment properties may be classified as assets held for sale or as a group of assets held for sale. The carrying value of such investment properties depends on the chosen accounting treatment (either fair value or cost).  The adjustment represents the impact on NAV of the revaluation of the investment property intended for sale, measured at fair value or cost, to the net realisable value (fair value less disposal costs). 

Revaluation to fair value of property that is leased to tenants under a finance lease

Property that is leased to tenants under a finance lease is initially measured on a net investment basis and subsequently re-measured based on an amortisation pattern reflecting a constant rate of return.  The adjustment represents the impact on NAV of the revaluation of the finance lease receivable to fair value.

Revaluation to fair value of real estate asset held as inventory

Properties intended for sale are measured at the lower of cost or net realisable value in the financial statements. This adjustment represents the impact on the NAV of the revaluation of such properties to net realisable value (fair value less disposal costs). This adjustment should be included under the caption “revaluation to fair value of real estate held as inventory”. Where the likely disposal date is more than one year from the date of the NAV computation, disposal costs should not be deducted from fair value in calculating this adjustment. 

Revaluation to fair value of savings of purchaser's costs such as transfer taxes

Transfer taxes and purchaser’s costs which would be incurred by the purchaser when acquiring a property are generally deducted when determining the fair value of investment properties.  The effect of an intended sale of shares of a property owning vehicle, rather than the property itself, should be taken into account when determining the amount of the deduction of transfer taxes and purchaser’s costs, to the extent this saving is expected to accrue to the seller when the property is sold. The adjustment therefore represents the positive impact on the NAV of the possible reduction of the transfer taxes and purchaser’s costs for the benefit of the seller based on the expected sale of shares of the property owning investment vehicle.  Disclosure should be made on how the estimate of the amount the vehicle manager expects to benefit from intended disposal strategies has been made. Reference should be made to both the current structure and prevailing market conditions.

Revaluation to fair value of self-constructed or developed investment property

If a real estate vehicle uses the option to account for self-constructed or developed investment property under the cost model, the adjustment represents the impact on NAV of the revaluation of the self-constructed or developed investment property to fair value.

Reversionary potential (%)

The estimated rental value as a percentage of gross property value.

Security identification number (SI number)/ISIN code

List the Security Identification Number (SIN/ISIN), if applicable.

Set-up costs (amortised over five years)

Under different GAAPs, vehicle set-up costs are charged immediately to income after the inception of a vehicle. Such costs should be capitalised and amortised over the first five years of the term of the vehicle.   The rationale to capitalise and amortise set-up costs is to better reflect the duration of the economic benefits to the vehicle.   When capitalising and amortising set-up costs, a possible impairment test should be taken into account every time the adjusted NAV is calculated when market circumstances change and it is not expected that the capitalised set-up costs can be utilised with the sale of units of a vehicle. For instance, when a decision is made to liquidate the vehicle or stakeholders no longer expect to recover the economic benefit of such capitalised expenses, they should be written down. 

Set-up costs (amortised over holding period)

For pricing purposes only. Amortisation periods of setup costs should be adapted to the planned holding period of a vehicle. For evergreen vehicles, asset specific features should determine the amortisation period and, in their absence, a 10-year period is recommended unless there is a specific asset feature which requires deviation from this period. The approach and rationale should be disclosed in the constitutional documentation when the investment vehicle is being launched. See INREV Governance module for more details.

Share of non-income producing assets in %

Non-income producing investments are investments in assets (either properties or land) that at the time of investment are not producing any rental income and for which either (re)development, refurbishment or re-letting activities have to be undertaken before rental income is possible. Provide approach taken in the comment box.

Shareholders' loans contributed - during reporting period

Amount of capital in the form of shareholders' loans drawn from the investor during the reporting period. 

Shareholders' loans contributed - during reporting period

Amount of capital in the form of shareholders' loans drawn from investors during the reporting period. 

Shareholders' loans repayments - during reporting period

Amount of shareholders' loan principal repaid to the investor during the reporting period (does not include payment of interest). 

Shareholders' loans repayments - during reporting period

Amount of shareholders' loan principal repaid to investors during the reporting period (does not include payment of interest). 

Since inception internal rate of return (SI-IRR)

Applicable to closed end vehicles only. Since inception IRR is the IRR of the Vehicle after all vehicle-level fees, taxes and carried interest are deducted, as described in the INREV Performance Measurement module. IRR represents the rate of return based on the present value of a capital investment over the holding period expressed as a percentage of the investment.

Since inception internal rate of return (SI-IRR) - gross of fees

Since inception IRR is the IRR of the Vehicle after all vehicle-level fees, taxes and carried interest are deducted, as described in the INREV Performance Measurement module. IRR represents the rate of return based on the present value of a capital investment over the holding period expressed as a percentage of the investment. The cash flow here is before the deduction of all the fees charged by the investment manager at all levels of the vehicle structure as detailed in the Fee and Expense Metrics module. Only applicable for closed-end funds.

Since inception internal rate of return (SI-IRR) - gross of fees

Since inception IRR is the IRR of the Vehicle after all vehicle-level fees, taxes and carried interest are deducted, as described in the INREV Performance Measurement module. IRR represents the rate of return based on the present value of a capital investment over the holding period expressed as a percentage of the investment. The cash flow here is before the deduction of all the fees charged by the investment manager at all levels of the vehicle structure as detailed in the Fee and Expense Metrics module.

Since inception internal rate of return (SI-IRR) - projected/forecasted KPI

If relevant, provide a projected Since inception IRR

Since inception net internal rate of return (SI-IRR)

This is already included in Vehicle level data sheet. Relevant mostly for larger investors where the IRR differs to vehicle level due to different fees. This should reflect the most accurate IRR to be followed by any investor (net IRR reflecting investor specific Fee conditions/Fee discounts). Should be included in INREV SDDS.

Start of investment period date

The beginning of the investment period as defined in the vehicle documentation during which the vehicle can acquire assets.

Style - defined by investment manager

Investment manager self-declared style, if applicable. Describes the risk profile of the investment strategy adopted by an investment vehicle. When Other is selected, please provide details in comment box.

Style of the vehicle according to the INREV style classification

Provides the INREV Style Classification based on inputs in #1.11.1 to #1.11.4. See INREV Style Classification on INREV website for detailed guidance.

Subscription fees

One-time fee paid to the manager when investors subscribe to the fund, calculated as investment amount, NAV or NAV per share multiplied by subscription fee rate. This fee is mostly seen in open-end funds. If the amount is paid to the vehicle, then it is not included in TGER

Subscription fees

One-time fee paid to the manager when investors subscribe to the fund, calculated as investment amount, NAV or NAV per share multiplied by subscription fee rate. This fee is mostly seen in open-end funds. If the amount is paid to the vehicle, then it is not included in TGER

Target IRR

Net target IRR indicated at vehicle formation, if applicable.

Target LTV

Target leverage ratio of the vehicle, if applicable. This may be different from the maximum LTV (#1.11.4).

Target percentage non-income producing investments

The target percentage of investments in non-income producing investments with the aim to generate future income after (re)development, refurbishment or re-letting activities. INCOME PRODUCING INVESTMENTS are investments in assets for which construction work has been completed and which are owned for the purpose of letting, producing a rental income that is negotiated at arm’s length with third parties. NON-INCOME PRODUCING INVESTMENTS are investments in assets (either properties or land) that at the time of investment are not producing any rental income and for which either (re)development, refurbishment or re-letting activities have to be undertaken before rental income is possible.

Target percentage of (re)development exposure

The percentage of overall vehicle target Gross Asset Value (GAV) at any point in the life of the vehicle. Development exposure includes any development or redevelopment activities but excludes refurbishment. (RE)DEVELOPMENT includes all activities to obtain or change building or land use permissions and the financing and construction works for the project(s) with the intention to enhance the value of the property. This also includes improvements to enhance the utility or energy conservation of a property. The threshold for the (re)development is that if ≥15% of GAV of an individual asset is spent on (re)development, the whole GAV of that particular asset will be regarded as (re)development. If

Target return derived from income

Percentage of target return derived from rental income that a vehicle is able to payout on an annual basis. This criteria is only applicable for a core vehicle. Please select "na" in case of Value Added or Opportunity vehicle.

Tax expenses

Non property-related operating expenses of the vehicle. These expenses include costs and fees as accounted for in the financial statements of the vehicle.

Termination date

The specific date, as defined in the vehicle documentation, on which the vehicle is expected to be liquidated and all equity returned to the investors or if such information is not identified within the legal documents, then the anticipated termination date agreed by investor and manager.  

TGER

Vehicle fees (#11.17) and costs (#11.19), expressed as a percentage of time-weighted average INREV GAV (#11.21). Calculated on a rolling four-quarter basis.

TGER after tax (optional)

Optional ratio calculated as vehicle fees (#11.17) and costs (#11.19), plus vehicle tax, expressed as a percentage of time-weighted average INREV GAV (#11.21). Calculated on a rolling four-quarter basis. Click here for detailed calculation guidance for INREV Fee and expense metrics.

Time weighted average INREV GAV

Vehicle GAV adjusted for INREV required items and fair value concepts. Calculated on a time weighted basis for INREV expense ratios. Click here for detailed calculation guidance for INREV fee and expense metrics.

Time weighted average INREV NAV

INREV NAV calculated on a time weighted basis for INREV expense ratios. Click here for detailed calculation guidance for INREV fee and expense metrics.

Top tenants (percentage of gross rental income)

The name of the top 10 exposure to tenants by gross rental income and their share in the vehicle based on gross rental income. If confidentiality issues prohibit disclosing tenant names, please provide a general description of the business purpose of the tenant.  

Total (equity) capital contributed - since inception

Amount of (equity) capital drawn from the investor since inception as part of a subscription agreement (gross of redemptions and excluding any recalled capital).

Total (equity) capital contributed - since inception

For closed end funds only. Amount of (equity) capital drawn from investors since inception as part of a subscription agreement (gross of redemptions and excluding any recalled capital).

Total (equity) capital recalled - since inception

Amount of capital contributions previously distributed to the investor which has been recalled since inception, eg to meet potential (unexpected) liabilities at the end of vehicle life or for specific investment purposes.

Total (equity) capital recalled - since inception

For closed end funds only. Amount of capital contributions previously distributed to investors which has been recalled since inception, eg to meet potential (unexpected) liabilities at the end of vehicle life or for specific investment purposes.

Total (equity) capital redeemed - since inception

Amount of (equity) capital redeemed by the investor since inception.    

Total (equity) capital redeemed - since inception

For closed end funds only. Amount of (equity) capital redeemed by investors since inception.    

Total allocated capital

Applicable to closed end funds. Total allocated capital is calculated as Total Net Capital Contributed since inception Drawn capital (see #13.13) + Capital part of closed investments but financed by Credit/Bridge facility + Capital part of signed and not closed investments + Capital part of approved but not signed investments. This represent the amount of the respective investor.

Total allocated capital

Applicable to closed end funds. Total allocated capital is calculated as Total Net Capital Contributed since inception (see #13.14) + Capital part of closed investments but financed by Credit/Bridge facility + Capital part of signed and not closed investments + Capital part of approved but not signed investments

Total allocated capital in %

Same as above # 19.4. Only as a % of Total Capital Commitments #19.2

Total allocated capital in %

Same as above # 12.7. Only as a % of Total Capital Commitments #12.2

Total amount capitalized during the reporting period related to the developments (as part of the initial acquisition)

This includes agreed fixed amounts in the contract, or any verbal amount estimated to pay as per reporting (when a reliable measurement can be made).

Total annual rent

Represents sum of annual rent for all in-place leases. Sum of #9.12.1 to #9.12.11

Total capital commitments

Total gross amount which the investor committed to subscribe to the vehicle to date as part of an unexpired subscription agreement. Covers both (equity) capital and shareholder loans commitments.

Total capital commitments

Total gross amount which all investors have committed to subscribe to the vehicle to date as part of an unexpired subscription agreement. Covers both (equity) capital and shareholder loans commitments.

Total capital expenditure

Total capital expenditure. Sum of #8.3.1 and #8.3.2

Total comprehensive Income

Sum of #5.15 and #5.18.

Total debt maturities in >5 years

Nominal value of debt (#6.1) maturing over 5 years (not referring to hedging, only to loan terms).

Total debt maturities in 1 year

Nominal value of debt (#6.1) maturing within 1 year (not referring to hedging, only to loan terms).

Total debt maturities in 1-2 year

Nominal value of debt (#6.1) maturing between 1-2 years (not referring to hedging, only to loan terms).

Total debt maturities in 2-3 years

Nominal value of debt (#6.1) maturing between 2-3 years (not referring to hedging, only to loan terms).

Total debt maturities in 3-4 years

Nominal value of debt (#6.1) maturing between 3-4 years (not referring to hedging, only to loan terms).

Total debt maturities in 4-5years

Nominal value of debt (#6.1) maturing between 4-5 years (not referring to hedging, only to loan terms).

Total distributions - during reporting period

Total amount of distributions made to the investor during reporting period. Sum of #21.1 and #21.2.

Total distributions - during reporting period

Total amount of distributions made to investors during reporting period. Sum of #14.1 and #14.2.

Total distributions - since inception

Total amount of income distributed to the investor in accordance with the vehicle documentation since inception.

Total distributions - since inception

For closed end funds only. Total amount of distributions made to investors since inception. Sum of #14.4 and #14.5.

Total distributions non-recallable - during reporting period

Total amount of distributions made to the investor in accordance with the vehicle documentation during the reporting period which cannot be recalled by the vehicle. Calculated as #21.3 less #21.3.1.

Total distributions non-recallable - during reporting period

Total amount of distributions made to investors in accordance with the vehicle documentation during the reporting period which cannot be recalled by the vehicle. Calculated as #14.3 less #14.3.1.

Total distributions non-recallable - since inception

Total amount of distributions made to the investor in accordance with the vehicle documentation since inception which cannot be recalled by the vehicle. Calculated as #21.6 less #21.6.1.

Total distributions non-recallable - since inception

For closed end funds only. Total amount of distributions made to investors in accordance with the vehicle documentation since inception which cannot be recalled by the vehicle. Calculated as #14.6 less #14.6.1.

Total distributions recallable - during reporting period

Total amount of distributions made to the investor in accordance with the vehicle documentation during the reporting period that can be recalled by the vehicle, eg to meet potential (unexpected) liabilities at the end of vehicle life.

Total distributions recallable - during reporting period

Total amount of distributions made to investors in accordance with the vehicle documentation during the reporting period that can be recalled by the vehicle, eg to meet potential (unexpected) liabilities at the end of vehicle life.

Total distributions recallable - since inception

Total amount of daistributions made to the investor in accordance with the vehicle documentation since inception, that is unexpired as at reporting period, and can be recalled by the Vehicle, eg to meet potential (unexpected) liabilities at the end of vehicle life.

Total distributions recallable - since inception

For closed end funds only. Total amount of distributions made to investors in accordance with the vehicle documentation since inception, that is unexpired as at reporting period, and can be recalled by the Vehicle, eg to meet potential (unexpected) liabilities at the end of vehicle life.

Total fair value of investment & development portfolio

Sum of fair value of investment portfolio (#9.2) and fair value of development portfolio (#9.14). If valuation reports do not differentiate between development and investment portfolio, please include the aggregate here in the comments box. These are excluding right of use assets under IFRS 16.

Total fees

Sum of all fees mentioned above (#18.1 to #18.16).

Total fees earned by the investment manager

Sum of all fees mentioned above (#11.1 to #11.15).

Total interest paid on shareholders' loans - since inception

Amount of interest paid to the investor since inception relating to shareholder loans (does not include repayment of principal).

Total interest paid on shareholders' loans - since inception

For closed end funds only. Amount of interest paid to investors since inception relating to shareholder loans (does not include repayment of principal).

Total market rent for the period (ERV)

Total rental income for the period estimated to be achievable if an asset is newly leased, assuming a normal market lease contract

Total net capital contributed - since inception

Net amount of (equity) capital, recalled capital and shareholders' loans drawn from the investor since inception. Sum of #20.9 to #20.13.

Total net result

Sum of #5.6 to #5.12. Reflects the net result in the income statement of the vehicle according to its accounting standards.

Total number of outstanding shares (if applicable)

Represents total number of shares in issue (end of date).

Total number of properties

Current number of properties owned by the vehicle. Property represents a real estate asset. For residential the unit of measurement is a full complex (not the individual apartments). For residential the number of lettable units may be included in the comment box.

Total rental income for the period

Gross passing rent as quoted on tenancy schedule. Passing rent is the rent chargeable to the tenant as per tenancy schedule and is inclusive or rent incentives (eg rent frees and rent deductions) but excludes variable rents (eg turnover rent)

Total result attributable to the investors

#5.13 less #5.14. Reflects the net result in the income statement for the investors of the vehicle according to its accounting standards.

Total return - five-year annualised

See instruction and definition of #7.1. Where a track record exists.

Total return - five-year annualised - gross of fees

See instruction and definition of #7.7. Where a track record exists.

Total return - one-year

See instruction and definition of #7.1. Calculated on a rolling four-quarter basis.

Total return - one-year - gross of fees

Represents the amount an investor earns over the stated period after all vehicle level fees and expenses (including taxes and interests) are deducted. Calculated as the change in NAV less any contributions plus management fees accrued during the period any redemptions and distributions over the calculated period, as a percentage of the time-weighted average NAV over the same period. See calculation details in the INREV Performance Measurement module. The use of the INREV NAV is encouraged. When the INREV NAV is not used and adjustments are made to the vehicle NAV, these should be properly disclosed.

Total return - quarter

Represents the amount an investor earns over the stated period after all vehicle level fees and expenses (including taxes and interests) are deducted. Calculated as the change in NAV less any contributions plus any redemptions and distributions over the calculated period, as a percentage of the time-weighted average NAV over the same period. See calculation details in the INREV Performance Measurement module. The use of the INREV NAV is encouraged. When the INREV NAV is not used and adjustments are made to the vehicle NAV, these should be properly disclosed.

Total return - since inception annualised

See instruction and definition of #7.1. Where a track record exists.

Total return - since inception annualised - gross of fees

See instruction and definition of #7.7. Where a track record exists.

Total return - ten-year annualised

See instruction and definition of #7.1. Where a track record exists.

Total return - ten-year annualised - gross of fees

See instruction and definition of #7.7. Where a track record exists.

Total return - three-year annualised

See instruction and definition of #7.1. Where a track record exists.

Total return - three-year annualised - gross of fees

See instruction and definition of #7.7. Where a track record exists.

Total shareholders' loans contributed - since inception

Amount of capital in the form of shareholders' loans drawn from the investor since inception. 

Total shareholders' loans contributed - since inception

For closed end funds only. Amount of capital in the form of shareholders' loans drawn from investors since inception. 

Total shareholders' loans repayments - since inception

Amount of shareholders' loan principal repaid to the investor since inception (does not include payment of interest). 

Total shareholders' loans repayments - since inception

For closed end funds only. Amount of shareholders' loan principal repaid to investors since inception (does not include payment of interest). 

Transaction based management fees incl. in TGER

Fees charged by investment managers for their services regarding the acquisition/disposition of real estate. Click here for detailed calculation guidance for INREV Fee and expense metrics.

Type of valuation

Indicate whether valuations are provided by an internal or external valuer.

Undrawn secured credit lines

Undrawn amount of credit lines (revolving lines)

Unit of area measurement

Unit of measurement, eg sqM, sqFt, acre

Unitized vehicle

If yes, provide details in the comment box. An unitized vehicle is a collective investment structure that allows multiple investors to pool their funds to acquire and manage a portfolio of real estate assets. Investors purchase units or shares in the unitized vehicle.

Unrealised capital gain/(loss)

All unrealised capital gains / losses on all vehicle assets and liabilities, accounted for directly through the income statement of the vehicle. Sum of #5.10.1 and #5.10.2.

Unrealised investment property gain/(loss)

See instruction and definition of #5.10.

Unrealised multiple or residual value to paid-in capital multiple (RVPI) - since inception

Applicable to closed end vehicles only. This measure provides information on unrealised returns. Calculated as the NAV of the vehicle (Residual Value) over the cumulative capital contributed to the vehicle (PIC).  

Unrealised multiple or residual value to paid-in capital multiple (RVPI) - since inception

Applicable to closed end vehicles only. This measure provides information on unrealised returns. Calculated as the NAV of the vehicle (Residual Value) over the cumulative capital contributed to the vehicle (PIC).

Unrealised non-property gain/(loss)

See instruction and definition of #5.10.

Valuation method

Market approach / income approach (income capitalisation, DCF, earnings multiple) / cost approach (replacement costs less depreciation)

Vehicle auditor, multiple answers possible

Definition text is not available yet.

Vehicle costs included in the TGER

Vehicle costs charged by external service providers classified in line with the INREV Guidelines. Click to see List of fees and costs for items included and excluded from INREV ratios.

Vehicle fees earned by the manager incl. in TGER

Vehicle fees earned by the manager classified in line with the INREV Guidelines. Click to see List of fees and costs for items included and excluded from INREV ratios.

Vehicle financial year-end

Vehicle financial year-end (ie fiscal year 31 Mar or 31 Dec of calendar year).

Vehicle formation date

The date on which the vehicle was legally established and became available for investors.

Vehicle jurisdiction

The vehicle's country or other jurisdiction, eg Luxembourg.

Vehicle level expenses

Non property-related operating expenses of the vehicle. These expenses include costs and fees as accounted for in the financial statements of the vehicle.

Vehicle level LTV

Nominal value of debt (#6.1) over INREV GAV (#4.7).

Vehicle name

-

Vehicle reporting currency

The currency in which all monetary data reported would be denominated.

Vehicle structure

Open end vehicle represents an investment vehicle with a variable and unlimited amount of capital which may be accepted and has an infinite life. Investors may purchase or redeem units or shares from the vehicle as outlined in contractual agreements.  Closed end vehicle represents an investment vehicle with a fixed amount of capital and a finite life. Limited liquidity, with the redemption of units provided for at the end of the life of the vehicle.

Vehicle term

The tern (in years) agreed in the interval vehicle documentation.

Vehicle type

Specify the appropriate investment structure, including funds, joint ventures, club deals and separate or single accounts. See detailed definitions under Global Definition Database.

Weighted average cost of debt

The interest rate on each external debt instrument in the vehicle weighted by the size of such instruments. Interest costs (including debt amortisation and lending fees) of third party debt weighted by the nominal value of such instruments. This excludes shareholders' loans and lease liabilities.

Weighted average unexpired lease term (WAULT)

Average remaining lease term in years where shorter of the first tenant break or lease expiry is used, weighted by current headline rent per annum.

Weighted average unexpired lease term (years)

Average remaining lease term in years where shorter of the first tenant break or lease expiry is used, weighted by current headline rent per annum

Weighted average years to maturity of debt

The maturity of third party debt specified in years weighted by the nominal value of such instruments. This excludes shareholders' loans & lease liabilities. See instructions in #6.1 for Nominal Value of Debt.

Wind-up fees

Also known as liquidation fee, it is typically found in liquidating trusts, upon termination and dissolution of the vehicle. The sponsor is responsible for liquidating the partnership in an orderly manner.

Wind-up fees

Also known as liquidation fee, it is typically found in liquidating trusts, upon termination and dissolution of the vehicle. The sponsor is responsible for liquidating the partnership in an orderly manner.

(Equity) capital contributed - during the reporting period

Amount of (equity) capital drawn from the investor during the reporting period as part of a subscription agreement (gross of redemptions and excluding any recalled capital).  

(Equity) capital contributed - during the reporting period

Amount of (equity) capital drawn from investors during the reporting period as part of a subscription agreement (gross of redemptions and excluding any recalled capital).

(Equity) capital recalled - during the reporting period

Amount of Capital Contributions previously distributed to the investor which has been recalled during the reporting period, eg to meet potential (unexpected) liabilities at the end of vehicle life or for specific investment purposes.

(Equity) capital recalled - during the reporting period

Amount of Capital Contributions previously distributed to investors which has been recalled during the reporting period, eg to meet potential (unexpected) liabilities at the end of vehicle life or for specific investment purposes.

(Equity) capital redeemed - during the reporting period

Amount of (equity) capital redeemed by the investor during the reporting period.  

(Equity) capital redeemed - during the reporting period

Amount of (equity) capital redeemed by investors during the reporting period.    

% of equity traded on secondary markets - during the reporting period

Amount of shares or units as a % of total vehicle equity transferred on the secondary markets during the reporting period. In case no units or shares have been traded on the secondary markets please enter zero.

% of real estate assets valued during the reporting period, externally

Indicates the % of the vehicle's real estate assets that are externally appraised during each valuation cycle (part of the vehicle's valuation policy) by GAV of the accounting framework.

% of real estate assets valued during the reporting period, internally

Indicates the % of the vehicle's real estate assets that are internally appraised during each valuation cycle (part of the vehicle's valuation policy) by GAV of the accounting framework.