SDDS Wiring-Guide

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.