SDDS Wiring-Guide

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