Library

INREV events offer members a wide range of seminars, conferences and roundtable discussions to stay ahead of the latest trends in the non-listed real estate funds sector.

This tutorial will inform you about the Corporate Governance Module which includes the Corporate Governance Guidelines as well as the Self Assessment tool. INREV’s objective is to establish common standards of corporate governance for non-listed real estate vehicles with institutional investors. As the corporate governance module belongs to the guideline’s best practice modules compliance is not a simple black-and-white question but an evaluation process based on the 7 INREV principles of corporate governance.

The fee and expense metrics tutorial provides an explanation of the module including the calculation and disclosure of selected fee and expanse metrics for both Total Expense Ratios (TER) and the Real Estate Expense Ratio (REER).

The liquidity self tutorial provides an overview of the liquidity and secondary market trading aspects of the INREV Guidelines 2014.

It examines the different aspects of the liquidity guidelines as well as the objectives and the adoption framework.

Jef Holland presents the INREV NAV module of the INREV Guidelines, including background information, adjustments, computation, disclosure requirements and Q&A.

John Ravoisin presents the valuation module of the INREV Guidelines, including guidance on the independence, qualification of the extranl valuer, valuation fees, the valuation process, external and internal valuations.

INREV actively engages our Young Professional members with dedicated events, foundational training courses and a variety of communication tools. We encourage our Young Professional members to get involved in our organisation, and hope you will join us at an event or join the conversation online.

Michael Hornsby presents the reporting module of the INREV Guidelines.

This module includes background on the reporting guidelines, a description of whom the reporting guidelines apply to, describes what is included in the reporting guidelines, and explains where to find more info.

After 18 months of consultation, including input and feedback from over 300 industry participants, the revised INREV Guidelines are online and ready for implementation.

The Debt and Derivatives Disclosure Notes include examples of tables that can be used to present information on financing and hedging arrangements to investors. Large parts of the information to be disclosed covers existing fund GAAP requirements, but there may be other items required. The Notes suggest to disclose the information both in the year end accounts and in quarterly management information for investors.

The topics covered by the Notes are:

Loans and borrowings

• Analysis by category (debt from credit institutes, shareholder loans etc.)
• Analysis of maturity for each loan
• Analysis of interest and fair value for each loan
• Overview of quantitative covenants applicable for loans and borrowings

Foreign Currency

• Analysis of foreign currency exposure

Derivative financial instruments

• Analysis of derivative financial instruments   Interest rate sensitivity analysis
• Analysis of foreign exchange derivative financial instruments
• Foreign exchange sensitivity analysis

The full document can be downloaded in a Word and Excel format.