INREV has developed several standardised templates to help exchange information related to a non-listed real estate vehicle between industry participants in an easy and consistent way.
DDQ (Due Diligence Questionnaire)
The INREV Due Diligence Questionnaire (DDQ) is a standardised and well-adopted framework that allows investors to not only achieve a high level of scrutiny when entering a vehicle for the first time, but also to continually assess deals within a limited time frame while managing risks properly. INREV also provides specific DDQs for Debt vehicles and Fund of Funds / Multi-Managers. Additional appendices cover advanced due diligence questions on topics like ESG, Impact Investing, and Tax. A guide to completing the DDQ is also available to help users with practical instructions and example answers, promoting consistency in responses.
SDDS (Standard Data Delivery Template)
The SDDS provides a common reporting format for investment managers and investors to exchange information. This creates uniformity, transparency and operational efficiencies between both parties. The sheet’s latest update, SDDS 4.0, is aligned with the latest industry developments and changing investor needs, to ensure it remains practical and useful in today’s market. The current version of the SDDS reflects the latest INREV Guidelines, aligns with global terminology, and introduces a new asset-level data section, offering more comprehensive reporting capabilities.
ESG SDDS (Standard Data Delivery Sheet)
The ESG SDDS reporting template is designed to facilitate ESG data exchange and standardise the way ESG KPIs are reported for real estate investment vehicles. This ESG reporting template covers the required ESG KPIs of the INREV Guidelines as well as recommended ESG KPIs. The ESG SDDS references key regulatory requirements, such as SFDR and EU Taxonomy, and can be linked to external data sources like GRESB. The template is flexible and adaptable, allowing users to enter data at either the asset or vehicle level and share it with investors to meet their ESG reporting needs.
Non-Disclosure Agreement Template
The INREV NDA has been based on the various disclosure agreements used in the industry and the development of the NDA was overseen by the Due Diligence Committee. It aims to replace the wide variety of NDAs currently being used in the industry, decreasing the time and resource need of market participants to review such various NDAs thus increasing overall efficiency.
To further improve transparency and comparability within the non-listed real estate, INREV developed a standardised Sale and Purchase Agreement which supports both investors and managers during transactions related to interests in real estate vehicles. The template has been designed as a general guide to understanding the main rights and obligations of buyers and sellers.
These disclosure elements were developed to increase industry consistency of content and approach when investment managers report to investors on rental collection.
Debt and Derivatives Disclosure Notes
The Debt and Derivatives Disclosure Notes provide managers with a standardised approach for presenting information on an investment vehicle’s financing and hedging arrangements to investors.
This information can be shared alongside the required material disclosures under the vehicle’s applicable GAAP. The Notes include templates covering loans and borrowings (including ESG-related covenants), derivative financial instruments, and other debt-specific details.
INREV NAV – GAAP Comparison Templates
The NAV disclosure templates help users reconcile different NAVs across regions with the INREV NAV. They give members additional insight into the applicability of the INREV NAV adjustments for specific GAAPs across the globe to come to the fair value of the underlying assets and liabilities and to adjust for the spreading of costs that will benefit different generations of investors.
Explore additional resources
Looking to learn more about the industry’s standardised templates, or curious about how standards can benefit you? Explore what’s available and get practical insights on the Professional Standards page.