Guidelines

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Alignment with industry standards

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This section seeks to outline the alignment of the INREV Sustainability Reporting Guidelines with industry standards recognized to be applied in current market practice. The table below shows the references between the INREV Sustainability Reporting Guidelines, the INREV Reporting Guidelines, the INREV DDQ, the GRESB Survey and the GRI Sustainability Reporting Guidelines.

The references listed below aim to provide an indication of the alignment of the standards without any claim to comprehensiveness.

INREV Sustainability Reporting Guidelines	INREV Reporting Guidelines	INREV DDQ for non-listed real estate vehicles	GRESB RE 2019	GRI Sustainability Reporting Guidelines*	EPRA	UN-PRI
ESG-LTS 1.1	RG.18	3.8.2 - 3.8.4	MA1, PD1, RO3.1 PI1.0-PI4.1, SE4.2 section NC1	G4-1, G4-2		PR 01, PR 04, PR 11
ESG-LTS 1.2	RG.35	3.8.8		G4-2
ESG-LTS 2.1		3.8.1, 3.8.5, 3.8.9	MA1, MA4, PD1, PD3, ME1, SE7-SE11.2	G4-1, G4-2		PR 12 - 14 SG 08 - 09
ESG-ANN 1.1	RG.27	3.8.2	RO3.1, RO4, RO6 PI1.0-PI4.1, BC1.1, BC1.2, SE4.2 section NC1	G4-1, G4-2		PR 04 PR 09 - 11
ESG-ANN 1.2	RG.35	3.8.8		G4-2
ESG-ANN 2.1		3.8.1, 3.8.5, 3.8.9	MA5, SE1-SE11, ME1 SE7-SE11.2	G4-1		PR 09 PR 12 - 14 SG 08 SG 09
ESG-POR 1.1	RG.51
ESG-POR 1.2	RG.35
ESG-POR 2.1
ESG-ENV 1.1	RG.29		PI1.0-PI4.1	G4-EN3 ff., G4-EN8 ff., G4-EN15 ff., G4-EN22 ff.	Incl. in EPRA
ESG-ENV 2.1			PI1.0-PI4.1		Incl. in EPRA

*Please note that in addition to the above stated references, GRI defines categories and aspects in the guidelines which further outline economic, environmental and social references to their reporting disclosures which may be in line with INREV reporting requirements.

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× Guidelines
- × INREV Guidelines
  - × Introduction to INREV Guidelines
  - × Adoption and Compliance Framework
    - × Best Practice Modules
    - × Compliance Framework
  - × Revision and Change Procedure
  - × Tools and Examples
- × Governance
  - × Introduction Governance
  - × Principles
  - × Guidelines
    - × G-P01 Act lawfully and ethically
    - × G-P02 Act in the best interests of investors and consider other stakeholders
    - × G-P03 Act with skill, care and diligence
    - × G-P04 Design and operate an adequate oversight and control framework
    - × G-P05 Be transparent while respecting confidentiality considerations
    - × G-P06 Be accountable
    - × G-P07 Be sustainable: Evaluate and manage sustainability impacts
    - × Further guidance and interpretation
  - × Tools and examples
  - × Q&A
    - × Compliance of AIFM
    - × Confidentiality
- × Reporting
  - × Introduction Reporting
  - × Principles
  - × Guidelines
    - × Fund documentation for reporting framework
    - × Content and frequency of reporting
    - × General vehicle information, organisation and governance
    - × Capital structure and vehicle-level returns
    - × Manager's report
    - × Property report
    - × Risk management
    - × Other disclosure requirements
  - × Tools and examples
  - × Q&A
    - × Annual and interim reporting requirements
    - × IFRS 16 requirements
    - × Acquisition costs in case of merger of funds
    - × Performance fee for INREV NAV calculation
- × Property Valuation
  - × Introduction Property Valuation
  - × Principles
  - × Guidelines
    - × Fund documentation for valuation framework
    - × The valuer and related matters
    - × The valuation process
    - × The valuation
    - × Further guidance on valuation in case of liquidity or winding-up
  - × Tools and examples
- × Performance Measurement
  - × Introduction Performance Measurement
  - × Principles
  - × Guidelines
    - × 3.1 Vehicle Level Performance Measures
    - × 3.2 Further Guidance and Interpretation
    - × 3.3 Asset Level Performance Measures
  - × Tools and Examples
  - × Q&A
- × INREV NAV
  - × Introduction INREV NAV
  - × Principles
  - × Guidelines
    - × Fund documentation for INREV NAV framework
    - × INREV NAV Adjustments
  - × Tools and examples
  - × Q&A
    - × Capitalisation and amortisation of set-up costs and acquisition expenses
    - × Is it required to start with an IFRS NAV to calculate the INREV NAV?
    - × Materiality assessment of INREV NAV adjustments
    - × Materiality in the Context of an Audit
    - × INREV NAV Fair Value of DTL of properties
    - × Calculation of adjustment in respect of deferred tax liability
    - × Calculation of adjustment in respect of transfer taxes
    - × Investment in an associate/joint venture
    - × Portfolio premium/discount
    - × Held-to-maturity derivatives
    - × Treatment of Debt arrangement fees and costs
    - × Forward purchase recognition
- × Fee and Expense Metrics
  - × Introduction Fee and Expense Metrics
  - × Principles
  - × Guidelines
    - × Vehicle documentation for fee and expense metrics framework
    - × Fee and expense metric requirements
    - × Fee and expense metrics calculation
    - × Fee and expense metrics disclosures
  - × Tools and examples
  - × Q&A
    - × How should the INREV GAV be calculated for the Total Global Expense Ratio (TGER) and the Real Estate Expense ratio (REER)?
    - × How should staff costs be allocated to the TGER and the REER?
    - × Determination and disclosure of quarterly ratios
    - × How do you determine if a service is in lieu of or in addition to third party costs?
    - × Can TGER including tax be calculated and presented to investors?
    - × What are the main differences between TGER and TER? Do I need to convert previously reported TERs?
    - × Should TGER be compared against expense metrics of listed structures / public market vehicles?
    - × How should Asset Management fees be allocated to TGER?
    - × Should TGER be presented for financial reporting periods ending on or after 31 December 2020? Can the INREV TER still be disclosed?
    - × Treatment of Debt arrangement fees and costs
- × Liquidity
  - × Introduction Liquidity
  - × Principles
  - × Guidelines
    - × Fund documentation requirements for liquidity framework
    - × Issues of vehicle equity (or debt investments)
    - × Redemptions of equity (or debt investments)
    - × Secondary market transfers of equity (or debt investments)
    - × Vehicle winding up
    - × Vehicle life extensions
    - × Reporting requirements
    - × Consultation processes for vehicle wind up or extension
  - × Tools and examples
- × INREV Data Delivery
  - × Principles
  - × Guidelines
- × Sustainability
  - × Sustainability Introduction
  - × Requirements and Best Practice Recommendations
  - × Disclosure
    - × Vehicle long term strategy
    - × Annual objectives
    - × Annual portfolio information
    - × Environmental data
  - × Alignment with industry standards
  - × Tools and examples
    - × Best Practice Example
  - × Q&A
    - × Interpretation of references
  - × Updates
- × Code of Tax Conduct
  - × Introduction to the Code of Tax Conduct
  - × Presentation of the Guiding Principles
    - × Compliance with laws, regulations and tax obligations
    - × Co-operation with Public Authorities
    - × Internal Governance
    - × Approach to tax and business rationale
    - × Transparency and disclosure
  - × Glossary & references

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× Definitions

A full list with all the definitions can be downloaded under publications.