Guidelines

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Q&A

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Interpretation of references

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Why do the INREV Sustainability Reporting Guidelines include references to other industry standards such as GRESB, GRI and EPRA?

These references to other industry standards are included to highlight the overlap: they are intended to support fund managers and investors in employing the same information across different standards and to help make the links in their vehicle reporting.

In order to comply with the INREV Sustainability Reporting Guidelines, is it sufficient to attach the answers to the GRESB Survey?

No, referencing to answers to the GRESB Survey alone does not mean compliance with the INREV Sustainability Reporting Guidelines. The information required by the INREV Sustainability Reporting Guidelines is more descriptive and detailed. It should however be presented in line with the GRESB, GRI or EPRA methodology.

Does compliance with the INREV Sustainability Reporting Guidelines automatically lead to compliance with the referred standards and vice versa?

No, the different standards referred to in the guidelines do not all have identical information requirements and so in order to be compliant with each standard they must each be addressed separately.. Therefore, compliance with the other standards referred to does not automatically lead to compliance with the INREV Sustainability Reporting Guidelines and vice versa.

How do I ensure the information I provide is more descriptive and detailed in order to comply with the requirements of the INREV Sustainability Reporting Guidelines?

The INREV Sustainability Reporting Guidelines require a precise description of the sustainability policies of managers and vehicles with concrete action plans at the asset level. The Guidelines have been structured to reflect a logical progression from strategy to action to practical outcomes. A long term ESG strategy, stretching from portfolio to asset level, would be expected to produce annual objectives and targets, against which practical progress can be measured, for instance in terms of energy consumption and CO2 emissions.

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× Guidelines
- × Introduction
  - × 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
    - × General vehicle information, organisation, and governance
    - × Vehicle performance and investors position
    - × Manager's report
    - × Property report
    - × Risk management
    - × Environmental, social, and governance (ESG)
  - × 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
  - × Update
- × Property Valuation
  - × Introduction Property Valuation
  - × Principles
  - × Guidelines
    - × PV-P01 Act lawfully and ethically
    - × PV-P02 Act in the best interest of investors and consider other stakeholders
    - × PV-P03 Act with skill, care and diligence
    - × PV-P04 Design and operate an adequate oversight and control framework
    - × PV-P05 Be transparent while respecting confidentiality considerations
    - × PV-P06 Be accountable
    - × PV-P07 Be sustainable: Evaluate and manage sustainability impacts
  - × 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
  - × Update
- × 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
    - × Fair value of debt
    - × Treatment of Goodwill in INREV NAV Adjustments
  - × Update
- × 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
  - × Introduction
  - × Principles
  - × Guidelines
- × 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
- × Sustainability
  - × Introduction to Sustainability
  - × 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
  - × Tools and Examples

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× Definitions

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