Guidelines

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Custom guidelines

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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.

Name	Description
AML	Anti-Money Laundering
AMF-CFT	Anti-Money Laundering and Countering the Financing of Terrorism
Authorities	Public Authorities
BEPS	Base Erosion and Profit Shifting
Code	Code of Tax Conduct
Compliance	Conformity with all relevant laws and regulations and spirit of such law/regulation
EU	European Union
GRI	GRI Sustainability Reporting Standards
Internal Governance	Management of tax risks and due diligence on compliance with all applicable laws and regulations
Manager	Person or group of person in charge of the management of the investment vehicle
NCJ	Non Cooperative Jurisdiction
OECD	Organization for Economic Co-operation and Development
Public Authorities	Any kind of public authority in charge of laws and regulations within a jurisdiction (e.g. tax administration)
UN	United Nations

Guidelines

add + Glossary & references

Custom guidelines

× Definitions

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Glossary & references