Guidelines

Annual and interim reports should disclose any changes to the capital structure of the vehicle.

Annual

Interim

Describe material changes

In a tabular format, disclose the status of investor commitments and capital invested in the vehicle, and in particular:

• Undrawn commitments;
• Commitment drawn during the period (linkage should be made with underlying transactions);
• Returns of capital/redemptions in the period;
• Capital calls or subscriptions recorded subsequent to the period-end but before the release of the report;
• Details of redemption requests received but not processed as at the date of the report and plans to meet these requests.

In addition, the investment manager should disclose the expected drawn commitments, returns of capital/redemptions, capital calls and redemption requests for the following period. The investment manager may include assumptions used to determine these projections.

SDDS references:
Section 12 Capital Commitments & Secondary Market Activity, Section 13 Capital Contributions & Other Payments to Investors and Section 15 Capital Flows of the Vehicle (for calculation of the INREV Index)
 

Annual

Interim
 

Describe material changes

Summarise and comment on key investor returns and related metrics which are defined in section 7 of the SDDS (including comparison with targets, points of reference and indices when relevant).

SDDS references:
Section 7 Performance (according to INREV Guidelines)

Annual

Interim

Disclose and discuss details of share class NAVs (accounting NAVs, trading NAVs, INREV NAVs as applicable) and variances since prior period-end.

Annual

Interim

Disclose and discuss distributions made during the period and subsequent to the period-end (link with underlying transactions such as property disposals where relevant).

SDDS references:
Section 14 Distributions

Annual

Interim

Summarise how the vehicle’s fee structure impacts the vehicle’s capital structure and vehicle-level returns, for instance describe any fee capitalisation arrangements.

SDDS references:
Section 18 Investor's Portion of Fees to the Manager and Affiliates

Describe material changes