Guidelines

Summarise and discuss macro-economic factors which have, or may have, a material impact on the results of the vehicle.

This should include information such as economic growth factors and their impact on the demand for new rentals, the supply of property or availability of development opportunities. Include also details of material changes in the tax and regulatory environment and debt financing conditions, such as movements in interest rates and financing terms.

Annual

Tabulate for clarity a summary of significant events affecting the vehicle during the period as well as significant events anticipated in the 12 months from the balance sheet date. Provide a brief commentary on significant activities of the vehicle including acquisitions, disposals, distributions to investors, and changes to the overall financing or capital structure during the period.

Annual

Interim

Analyse the performance of the vehicle during the period by reference to relevant vehicle-level KPIs defined in sections 3.1, 3.2 and 5 of the SDDS, which include information such as the NAV, key financial ratios, valuation results, realised gains and losses and information related to operating results.

SDDS references:
3.1 Gross Asset Value of Vehicle (GAV), 3.2 Net Asset Value of Vehicle (NAV) and Section 5 Result of Vehicle per Accounting Standards

Annual

Interim

Describe and comment on the structure of fee arrangements with investment managers and affiliates (including details of any relevant capitalisation or disbursement programs, year-end balances, amounts earned, accrued, paid or clawed back). Link accrued and un-accrued amounts with the realisation of performance criteria.

When applicable, this description should include details of:

• Vehicle management fees;
• Asset management fees;
• Performance fees;
• Property management fees;
• Acquisition fees;
• Disposal fees;
• Development fees;
• Financing fees;
• Other related-party fee arrangements.

Refer to the relevant sections of the financial statement disclosures for details as appropriate.

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

Annual

Interim

Describe material changes

Disclose the NAV of the vehicle and the basis of calculating it. Disclose to what extent the inrev-nav#inrev-guidelines">INREV NAV guidelines  have been used to determine such NAV, and include details of adjustments made to reconcile the NAV with the financial statements. Include a description of the judgments and estimates used when determining the INREV or other NAV.

SDDS references:
Section 4 Reconciliation from Reported Net Assets to Fair Value (according to INREV Guidelines)

See G09 for Open end fund pricing best practice

Annual

Interim

Disclose the NAV and material changes

Discuss the current period performance in the context of the track record of the vehicle (for instance, over the last five years).

Annual

Describe all significant subsequent events affecting the vehicle since the period-end and comment on their impact on vehicle performance. Information at the asset level may be disclosed, if relevant.

Annual

Interim

Describe the likely developments in the vehicle’s activities and operations in the foreseeable future and how this is aligned with achieving the overall vehicle objectives.

Annual

Describe the impact of potential or implemented regulatory changes that affect or may affect the vehicle’s and assets’ operations and performance.

Annual

Describe and comment on any significant one-off events having an impact on the results for the period. This disclosure should include, for instance, costs related to litigation, abort deal costs, one-off property related expenses and any other extraordinary or exceptional items.

Annual

Interim