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Property report
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Describe and comment on current developments in the vehicle’s investment property portfolio by reference to, for example, occupancy level, tenant profile by area occupied, average rent, the percentage of newly developed property that has been let or sold, etc.
The following information may be disclosed for each asset, including but not limited to:
See RG23 for financial performance returns recommended at asset level. SDDS references: INREV Asset Level Index references/ identifiers: |
Annual |
Interim |
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Describe the business rationale for any significant acquisitions or disposals during the period, and their impact on the vehicle’s financial position and results.
SDDS references: |
Annual |
Interim |
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For interim reports, show a summary of the portfolio allocation by sector and geography.
SDDS references: |
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Interim |
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For annual reports, show a summary of the portfolio allocation by sector and geography and comment on it in the context of the investment strategy of the vehicle (refer to the detailed portfolio allocation sheet in the SDDS).
SDDS references: |
Annual |
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Disclose the nature and frequency of property valuations, explaining how they reflect the expectations of investors and ongoing business needs of the vehicle (refer to PV15 of the inrev-guidelines">Property Valuation module).
Describe the procedures and internal controls put in place to appoint external valuers and oversee the valuation process to ensure it is objective and free from any bias and not influenced by potential conflicts of interest.
At a minimum, disclose:
Summarise and comment on the current property valuation methods and outcomes.. Include information on the methodologies used and the key market inputs and assumptions such as yields, discount or capitalisation rates. Describe any specific or special assumptions used in the property valuations such as assumed disposal scenarios, assumed capital expenditure and the treatment of transfer taxes.
At a minimum disclose (refer to PV21):
SDDS references: |
Annual |
Interim
Describe material changes |
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Disclose the proportion of the property portfolio which has been subject to an independent external valuation along with references to the name and qualifications of the valuers, and the date of such valuations. Include details of any modifications or reservations disclosed in the valuers’ reports.
See also RG14. Disclose the qualifications of the members of the governing body of the vehicle, who oversee the valuation process (refer to PV11 of the inrev-guidelines">Property Valuation module). SDDS references: |
Annual |
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Provide an analysis of like-for-like movements in the market value and rental income of properties held in the current and prior periods. |
Annual |
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Comment on the development of rental growth and expected rental values by sector/geography. The market data provided should be relevant to the specific activities of the vehicle. |
Annual |
Interim Describe material changes |
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Describe recent leasing renewal activity, including incentives given, rent-free periods and tenant improvement programs and expected future changes by reference to market trends in new lease terms. |
Annual |
Interim Describe material changes |
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Summarise and comment on the development of vacancy rates and its impact on vehicle performance and future prospects.
SDDS references: |
Annual |
Interim Describe material changes |
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Discuss the development of property yields, including yields by sector and geography.
SDDS references: |
Annual |
Interim Describe material changes |
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Discuss the development of other key property information by sector and geography, when relevant. |
Annual |
Interim Describe material changes |
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Identify and comment on rental concentration risk (either by expected rental value or actual rental value). |
Annual |
Interim Describe material changes |
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Describe and comment on the level of property operating costs and, if significant, discuss the impact of specific factors such as service charge recoveries, bad debt write-offs and other property operating costs related to the vehicle’s performance. |
Annual |
Interim
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If material, describe the impact of development activities on the vehicle by reference to, among other things, its investment strategy, development pipeline, stage of completion of developments, status of the sale of units or rental strategies. |
Annual |
Interim
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Discuss and quantify significant capital expenditure programs either planned or being undertaken during the period for existing properties, such as renovations, extensions and improvements.
SDDS references: |
Annual |
Interim |
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Quantify the amount of property development being undertaken during the period. Include details of the number of properties completed and either transferred to investment properties or sold during the period. Include details of development costs, related commitments, and the method of accounting for properties under development.
SDDS references: |
Annual |
Interim |
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Describe and quantify the vehicle’s position in joint ventures and associate investments. Include details of, among other things, the methods of accounting for such positions, how they impact the overall financial and risk profile of the vehicle, and their business prospects. |
Annual |
Interim |
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Summarise and comment on returns from non-property investments such as positions in other vehicles, listed securities and other assets. |
Annual |
Interim |
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In exceptional circumstances, deviations by investment managers from property valuations as determined by external property valuers should be clearly explained and disclosed.
If there is a disagreement between the investment manager and the property valuer on the market value parameters, these parameters must be clearly explained and disclosed. See more details at PV23 of the inrev-guidelines">Property Valuation module. Whatever the circumstances, appropriate internal procedures (including escalation measures) should be followed by the management in the event of valuation adjustments. |
Annual |
Interim |