The constituent elements of the metrics calculations should be disclosed annually.
|Disclosure table||% NAV||% GAV|
|TER before performance fees (note A)|
|TER after performance fees (note B)|
|REER (note C)||-|
The following notes clarify the components of each fee and expense metric and should also be read in conjunction with the classifications shown in the fees and costs matrix.
Time weighted average INREV NAV
Time weighted average INREV GAV
A. Includes vehicle fees and costs
B. Includes vehicle fees and costs, and any performance fees which have either been paid, accrued, or disclosed as a potential liability, and were included in the INREV NAV and INREV GAV
C. Includes property fees and costs
There should also be a clear disclosure of all the fees charged by the manager and the activity to which they relate. A disclosure table should be presented annually providing an analysis of all components of the fees (including any element of performance fee) earned by the manager or by any other affiliate or related party of the manager, for the management of the vehicle.
|Fees earned by the manager disclosures||20XX Currency||20XX Currency|
|Asset management fees|
|Fund management fees|
|Internal leasing commission fees|
|Property management fees|
|Project management fees|
|Property acquisition fees|
|Property disposition fees|
|Other related fees|
|Total fees earned by the manager|
The fees included in this table should be accounted for in the financial statements for the financial reporting period concerned, in accordance with accounting conventions used by the vehicle.