The INREV Debt and Derivatives Disclosure Notes provide investors with detailed information about an investment vehicle’s financing and hedging arrangements in a standardised disclosure format. Investment managers can present this information alongside the material disclosures required by the respective GAAP of the vehicle.

The new 2024 version of the Notes is divided into two parts:

Background and summary: Describes the main topics, including a mapping to the relevant INREV Reporting Guidelines and a checklist assisting users when reporting the debt and derivatives-related information to investors.

Practical Templates: Contains detailed tables and examples illustrating how debt and derivative information can be effectively presented to investors.

The multitude of data formats used in the market can mean inefficient data handling and administrative overload. Since its first release in 2012, the Standard Data Delivery Sheet (SDDS) has helped by providing a common reporting format for investment managers and investors to exchange information. This creates uniformity, transparency and operational efficiencies between both parties.​

The sheet’s latest update, SDDS 4.0, is aligned with the latest industry developments and changing investor needs, to ensure it remains practical and useful in today’s market.​

The ESG SDDS is a brand new ESG reporting template designed to standardise the disclosure and reporting of ESG Key Performance Indicators (KPIs) for real estate investment vehicles. The template includes machine-readable labels, making it easier to read and compare data, potentially streamlining the exchange of ESG information and paving the way for automation. ​This template was released in November 2023, in conjunction with the SDDS 4.0.

INREV has enhanced its comprehensive mapping of ESG reporting KPIs (updated July 2024) to now contain key emerging regulations and frameworks such as CSRD, TNFD, and IFRS S2 Climate-related Disclosures.

ANREV Professional Standards Committee and PwC invited investment managers to a series of round table discussions, hosted in Hong Kong and Singapore, which provided opportunities for managers to discuss with their peers their views on the many challenges related to reporting under current market environment.

Although 2022 saw most Asia Pacific markets—with the exception of China— begin to shake off the effects of regional COVID restrictions, as investors look to 2023 they find themselves confronted with a different, but no less dangerous, set of threats: high inflation, rising interest rates, unsustainable levels of public- and private-sector debt, and an impending global recession. Uncertainty in the market has also impacted transaction flows. With less recent comparables and market data available making valuation a potential challenge for this year-end.

In previous years, members have expressed concerns about the availability of current market data, especially when the markets are turbulent, and there has been a perceived time lag developing between market movements, and external valuations, due to the period of comps used.

The INREV Due Diligence Questionnaire (DDQ) assists investors and consultants in the due diligence process to understand a fund manager’s structure, strategy and non-listed real estate business. It also gives insight in a specific vehicle’s strategy, risk processes, management, terms and projected performance. With it, investors can determine, in principle, whether a proposal fits their investment objectives.

The INREV DDQ was updated in January 2023. New version reflects the feedback received from INREV members during a two-month consultation period.

To help with the transition to the new DDQ, an implementation kit and detailed guidance notes (updated July 2024) for completing the DDQ are available. This support is designed to streamline your due diligence process and ensure clarity and thoroughness in your responses, ultimately facilitating better communication with investors.

If you have any questions please contact [email protected]  

Download the updated DDQ, implementation kit, guidance notes and change log below. 

First created in 2017 and launched as a dedicated survey covering North America in 2020, the Survey is an annual report tracking corporate practices and employee demographics on diversity, equity and inclusion for commercial real estate. In 2021, the Survey was expanded to incorporate Asia-Pacific and Europe. The Survey is produced by the industry associations and organizations ANREV, INREV, Ferguson Partners, NAREIM, NCREIF, PREA, REALPAC and ULI.

The DEI Survey 2022 represents more than 357,041 full-time employees, $2.34 trillion of assets under management and a cross section of the commercial real estate industry in terms of size, region and business classification. The Survey, conducted between July and October 2022, brings together participation from 192 unique organizations who provided 210 submissions detailing their DEI practices in North America (81.4% of respondents), Europe (12.4%) and Asia-Pacific (6.2%).

The Global Real Estate DEI Survey aggregates data on:

• DEI program structure, resources and ownership
• Policies focused on recruitment, retention, training and development, inclusivity, tracking and accountability and pay equity
• Employee demographics by gender, race/ethnicity and nationality, across seniority and job function, as well as DEI hiring, promotion and departure trends year-over-year.

ANREV and PwC are pleased to publish the Real Estate Fund Managers’ Benchmarking Survey 2021. This is the second time we publish this Survey after 2017. The Survey attracted participation of 31 funds managers, representing more than US$1 trillion of real estate assets under management globally.

The publication gathers information about key industry operational trends and metrics of real estate fund managers with significant operations in Asia Pacific, including organisational information, governance, sustainability and risk management, administration, valuation, technology and operations, regulatory information and reporting.

Key findings include:

• Headcount: 42% of respondents report that they are expecting to increase headcount in 2022, indicating a positive outlook for Asia-Pacific business in 2022 and beyond.
• Sustainability and climate risk: 90% of respondents have a formal policy on sustainability and climate risk and 19% of respondents says sustainability and climate risk can be a deal breaker when making investment decisions.
• Investor reporting: 64% of respondents follow INREV Standards for investor reporting which is the highest amongst guidelines published by all industry associations.

Following the publication of the ‘Assets Under Management 2021’ paper which aimed to provide a clear overview of the main components considered by investment managers used to calculate AUM, we are pleased to announce the launch of an AUM basis of disclosure tool to help investment managers facilitate clear and transparent reporting of AUM components.

The Global Standards Steering Committee (SSC) have developed this new excel based tool which includes drop down menus to specify how each of the AUM components is reported within the calculation. Once completed, the resulting amount of AUM can be reported with accompanying disclosures as deemed appropriate by the preparer.