Financial overviews in accordance with INREV valuation principles
In order to give investors information on the transition from the Net Asset Value (NAV) according to IFRS to the adjusted NAV based on INREV valuation principles, the Fund also publishes the accounts according to the INREV valuation principles.
The fundamental assumption underlying the adjusted INREV NAV of the Fund is that it should give a more accurate reflection of the economic value of the Fund and a participation in the Fund as it would be realised by a participant in a theoretical sale, as of the balance sheet date, assuming an arm’s length transaction, a willing buyer/seller and an adequate time to market.
The adjusted INREV NAV is based on the IFRS valuation principles plus the deviations, as described below.
| Note | | Total | Per share | Actual impact on 2014 figures | Actual impact on 2013 figures |
| | NAV per the IFRS financial statements | | | | |
| | Reclassification of certain IFRS liabilities as components of equity | X | X | Yes | Yes |
| 1 | Effect of reclassifying shareholder loans and hybrid capital instruments (including convertible bonds) that represent shareholders long term interests in a vehicle | X | X | N/A | N/A |
| 2 | Effect of dividends recorded as a liability which have not been distributed | X | X | N/A | N/A |
| | NAV after reclassification of equity-like interests and dividends not yet distributed | X | X | N/A | N/A |
| | Fair value of assets and liabilities | X | X | N/A | N/A |
| 3 | Revaluation to fair value of investment properties | X | X | N/A | N/A |
| 4 | Revaluation to fair value of self-constructed or developed investment property | X | X | N/A | N/A |
| 5 | Revaluation to fair value of investment property held for sale | X | X | N/A | N/A |
| 6 | Revaluation to fair value of property that is leased to tenants under a finance lease | X | X | N/A | N/A |
| 7 | Revaluation to fair value of real estate held as inventory | X | X | N/A | N/A |
| 8 | Revaluation to fair value of other investments in real assets | X | X | N/A | N/A |
| 9 | Revaluation to fair value of indirect investments not consolidated | X | X | N/A | N/A |
| 10 | Revaluation to fair value of financial assets and financial liabilities | X | X | N/A | N/A |
| 11 | Revaluation to fair value of construction contracts for third parties | X | X | N/A | N/A |
| 12 | Set-up costs | X | X | Yes | Yes |
| 13 | Acquisition expenses | X | X | N/A | N/A |
| 14 | Contractual fees | X | X | N/A | N/A |
| | Effects of the expected manner of settlement of sales/vehicle unwinding | X | X | N/A | N/A |
| 15 | Revaluation to fair value of savings of purchaser’s costs such as transfer taxes | X | X | N/A | N/A |
| 16 | Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments | X | X | N/A | N/A |
| 17 | Effect of subsidiaries having a negative equity (non-recourse | X | X | N/A | N/A |
| | Other adjustments | X | X | N/A | N/A |
| 18 | Goodwill | X | X | N/A | N/A |
| 19 | Non-controlling interest effects of INREV adjustments | X | X | N/A | N/A |
| | INREV NAV | X | X | Yes | Yes |
Download XLSX= Possible impact on NAV and NAV per share
N/A= Not applicable
Yes= Impact on INREV NAV