# INREV - Standard Data Delivery Sheet (SDDS) This framework provides a standardized template for exchanging quantitative data between investment managers and investors within the non-listed real estate sector. Its scope encompasses comprehensive financial, operational, and performance metrics detailed at the vehicle, investor, and asset levels. Ultimately, the standard aims to streamline reporting processes, ensure data consistency, and enhance transparency across the alternative investment industry. **Status**: active | **URL**: https://open.gamstandards.com/collections/inrev-standard-data-delivery-sheet-sdds **License**: License: Free to use (CC0-1.0, GAMS default). Use, adapt, and share this content freely — no permission or credit needed. ## Resources and References ### SDDS (Standard Data Delivery Sheet) SDDS (Standard Data Delivery Sheet) - **Type**: Web Link - **URL**: https://hubs.ly/Q04jnk6p0 - **Full contents (Markdown)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/7ef9adc5-871f-4fcb-86c4-ca6e7eb3a7c1/contents/markdown - **Full contents (JSON)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/7ef9adc5-871f-4fcb-86c4-ca6e7eb3a7c1/contents **Contents outline**: - SDDS (Standard Data Delivery Sheet) - DOWNLOAD - SDDS 4.0 - How is the INREV SDDS 4.0 structured? - Who should use the SDDS? - SDDS and ESG SDDS wiring guides now available in digital format - IQ: Streamlining data exchange: INREV SDDS in action - Emanuela Sardi, Partner PwC - Jef Holland, Partner Deloitte - John Fahey, Managing Director, Fund Finance CBRE IM - Pavel Nesvedov, Partner EY - Related Downloads - SDDS 4.0 - Standardising data exchange – SDDS, ESG SDDS and the new wiring guides briefing - SDDS Demo Video - Organisation - Services - Socials - Contact ### SDDS Wiring-Guide SDDS Wiring-Guide - **Type**: Web Link - **URL**: https://hubs.ly/Q04jnkGY0 - **Full contents (Markdown)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/5ed1954c-b337-40f1-8ee6-5906882c4292/contents/markdown - **Full contents (JSON)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/5ed1954c-b337-40f1-8ee6-5906882c4292/contents **Contents outline**: - SDDS Wiring-Guide - A - B - C - D - E - F - G - I - L - M - N - O - P - R - S - T - U - V - W - W - V - U - T - S - R - P - O - N - M - L - I - G - F - E - D - C - B - A - Q1 2026 - Q4 2025 - Q4 2025 - Q1 2026 - > 1000 - > 500 - > 500 - > 1000 - Organisation - Services - Socials - Contact ### User manual SDDS 4.0 - 2023 User manual SDDS 4.0 - 2023 - **Type**: Web Link - **URL**: https://hubs.li/Q04jyKDH0 - **Full contents (Markdown)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/86ed0322-6dec-4625-987d-0a0e75a6796a/contents/markdown - **Full contents (JSON)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/86ed0322-6dec-4625-987d-0a0e75a6796a/contents **Contents outline**: - Getting Started (page 4) - Getting Started (page 6) - Input Sheets – Key Vehicle Terms (page 7) - Input Sheets – Vehicle Level Data (page 8) - Input Sheets – Investor Level Data (page 9) - Input Sheets – Asset Level Data (page 10) - Input Sheets – Portfolio Allocation (page 11) - Output Sheets – Overview (page 12) ### INREV INREV - **Type**: Web Link - **URL**: https://www.inrev.org - **Full contents (Markdown)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/7812b579-0087-4648-ad61-f879ef120ae6/contents/markdown - **Full contents (JSON)**: https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/7812b579-0087-4648-ad61-f879ef120ae6/contents **Contents outline**: - INREV: representing European non-listed real estate - Consensus Indicator - Sustainability - Data - Living - Technology - ODCE Flash Report: faster insights into European Core Real Estate - Latest News - Market Insights reveals European real estate performance eases while market sentiment increases - Autumn Conference 2026 sponsors: registration opens tomorrow - Sign up for an INREV Committee for 2027 - Data centres: Navigating a fluid asset class - Coming your way - Join us - 09 - Sep - INREV Guidelines Review Consultation - 29 - Sep - Sustainability Conference - 01 - Oct - Operational Real Estate and Platform Investing - 13 - Oct - Young Professionals Link and Learn - 03 - Nov - Advanced NAV - 10 - Nov - Portfolio Construction - 12 - Nov - INREV Academy Day - Become a member. - Organisation - Services - Socials - Contact ## Frequently Asked Questions **Q: What does the INREV Standard Data Delivery Sheet (SDDS) define?** The INREV SDDS defines a standardized framework and template for exchanging quantitative data within the non-listed real estate sector. It encompasses comprehensive financial, operational, and performance metrics structured across vehicle, investor, portfolio allocation, and asset levels to ensure data consistency and transparency. **Q: Who are the primary users of the INREV SDDS framework?** The framework is primarily designed for investment managers and investors in the non-listed real estate and alternative investment industry. It facilitates streamlined, standardized reporting and data exchange between these parties. **Q: How does the INREV SDDS relate to existing industry practices and guidelines?** The SDDS aligns with broader INREV Guidelines, incorporating specific industry metrics such as the INREV NAV reconciliation, Total Global Expense Ratio (TGER), and Real Estate Expense Ratio (REER). It standardizes how these real estate-specific performance metrics are reported, bridging the gap between statutory accounting standards and alternative investment practices. **Q: What are the key technical components of the INREV SDDS data structure?** The SDDS data structure is organized into four main components: vehicle_data (covering terms, NAV reconciliation, financing, and performance), investor_data (detailing individual ownership, fees, and returns), portfolio_allocation (breaking down exposure by country and sector), and asset_data (providing granular property-level metrics like valuation, occupancy, and lease terms). **Q: Does the INREV SDDS support the reporting of ESG and sustainability metrics?** Yes, the standard includes a dedicated 'green_credentials' section at the vehicle level. This allows managers to report metrics such as GRESB scores, INREV sustainability reporting compliance, best practice adoption scores, and whether a specific ESG SDDS has been submitted. **Q: How can investment managers implement and adopt the INREV SDDS?** Managers can adopt the standard by mapping their internal data systems to the SDDS JSON schema or the official Excel templates (such as SDDS 4.0). Implementation is supported by the INREV Wiring Guide, which helps firms accurately populate data fields across vehicle, investor, and asset levels to automate and streamline delivery to investors. ## Glossary **AIFMD**: Alternative Investment Fund Managers Directive; a European Union regulatory framework governing the authorization, operation, and transparency of alternative investment funds, including non-listed real estate vehicles. **GAV**: Gross Asset Value; the total value of a real estate vehicle's assets before the deduction of any liabilities, debt, or other obligations. **GRESB Score**: Global Real Estate Sustainability Benchmark Score; a standardized metric used to assess and compare the Environmental, Social, and Governance (ESG) performance of real estate portfolios. **INREV NAV**: An adjusted Net Asset Value calculation defined by INREV guidelines, designed to reflect the fair value of a non-listed real estate vehicle's underlying assets and liabilities by standardizing specific accounting adjustments. **ISIN**: International Securities Identification Number; a unique 12-character alphanumeric code used to identify specific securities, including unitized shares of real estate investment vehicles. **LTV**: Loan-to-Value; a financial ratio used to assess risk by comparing the total outstanding debt to the appraised fair value of a specific property or the overall vehicle. **NOI**: Net Operating Income; a measure of a real estate asset's profitability, calculated by subtracting all operating expenses from the gross operating income generated by the property. **REER**: Real Estate Expense Ratio; a standardized metric that measures property-level management and operational expenses relative to the gross asset value of the real estate portfolio. **RVPI**: Residual Value to Paid-In Capital; a performance multiple representing the current fair value of all remaining investments in a fund relative to the total capital contributed by investors. **SDDS**: Standard Data Delivery Sheet; a standardized data exchange framework developed by INREV to streamline the reporting of quantitative financial, operational, and performance metrics in the non-listed real estate sector. **TGER**: Total Global Expense Ratio; a standardized metric representing the total fees and operational expenses of managing a real estate vehicle, expressed as a percentage of its average Gross Asset Value (GAV) or Net Asset Value (NAV). **TVPI**: Total Value to Paid-In Capital; a performance metric measuring the overall multiple of invested capital, calculated as the sum of cumulative distributions and residual value divided by total paid-in capital. **WAULT**: Weighted Average Unexpired Lease Term; a key risk metric in commercial real estate indicating the average remaining duration of all active leases in a property or portfolio, typically weighted by rental income or leasable area. --- ## Suggested Workflow (1) Consult the reference documents for supporting guidance via GET https://open.gamstandards.com/api/ai/collections/8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a/references/{referenceId}/contents/markdown. (2) Use the glossary terms to interpret domain-specific terminology.