# 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**: Free to use (CC0-1.0, GAMS default). Use, adapt, and share this content freely — no permission or credit needed. This is open content dedicated to the public domain (CC0 1.0): it may be quoted and reproduced verbatim, in full, with no copyright restriction. **GAMS connector (MCP)**: https://open.gamstandards.com/mcp — get_collection {"collection_id":"8f2a18e2-24f4-4e3d-bd30-77c0b41bb09a"}, then get_template_contents and get_reference_contents, return this collection and its documents as tool results, verbatim and without a web fetch. Setup: https://open.gamstandards.com/use-with-ai#setup **Original files**: This link is for a person to download the original file; assistants usually cannot fetch binary files. To read the document, use the contents tools or links. If you need the file itself, for example to populate the template or submit it, ask the user to download it from this link and attach it to this conversation, then work from the attached copy. ## 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**: - Country-by-Country Guide - Due Diligence Questionnaire (DDQ) - Standard Data Delivery Sheet (SDDS) - Global Definitions Database (GDD) - Standards, Tax & Regulations Briefings - 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**: - Country-by-Country Guide - Due Diligence Questionnaire (DDQ) - Standard Data Delivery Sheet (SDDS) - Global Definitions Database (GDD) - Standards, Tax & Regulations Briefings - SDDS Wiring-Guide - Field level (all) - A - Accounting basis - Accounting standard - Acquisition date - Acquisition expenses (amortised over five years) - Acquisition expenses (amortised over holding period) - Address 1 - Address 2 - Adjusted net asset value for pricing purposes - Adjustment for other fee adjustments - Amount of capital expenditure (re)development - Amount of capital expenditure for standing investments & initial leasing - Amount of new / renewed debt facilities - Area unit of measurement - Asset capital return - Asset income return - Asset level total return - Asset life cycle - Asset management fees - Asset management fees - Asset management fees- portion incl. in REER - Asset management fees- portion incl. in TGER - Asset name - Asset sub-type - Asset type - B - Building completion date - C - Capital commitments - during the reporting period - Capital commitments - during the reporting period - Capital distributions - during reporting period - Capital distributions - during reporting period - Capital distributions - since inception - Capital distributions - since inception - Capital return - five-year annualised - Capital return - five-year annualised - gross of fees - Capital return - one-year - Capital return - one-year - gross of fees - Capital return - quarter - Capital return - since inception annualised - Capital return - since inception annualised - gross of fees - Capital return - ten-year annualised - Capital return - ten-year annualised - gross of fees - Capital return - three-year annualised - Capital return - three-year annualised - gross of fees - Cash and cash equivalents - City name - Commitment fees - Commitment fees - Contact person email - Contact person email - Contact person name - Contact person name - Contact person telephone - Contact person telephone - Contractual fees - Contribution 1 amount - Contribution 1 date - Contribution 10 amount - Contribution 10 date - Contribution 2 amount - Contribution 2 date - Contribution 3 amount - Contribution 3 date - Contribution 4 amount - Contribution 4 date - Contribution 5 amount - Contribution 5 date - Contribution 6 amount - Contribution 6 date - Contribution 7 amount - Contribution 7 date - Contribution 8 amount - Contribution 8 date - Contribution 9 amount - Contribution 9 date - Cost of development portfolio - Country - Currency - Currency exposure - Current capital closing period - Current development exposure as % of GAV - Current income tax charge - D - Data as of reporting year - Data: preliminary, final, audited - Debt service coverage ratio - Deferred tax charge - Development fees - Development fees - Distributed income return - quarter - Distribution 1 amount - Distribution 1 date - Distribution 10 amount - Distribution 10 date - Distribution 2 amount - Distribution 2 date - Distribution 3 amount - Distribution 3 date - Distribution 4 amount - Distribution 4 date - Distribution 5 amount - Distribution 5 date - Distribution 6 amount - Distribution 6 date - Distribution 7 amount - Distribution 7 date - Distribution 8 amount - Distribution 8 date - Distribution 9 amount - Distribution 9 date - Dividend/profit distributions - during reporting period - Dividend/profit distributions - during reporting period - Dividend/profit distributions - since inception - Dividend/profit distributions - since inception - E - Effect of dividends recorded as a liability which have not been distributed - Effect of reclassifying shareholders' loans and hybrid capital instruments - Effect of subsidiaries having a negative equity (non-recourse) - Encumbered / non-encumbered - End of investment period date - ESG SDDS submitted to investors? - Extension term - External / internally valued - F - Facilitator of secondary market transactions - during the reporting period - Fair value of debt - Fair value of derivatives - Fair value of derivatives of currency hedging - Fair value of derivatives of interest rate - Fair value of development portfolio - Fair value of investment portfolio - Fair value of investor's stake in vehicle according to INREV reporting guidelines - Fair value of investor's stake in vehicle according to net asset value for pricing purposes - Fair value of investor's stake in vehicle per share/unit per INREV NAV - Fair value of investor's stake in vehicle per share/unit per pricing NAV - Final capital closing date - Financing costs (amortised over holding period) - Financing/ debt arrangement fee - Financing/debt arrangement fees - Fund management fees - Fund management fees - Future distribution - G - GEO code - Goodwill - GRESB score, if available - Gross asset value of vehicle (GAV) - Gross leasable area - Gross leasable area - Gross operating income - Gross value of acquired properties (standing investment & initial leasing) - I - Inception date - Income distributions - during the reporting period - Income distributions - during the reporting period - Income distributions - since inception - Income distributions - since inception - Income return - five-year annualised - Income return - five-year annualised - gross of fees - Income return - one-year - Income return - one-year - gross of fees - Income return - quarter - Income return - since inception annualised - Income return - since inception annualised - gross of fees - Income return - ten-year annualised - Income return - ten-year annualised - gross of fees - Income return - three-year annualised - Income return - three-year annualised - gross of fees - INREV gross asset value of vehicle (INREV GAV) - INREV net asset value of vehicle (INREV NAV) - INREV reporting guidelines self-assessment score - INREV sustainability best practice module - adoption score - INREV sustainability reporting guidelines - compliance score - Interest paid on shareholders' loans - during reporting period - Interest paid on shareholders' loans - during reporting period - Interest rate hedging ratio - Interest service coverage ratio - Internal leasing commissions - Internal leasing commissions - Investment manager - Investment manager/direct Investor asset ID - Investment multiple or total value to paid-in capital multiple (TVPI) - since inception - Investor name - Investor's economic share of vehicle (%) - L - Lease expiries (based on rent) - Lease expiries: 1-year rolling rent - Lease expiries: 10-year rolling rent - Lease expiries: 10-year+ rolling rent - Lease expiries: 2-year rolling rent - Lease expiries: 3-year rolling rent - Lease expiries: 4-year rolling rent - Lease expiries: 5-year rolling rent - Lease expiries: 6-year rolling rent - Lease expiries: 7-year rolling rent - Lease expiries: 8-year rolling rent - Lease expiries: 9-year rolling rent - Legal vehicle structure - M - Market value at the end of the period - Maximum LTV - Minority share - total result - Minority share in the other gain/(loss) directly accounted for in equity - Multiple shares/unit class type - N - Name of investor's share/unit class in vehicle (if applicable) - NAV after reclassification of equity such as interests and dividends yet to be distributed - NAV TGER - NAV TGER after tax (optional) - Net asset value of vehicle (NAV) - Net asset value of vehicle (NAV) - Net capital contributed - during the reporting period - Net capital contributed - during the reporting period - Net financing cost - Net initial yield - Net investment income - quarter - Net leasable area - Net leasable area - Net operating income (NOI) - Net operating income (NOI) - Net proceeds from dispositions - NOI yield - Nominal value of debt - Nominal value of fixed interest rate debt - Nominal value of floating interest rate debt - Non-controlling interest effects on the above adjustments - Notional amount of derivatives of currency hedging - Notional amount of derivatives of interest rate - Number of acquired properties ((re)development) - Number of acquired properties (standing investment & initial leasing) - Number of dispositions - Number of forward contracted properties not accounted for in the statement of financial position. - Number of investors - Number of new / renewed debt facilities - Number of shares/units owned by investor in vehicle - Number of units (applicable to residential asset) - O - Occupancy (based on leasable area) - Occupancy (based on rent) - Occupancy rate (%) - Ongoing management fees incl. in TGER - Operating expenses (repairs and maintenance) - Operational result - Other fees earned by the manager excl.from TGER - Other gain/(loss) directly accounted for in equity - Other gain/(loss) directly accounted for in equity attributed to the investors of the vehicle - Other items not presented above - Other non-recurring net income - Other operating expenses - Other related fees, please specify - Other related fees, please specify - Other relevant asset level KPI - Other specific adjustments (I) - Other specific adjustments (I) - Other specific adjustments (II) - Other specific adjustments (II) - Other specific critical date - Other tax charges - Other vehicle specific NAV - Outstanding capital commitments - Ownership share (%) - Ownership type - P - Paid-in capital multiple or paid-in capital to committed capital multiple - since inception - Percentage externally valued - Performance - Performance fees - Performance fees - Placeholder amount - Placeholder date - Postal code - Pricing adjustments - Project management fees - Project management fees - Projected % of current remaining capital commitments to be invested in future development projects - Property acquisition fees - Property acquisition fees - Property costs included in the REER - Property disposition fees - Property disposition fees - Property fees included in the REER - Property level loan-to-cost - Property level LTV - Property management fees - Property management fees - Property valuation standard - R - Realisation multiple or cumulative distributions to paid-in capital multiple (DPI) - since inception - Realised capital gain/(loss) - Realised investment property gain/(loss) - Realised non-property gain/(loss) - Redemption 1 amount - Redemption 1 date - Redemption 10 amount - Redemption 10 date - Redemption 2 amount - Redemption 2 date - Redemption 3 amount - Redemption 3 date - Redemption 4 amount - Redemption 4 date - Redemption 5 amount - Redemption 5 date - Redemption 6 amount - Redemption 6 date - Redemption 7 amount - Redemption 7 date - Redemption 8 amount - Redemption 8 date - Redemption 9 amount - Redemption 9 date - Redemption fees - Redemption fees - Redemption limits - Redemption requests outstanding - Redemption requests outstanding in % - Redemptionn NAV - REER - Remaining capital commitments - Remaining total commitments under forward contracts not yet accounted for at reporting date - Reporting period - Reporting period - Reporting year - Revaluation to fair value of construction contracts for third parties - Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments - Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments - Revaluation to fair value of financial assets and financial liabilities - Revaluation to fair value of indirect investments not consolidated - Revaluation to fair value of investment properties - Revaluation to fair value of other investments in real assets - Revaluation to fair value of property held for sale - Revaluation to fair value of property that is leased to tenants under a finance lease - Revaluation to fair value of real estate asset held as inventory - Revaluation to fair value of savings of purchaser's costs such as transfer taxes - Revaluation to fair value of self-constructed or developed investment property - Reversionary potential (%) - S - Security identification number (SI number)/ISIN code - Set-up costs (amortised over five years) - Set-up costs (amortised over holding period) - Share of non-income producing assets in % - Shareholders' loans contributed - during reporting period - Shareholders' loans contributed - during reporting period - Shareholders' loans repayments - during reporting period - Shareholders' loans repayments - during reporting period - Since inception internal rate of return (SI-IRR) - Since inception internal rate of return (SI-IRR) - gross of fees - Since inception internal rate of return (SI-IRR) - gross of fees - Since inception internal rate of return (SI-IRR) - projected/forecasted KPI - Since inception net internal rate of return (SI-IRR) - Start of investment period date - Style - defined by investment manager - Style of the vehicle according to the INREV style classification - Subscription fees - Subscription fees - T - Target IRR - Target LTV - Target percentage non-income producing investments - Target percentage of (re)development exposure - Target return derived from income - Tax expenses - Termination date - TGER - TGER after tax (optional) - Time weighted average INREV GAV - Time weighted average INREV NAV - Top tenants (percentage of gross rental income) - Total (equity) capital contributed - since inception - Total (equity) capital contributed - since inception - Total (equity) capital recalled - since inception - Total (equity) capital recalled - since inception - Total (equity) capital redeemed - since inception - Total (equity) capital redeemed - since inception - Total allocated capital - Total allocated capital - Total allocated capital in % - Total allocated capital in % - Total amount capitalized during the reporting period related to the developments (as part of the initial acquisition) - Total annual rent - Total capital commitments - Total capital commitments - Total capital expenditure - Total comprehensive Income - Total debt maturities in >5 years - Total debt maturities in 1 year - Total debt maturities in 1-2 year - Total debt maturities in 2-3 years - Total debt maturities in 3-4 years - Total debt maturities in 4-5years - Total distributions - during reporting period - Total distributions - during reporting period - Total distributions - since inception - Total distributions - since inception - Total distributions non-recallable - during reporting period - Total distributions non-recallable - during reporting period - Total distributions non-recallable - since inception - Total distributions non-recallable - since inception - Total distributions recallable - during reporting period - Total distributions recallable - during reporting period - Total distributions recallable - since inception - Total distributions recallable - since inception - Total fair value of investment & development portfolio - Total fees - Total fees earned by the investment manager - Total interest paid on shareholders' loans - since inception - Total interest paid on shareholders' loans - since inception - Total market rent for the period (ERV) - Total net capital contributed - since inception - Total net result - Total number of outstanding shares (if applicable) - Total number of properties - Total rental income for the period - Total result attributable to the investors - Total return - five-year annualised - Total return - five-year annualised - gross of fees - Total return - one-year - Total return - one-year - gross of fees - Total return - quarter - Total return - since inception annualised - Total return - since inception annualised - gross of fees - Total return - ten-year annualised - Total return - ten-year annualised - gross of fees - Total return - three-year annualised - Total return - three-year annualised - gross of fees - Total shareholders' loans contributed - since inception - Total shareholders' loans contributed - since inception - Total shareholders' loans repayments - since inception - Total shareholders' loans repayments - since inception - Transaction based management fees incl. in TGER - Type of valuation - U - Undrawn secured credit lines - Unit of area measurement - Unitized vehicle - Unrealised capital gain/(loss) - Unrealised investment property gain/(loss) - Unrealised multiple or residual value to paid-in capital multiple (RVPI) - since inception - Unrealised multiple or residual value to paid-in capital multiple (RVPI) - since inception - Unrealised non-property gain/(loss) - V - Valuation method - Vehicle auditor, multiple answers possible - Vehicle costs included in the TGER - Vehicle fees earned by the manager incl. in TGER - Vehicle financial year-end - Vehicle formation date - Vehicle jurisdiction - Vehicle level expenses - Vehicle level LTV - Vehicle name - Vehicle reporting currency - Vehicle structure - Vehicle term - Vehicle type - W - Weighted average cost of debt - Weighted average unexpired lease term (WAULT) - Weighted average unexpired lease term (years) - Weighted average years to maturity of debt - Wind-up fees - Wind-up fees - (Equity) capital contributed - during the reporting period - (Equity) capital contributed - during the reporting period - (Equity) capital recalled - during the reporting period - (Equity) capital recalled - during the reporting period - (Equity) capital redeemed - during the reporting period - (Equity) capital redeemed - during the reporting period - % of equity traded on secondary markets - during the reporting period - % of real estate assets valued during the reporting period, externally - % of real estate assets valued during the reporting period, internally - 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**: - Country-by-Country Guide - Due Diligence Questionnaire (DDQ) - Standard Data Delivery Sheet (SDDS) - Global Definitions Database (GDD) - Standards, Tax & Regulations Briefings - INREV: representing European non-listed real estate - Consensus Indicator - ODCE Flash Report: faster insights into European Core Real Estate - Data - Sustainability - Living - Technology - Latest News - Access all 16 ODCE funds through the Investor Data Sharing Tool - INREV Talks: In Conversation with Christina Ofschonka - ESG reporting in practice: join the briefing on 17 November - Sponsor the Annual Conference 2027 - Coming your way - Join us - 10 - Nov - Portfolio Construction - 12 - Nov - INREV Academy Day - 13 - Nov - INREV Talks: inspiring stories for young professionals - 17 - Nov - Tax and Regulations Roundtable - 18 - Nov - Fund Structuring: Tax Considerations - 19 - Nov - Fund Structuring: Regulatory Considerations - 24 - Nov - Investor Relations and Communication - 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.