INREV Valuation principles

NAV per the IFRS financial statements

X

X

Yes

Yes

Reclassification of certain IFRS liabilities as components of equity

X

X

N/A

N/A

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

N/A

N/A

13

Acquisition expenses

X

X

Yes

Yes

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