Notes to the INREV financial statements

All amounts in € thousands unless otherwise stated 

Note Total 2014Per share 2014Total 2013Per share 2013
 NAV as per the financial statements2,715,2832,602.682,599,6122,572.97
 Reclassification of certain IFRS liabilities as components of equity    
1Effect of reclassifying shareholder loans and hybrid capital instruments (including convertible bonds) that represent shareholders long term interests in a vehicle- - - -
2Effect of dividends recorded as a liability which have not been distributed- - - -
 NAV after reclassification of equity-like interests and dividends not yet distributed2,715,2832,602.682,599,6122,572.97
 Fair value of assets and liabilities    
3Revaluation to fair value of investment properties- - - -
4Revaluation to fair value of self-constructed or developed investment property- - - -
5Revaluation to fair value of investment property held for sale- - - -
6Revaluation to fair value of property that is leased to tenants under a finance lease- - - -
7Revaluation to fair value of real estate held as inventory- - - -
8Revaluation to fair value of other investments in real assets- - - -
9Revaluation to fair value of indirect investments not consolidated- - - -
10Revaluation to fair value of financial assets and financial liabilities- - - -
11Revaluation to fair value of construction contracts for third parties- - - -
12Set-up costs- - 6000.59
13Acquisition expenses- - - -
14Contractual fees- - - -
 Effects of the expected manner of settlement of sales/vehicle unwinding    
15Revaluation to fair value of savings of purchaser’s costs such as transfer taxes- - - -
16Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments- - - -
17Effect of subsidiaries having a negative equity (non-recourse- - - -
 Other adjustments    
18Goodwill- - - -
19Non-controlling interest effects of INREV adjustments- - - -
 INREV NAV2,715,2832,602.682,600,2122,573.56
 Number of shares issued1,043,265 1,010,353 
 Number of shares issued taking dilution effect into account1,043,265 1,010,353 
 Weighted average INREV NAV2,657,747 2,642,032 
 Weigthed average INREV GAV2,668,665 2,650,792 
 Total Expense Ratio (NAV)0.56% 0.57% 
 Total Expense Ratio (GAV)0.56% 0.56% 
 Real Estate Expense Ratio (GAV)1.53% 1.62% 
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