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 TotalPer shareActual impact on 2014 figuresActual impact on 2013 figures
 NAV per the IFRS financial statements    
 Reclassification of certain IFRS liabilities as components of equityXXYesYes
1Effect of reclassifying shareholder loans and hybrid capital instruments (including convertible bonds) that represent shareholders long term interests in a vehicleXXN/AN/A
2Effect of dividends recorded as a liability which have not been distributedXXN/AN/A
 NAV after reclassification of equity-like interests and dividends not yet distributedXXN/AN/A
 Fair value of assets and liabilitiesXXN/AN/A
3Revaluation to fair value of investment propertiesXXN/AN/A
4Revaluation to fair value of self-constructed or developed investment propertyXXN/AN/A
5Revaluation to fair value of investment property held for saleXXN/AN/A
6Revaluation to fair value of property that is leased to tenants under a finance leaseXXN/AN/A
7Revaluation to fair value of real estate held as inventoryXXN/AN/A
8Revaluation to fair value of other investments in real assetsXXN/AN/A
9Revaluation to fair value of indirect investments not consolidatedXXN/AN/A
10Revaluation to fair value of financial assets and financial liabilitiesXXN/AN/A
11Revaluation to fair value of construction contracts for third partiesXXN/AN/A
12Set-up costsXXYesYes
13Acquisition expensesXXYesN/A
14Contractual feesXXN/AN/A
 Effects of the expected manner of settlement of sales/vehicle unwindingXXN/AN/A
15Revaluation to fair value of savings of purchaser’s costs such as transfer taxesXXN/AN/A
16Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustmentsXXN/AN/A
17Effect of subsidiaries having a negative equity (non-recourseXXN/AN/A
 Other adjustmentsXXN/AN/A
19Non-controlling interest effects of INREV adjustmentsXXN/AN/A
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X= Possible impact on NAV and NAV per share
N/A= Not applicable
Yes= Impact on INREV NAV

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