INREV INREV
Join Log in
Join Log in
  • Insights
    • Latest
    • INREV News
    • Industry News
    • IQ Blog
    • Press releases
    • Research & Market info Briefings
    • Standards, Tax & Reg Briefings
    • Newsletter Sign-up
    • INREV Insights
    • All insights
    • *NEW* ODCE funds’ redemption mechanisms
    • Consensus Indicator
    • Market Insights
    • Investment Intentions
    • Residential
    • Environmental considerations in underwriting
    • Themes
    Themes
    ESG
    Operational Real Estate
    SFDR
    Technology
    Real estate debt funds
    IQ interview: Lucy Fletcher
    Read more
  • Data
    • European Indices
    • Asset Level Index
    • INREV Fund Index
    • European ODCE Index
    • IRR Index
    • German Vehicles Index
    • Global Indices
    • Global Real Estate Fund Index
    • Global IRR Index
    • Global ODCE Index
    • Provide data
    • Vehicle Data Input Tool
    • Asset Data Input Tool
    • Universes
    • INREV Vehicles Universe
    • Debt Funds Universe
    • Multi Manager Investment Solutions Universe
    • Analysis Tools
    • Asset Level Index Analysis Tool
    • Fund Index Analysis Tool
    • European ODCE Index Analysis Tool
    • German Vehicles Analysis Tool
    • IRR Analysis Tool
    • Investor Data Sharing Tool
    • Index Guide
    Global Market Insights: July 2025 snapshot
    Read more
  • Guidelines, Tax & Reg
    Country-by-Country Guide
    Due Diligence Questionnaire (DDQ)
    Standard Data Delivery Sheet (SDDS)
    Global Definitions Database (GDD)
    Standards, Tax & Regulations Briefings
    • INREV Guidelines
    • All Guidelines
    • Introduction
    • Governance
    • Reporting
    • Property Valuation
    • Performance Measurement
    • INREV NAV
    • Fee and Expense Metrics
    • Liquidity
    • Data Delivery
    • Code of Tax Conduct
    • Sustainability
    • Standardised templates
    • DDQ - Due Diligence Questionnaire
    • SDDS - Standard Data Delivery Sheet
    • ESG SDDS - Standard Data Delivery Sheet
    • NDA - Non Disclosure Agreement
    • SPA - Sale and Purchase Agreement
    • Rent Collection Disclosure
    • Debt and Derivatives Disclosure Notes
    • INREV NAV – GAAP Comparison Templates
    • Standards
    • Overview
    • Self Assessments
    • GDD - Global Definitions Database
    • Global Initiatives
    • Guidelines FAQ's
    • Tax
    • OECD-BEPS
    • ATAD
    • Regulations
    • AIFMD & ELTIF
    • Solvency II in EU and UK
    • ESG Regulations in EU and UK
    • UK Funds Review
    • Other policy initiatives
    • Monthly Tax & Regs updates
    • Position Papers EU and UK
    • INREV is a proud member of the European Real Estate Forum
  • Events & INREV Academy
    Events
    • Events
    • Overview
    • Past events material
    • Sponsorships
    Events calendar
    INREV Academy
    • INREV Academy
    • Overview
    • INREV Academy Certificate
    • Continuing Professional Development (CPD)
    • Mentorship programme
    Training calendar
    Register now: ESG Conference 2025
    Read more
  • About INREV
    • Members
    • About INREV
    • Young Professionals
    • Marketing opportunities with INREV
    • Honorary Members
    • INREV Organisation
    • Management Board
    • Investor Advisory Council
    • Fund Manager Advisory Council
    • Committees
    • Team
    • Careers
    • Contact us
    • Legal
    Become a member
    • Offices
    • Amsterdam
      Ito Tower, 8th floor
      Gustav Mahlerplein 62
      1082 MA Amsterdam
      The Netherlands
      T +31 (0)20 235 8600

      View travel directions

    • Brussels office
      Square de Meeûs 23
      1000 Brussels
      Belgium
      T +32 (0)22 138 160
    • Enquiries
    • Contact us
      T +31 (0)20 235 8600
      info@inrev.org
  • Member Directory

Fee and expense metrics calculation

  • All Guidelines
  • Introduction
  • Governance
  • Reporting
  • Property Valuation
  • Performance Measurement
  • INREV NAV
  • Fee and Expense Metrics
  • Liquidity
  • INREV Data Delivery
  • Code of Tax Conduct
  • Sustainability
  • DDQ
  • SDDS
INREV guidelines
search filter

filter applied — reset filter

EN DE JP FR

No about page exists.

Expense ratio cost classification

FEM12

Fees and costs should be classified consistently for the purpose of calculating the INREV fee and expense metrics. Fees and costs included in TGER are categorised according to the respective nature of the underlying services. To the extent that the fee is charged for a service provided by the manager in lieu of a service provided by a third party, and is charged in addition to the fund management fee, or is otherwise disclosed separately from the fund management fee, it should be classified according to the nature of the service rather than whether the service is provided by the investment management or third party.

Vehicle fees included in the TGER comprise of:

A. Ongoing management fees and transaction-based management fees:

  • Asset management fees;
  • Fund management fees;
  • Wind-up fees;
  • Debt arrangement fees;
  • Commitment fees;
  • Subscriptions fees;
  • Redemption fees;
  • Property acquisition fees amortization for the year;
  • Property disposition fees;
  • Project management fees.

Where a single fee is charged to cover a variety of activities, the constituent elements will need to be identified, allocated to their appropriate category and disclosed appropriately.

B. Performance fees:

  • Performance fees;
  • Incentives and promotes;
  • Carried interest;
  • Other performance fees.

Fee reductions, fee waivers, and transaction offsets recognised in the financial statements of the vehicle, should be disclosed as part of the ongoing investor reporting, and included in TGER. Existence of fee rebates should be disclosed if permitted under the provisions of the vehicle documents. Fee reductions, fee waivers, and transaction offsets not recognised in the financial statements of the vehicle are excluded from the TGER and may be disclosed if permitted.

Vehicle costs:

  • Audit costs;
  • Bank charges;
  • Custodian costs;
  • Dead deal costs;
  • Debt arrangement costs;
  • Other/miscellaneous vehicle costs;
  • Professional service costs (incl. valuation costs);
  • Vehicle formation costs (amortisation for the period);
  • Placement agent costs;
  • Staff costs (if applicable);
  • Transfer agent costs;
  • Vehicle administration costs;

The costs incurred by Special Purpose Vehicles (“SPVs”), which sit above the acquisition structure in the holding structure, are included in vehicle expenses. Costs of this nature that are charged to the acquisition vehicle should also be included in this category.

Property fees included in the REER are directly attributable to the management and the maintenance of specific properties. These fees comprise:

  • Asset management fees (certain services not included in the TGER);
  • Internal leasing commissions;
  • Property management fees;
  • Development fees.

Property costs included in the REER are directly attributable to the management and the maintenance of specific properties. These costs comprise:

  • External leasing commissions;
  • Property acquisition costs (amortisation for the period);
  • Other/miscellaneous/sundry costs;
  • Property insurance costs;
  • Property management costs;
  • Repairs and maintenance costs;
  • Taxes on property-related activities;
  • Utilities costs (non-rechargeable portion).

Fees and costs excluded from the TGER and REER comprise:

  • Deferred taxes on property-related activities
  • Development costs;
  • Disposition costs;
  • Fair value adjustments;
  • Gain/loss on currency exchange rates;
  • Gain/loss on investment disposition;
  • Goodwill write-off;
  • Impairment of goodwill;
  • Losses on disposal of subsidiaries;
  • Payments related to financial derivatives;
  • Provisions and allowances;
  • Receivables write-off costs;
  • Rent free/discounts;
  • Securities handling charges;
  • Share of losses of associates and joint ventures;
  • Taxes on real estate transactions;
  • Unwinding of discounts and effect of changes in discount rate on provisions.
MENU
Global Definitions
Download PDF

-

-

-

-

EN JP DE FR
-

Source: -

-

Source: -

-

Source: -

-

Source: -

OK

Download PDF

The PDF will not contain any set filters

Please select the module(s) you would like to download

Select all / select none

Organisation

  • Home
  • About us
  • Events
  • INREV Academy
  • Member Directory
  • Become a member
  • Legal
  • Cookie Settings

Services

  • News
  • Insights
  • Indices
  • Universes
  • Analysis tools
  • INREV Guidelines
  • Standards
  • Tax
  • Regulations

Socials

  • LinkedIn
  • Instagram
  • X
  • Vimeo

Contact

  • Amsterdam office
  • Ito Tower, 8th floor Gustav Mahlerplein 62 1082 MA Amsterdam
    The Netherlands
  • T +31 (0)20 235 8600
  • Brussels office
  • Square de Meeûs 23
    1000 Brussels
    Belgium
  • T +32 (0)22 138 160
Sign up for our newsletter
© INREV 2025