INREV SDDS and ESG SDDS coming your way
Thank you for providing your views on the revised SDDS, the new ESG SDDS and the updated Debt and FoF/MM DDQs.
It’s only been a few months since the industry started using the revised INREV Guidelines but we cannot rest on our laurels, it’s now time to reflect this new content into the Standardised Data Delivery Sheet (SDDS), to create a new reporting template for ESG data, and to update the Debt and Fund of Funds / Multi Manager DDQs.
During a seven-week consultation period, which ended on 4 July, members had the opportunity to learn about the proposed revisions and provide feedback.
On this page, we explain what the SDDS is, why we proposed these changes and explain the next steps.
What is the SDDS?
The SDDS is a template designed to standardise the main quantitative components of reporting data to investors, while providing more consistency and comparability.
Since its first release in 2012, the SDDS has become increasingly important to the non-listed real estate industry. Investors value receiving consistent reporting information in a standardised format, while managers use the SDDS to streamline their reporting process, both benefitting from a clearer, transparent and standardised way of operating.
Why are we updating the SDDS?
Like the INREV Guidelines, it’s important that the SDDS is updated to stay in line with latest industry developments, changing investor needs and that they remain practical and useful in today’s market.
The revised SDDS and the new ESG SDDS released for consultation have been developed by several INREV groups of industry experts.
INREV SDDS update
This update not only reflects the new content of the INREV Guidelines but also aligns the SDDS with global terms and definitions and includes a new asset level data section.
This consultation seeks feedback on the following input sheets:
I. Key Vehicle Terms
II. Vehicle Level Data
III. Investor Level Data
IV. Asset Level Data - NEW
V. Portfolio Allocation
Download the INREV SDDS consultation template and an accompanying note below.
INREV ESG SDDS
The ESG SDDS is a new ESG reporting template that aims to help members report their ESG performance and standardise how ESG KPIs are reported for real estate investment vehicles, with the potential to automate information exchange.
- It covers the required and recommended ESG KPIs of the INREV Guidelines
- It contains vehicle and asset level data fields
- It references some of the regulatory requirements, such as SFDR
- It can be linked to external data sources, such as GRESB
Given the wide variety of investment vehicles out there we understand that investor requirements may vary in terms of the level of detail required and the reporting timelines. We also understand that the ESG data may not be collected and consolidated at the same time as the financial data.
As such the release of the ESG SDDS may not be synchronised with the annual financial report and needs to be released as part of a separate ESG reporting package.
Download the INREV ESG SDDS consultation template and an accompanying note below.
Debt and FoF / MM DDQ updates
Along with the proposed SDDS revisions, INREV has updated the Debt and FoF /MM DDQs to ensure alignment with the 2023 DDQ.
Download the consultation versions below.
Next Steps
Thanks to all members who provided their feedback through round table sessions, briefing, forms and in one to one conversations. Your input is much appreciated.
The seven week member consultation ended on 4 July. Once reviewed, adjusted and approved the final version of the SDDS and the new ESG SDDS will be made available in Q4 2023.