No less than 98% of the 2009 annual reports surveyed by INREV in its third annual Review of Reporting Best Practice had adopted the majority of the INREV Reporting Guidelines. This marks a significant increase from 81% in 2008 and 72% in 2007.
No less than 98% of the 2009 annual reports surveyed by INREV in its third annual Review of Reporting Best Practice had adopted the majority of the INREV Reporting Guidelines. This marks a significant increase from 81% in 2008 and 72% in 2007.
'This is a strong endorsement for the INREV Reporting Guidelines,' said Jef Holland from Deloitte and chairman of the INREV Reporting Committee. 'Not only have adoption levels increased for the third year in succession, but more funds are referring to the INREV Guidelines within their documentation and investors are asking fund managers for reporting to be compliant with INREV Guidelines.'
The Review gives an in-depth insight into those areas where further improvements can be made, such as property valuations and fee metrics. These are set against areas such as management and financial reporting where adoption rates are highest. Additionally applying INREV's adjustments to NAV is highlighted as an important opportunity to further improve comparability and transparency in the 2010 reporting season.
'The whole industry, investors and fund managers alike, are working hard to embed comparable and transparent reporting at the heart of the non-listed real estate sector,' added INREV CEO Matthias Thomas. 'Whilst EU regulation will compel many of these changes in the near future, the INREV Reporting Guidelines are acting as a positive force ensuring that the industry is not only making great strides itself, but is also leading the way for the wider investment community across other asset classes.'
INREV is the European Association for investors in non-listed real estate funds.
