Review of reporting
best practice for
Non-listed Real Estate
Vehicles in Asia


TABLE OF CONTENTS


1. E XECUTIVE SUMMARY 01
Conclusions of the review of reporting guidelines 02
Conclusions of the review of corporate governance principles and guidelines 02
Next steps 02

2. IN TRODUCTION 03
Purpose of this research 03
Research basis 04

3. S TUDY FRAMEWORK AND SAMPLE 05
Approach 05
Population 05
Fund style 06
Fund strategy 06
Year of incorporation 06

4. GENERAL FINDINGS ON REPORTS INCLUDED IN THE REVIEW 07
Accounting standards applied 07
Reporting 08

5. RES ULTS OF THE REVIEW OF BEST PRACTICE IN COMPARISON
TO REPORTING GUIDELINES 08
General information 09
Manager’s report 11
Property report 13
Financial report 15
Valuer’s statement 17
Financial statements 17

6. RES ULTS OF THE REVIEW OF MARKET BEST PRACTICE IN COMPARISON
TO CORPORATE GOVERNANCE PRINCIPLES AND GUIDELINES 18

7. RES ULTS OF THE REVIEW OF MARKET BEST PRACTICE 19
Adjusted NAV 19
Disclosure of segmental information regarding the portfolio properties 19

8. CONCLUSIONS AND NEXT STEPS 20
General conclusions 20
Next steps 20
APPENDIX A: THE INREV REPORTING GUIDELINES 21
APPENDIX B: OVERVIEW OF THE INREV GUIDELINES 34