NAV as per the financial statements

1,139,590

2,634.41

1,198,693

2,964.33

Reclassification of certain IFRS liabilities as components of equity

1

Effect of reclassifying investor loans and hybrid capital instruments (including convertible bonds) that represent investors long term interests in a vehicle

-

-

-

-

2

Effect of dividends recorded as a liability which have not been distributed

-

-

-

-

NAV after reclassification of equity-like interests and dividends not yet distributed

1,139,590

2,634.41

1,198,693

2,964.33

Fair value of assets and liabilities

3

Revaluation to fair value of investment properties

-

-

-

-

4

Revaluation to fair value of self-constructed or developed investment property

-

-

-

-

5

Revaluation to fair value of investment property held for sale

-

-

-

-

6

Revaluation to fair value of property that is leased to tenants under a finance lease

-

-

-

-

7

Revaluation to fair value of real estate held as inventory

-

-

-

-

8

Revaluation to fair value of other investments in real assets

-

-

-

-

9

Revaluation to fair value of indirect investments not consolidated

-

-

-

-

10

Revaluation to fair value of financial assets and financial liabilities

-

-

-

-

11

Revaluation to fair value of construction contracts for third parties

-

-

-

-

12

Set-up costs

-

-

-

-

13

Acquisition expenses

6,286

14.5

1,816

4.5

14

Contractual fees

-

-

-

-

Effects of the expected manner of settlement of sales/vehicle unwinding

15

Revaluation to fair value of savings of purchaser’s costs such as transfer taxes

-

-

-

-

16

Revaluation to fair value of deferred taxes and tax effect of INREV NAV adjustments

-

-

-

-

17

Effect of subsidiaries having a negative equity (non-recourse)

-

-

-

-

Other adjustments

18

Goodwill

-

-

-

-

19

Non-controlling interest effects of INREV adjustments

-

-

-

-

INREV NAV

1,145,876

2,648.94

1,200,509

2,968.82

Number of units issued

432,579

404,373

Number of units issued taking dilution effect into account

432,579

404,373

Weighted average INREV NAV

1,174,132

1,265,928

Weighted average INREV GAV

1,195,932

1,288,999

Total Expense Ratio (NAV)

0.5%

0.5%

Total Expense Ratio (GAV)

0.5%

0.5%