Text: Bouwinvest in association with Bendert Zevenbergen Concept: Bouwinvest Design and production: TD Cascade and Remind Identity by Design
Notes to the INREV adjustments
All amounts in € thousands, unless otherwise stated
1 Effect of reclassifying shareholder loans and hybrid capital instruments (including convertible bonds) that represent shareholders’ long-term interest in a vehicle
Investors’ capital can take various forms aside from equity – examples include shareholder loans and hybrid capital instruments such as convertible bonds. Some vehicles are structured via a combination of equity participations and shareholder loans.
2 Effect of dividends recorded as a liability that have not been distributed
Under certain circumstances dividends are recorded as a liability but have not yet been legally distributed. For the determination of INREV NAV, these accrued dividends should be reversed to the NAV.
3 Revaluation to fair value of investment property
After initial recognition, investment property is valued at fair value under the fair value option of IAS 40. Therefore no adjustment had to be made as per 31 December 2021.