MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE

January 2019

MSCI GLOBAL DATA

STANDARDS

FOR REAL

ESTATE INVESTMENT

2 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

Introduction ...............................................................................................................................................3

Purpose of the Data Standards ...............................................................................................................4

Benefits of Adopting the Data Standards ...............................................................................................5

Characteristics of the Data Standards ...................................................................................................7

Structure of the Data Standards .............................................................................................................9

Appendix 1: Format of the Data Standards ..........................................................................................10

Appendix 2: General Principles for Data Recording under the Data Standards ..............................11

Appendix 3: MSCI Global Data Standards for Real Estate Investment – Schema ...........................14

Appendix 4: MSCI Global Data Standards for Real Estate Investment – Enumerations .................47

Appendix 5: Versioning Table ................................................................................................................78

CONTENTS

3 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

This document describes the first edition

of the MSCI Global Data Standards for Real

Estate Investment (the Data Standards).

The Data Standards are based on more than

two years of careful deliberation and extensive

consultation with clients and other interested

industry participants globally. This initiative

stems from the transformation, currently

taking place, in the way real estate is viewed

and invested in by a rapidly broadening class

of asset owners and managers who share

global mandates. Real estate is no longer

just the focus of domestic investors whose

mandates are defined by national boundaries.

For this reason, a new approach is required

to define the data inputs that underpin

performance measurement and investment

reporting in an era of ambitious cross-border

strategy formation and implementation. The

new Data Standards are designed to deliver

this infrastructure.

There are already a number of real estate

specific standards in existence or currently

under development, but most of these

center on areas such as best practices in

valuation and governance. The Data Standards

complement these by focusing on the data

inputs needed for investment performance

measurement at fund, asset and tenant level.

These Data Standards will be updated and

revised in future editions to meet the evolving

requirements of the various stakeholders. MSCI

welcomes ongoing discussion and feedback on

the contents of the Data Standards.

The main benefits to investors in commercial

real estate from the adoption of the Data

Standards are as follows:

• Better informed decision-making through

enhanced cross border and cross asset

class comparability;

• Improved data quality and quicker

availability of performance results, due to

process rationalization.

The Data Standards have been designed and

constructed to parallel and support MSCI’s

Global Methodology Standards for Real

Estate Investment and the MSCI Methodology

for Property Fund Indexes. Together these

documents provide comprehensive definitions

of the data inputs and calculations that

support the measurement and reporting of

performance and risk for private commercial

real estate investments.

This document provides some background to

the Data Standards, explaining its purpose,

benefits and structure. The outline of the

Data Standards is followed by appendices

listing all fields, enumerations, definitions

and data formats.

INTRODUCTION

4 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

The development and implementation of

performance measurement and reporting

standards is a significant step in the

evolution of industries. The evolution of

these standards typically follows a common

pattern, progressing from local or national, to

regional and then global standards. At each

stage of this evolution, gains in transparency

and efficiencies in reporting are achieved that

enable the industry to mature and grow.

Commercial real estate investment, like

many other areas of finance, needs globally

consistent performance measurement

standards to encourage cross border

investment and the development of more

efficient markets. However, today most of the

existing standards applied to commercial real

estate remain highly localized and focused on

the physical product due to the immobile nature

of real estate assets.

Progression from localized physical

standards to global investment standards

has been slow, but with increasing levels

of cross-border investment, the need for

consistent comparisons of performance

metrics across countries and regions of the

world has moved to the forefront for owners

and managers of real estate.

Institutions at the forefront of the globalization

process are discovering that the potential

benefits of commercial real estate are

being limited by information inconsistencies

(across both markets and asset classes) and

hampered by slow, costly, and error prone

data collection and transfer processes. This

handicap is especially evident when comparing

real estate to core financial asset classes like

equities or bonds, where there are much higher

levels of global consistency and automation

of data exchange. A global standard will help

to rationalize the way that data are held in

source systems, making it possible to automate

standard data exchange and limit the amount of

time spent on data input and validation.

PURPOSE OF THE DATA STANDARDS

5 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

Today, performance information about

private real estate investments often remains

relatively opaque, and the timely measurement

requires multiple layers of private data to be

passed between owners, managing agents,

accountants, valuers, and analysts, on an

increasingly frequent basis. The impetus for

this interchange is being driven by increasing

regulatory demands from bodies such as

the International Organization of Securities

Commissions (IOSCO), and more specific

regulations including the European Parliament’s

Alternative Investment Fund Managers Directive

(AIFMD). The current lack of consistent global

data standards for real estate investment

performance means that, even at the country

level, parties involved do not always use the

same language and often store data in their

own bespoke systems, with little transferability.

The end result is often inconsistent comparative

measurement and substantial investments

in time, money and effort spent on data

calculation, collection, and management tasks

at every stage of the investment process.

The Data Standards have been developed to

provide the real estate industry with improved

comparability across markets and asset

classes, and overcome information exchange

challenges. The potential benefits to investors

include better informed decision-making

through enhanced cross border and cross

asset class comparability and improved data

quality and quicker availability of performance

results, due to process rationalization

BETTER INFORMED DECISION MAKING

Enhanced consistency, across real estate

markets and other asset classes, will

contribute to improved decision making.

Below are some examples:

• Consistent within- and cross-asset class

strategy development and portfolio

construction. Better informed allocations

will be possible owing to an improved

alignment of return calculations,

standardized market and sector reweighting

procedures, and globally consistent

currency conversion processes. At the same

time, like-for-like assessment of real estate

market cycles will be possible as a result of

more comparable yield and rent measures.

Globally consistent geographic and property

type classifications will improve the

comparability of market segments between

countries. Operational metrics like vacancy

rates and net operating costs will be

compared and projected more consistently

across markets.

• Consistent within- and cross-asset

class benchmarking: The availability

of robust cross border indexes that are

appropriate for benchmarking private real

estate investments independently, or in

combination with indexes from other asset

classes, will grow.

IMPROVED DATA QUALITY AND QUICKER

AVAILABILITY OF PERFORMANCE RESULTS

Through broad agreement on performance

measures and deﬁnitions, the quality of real

estate data is also expected to improve.

By removing some of the ambiguity and

heterogeneity in local or national market

practices, the Data Standards will potentially help

to reduce discrepancies in the way measures are

calculated across markets, and result in greater

conﬁdence in the underlying data.

BENEFITS OF ADOPTING THE DATA STANDARDS

6 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

This should in turn help to reduce the reliance

on manual calculation, encouraging automation

and improved data quality. The resulting

benefits will likely include:

• More precise comparisons across countries

and sectors.

• Fewer error-prone processes.

• Greater levels of consistency, promoting

comparison with other asset classes.

With increased global consistency and

automation, the speed of data verification

should also improve, resulting in faster and

more efficient data collection as well as more

timely reporting and analysis.

The results of this improvement in speed are

likely to include:

• Faster delivery of indexes and

portfolio analytics.

• Reduced reporting lags.

• Increased reporting frequencies.

• More timely risk analyses.

• Enhanced regulatory reporting.

Ultimately, improvements in consistency,

quality, and speed of delivery in performance

reporting will help to improve transparency

and comparability across real estate markets

as well as between real estate and other asset

classes. The result will be more informed and

better investment decision making, and an

improvement in the integration of real estate

within the multi-asset class portfolio.

7 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

Historically, MSCI has maintained slightly

different data specifications in each country, to

reflect local differences in legal frameworks,

real estate management practices and

geographies. Although the core principles of

return calculation and data point specification

have been synchronized for many years,

national and other service-specific variations

have persisted to accommodate local

requirements. While additional data items may

still be necessary for some specific reporting

services, the increasing number of global

investors needing accurate cross border

comparisons, and the general adherence

to higher level international standards for

valuation and accounting, now make it both

desirable and possible to integrate MSCI’s

local data specifications within a single Data

Standards framework.

The Data Standards cover a broad range

of real estate performance measurement

data inputs at the vehicle, asset, and tenancy

levels that support performance and risk

analytics. The scope of the Data Standards

extends from the data inputs necessary for

performance measures (returns, yields, and

costs) and segmentations (asset type and

geographic classification), to methods of

data transformation (such as interpolation

and currency conversion). It covers not only

financial metrics, but also non-financial

typologies and descriptors.

The Data Standards have been designed to

complement existing standards. Wherever

possible, MSCI principles and definitions are

consistent with other external international

data standards.

In particular, MSCI draws on existing

reporting, accounting, valuation and

measurement standards:

• The overarching principles governing MSCI

portfolio level performance measurement

are those contained in the GIPS Global

Investment Performance Standard, prepared

by the Chartered Financial Analyst (CFA)

Institute, which cover the measurement

and disclosure of investment returns for all

asset classes.

• International Financial Reporting Standards

(IFRS), developed by the International

Accounting Standards Board (IASB), are

also fundamental to MSCI’s Data Standards.

IFRS accounting standards now cover the

majority of countries contributing to MSCI

global indexes, and although these have not

yet been made mandatory, it is generally

acknowledged that local standards will

converge towards IFRS. MSCI has, therefore,

aligned its data recording principles with

IFRS wherever possible.

• MSCI has always aimed to utilize only those

valuations which are predicated upon open

market principles, in order to produce

like-for-like international comparisons

of investment performance. However,

there have historically been a number of

different area-specific valuation or appraisal

standards, adopted within national markets

and prepared by local valuation bodies. The

International Valuation Standards Council

(IVSC) was formed in 1981 to develop

international technical and ethical standards

for valuations to support the regulation of

financial markets.

CHARACTERISTICS OF THE DATA STANDARDS

8 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

In 2014 the IVSC and IFRS Foundation

agreed a statement of protocols for co-

operation on International Financial

Reporting Standards and International

Valuation Standards, acknowledging their

common interest in ensuring consistent

measurement of Fair Value. MSCI has,

therefore, adopted the IVSC valuation

standards as the preferred basis for

reporting capital and rental values for

performance measurement purposes.

• The European Association for Investors in

Non-Listed Real Estate Vehicles (INREV)

publishes an integrated set of principles

and guidelines for reporting for non-listed

vehicles. Wherever possible, MSCI Global

Data Standards for Real Estate Investment

for vehicle level reporting have been

aligned with INREV definitions, albeit with

terminology adjusted to fit a wider range of

global markets.

• EPRA, the European Public Real Estate

Association, is the industry body for

European REITs and other listed property

companies. It provides industry standard

definitions of performance measures such

as yields, which have been adopted here as

the basis for definitions of some data inputs.

• The NCREIF PREA Reporting Standards

(Reporting Standards) are a U.S. industry

initiative, co-sponsored by the National

Council of Real Estate Investment

Fiduciaries (NCREIF) and the Pension Real

Estate Association (PREA), with a mission

to establish and implement information

standards for the real estate industry which

will facilitate transparency, consistency and

informed decision making.

Established standard-setting organizations

such as the Financial Accounting Standards

Board (FASB) and the CFA Institute do not

specifically address certain institutional real

estate investment and investor reporting

issues. The Reporting Standards initiative

was created to fill this gap and increase

transparency within the industry. Wherever

possible, the Data Standards are consistent

with NCREIF PREA Reporting Standards,

albeit with terminology adjusted to fit a

wider range of global markets.

MSCI’s Data Standards complements the MSCI

Global Methodology Standards for Real Estate

Investment , MSCI Methodology for Property

Fund Indexes and the MSCI Real Estate Data

Provider Code of Conduct. The Methodology

Standards detail all MSCI’s definitions of

real estate performance measures and core

analysis procedures. These measures and

calculations rely either directly or indirectly

on the data conventions set out in the Data

Standards. The Code of Conduct defines the

broad organizational and quality control

principles to which any contributor must

adhere when contributing real estate data to

MSCI.

9 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

A full representation of the Data Standards is

appended to this paper. It has been structured to

provide a robust and comprehensive data model.

At the highest level, the Data Standards can be

broken down into four sections relating to the

type of data being classified:

• The vehicle section classifies fund-level data,

including descriptive, financial, allocation,

capital and revenue-flow information.

• The direct Real Estate section classifies real

estate asset-level data including descriptive,

transaction, valuation, capital and revenue-

flow information.

• The other assets and liabilities section

classifies indirect real estate asset-level

data, financial assets and liabilities.

• The tenancy section classifies tenancy-

level data.

The broad structure of the Data Standards is

summarized in the diagram below.

STRUCTURE OF THE DATA STANDARDS

Entity Type of Data Sub-types

VEHICLE

Vehicle level info

Descriptive Location Profile

Fund

Reporting

Structural

Classification

Source of

Funds

Objectives &

Restrictions

Financial

Valuation

Description

Fund

valuation

Calculated

Fund Return

Market

Specific

Asset

Allocation

Country

Allocation

Sector

Allocation

Capital and

Revenue

Flows

Payable Date Capital Flow Revenue Flow

DIRECT REAL ESTATE (DRE)

DRE- Descriptive valuation,

cash flow and transaction

data

Descriptive

DRE

Description

Direct RE

Type

Location Size

Property

Management

Property Type

Specific

Market

Specific

Property Type

& Market

Specifc

Transactions Purchase Part Purchase Sale Part Sake

Market

Specific

Valuation

Description

Asset

Ownership

Capital

Valuation

Rents Asset Status

Development

Assets

Market

Specific

Property Type

& Market

Specifc

Capital and

Revenue

Flows

DRE Capital

Flows

DRE Income

Revenue

Flows

DRE Net

Income

DRE

Irrecoverable

Op Exp

Market

Specific Cap

Flows

Market

Specific Rev

Flows

OTHER ASSETS & LIABILITIES

Assets -

Descriptive &

Valuation

Assets

Indirect Real

Estate

Debt

Investments

Cash Derivatives

Forward

Agreements

Other Assets

Liabilities -

Descriptive &

Valuation

Liabilities

Valuation

Cash

Flows

Capital and

Revenue

Flow

Indirect RE

Transns, Cap+

Rev Flows

Debt Inv.

Transms,

Cap+ Rev

Flows

Cash Revenue

Flows

RE Derivative

Transactions

and Revenue

Flows

Forward

Agreement

Costs

Liability

Transms,

Cap+ Rev

Flows

TENANCY

Tenancy

Info

Tenancy

Tenant

Description

Unit

Information

Lease

Conditions

Rental

Information

Vacant Unit

Market

Specific

Future Rent

Schedules

Future Rent

Schedule

10 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

The Data Standards are presented as a

series of complete schedules of all the

data items required for performance

measurement and risk analysis at a global

level. Other data required by MSCI for

specific local or asset type products can be

supplied to MSCI clients on request.

The data fields are set out in a readily

searchable tabular format, showing:

• Field code

• Entity level

• Data category

• Field name

• Field definition

• Data format

• Whether or not enumerations are defined.

All data definitions must be interpreted in

the context of the general principles set out

at the end of this section.

Following the logic of the data model, fields

have been sorted initially by entity level:

• Submission

• Assets

• Liabilities

• Tenancy

• Vehicle

Within each of the entities, the fields are

grouped by data category. Fields that

require enumerations are listed separately

in alphabetical order of field name. The

listing shows enumeration code values and

names against each field, including non-

response codes. Where enumeration values

are derived directly from publicly available

standard codes (e.g. ISO country or currency

codes), the individual values have not been

printed here. The source is referenced

against the field name, and the full list of

enumerations will be available from drop-

down menus in the data collection template.

APPENDIX 1: FORMAT OF THE

DATA STANDARDS

11 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

The data definitions must all be applied in

accordance with the following principles,

which underpin all the data items, bringing

them together into a consistent and

coherent data structure that is appropriate

for investment performance and risk

measurement. These principles are set out in

more detail in the instructions section of the

data collection template.

Frequency of data records: The minimum

frequency for external valuations is annual.

Actual valuations (whether full or desktop,

external or internal) should be provided for

the month to which they pertain.

Cash flows are recorded by MSCI as monthly

amounts. Wherever possible, all capital and

revenue flows should be provided month

by month, unless otherwise requested.

Transactions should be day-dated.

Completeness: All assets and liabilities that form

part of the vehicle or portfolio must be included.

• All direct properties including, but not

restricted to: developments, joint ventures

and shared ownership, owner occupied and

non-domestic holdings in commercial and

residential assets.

• All indirect investments in private and public

real estate vehicles including: Listed and

unlisted vehicles, property company shares,

mortgage loans and other derivatives.

• Cash, debt and other liabilities.

For further details, see investment types in the

data collection template in the right column.

Only trading properties should be

excluded (in accordance with EPRA Best

Practice Recommendations).

All financial data for shared ownership

properties must be submitted pro rata for

the appropriate share. Floor space data must

however be submitted as full 100% amounts.

Direct real estate assets: Asset should be

recorded at individual building or group

of buildings. For a group of buildings they

should ideally share the same location, same

building quality and same property sector. In

the case of a building or group of buildings

has a mixture of types (i.e. office and retail)

those should recorded as two separate assets

if the valuation and revenues and costs could

be provided for the individual assets. In

certain cases assets are aggregated even at

different locations, because it isn’t feasible

to split them into individual assets because

there is one agreement with the tenant and

that agreement can’t be attributed to single

assets including separate valuations for the

individual buildings.

Valuations: Valuations requirements are

documented in the MSCI Requirements for

Real Estate Valuations document.

Accruals principle: All income and costs must

be submitted on an accruals basis, assuming

that income is received when due, and costs

are paid when invoiced, excluding interest on

payment arrears and provisions for bad debts.

Income: Other (non-rental) income includes any

income from wayleaves, income guarantees,

subsidies and grants. Key money and surrender

premiums must be recorded separately.

APPENDIX 2: GENERAL PRINCIPLES

FOR DATA RECORDING UNDER THE

DATA STANDARDS

12 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

Costs: Recovered costs should be excluded

to avoid double counting. Gross costs and

recoveries are only recorded for specific

MSCI services. Under the Data Standards, all

operating costs should be recorded net of

recoverable amounts.

All capital and revenue expenditure data

(including transaction costs) should include:

• Estimated internal costs.

• Accruals and reversals of accruals.

• Costs associated with aborted

purchases, which should be included under

fund-level costs.

Capital and revenue expenditure data

should exclude:

• Taxes, tax losses, tax depreciation, and

capital allowances.

• Recoverable Value-Added Tax.

• Interest payments on arrears.

• Interest received on arrears.

• Bank charges.

• Provisions for bad debts where tenants are

in default on rent.

• Accounting provisions for future expenditure.

• Straight-line adjustments for rent-free periods.

Development costs should be submitted net of

any rolled-up interest owed by the developer

to the investor.

Bad debts should be recorded as non-

recoverable costs when they are written off.

Unallocated cash flows: All other unallocated

cash flows should be submitted under capital

expenditure, capital receipts, other income or

‘net operating costs - other’, as appropriate.

Cash flows associated with sold assets

should be submitted under their former

reference numbers.

Transaction costs: Costs associated with the

purchase or sale of whole properties must be

recorded as at the date of the transaction in the

speciﬁc ﬁelds provided for these costs. These

costs must be excluded from on-going capital

expenditure or receipts to avoid double counting.

Transaction dates: Purchases and sales of

buildings, sites or direct developments should

be timed to the day of legal completion, from

which the new owner is entitled to receive

income. For pre-funded developments, the

purchase date is taken to be that of the payment

of the ﬁrst installment to the developer.

For other assets and liabilities, the transaction

date should be the contract/trade date, not the

settlement date.

Currency: For direct holdings, all data are

recorded in the local currency of the property,

except for several Eastern European Countries

(e.g. Bulgaria, Czech Republic, Hungary,

Poland, Romania, and Slovakia) for which the

data are recorded in Euros. Data recorded

at vehicle level and for other assets and

liabilities must be recorded in the operating

currency of the vehicle.

Language: Local languages and scripts should

be used for asset, fund and other names and

addresses. Otherwise English is the default

language for the Data Standards.

13 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

Rounding: All ﬁnancial amounts and ﬂoor

spaces are recorded as whole integers,

unrounded. Decimal values for percentages or

other rates should be recorded to at least two

decimal places. Percentages should be provided

as percentage points, not decimals (e.g., 75%

should be provided as ’75.00’ not ‘0.75’).

Null responses: A zero should be recorded for

all financial fields if there has been no income,

receipt or expenditure under a category.

A field left blank will be treated as a non-

response.

All enumerated fields include three standard

default responses: (1) Not applicable – as

indicated by field definitions, which state the

types of record requiring a response. (2) Not

known – only to be used where the field is

applicable and the response is genuinely not

known. (3) Applicable, not categorized – only

to be used where the field is applicable but the

response cannot be categorized under any of

the possible responses listed.

Negative values: Data points for liabilities,

expenditures and receipts should all be

submitted as positive amounts. Corrections

and reversals of accruals should be recorded

as negative amounts.

14 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

This appendix details the full Global Data

Standards, with item by item definitions, and

all relevant data field enumerations.

APPENDIX 3: MSCI GLOBAL DATA STANDARDS

FOR REAL ESTATE INVESTMENT – SCHEMA

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

SDE001 Submission Submission Data Supply

Company

Name of organization supplying

the data

alphanumeric N

SDE002 Submission Submission Extract Date Date for which data submission

document was created

dd/mm/yyyy N

SDE003 Submission Submission Months In Period No of months in latest reporting integer N

SDE004 Submission Submission Source System

Name

Name of software system from

which was data extracted. May

include a sub-module name(s).

alphanumeric N

SDE005 Submission Submission Source System

Version

Version number or name of source

software system

alphanumeric N

SDE006 Submission Submission Submission

Period End Date

End date of submission reporting

period. This usually corresponds

to the valuation or appraisal date.

dd/mm/yyyy N

SDE007 Submission Submission Supplier Data

Set ID

Unique ID assigned at source to

the submitted data set.

alphanumeric N

ADE014 Asset Multiple tabs Client Asset ID Unique client business reference

for an investment type (asset or

liability). The reference should be

supplied consistently between

periods. New purchases and split or

merged assets should be given new

unique identiﬁers. Use of previously

used identiﬁers not permitted.

alphanumeric N

ADE016 Asset Multiple tabs Client System

Asset GUID

Global unique identiﬁer (GUID) for an

investment type (asset or liability)

maintained by the clients source IT

system, not business users.

alphanumeric N

ADE039 Asset Multiple tabs MSCI Asset ID Unique reference for an

investment type (asset or liability)

as allocated by MSCI

alphanumeric N

ADE005 Asset Multiple tabs Asset Currency

Code

The three-letter currency code

(based on ISO 4217) in which the

valuation, financial and tenancy

information for the asset must be

collected on a consistent basis

alphanumeric Y

ADE015 Asset Multiple tabs Client Group

Name

Name for the Internal portfolio or

group that this asset is assigned

to for reporting, if different from

vehicle name.

alphanumeric N

ADE096 Asset Multiple tabs Investment type Classification of type of

investment as defined by MSCI.

Includes all direct and indirect

property investments, cash, debt

and other financial assets.

integer Y

15 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

AVA048 Asset Multiple tabs Investment Name Full name of indirect real estate

holding or investment asset.

Field is applicable to individual

holdings in indirect real estate,

debt investments, derivatives and

forward agreements.

alphanumeric N

AVA047 Asset Multiple tabs Investment ISIN International Securities

Identification Number for each

investment asset in the portfolio.

Uniquely identifies specific

securities issues.

alphanumeric N

AVA006 Asset Multiple tabs Valuation Period

End Date

Period end date of

valuation record.

dd/mm/yyyy N

ARF002 Asset Multiple tabs Account Period

End Date

Date when the current account

period ends. (Required for both

direct and indirect assets)

dd/mm/yyyy N

ARF005 Asset Multiple tabs Account Period

Start Date

Date from which the current

account period started. (Required

for both direct and indirect assets)

dd/mm/yyyy N

ADE011 Asset Multiple tabs Asset or

Building Name

Primary name of building. alphanumeric N

ADE002 Asset Direct RE

Location

Address Detail 1 Building number and street name. alphanumeric N

ADE003 Asset Direct RE

Location

Address Detail 2 Direct properties additional address

detail if any e.g. suburb name.

alphanumeric N

ADE082 Asset Direct RE

Location

Town or City

Name

Name of the city or town where the

property is located. If applicable

use diacritics (e.g. umlauts, accents

etc.) Field must start with the name

of the town so assets can be sorted

alphabetically by town. If there are

two towns of the same name and

you think it is necessary to give

a region as well, add the region

abbreviation separated by a comma

e.g. Richmond, Yorks. Each line can

be a maximum of 40 characters.

alphanumeric N

ADE053 Asset Direct RE

Location

Post Code Full postal or zip code. If postal

code is unknown enter the nearest

possible postal code. When a

property covers multiple postal

codes, indicate the post code of the

main tenant by Market Rental Value.

Where no postcode exists e.g. land -

the code for nearest building should

be used if possible.

alphanumeric N

ADE098 Asset Direct RE

Location

Geographic

Classification

County

Area in which property is located

above Municipality but below large

administrative areas, for example

NUTS 3 in Europe, County in USA,

similar statistical areas

alphanumeric N

ADE099 Asset Direct RE

Location

Geographic

Classification

Neighborhood

Neighborhood/postcode in which

property is located. Please provide

postcodes only in countries where

they exist; elsewhere provide

name of neighborhood.

alphanumeric N

ADE018 Asset Direct RE

Location

Country Name International assets must also

include name of the country. This

is a text field.

alphanumeric N

16 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ADE032 Asset Direct RE

Location

Latitude Geographic 6-digit latitude

co-ordinate Positive latitudes are

north of the Equator, negative

latitudes are south of the Equator.

integer N

ADE035 Asset Direct RE

Location

Longitude Geographic 6-digit longitude

co-ordinate. Positive longitudes

are east of the Prime Meridian,

negative longitudes are west of

the Prime Meridian.

integer N

ADE069 Asset Direct RE

Location

Retail Location

(Global)

Geographical location of

retail properties

integer Y

ADE043 Asset Direct RE

Location

Office Location

(Global)

Geographical location of

office properties

integer Y

ADE030 Asset Direct RE

Location

Industrial

Property

Situation

Location of industrial property

with reference to whether it is

situated on a park or not

integer Y

ADE028 Asset Direct RE

Location

Industrial

Location (Global)

Geographical location of

industrial properties

integer Y

ADE095 Asset Direct RE Type Valuation

Frequency

Frequency of valuation of an asset integer Y

ADE036 Asset Direct RE Type Managing Agent

Name

Name of organization responsible

for managing the property, or if

management is by investor's own

staff record 'In House', NOT the

company name.

alphanumeric N

ADE077 Asset Direct RE Type Tenure Legal conditions under which

the land, on which the property

is situated, is owned. Includes

freehold; leasehold; shared interest.

integer Y

ADE056 Asset Direct RE Type Property Type Classiﬁcation of property types used

in MSCI Global Intel products. Codes

derived from other descriptive

ﬁelds listed below. Predominant use

of the property in terms of Market

Rental Value, at the end of the

period. Predominant use of property

should account for more than 50%

of Market Rental Value.

integer Y

ADE057 Asset Direct RE Type Property Type -

Secondary Use

Secondary use of the property in

terms of Market Rental Value, at

the end of the period. Secondary

use of property should account for

25-50% of total Market Rental Value.

Secondary use is not recorded if use

accounts for less than 25% of total

Market Rental Value.

integer Y

ADE017 Asset Direct RE Type Construction

Date

Year in which construction of the

property was completed.

YYYY N

ADE060 Asset Direct RE Type Refurbishment

Date

The date at which the last major

refurbishment of the building was

completed or the planned year of

completion of the refurbishment.

dd/mm/yyyy N

ADE101 Asset Direct RE Type With or

Without Air

Conditioning?

Do the principal buildings in the

property have full, integrated air

conditioning systems?

Integer Y

ADE040 Asset Direct RE Type Number of

Storeys in the

Principal Building

Number of whole storeys above

ground in the largest building of

the property.

integer N

ADE073 Asset Direct RE Type Shopping Center

Configuration

Type of shopping center in terms

of whether or not it is covered.

integer Y

17 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ADE074 Asset Direct RE Type Shopping

Center Main

Classification

Type of shopping center in terms

of whether it is traditional (mixed

use) or specialized.

integer Y

ADE067 Asset Direct RE Type Residential

Sub-Building

Type

Physical form of residential building. integer Y

ADE063 Asset Direct RE Type Residential

Letting

Characteristics

Indication of whether tenants beneﬁt

from housing aid or not; when not,

whether it is market rent or not

integer Y

ADE086 Asset Direct RE Type Type of

Residential

Occupancy

Type of residential occupant e.g.

student, supported, retirement

home, standard residential.

integer Y

ADE064 Asset Direct RE Type Residential

Location (Global)

Geographical location of

residential properties

integer Y

ADE080 Asset Direct RE Type Total Number of

Lettable Units

Total number of lettable units in

the property (excluding parking)

at the end of the period. Includes

both vacant and let units.

integer N

ADE041 Asset Direct RE Type Number of

bedrooms

Number of bedrooms included

in the property. Excludes studio

apartments. Only required where

the predominant property use, in

terms of market rental value, is

residential or hotel.

integer N

ATR001 Asset Direct RE

Transactions

Purchase

Date - Whole

Properties

Investment purchase: Date of

completion of transfer of title on

initial acquisition of building, or

site without development plans.

Pre-funded development: Date of

payment of first tranche. Direct

development: Date of completion

of transfer of title on initial

acquisition of building/site. Indirect

purchase: Date of initial investment

into indirect investment.

dd/mm/yyyy N

ATR002 Asset Direct RE

Transactions

Method of

Acquisition

Method of acquisition of the asset, by

direct purchase or other agreement

integer Y

ATR003 Asset Direct RE

Transactions

Type of

Purchase

Whether property was

acquired as a completed

investment, or development

integer Y

ATR004 Asset Direct RE

Transactions

Asset Strategy Intended investment strategy at time

of purchase, for example to hold , to

renovate, to convert or to redevelop.

integer Y

ATR005 Asset Direct RE

Transactions

Net Purchase

Price

Direct purchase: Contract price,

including advance deposits and

indicate if retentions are outstanding.

Direct development: Contract price,

including advance deposits and

indicate if retentions are outstanding.

Pre-funded development: Cost of

ﬁrst payment to developer, including

any expenditure prior to acquisition

Excludes indirect and financial

assets recorded elsewhere.

decimal N

ATR006 Asset Direct RE

Transactions

Gross Purchase

Price

Gross amount paid for acquisition of

title including all associated costs.

(Gross purchase price = net purchase

price + total purchase costs).

Excludes indirect and financial

assets recorded elsewhere

decimal N

18 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ATR007 Asset Direct RE

Transactions

Total Purchase

Costs

Gross amount paid for acquisition

of title. (Gross purchase price = net

purchase price + total purchase

costs).

decimal N

ATR008 Asset Direct RE

Transactions

Purchase Costs

Tax

Transfer tax costs incurred in

acquisition, for example Stamp

Duty. These should be reported in

line with the accruals principle, i.e.

in the period of the purchase date

rather than when paid.

decimal N

ATR009 Asset Direct RE

Transactions

Purchase Costs

Legal

Legal costs (internal & external)

incurred in the acquisition. These

should be reported in line with

the accruals principle, i.e. in the

period of the purchase date rather

than when paid. Where not known

standard rates are applied by MSCI.

decimal N

ATR010 Asset Direct RE

Transactions

Purchase Costs:

Agents' Fees

Agent fees incurred in the

acquisition. These should be

reported in line with the accruals

principle, i.e. in the period of the

purchase date rather than when

paid. Where not known standard

rates are applied by MSCI.

decimal N

ATR011 Asset Direct RE

Transactions

Purchase Costs:

Other

All other costs incurred in the course

of the acquisition. E.g. surveyor's or

planning advisory fees, These should

be reported in line with the accruals

principle, i.e. in the period of the

purchase rather than when paid.

decimal N

ATR012 Asset Direct RE

Transactions

Part Purchase

Date

Date of legal completion of purchase/

transfer of title of additional land or

parts of direct properties, further

shares or units in indirect vehicles,

additional investment into ﬁnancial

products, cash etc.

dd/mm/yyyy N

ATR013 Asset Direct RE

Transactions

Part Purchase

Expenditure

Total capital expenditure

incurred during the period of

acquisition of additional title to

(parts of, or interests in) properties

already owned.

Includes costs from purchasing

parcels of land; further units in an

existing property; acquisition of

head lease interests; increase in

ownership share.

The amount should include

acquisition price and all purchase

costs (transfer tax; legal; agent

fees and other acquisition costs).

decimal N

ATR014 Asset Direct RE

Transactions

Sale Date

- Whole

Properties

Day, month and year of date of

legal completion of transfer of title

on final disposal. The day on which

money is received by the vendor.

dd/mm/yyyy N

ATR015 Asset Direct RE

Transactions

Gross Sale Price Contract sale price of direct

real estate assets (before costs

deducted), as at completion of

contract. Indicate if retentions

have been withheld.

decimal N

19 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ATR016 Asset Direct RE

Transactions

Net Sale Receipt Net amount received from purchaser

in consideration of sale of direct real

estate assets. This should exclude

any gain or loss attributable to

ﬁnancing conditions and should be

net of all costs, (net sale receipt =

gross sale receipt - total sale costs)

decimal N

ATR017 Asset Direct RE

Transactions

Method of Sale Method of disposal of the asset.

Includes direct sale; transfer of

assets between funds; group sale.

integer Y

ATR018 Asset Direct RE

Transactions

Total Sale Costs Total sale costs incurred on ﬁnal

disposal. These should be reported

in line with accruals principle, i.e. in

the period of the date of sale rather

than when paid. If in house and no

sale fees charged, MSCI will apply

standard scale fees. (Total sales

costs = sale costs: tax + sales costs:

legal + sale costs: agent’s fees + sale

costs: other). Retrospective invoices

and adjustments to accruals must be

entered under a dummy record.

decimal N

ATR019 Asset Direct RE

Transactions

Sale Costs: Tax Transfer tax costs incurred (if any)

on ﬁnal disposal, or purchase tax

paid occasionally by the vendor. This

should be reported in line with the

accruals principle, i.e. in the period

incurred rather than when paid.

decimal N

ATR020 Asset Direct RE

Transactions

Sales Costs:

Legal

Legal costs (internal & external)

incurred on ﬁnal disposal. This

should be reported in line with the

accruals principle, i.e. in the period

of the sale rather than when paid. If

in-house and no fee is charged, MSCI

will apply a standard scale fee.

decimal N

ATR021 Asset Direct RE

Transactions

Sale Costs:

Agents' Fees

Agent fees incurred on final

disposal. This should be reported

in line with the accruals principle,

i.e. in the period of the sale rather

than when paid. If in-house and no

fee is charged, MSCI will apply a

standard scale fee.

decimal N

ATR022 Asset Direct RE

Transactions

Sale Costs:

Other

All other sale costs excluding

tax, legal and agent fees. This

should be reported in line with

the accruals principle, i.e. in the

period of the sale rather than

when paid.

decimal N

ATR023 Asset Direct RE

Transactions

Part Sale Date Date of legal completion of sale /

transfer of title on disposal of land

or parts of direct properties, sale of

shares or units in indirect vehicles.

dd/mm/yyyy N

20 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ATR024 Asset Direct RE

Transactions

Part Sale

Receipt

Net receipts from the disposal

during the period of physical

parts, or interests in properties

that are retained.

Includes proceeds from selling

parcels of land; existing units

from a property; single buildings

on an estate, intermediate

leasehold interests, decrease in

ownership share.

This amount is the sale price less

any sale costs (legal and agents’

fees and other sale costs). Record

as positive amounts.

decimal N

ADE020 Asset Direct RE

Valuations

Actual Valuation

Date

Date at which the valuation was

carried out

dd/mm/yyyy N

ADE021 Asset Direct RE

Valuations

Appraiser

Internal/

External

Name of organization responsible

for property appraisal/ valuation,

or if valuations are prepared by

own staff, record 'In House', NOT

the name of the company.

alphanumeric N

ADE078 Asset Direct RE

Valuations

Appraisal

Method

Appraisal/valuation technique

employed to calculate this

valuation. If more than one method

is used, supply the predominant

method.

integer Y

ADE079 Asset Direct RE

Valuations

Basis of Value Statement of the fundamental

measurement assumptions of

the valuation. (RICS Valuation -

professional standards Jan 2014 p52)

integer Y

AVA001 Asset Direct RE

Valuations

Owner

Occupied/

Non-Market

Value Indicator

Property that is not valued on

the basis of Market or Fair Value

or Verkehrswert. This may be

because it is owner occupied or

otherwise not available for sale or

letting on the open market.

integer Y

AVA002 Asset Direct RE

Valuations

Ownership Share

Percentage

The percentage ownership share

of direct property holdings must be

recorded on every monthly record to

2 decimal places, including 100.00%

if the asset is wholly owned.

Percentage N

AVA005 Asset Direct RE

Valuations

Market Capital

Value

The Fair or Market Value, which is

the estimated price that would be

received to sell an asset or paid

to transfer a liability in an orderly

transaction between market

participants at the measurement

date, net of assumed purchasers'

costs. In the context of Financial

Reporting the IFRS13 deﬁnition of

Fair Value and IVSC deﬁnitions of

Market Value are interchangeable.

Include valuations prepared on the

Verkehrswert basis. ("The German

Verkehrswert deﬁnition corresponds

to the Market Value deﬁnition of

the RICS Red Book". RICS Guidance

Note for Germany 2014. ) Market

Valuations are required for all

assets, including developments.

decimal N

21 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

AVA009 Asset Direct RE

Valuations

Valuer's

Assumed

Purchasers'

Costs

Percentage rate used by the valuer

to adjust between Market Value

net of assumed purchasers’ costs

and gross capital value. Assumed

purchasers’ costs to include the

rate of transfer tax rate pertaining

at the property location on the

date of the valuation, plus notional

legal and agents' fees.

Percentage N

AVA010 Asset Direct RE

Valuations

Market Rental

Value

Total annual Market Rental Value

for the whole property at the end

of the period, gross of recoveries

(including vacant units). Deﬁned

as the estimated amount for which

an interest in real property should

be leased on the date of valuation

between a willing lessor and a

willing lessee on appropriate lease

terms in an arm's-length transaction

after proper marketing wherein

the parties acted knowledgeably,

prudently and without compulsion.

If the lease states that the rent paid is

to be linked (geared) to a proportion

of the full Market Rental Value, then

the MRV should be provided pro rated

to reﬂect the terms of the lease.

For developments, unimproved

MRV to be provided until

development commenced, at

which point improved rental value

to be provided.

decimal N

AVA004 Asset Direct RE

Valuations

Total Market

Rental Value

(MRV) in Vacant

Units

The Market Rental Value of all

vacant units.

decimal N

AVA028 Asset Direct RE

Valuations

Rent Passing Total annual rent derived from all

leases in the property, at the end

of the period, taking into account

the impact of lease incentives

(i.e. if there is a rent free period,

amount reported equals zero).

Excluding: turnover rents and other

operating income (e.g. charges

for property tax, heating, air

conditioning, water) , which should

be recorded separately.

Exclude also: Effects of straight

lining for lease incentives such

as rent free periods or step rents

that are required under IFRS,

VAT, arrears, interest on arrears,

cost recoveries, key money, and

surrender premiums.

decimal N

22 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

AVA031 Asset Direct RE

Valuations

Topped-Up Rent Total annual rent passing from all

leases in the property at the valuation

date plus the additional rent after

expiration of rent-free periods or

other lease incentives. For rent-free

period, it should reﬂect the headline

cash rent as stipulated in the lease

contract. Exclude: - straight line

adjustments for rent free periods.

- developments, lots, unused

buildings rights & properties. - future

indexation uplifts, rent reviews or

rental uplifts which are intended to

compensate for future inﬂation.

decimal N

AVA032 Asset Direct RE

Valuations

Annual Ground

Rent as per

Lease

Regular payment required under a

lease from the owner of leasehold

interest, payable to the freeholder.

decimal N

ADE105 Asset Direct RE

Valuations

Unit of

Measurement

for Area

The unit of measurement used

to state the floor area. Includes

square meters; square feet;

tsubos; hectares; acres.

integer Y

ADE106 Asset Direct RE

Valuations

Total Net

Lettable Area

For buildings record total usable

ﬂoor space. Square meters

assumed unless speciﬁed in Unit of

Measurement for Area. Area should

be reported at 100%, not ownership

share percentage. The total building

area must be in line with prevailing

local standards for measurement

and match with values that will

be stated in lease contracts. The

area must not include "unlettable"

areas like common areas although

tenant may participate to the

costs. For general guidelines of

measurements for oces please

consult IPMS (International Property

Measurement Standards) latest

release (ISBN 978-1-78321-062-6).

For retail, please use Gross Leasing

Area. For residential, comply with

any ocial regulation that is likely

to apply. For land, record total area

in acres, not hectares or square

meters. (1 hectare = 2.471 acres,

10,000 sq. m and 1 acre =

0.405 hectares).

integer N

ADE107 Asset Direct RE

Valuations

Total Let Area Total floor area that it is under

lease to tenants at the reporting

date. Include leases subject to

rent-free periods, but exclude

pre-lets where the lease has start

date in the future.

Area must be reported at 100%,

not ownership share percentage.

integer N

ADE104 Asset Direct RE

Valuations

Retail Floor

Space

Gross lettable area for retail

use (including marketing halls,

permanent kiosks, food courts and

shop units). Only required where the

predominant property use, in terms

of Market Rental Value, is Shopping

Center or Factory Outlet.

integer N

ADE042 Asset Direct RE

Valuations

Number of

Parking Spaces

Total Number of Parking Spaces integer N

23 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ADE108 Asset Direct RE

Valuations

Detailed

Management

Status

Stage of development at time

of valuation.

integer Y

ADE109 Asset Direct RE

Valuations

Development

status

Is asset under development at

the end of the period? A property

is treated as a development if

expenditure over the course of the

project will be more than 25% of the

start value. If it is less than 25% it is

treated as a refurbishment.

Integer Y

ADE110 Asset Direct RE

Valuations

Number of

Months in

Development

Number of months under

development at any time within

the period.

Integer N

ADE111 Asset Direct RE

Valuations

Date of Practical

Completion of

Development:

Day/ Month/

Year

Year of practical completion of

development. A development should

only be coded as complete when it

is actually completed. MSCI deﬁne

this as the earlier of i) 6 months

after practical completion (the date

on which the architect's certiﬁcate

of completion is made) or ii) 75%

letting to actual tenants (not a

developer's guarantee).

dd/mm/yyyy N

ADE102 Asset Direct RE

Valuations

Hotel Occupancy

Rate

Occupied rooms as a proportion of

total available rooms in a hotel.

Percentage N

24 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ACF026 Asset Direct RE

Capital Flows

Total Capital

Expenditure

Capital expenditure incurred during

the period, net of recoverable VAT.

Excludes:

• costs associated with full or part

purchases (recorded elsewhere)

• accounting Provisions for

future liabilities

• capitalized interest

• taxes, except for non-recoverable

VAT and transfer taxes recorded

under Purchase costs.

Includes:

• all expenditure that has been

capitalized (rather than expensed)

• expenditure incurred on

developments (including

associated fees)

• landlord’s improvements

• refurbishment costs

• capital inducements

• restructuring tenant leases

• contributions to new tenants’

fitting-out costs

• retentions of purchase

amounts (when released)

• change in ownership share

• non-recoverable VAT.

• accrued costs

• reversals of accruals (as

negative amounts) .

Costs paid on pre-funded

developments should be provided

net of rolled up interest paid by

the developer.

Also includes all expenditure that

cannot be allocated to a live asset

or an individual asset.

decimal N

ACF027 Asset Direct RE

Capital Flows

Total Capital

Receipts

Capital receipts incurred during

the period.

Exclude:

• Part or full sales

• tax rebates

Includes:

• Surrender premiums if capitalized

• developer compensation

• subsidies or grants if capitalized

• redemptions

• compulsory purchase orders.

Capital receipts should be recorded

as positive amounts. Reversals of

accrued capital Receipts should be

recorded as negative values under

Capital Receipts.

If Surrender Premiums are treated

as Revenue receipts they should

be recorded under Key Money &

Surrender Premiums

Also includes all capital receipts

that cannot be allocated to a live

asset or an individual asset.

decimal N

25 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF076 Asset Direct RE

Capital Flows

Unallocated

Cash flow

Identifier

Yes' if record relates to a cash

flow that cannot be allocated to an

existing real estate asset

integer Y

ARF065 Asset Direct RE

Revenue Flows

Rent as Invoiced

for the period

including

Turnover rents

Rent as invoiced for the period

from all leases net of any rent

discounts but gross of ground rent,

and including Turnover Rents. MSCI

will pro rata to monthly amounts.

The sum of unit level rents

invoiced including Turnover rent.

Excludes:

• Rent Lost due to vacancies

• VAT

• Arrears

• Prepayments

• Repayments

• Service charges

• Buy-off of rental contracts.

decimal N

ARF075 Asset Direct RE

Revenue Flows

Turnover Rent Turnover rent: The variable

portion of the total income from

a single or a group of tenants in

a property. The variable portion

or the turnover element is based

on the trading accounts of the

occupational tenant(s). If the

current period figures are not

available, the actual figure reported

as at prior period is considered as

a best available estimate.

decimal N

ARF038 Asset Direct RE

Revenue Flows

Key Money

& Surrender

Premiums

Key Money: Payments occasionally

made by potential tenants to

secure a new lease. (Exclude

deposits paid by tenants and held

by landlords against potential

damages.) Include Surrender

Premiums treated as Revenue

receipts under local accounting

regulations: Payments made by

tenants to release them from

lease contracts prior to the expiry

date. Surrender Premiums classed

as Capital Receipts under local

accounting regulations should be

recorded under Capital Receipts.

decimal N

26 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF051 Asset Direct RE

Revenue Flows

Other Income

for the period

Income other than rental income

attributable to the property for the

period, collated to a property level.

May include: hoardings, wayleaves,

rights of way, Income guarantees,

subsidies, and car parking income

(where not included in the total

Rent Passing above). Exclude:

• Key money

• Surrender premiums

• Income derived from expenditure

recoveries (service charges)

• Interest paid on Rent arrears

• Tax credits

• Income from activities outside

the landlord’s obligation under

tenant leases e.g. income from

supply of secretarial or other

services to tenants.

• insurance commission.

Includes historic Tax Subsidies

available historically in Nordic

countries, and other revenue

grants. Also includes all income

that cannot be allocated to a live

asset or an individual asset. MSCI

will pro rata to monthly amounts.

decimal N

ARF077 Asset Direct RE

Revenue Flows

Unallocated

Recovered Costs

Any recovery (income) that a

landlord may have received, but for

which it is not possible to identify

the cost it should be attached to.

This includes any recovered costs

that have not been netted off in

any of the net cost categories (i.e.

not covered by normal Common

Areas Management or Service

Charge recoveries). Examples are

the occasional recovery of Ground

Rents or Letting Fees, and other

uncommon arrangements. This

is a Mandatory Field. It must be

subtracted from the Total Net

Cost to provide the true total net

cost figure.

decimal N

ARF044 Asset Direct RE

Revenue Flows

Net Income for

the period

Total Income Receivable (Rent as

Invoiced + Key Money & Surrender

Premiums + Other Income

(excluding cost recoveries), less

Total of Net Operating Costs.

MSCI will pro rata to

monthly amounts.

decimal N

ARF072 Asset Direct RE

Revenue Flows

Total of Net

Operating Costs

Total of Net Operating costs for the

preceding 12 months.

Total of Net Cost = Sum of all

Net costs (Utilities, Maintenance,

Property Taxes, Management Costs

and Other Net Costs) + (Cost of

Vacancies, Letting & Rent Review

fees, Ground Rents, Bad Debt

Write-offs) minus Unallocated

Recovered Costs.

decimal N

27 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF048 Asset Direct RE

Revenue Flows

Net Property

Management

Costs

Property management costs for

the period, either in-house or

outsourced net of any amounts

recovered from tenants.

Includes collection of rents and

Service charge / CAM recoveries,

as well as Facilities Management

(workplace, design & layout, space

planning), project on the property as

well as environmental, information,

and quality management.

Excludes Rent Review fees & Costs

associated with new lettings to be

recorded under Letting Costs.

Excludes Fund-level Costs such as

fund and asset management costs,

professional indemnity insurance,

valuation fees, research,

custodian, and auditors fees.

If properties are managed in-

house without internal charges, a

total cost should be estimated and

allocated to individual assets pro

rata to Market Rent.

Unlet vacant units which are

standing assets or investment

properties undergoing development/

refurbishment should be recorded

under Costs of Vacancies.

decimal N

28 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF046 Asset Direct RE

Revenue Flows

Net Maintenance

& Care Costs

Maintenance and care costs net

of any recoveries from tenants.

Include all materials and labor

costs attached to both occasional

preventive and corrective

maintenance, and regular property

care (either contracted or in house).

• Preventive is maintenance

performed before an equipment

performance becomes

unsatisfactory or to prevent

consequential damage. It

includes statutory inspections

and work carried out at regular

intervals to prevent attrition or

minimize the risk of breakdown

or accidents.

• Corrective maintenance covers

total restoration or replacement

of building components

(e.g. roof, facade, windows,

installation systems) to bring

them back to their initial state.

• Care including : surveillance &

alarms, salaries for janitors/

caretakers, cleaning of

common areas (interior and

exterior), clearing of roads,

garden upkeep and decoration.

Typical internal equipment subject

to maintenance are lifts, escalators,

water and plumbing, waterprooﬁng,

heaters, air conditioning, sprinkler

systems, ﬁre services, electrical

installations, IT installations, security

installations, External equipment

are roofs, external walls, cladding,

fenestration, foundations, drainage,

external redecoration or ﬁnishes.

Unlet vacant units which are

standing assets or investment

properties undergoing development/

refurbishment should be recorded

under Costs of Vacancies.

Note: Care and Maintenance

costs also can be recorded

separately under the German and

Nordic services.

decimal N

ARF050 Asset Direct RE

Revenue Flows

Net Utility Costs Cost of utilities supplied for the

period net of any recoveries

from tenants

Include all forms of energy

(electricity, fuel oils, heating or

cooling networks), as well as

water consumption, sewers and

refuse collection.

Exclude Telecommunication costs

which should be recorded as

“Other costs” below.

Unlet vacant units which are

standing assets or investment

properties undergoing development/

refurbishment should be recorded

under Costs of Vacancies.

decimal N

29 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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LEVEL

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DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF045 Asset Direct RE

Revenue Flows

Net Insurance

Costs

All costs of premiums for insuring

the property for the period paid by

the landlord net of any recoveries

from tenants. Typically covering ﬁre,

storm, fungus and insect attack,

pipe damage, and public liability

insurance. Include the costs of all

building related insurance, liability

for excess and any premiums for

loss of rent, subsidence, terrorism,

ﬁres, ﬂoods, burst pipes, explosions

and earthquakes. Excludes

insurance for loss of trade.

Note: Damages covered by

Insurance should neither be

counted as a Capital Cost when they

occur, nor as a Capital Receipts

when payments are received from

the insurers. This will prevent value

distortions.

Unlet vacant units which are

standing assets or investment

properties undergoing development/

refurbishment should be recorded

under Costs of Vacancies.

decimal N

ARF049 Asset Direct RE

Revenue Flows

Net Property

Taxes

Cost of taxes for the period,

arising directly from occupation

and/or ownership of a property

under national and local laws and

regulations net of any recoveries

from tenants. Typical taxes

are property tax, land tax and

municipal taxes (rates). Any taxes

relating to Utilities should be

recorded here, not with Utilities.

Excludes property transfer tax

(Stamp duty), which must be

recorded under Purchase costs,

Corporation tax, Capital Gains tax,

and all business and sales taxes

levied on business proﬁts and sales

of either the landlord or the occupier.

Unlet vacant units which are

standing assets or investment

properties undergoing development/

refurbishment should be recorded

under Costs of Vacancies.

decimal N

30 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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ENTITY

LEVEL

DATA

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DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF047 Asset Direct RE

Revenue Flows

Net Operating

Costs - Other

Other Costs including some service-

speciﬁc costs, Irrecoverable VAT

/ GST, and some Occupier’s costs

which are sometimes provided

by landlords. Include costs

related to tenant activities (e.g.

telecommunication, business

support, catering etc.), and any

costs of litigation with tenants.

Also includes all revenue costs that

cannot be allocated to a live asset or

an individual asset.

Exclude legal costs associated

with Lettings and rent reviews

which should be recorded under

Letting & Lease Renewal Costs.

Unlet vacant units which are

standing assets or investment

properties undergoing development/

refurbishment should be recorded

under Costs of Vacancies.

decimal N

ARF021 Asset Direct RE

Revenue Flows

Gross Letting

Costs & Rent

Review fees

All costs that are associated with

administering changes to the

lease structure of a property. This

includes costs of advertising and

marketing (brochures, hoardings,

events etc.), agent’s or broker’s

letting fees, lease renewal, rent

review fees and associated legal

costs. Exclude ﬁtting out costs,

building and tenant improvements.

Note: Under some accounting

principles Lease Commissions are

capitalized, typically over the length

of the lease. Where this applies

they should be excluded here and

recorded under capital expenditure.

decimal N

ARF032 Asset Direct RE

Revenue Flows

Ground Rent

payable

The total cost of ground rents

payable against the property for

the period. Rents due on leasehold

properties to a superior landlords/

owners of the freehold.

Where ground rents include a

turnover element based on tenant

trading figures, provide the last

available figure as a best estimate

and adjust for the accrual in the

following period. These amounts

should include any movement in

accrued costs and may include

negative amounts where costs

have been reversed.

decimal N

31 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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LEVEL

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DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF008 Asset Direct RE

Revenue Flows

Bad debt write-

offs

Where a tenant has defaulted

on Rent or Service Charge/ CAM

payments, the accounts department

will eventually write o the debt.

The adjustment is put through in the

month in which the debt was written

o, not in the period which it relates

to. Retrospective changes should

NOT be made.

Includes: Bad Debts (accrued

rental written off that year)

Legal Expenses directly related to

bad debts

Debt Collection Expenses.

decimal N

ARF009 Asset Direct RE

Revenue Flows

Cost of

Vacancies

All normally recoverable costs not

recovered on unlet units in standing

assets or investment properties

undergoing development or

refurbishment e.g. non-recoverable

Service / CAM charges, local taxes,

insurance premiums, revenue Repair

and Maintenance costs, and any

other costs directly billed to units

e.g. CRC Carbon Tax, and individually

metered energy bills.

Exclude Fitting out/ Installation costs

for new tenants recorded under Net

Maintenance & Care costs.

Also Exclude Letting and Lease

Renewal costs which should be

recorded under Gross Letting

costs and Lease Renewal fees.

Although these costs are also

included under itemized Gross

and Net Costs they will not be

double counted by MSCI software

in the calculation of Net Income. In

accordance with EPRA they will be

deducted from Operating costs for

the calculation of cost ratios.

decimal N

ARF100 Asset Direct RE

Revenue Flows

Utility Costs

from Vacant

spaces

Cost of utilities supplied to vacant

units for the period. Include all

forms of energy (electricity, fuel

oils, heating or cooling networks),

as well as water consumption,

sewers and refuse collection.

Exclude Telecommunication costs

which should be recorded as

"Other costs” below.

decimal N

ARF101 Asset Direct RE

Revenue Flows

Maintenance

Costs from

Vacant spaces

Maintenance and Care costs incurred

on vacant units. Include all materials

and labor costs attached to both

occasional preventive and corrective

maintenance, and regular property

care (either contracted or in house).

decimal N

ARF102 Asset Direct RE

Revenue Flows

Insurance Costs

from Vacant

spaces

All costs of premiums for insuring

the property for the period paid by

the landlord for vacant units.

decimal N

ARF103 Asset Direct RE

Revenue Flows

Property Taxes

Costs from

Vacant spaces

Cost of taxes for the period arising

from Vacant units.

decimal N

32 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF104 Asset Direct RE

Revenue Flows

Property

Management

Costs from

Vacant spaces

Property management costs for the

period on Vacant units, either in-

house or outsourced, if properties are

managed in-house without internal

charges, a total cost should be

estimated and allocated to individual

assets pro rata to Market Rent.

decimal N

ARF105 Asset Direct RE

Revenue Flows

Other Operating

Costs from

Vacant spaces

Any other ongoing operation

and maintenance for the period,

arising from Vacant units.

decimal N

ARF071 Asset Direct RE

Revenue Flows

Total Gross

Operating Costs

Total Gross Cost = Sum of

all Gross Costs (Utilities,

Maintenance, Property Taxes,

Management Costs and Other

Costs) + (Cost of Vacancies, Letting

& Rent Review fees, Ground Rents,

Bad Debt Write-offs).

decimal N

AVA051 Asset Other Asset

Valuation

Indirect RE -

Property Type

For specialist vehicles,

Predominant property sector of

indirect assets (by Market Value)

held by the fund.

integer Y

AVA049 Asset Other Asset

Valuation

Indirect RE -

NAV

Net Asset Value of the vehicle's

share of each real estate Indirect

holding owned by the vehicle at

period end.

decimal N

AVA050 Asset Other Asset

Valuation

Indirect RE -

Number of Units

Number of equity shares or units

held in each indirect asset at end

of period.

integer N

AVA075 Asset Other Asset

Valuation

Debt Investment

Value

Either Market or Cost value of all

debt investments, on whichever

basis matches vehicle NAV

calculations, but must be on a

consistent basis over time.

decimal N

AVA011 Asset Other Asset

Valuation

Cash Balance Nominal value of cash and cash

equivalents at the end of the

period. Net amount shown on the

balance sheet.

decimal N

AVA072 Asset Other Asset

Valuation

Derivative

Market Value

Current Market Value of the Real

Estate derivative at the end of the

period. For non-RE derivatives/

hedging contracts leave blank.

decimal N

AVA073 Asset Other Asset

Valuations

Forward

commitment -

asset Contract

value

Contract value of the forward

commitment. This is a Gross

value, i.e. including any potential

transaction costs. This should

be exactly offset by the forward

commitment liability also recorded

on the balance sheet.

decimal N

AVA074 Asset Other Asset

Valuations

Forward

commitment -

asset Fair value

Fair/ Market value of the forward

commitment at the end of the period.

decimal N

AVA057 Asset Other Asset

Valuations

Other Assets

Market Value

Value (as recorded in the balance

sheet) of all other assets not

accounted for elsewhere (accounts

receivable, prepaid expenses, etc.)

decimal N

ACF036 Asset Other Asset

Capital Flows

Indirect RE -

Initial Purchase

date

Indirect RE Purchase date of initial

investment. This is only applicable

for individual records

dd/mm/yyyy N

33 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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LEVEL

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CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ACF031 Asset Other Asset

Capital Flows

Indirect RE -

Gross Purchase

Price

Indirect RE Purchase. This is the

Gross Purchase Price, i.e. the

contract price of units or shares

plus any fees attached to the

purchase. This is only applicable

for individual records.

decimal N

ACF037 Asset Other Asset

Capital Flows

Indirect RE -

Final Sale Date

Indirect RE final sale date of

last units or shares. This is only

applicable for individual records

dd/mm/yyyy N

ACF030 Asset Other Asset

Capital Flows

Indirect RE - Net

Sale Receipt

Indirect RE sale price. This is

the Net Receipt after sales costs

have been incurred. This is only

applicable for individual records

decimal N

ACF007 Asset Other Asset

Capital Flows

Indirect RE -

New Flows

Total value of newly purchased

units over the period

decimal N

ACF008 Asset Other Asset

Capital Flows

Indirect RE -

Redemptions

Total value of units sold over

the period

decimal N

ARF036 Asset Other Asset

Revenue Flows

Indirect RE -

Distributions

Value of all dividends paid to the

vehicle on indirect Real Estate

assets during the current period,

gross of tax. Exclude value of

script dividends reinvested, and

any other capital distributions.

decimal N

ACF038 Asset Other Asset

Capital Flows

Debt Investment

- Purchase Date

Debt investment Purchase date dd/mm/yyyy N

ACF034 Asset Other Asset

Capital Flows

Debt investment

- Gross

Purchase Price

Debt investment Purchase. This

is the Gross Purchase Price, i.e.

the contract price plus any fees

attached to the purchase.

decimal N

ACF039 Asset Other Asset

Capital Flows

Debt Investment

- Sale Date

Debt investment sale date dd/mm/yyyy N

ACF035 Asset Other Asset

Capital Flows

Debt Investment

- Net Sale

Receipt

Debt investment sale price. This is

that net amount after sales costs

have been incurred.

decimal N

ACF003 Asset Other Asset

Capital Flows

Debt Investment

- New Flows

Capital Expenditure through new

acquisitions of debt investment

decimal N

ACF004 Asset Other Asset

Capital Flows

Debt Investment

- Redemptions

Capital Receipts from sale of

participation in debt investment

decimal N

ARF010 Asset Other Asset

Revenue Flows

Debt Investment -

Interest received

Interest received on debt

investment participation

decimal N

ARF037 Asset Other Asset

Revenue Flows

Interest on Cash Interest amount received on cash

and cash equivalents for the period.

decimal N

ACF040 Asset Other Asset

Capital Flows

RE Derivative

Purchase Date

Real estate derivative purchase date dd/mm/yyyy N

ACF032 Asset Other Asset

Capital Flows

RE Derivative -

Gross Purchase

Price

Price at which the RE derivative

contract is bought. This is the gross

purchase price, i.e. the contract

price plus any fees attached to the

purchase. For non-RE derivatives/

hedging contracts leave blank.

decimal N

ACF041 Asset Other Asset

Capital Flows

RE Derivative

Sale Date

Real estate derivative sale date dd/mm/yyyy N

ACF033 Asset Other Asset

Capital Flows

RE Derivative -

Net Sale Receipt

Price at which the RE derivative

contract is sold. This is the net

sale receipt i.e. the sale price

minus any fees attached to the

sale. For non-RE derivatives/

hedging contracts leave blank.

decimal N

34 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

ARF082 Asset Other Asset

Revenue Flows

Swap payment Counterparty payments or receipts

for holding derivative. Usually a

receipt but may be a payment.

decimal N

ARF083 Asset Other Asset

Revenue Flows

Derivative

margin

Payment made to Eurex exchange

in respect of futures contracts and

any compulsory cash payments

with regards to over-the-counter

swaps. This is the value at the end

of the period.

decimal N

ARF084 Asset Other Asset

Revenue Flows

Interest on

margin

Interest received on the margin

over the period

decimal N

ACF042 Asset Other Asset

Capital Flows

Forward

commitment –

Start Date

Date at which the forward

commitment contract is agreed

dd/mm/yyyy N

ACF043 Asset Other Asset

Capital Flows

Forward

commitment –

End Date

Date at which the forward

commitment is transformed into

an actual purchase

dd/mm/yyyy N

ARF086 Asset Other Asset

Revenue Flows

Forward

commitment -

accrued costs

Any costs linked to the forward

agreement that are capitalized in

the value of the investment.

decimal N

LVA002 Liability Liabilities

Valuation

Liability - Book

Value

Nominal or book value of the

liability at the end of the period.

This amount should be recorded

as a positive value.

decimal N

LVA003 Liability Liabilities

Valuation

Liability Market

Value

Fair/ Market value of the liability

at the end of the period. Amount

for which the liability could be

traded at current market rates.

This amount should be recorded

as a positive value.

decimal N

LVA004 Liability Liabilities

Valuation

Liability - Mark-

to-Market

Adjustment

The difference between the Market

Value and the Book Value. This

amount should be recorded as a

positive value.

decimal N

LVA005 Liability Liabilities

Valuation

Forward

commitment -

Liability value

Value of the deferred liability

corresponding to the forward

commitment asset. This should be

constant over time, unless some

accrued adjustments have been

made. This amount should be

recorded as a positive value.

decimal N

LCF006 Liability Liability Capital

Flows

Liability –

Purchase Date

Date at which the liability is

first recorded

dd/mm/yyyy N

LCF004 Liability Liability Capital

Flows

Liability - Gross

Purchase Price

Liability Purchase. This is the

gross amount borrowed, excluding

any fees. Fees are recorded under

'Liability Financing Fees'. This

amount should be recorded as a

positive value.

decimal N

LCF007 Liability Liability Capital

Flows

Liability – Sale

Date

Date at which the liability is

fully refunded

dd/mm/yyyy N

LCF005 Liability Liability Capital

Flows

Liability - Net

Sale Price

Liability sale . This is the net

amount of debt repaid if the debt is

paid back in full. Fees attached are

recorded under 'Liability Financing

Fees'. This amount should be

recorded as a positive value.

decimal N

LCF001 Liability Liability Capital

Flows

Liability

Drawdown

Value of draw-downs increasing

the debt during the period. This

amount should be recorded as a

positive value.

decimal N

35 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

LCF003 Liability Liability Capital

Flows

Liability

Repayment

Value of repayments decreasing

the debt during the period. This

amount should be recorded as a

positive value.

decimal N

LCF002 Liability Liability

Revenue Flows

Liability

Financing Fees

Accrued amount for the period,

including fees for terminating debt

and associated deferred costs.

This amount should be recorded

as a positive value.

decimal N

LRF001 Liability Liability

Revenue Flows

Interest paid on

Liability

Accrued amount for the period.

This amount should be recorded

as a positive value.

decimal N

TDE007 Tenancy Tenancy

Identifier

Client System

Tenancy GUID

Global unique identifier (GUID)

for a Lease or Unit maintained by

the clients source IT system, not

business users

alphanumeric N

TDE008 Tenancy Tenancy

Identifier

Client Tenancy

Unique client business reference

for a Lease or Unit. The Reference

should be supplied consistently

between periods. Use of previously

used identifiers not permitted.

alphanumeric N

TDE022 Tenancy Tenancy

Identifier

Tenant Name Name of company/individual

as stated on the current lease

agreement, including if in

administration or rent free period.

If the tenant is a named individual

i.e. Mr Smith, replace with “Private

Individual”. If no lease is currently

in place please supply relevant

description which may include:

"Head lease" "Vacant"; "Vacant

development under construction";

"Developer guarantee", "Owner

Occupied"; "Site Vacant"; "Site

income producing".

alphanumeric N

TDE014 Tenancy Tenancy

Identifier

MSCI Tenancy ID Unique Tenancy reference as

allocated by MSCI for a Lease or Unit

alphanumeric N

TDE021 Tenancy Tenancy

Identifier

Tenant Company

Registration

Office Number

Company Registration Office

or local equivalent number for

tenant. Unique company reference

assigned to each company. E.g.

CRO,Siren, or VAT number.

alphanumeric N

TDE015 Tenancy Tenancy

Identifier

Name of Tenant

Guarantor

The name of the company

guaranteeing the rent under the

current lease. If the guarantor is

a named individual i.e. Mr Smith,

replace with “Private Individual”.

alphanumeric N

TDE013 Tenancy Tenancy Lease

Terms

Lease Type/

Occupancy

Status

Type of lease/occupancy. Include

head leases, vacant units, tenants

holding over, owner occupied, and

tenants in administration.

integer Y

TDE012 Tenancy Tenancy Lease

Terms

Lease Start:

Date

The date on which current lease

commenced. Start Date must be

updated when a lease is renewed,

that is, has expired and triggered the

signature of a new lease contract.

No changes are required for tenants

holding over. The exercise of options

such as extensions or partial

anticipated liberation do not change

the lease start date.

dd/mm/yyyy N

36 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

TDE011 Tenancy Tenancy Lease

Terms

Lease Expiry:

Date

The date on which current lease

is due to expire. If the tenant is

holding over after the expiry of

the lease, leave all the expired

lease details in place. Expiry date

should be later than or equal to the

current period, unless the lease is

holding over during renegotiation.

dd/mm/yyyy N

TDE018 Tenancy Tenancy Lease

Terms

Rent Start: Date The date on which rent payments

commence or commenced under

the terms of the current lease.

Should also be provided for

developer guarantees.

dd/mm/yyyy N

TDE016 Tenancy Tenancy Lease

Terms

Next Rent

Review Date

The date of the next full Rent

Review specified in the lease,

when the rent will be assessed to

determine a new rent which will

reflect changes in Market Rents

since the lease was originally

granted or previously reviewed.

Exclude any additional Step dates

specified in the lease, which should

all be recorded separately under

Rent Step Dates. Leave blank if

there are no future Rent Reviews

before Expiry of the lease, or if

the lease has no Rent Reviews.

If rents are indexed provide the

next indexation date. If there is an

outstanding Rent Review, leave the

outstanding Rent Review Date until

the review has been settled.

dd/mm/yyyy N

TDE024 Tenancy Tenancy Lease

Terms

Type of Rent

Change

Type of rent change stated in

the lease. Includes fixed change;

linked to inflation; stepped.

integer Y

TDE017 Tenancy Tenancy Lease

Terms

Rent Review

Frequency

The number of years between

standard rent reviews or

application of rent indexation.

integer N

TDE005 Tenancy Tenancy Lease

Terms

Break Clause:

Option Type

The party which holds the right to

exercise early termination of the

lease. (The right to exercise this

break should correspond with date

supplied in Break Date).

integer Y

TDE004 Tenancy Tenancy Lease

Terms

Break Clause:

Date

The date on which either the

landlord, tenant, or both may

next exercise the right to early

termination of the lease. Missing

date is not interpreted as "lease

secured until expiry". Refer to

Break Type to specify the lease

has no break defined.

dd/mm/yyyy N

TDE023 Tenancy Tenancy Lease

Terms

Tenant

Obligations

Lease category for the obligation

of payment of operating expenses.

integer Y

TRF001 Tenancy Expense

Recoveries

Annual expense recoveries

charged on the unit up to period

end including all floor areas under

the lease agreement

decimal N

37 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

TVA006 Tenancy Tenancy

Valuation

Unit Market

Rental Value

Annual Market Rental Value for the

unit, at the end of the period. (To

be provided for all units including

head leases, vacant units and

developments.) Deﬁned as the

estimated amount for which a

property, or space within a property,

should let on the date of valuation

between a willing lesser and a

willing lessee on appropriate lease

terms in an arm’s-length transaction

after proper marketing wherein

the parties acted knowledgeably,

prudently and without compulsion.

Gross of Head rent.

If the lease states that the rent paid

is to be pegged to a proportion of

the full market value, then the MRV

should be provided pro rated to

reﬂect the terms of the lease. For

developments record unimproved

MRV until development commences,

then estimated full improved MRV.

decimal N

TVA001 Tenancy Tenancy

Valuation

Annual Rent

Passing as per

lease

Total annual Rent Passing for the

tenant as per the lease, at the

valuation date, taking into account

the impact of lease incentives

(i.e. if there is a rent free period,

amount reported equals zero).

Also known as Rent Passing

Excluding: Turnover Rents and Other

Recurring Operating Income (e.g.

charges for property tax, heating, air

conditioning, water) , which should

be recorded separately.

Exclude also: Effects of straight

lining for lease incentives such as

Rent Free Periods or Step Rents

that are required under IFRS,

VAT, Arrears, Interest on arrears,

Cost recoveries, Key money, and

Surrender Premiums.

If Rent Review is overdue, record

the old rent until the new rent is

agreed. (MSCI software will store an

estimated new rent for overdue Rent

Reviews elsewhere by substituting

the MRV at the date of the Rent

Review as the best estimate of the

new rent that will be agreed.)

Record zero rent until Rent Free

Period has expired. For head

leases, the ground rent should

be provided. For developer

guarantees, the guaranteed

amount should be provided.

decimal N

38 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

TVA005 Tenancy Tenancy

Valuation

Topped-Up Rent

Passing for Unit

Total Annual Rent Passing from

the lease in the property at the

valuation date plus the additional

rent after expiration of rent-free

periods or other lease incentives.

For rent-free period, it should

reflect the headline cash rent as

stipulated in the lease contract.

Exclude:

• straight line adjustments for

Rent Free periods.

• developments, lots, unused

buildings rights & properties.

• future indexation uplifts, rent

reviews or rental uplifts which

are intended to compensate

for future inflation.

decimal N

TVA007 Tenancy Tenancy

Valuation

Turnover Rent

Annual amount

for the tenant.

Annual Turnover rent attributable

to this tenancy. Additional rent

charged to tenant as a proportion

of tenant trading turnover.

decimal N

TDE025 Tenancy Tenancy Unit

data

Unit Net Rentable

Floor Area

The total internal lettable ﬂoor area

of a unit, not including ancillary

unoccupiable areas (stairs, elevator

& HVAC shafts, mechanical rooms,

etc.). Consistent with the International

Building Code Section 1002.1. Area

should be reported at 100%, not

scaled down for shared ownerships.

integer N

TDE026 Tenancy Tenancy Unit

data

Unit Use Type

Code

Predominant use of the unit, at

the end of the period. (Category

should be consistent with Primary

Property Use Code).

integer Y

TVA013 Tenancy Tenancy

Valuation

Rent Step Dates The dates on which future Step

changes in Contracted Rent will

occur at various times in the future,

as itemized in the lease. All steps

in the lease should be recorded.

Exclude Full Rent Review dates.

dd/mm/yyyy N

TVA004 Tenancy Tenancy

Valuation

Step Rent

Amounts

Annual Contracted Rent stipulated

at each Step as specified in the

lease. All Steps in the lease should

be recorded.

decimal N

TDE020 Tenancy Tenancy

Vacancy

Start Date of

Current Vacancy

Date on which vacancy commenced,

when previous lease expired or was

Disclaimed. Provide date of Practical

Completion for unlet developments

dd/mm/yyyy N

TDE001 Tenancy Tenancy

Vacancy

Anticipated

Letting Date Of

Vacancy

The date on which it is anticipated

that a currently vacant unit will

be re-let.

dd/mm/yyyy N

39 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

TDE019 Tenancy Review Rent for

Unit

The expected achievable annual rent

if retail rents are reviewed, taking into

account possible proceedings under

Section 303 of Book 7 of the Dutch

Civil Code. The expected achievable

annual rent is based on the

current ﬁve years average rents of

comparable retail locations, excluding

improvements made by the tenant

(deﬁnition Ten Have, 2007). In article

7:290 a list is provided to which type

of tenant the rent review is applicable.

Please note that the landlord and

tenant can always voluntarily agree

that the rent review is applicable. If

the review rent is not applicable for a

lease the ﬁeld should be set to NULL/

Non-response.

Tenants where the rent review is

applicable (article 7:290)

• ANWB shop

• Pharmacy (but doubtful)

• Tire shop

• Bar

• Petrol station (if rented buildings)

• Café

• Chinese take-away

• Consumption Kiosk

• Garage

• Hotel

• Camping Company

• Canteen on sports field

• Kiosk

• Lunchroom

• Furniture store

• Guesthouse (if non-sustainable

accommodation is provided)

• Wig maker

• Restaurant

• Shoe store

• Forge

• Dry cleaner

• Dry Cleaning Depot

• Garden store

• Winter storage place with slope

(also used for repair)

• Self-service Cafeteria

Tenants where the rent review is

not applicable (article 7:290)

• Pickup address for newspapers

• Driving school

• Damaged car repair (without

publicly accessible area)

• Rental car company

• Banks

• Undertaker

• Cinema

• Casino

decimal N

40 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

TVA008 Tenancy Type of Rental

Value

Is the Market Rental Value used

by the valuer a Headline or Net

Effective Rent amount?

Integer Y

TVA009 Tenancy Assumed Lease

term

The length of lease to first break

clause (in years) on new lettings at

the date of valuation

Integer N

VDE003 Vehicle Vehicle

Identifier

Client System

Vehicle GUID

Global unique identifier (GUID)

for a Vehicle/Fund maintained by

the clients source IT system, not

business users

alphanumeric N

VDE004 Vehicle Vehicle

Identifier

Client Vehicle ID Unique client business reference

for a Vehicle/Fund. The Reference

should be supplied consistently

between periods. Only required if

Vehicle ISIN cannot be supplied or

if its clients require the reference

in reporting

alphanumeric N

VDE019 Vehicle Vehicle

Identifier

MSCI Vehicle ID Unique Vehicle reference as

allocated by MSCI

alphanumeric N

VDE029 Vehicle Vehicle

Identifier

Vehicle ISIN International Securities Identiﬁcation

Number which uniquely identiﬁes

speciﬁc securities issues. The ISIN

is based on the National Securities

Identifying Number (NSIN) assigned

by governing bodies in each

country. First 2 characters identify

country in which issuing company

is headquartered; next 9 characters

give actual unique identifying

number for security; ﬁnal character

acts as a check, ensuring the code's

authenticity and prevents errors.

alphanumeric N

VDE023 Vehicle Vehicle

Descriptive

Vehicle

Currency Code

The three-letter currency code

(based on ISO 4217) in which the

Fund information is collected.

alphanumeric Y

VVA017 Vehicle Vehicle

Descriptive

Vehicle Period

End Date

Period end date at which the

valuation and performance data of

the vehicle is reported

dd/mm/yyyy N

VDE030 Vehicle Vehicle

Descriptive

Vehicle Name Name of the legal entity in which the

property/asset is held. The full title

of the vehicle should be entered.

alphanumeric N

VDE028 Vehicle Vehicle

Descriptive

Fund Domicile Unique three-letter ISO country

code (Alpha-3) representing the

country name in which the vehicle

is registered or incorporated.

Consistent with ISO 3166-1.

alphanumeric Y

VDE002 Vehicle Vehicle

Descriptive

Asset

Management

Asset management of investments

are carried out in house or

third party ( strategy and asset

management, as opposed to rent

collection and property maintenance)

integer Y

VDE014 Vehicle Vehicle

Descriptive

Launch Date Date on which vehicle was legally

established and it became possible to

make an investment into the vehicle

dd/mm/yyyy N

VDE022 Vehicle Vehicle

Descriptive

Termination

Date

Predetermined date on which the

vehicle is scheduled to be wound

up and net proceeds distributed

to investors. For closed-ended

funds only.

dd/mm/yyyy N

VDE001 Vehicle Vehicle

Descriptive

Accounting

standards

The accounting standards used

to prepare the vehicle's financial

reports and accounts.(e.g. IFRS)

integer Y

41 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

VDE018 Vehicle Vehicle

Descriptive

Month of annual

reporting

Vehicle financial year-end

(commonly March or December

calendar year, but may be

other dates).

Integer Y

VDE020 Vehicle Vehicle

Structure

Open or Closed

ended

Basis of vehicle capitalization. integer Y

VDE009 Vehicle Vehicle

Structure

Fund Strategy/

Style

Vehicle investment strategy as

specified in the vehicle’s mandate.

This is based on self declaration

rather than objective metrics.

integer Y

VDE013 Vehicle Vehicle

Structure

Investment

structure

Types of real estate assets permitted

under the vehicle mandate.

integer Y

VDE006 Vehicle Vehicle

Structure

Diversified/

Specialist Fund

Is the vehicle constrained to invest

in a particular asset type, region,

size, yield band, or other area of

the market?

integer Y

VDE011 Vehicle Vehicle

Structure

Fund Trading

Status

Listed or unlisted. A vehicle is

listed if it is traded by the public on

a registered securities exchange.

integer Y

VDE008 Vehicle Vehicle

Structure

Fund Legal

Structure

The legal framework which

governs the way in which the

vehicle operates, and the liabilities

of investors and managers.

integer Y

VDE010 Vehicle Vehicle

Structure

Fund Tax Status Taxation regime governing

the vehicle

integer Y

VDE015 Vehicle Vehicle

Investors

Main Investor

type

Identiﬁes the predominant category

of investors who are invested in

the vehicle. Predominant investors

should account for at least 50% of

the fund’s assets.

integer Y

VDE021 Vehicle Vehicle

Investors

Permitted

Investors

Permitted type of investor in vehicle:

professional (Institutional) investors,

non professional (retail) investors

integer Y

VDE005 Vehicle Vehicle

Investors

Commingled/

Separate

Are investors from a single source, or

blended from two or more sources?

integer Y

VDE016 Vehicle Vehicle

Objectives

Mandated Fund

benchmark

The benchmark against which the

vehicle performance is measured.

alphanumeric N

VDE017 Vehicle Vehicle

Objectives

Maximum LTV

(%GAV)

Maximum Loan To Value ratio

permitted in vehicle deeds, where

LTV is defined as 'Nominal value of

debt excluding shareholder loans

/ GAV of vehicle including pro rata

share in joint ventures'

Percentage N

VDE007 Vehicle Vehicle

Valuation

External

valuation

frequency

External Valuation frequency of

the assets

Integer Y

VDE012 Vehicle Vehicle

Valuation

Internal

valuation

frequency

Internal Valuation frequency of the

assets (includes desktop valuations)

Integer Y

VVA014 Vehicle Vehicle

Valuation

Percentage

of portfolio

revalued

Percentage of investments (by

value) revalued over the period,

externally or internally.

Percentage N

VVA013 Vehicle Vehicle

Valuation

Percentage

of external

appraisals

Percentage of investments (by value)

externally revalued over the period.

Percentage N

VVA008 Vehicle Vehicle

Valuation

Number of

Direct Assets

Number of direct properties owned by

the vehicle at the end of the period.

integer N

VVA007 Vehicle Vehicle

Valuation

Net Asset Value The NAV of a vehicle is its Gross

Asset Value less all liabilities as

per the chosen valuation principles

decimal N

42 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

VVA006 Vehicle Vehicle

Valuation

INREV Net Asset

Value

NAV calculated under INREV rules.

This is the NAV as per financial

statements, adjusted for the

elements defined by INREV.

decimal N

VVA003 Vehicle Vehicle

Valuation

Gross Asset

Value

The Gross Asset Value of a vehicle

is the gross property value plus

the value of any further assets at

market value as per the chosen

valuation principles.

decimal N

VVA009 Vehicle Vehicle

Valuation

Number of units Number of units at the end of the

period, if applicable

integer N

VVA001 Vehicle Vehicle

Valuation

Bid price If applicable, Price at which units

in an open-ended fund can be

redeemed (i.e. price at which

units will be bought back from an

investor by the manager). Based

on NAV less an adjustment for

the costs of potentially disposing

of the property, divided by the

number of units in issue.

decimal N

VVA010 Vehicle Vehicle

Valuation

Offer price If applicable, Price at which the

manager of an open-ended fund

will offer units for sale. Based on

NAV, plus an adjustment for the

costs of potentially acquiring the

underlying properties, divided by

the number of units in issue.

decimal N

VVA002 Vehicle Vehicle Asset

Allocation

Country where

assets are

invested

Unique three-letter ISO country

code (Alpha-3) representing the

country name where assets are

invested (Consistent with ISO

3166-1) Please provide as many

countries as the fund is exposed to

alphanumeric Y

VVA016 Vehicle Vehicle Asset

Allocation

Asset Allocation

- Retail

Capital value of all direct assets

plus NAV for indirect real estate

assets that can be attributed to the

Retail sector. Diversiﬁed indirect real

estate assets should be recorded

in the 'Other' ﬁeld. Please provide

exposure for each country separately

decimal N

VVA011 Vehicle Vehicle Asset

Allocation

Asset Allocation

- Office

Capital value of all direct assets

plus NAV for indirect real estate

assets that can be attributed to the

Oce sector. Diversiﬁed indirect real

estate assets should be recorded

in the 'Other' ﬁeld. Please provide

exposure for each country separately

decimal N

VVA005 Vehicle Vehicle Asset

Allocation

Asset Allocation

- Industrial

Capital value of all direct assets plus

NAV for indirect real estate assets

that can be attributed to the Industrial

sector. Diversiﬁed indirect real estate

assets should be recorded in the

'Other' ﬁeld. Please provide exposure

for each country separately

decimal N

VVA015 Vehicle Vehicle Asset

Allocation

Asset Allocation

- Residential

Capital value of all direct assets

plus NAV for indirect real estate

assets that can be attributed to the

Residential sector. Diversiﬁed indirect

real estate assets should be recorded

in the 'Other' ﬁeld. Please provide

exposure for each country separately.

decimal N

43 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

VVA004 Vehicle Vehicle Asset

Allocation

Asset Allocation

- Hotel

Capital value of all direct assets

plus NAV for indirect real estate

assets that can be attributed to the

Hotel sector. Diversiﬁed indirect real

estate assets should be recorded

in the 'Other' ﬁeld. Please provide

exposure for each country separately

decimal N

VVA012 Vehicle Vehicle Asset

Allocation

Asset Allocation

- Other

Capital value of all direct assets

plus NAV for indirect real estate

assets that can be attributed to the

Other sector. Diversiﬁed indirect real

estate assets should be recorded

in the 'Other' ﬁeld. Please provide

exposure for each country separately

decimal N

VCF002 Vehicle Vehicle Capital

Flows

New Capital

Invested (day

dated)

New capital raised by the vehicle

during the period, timed on a daily

basis. If bid/offer price mechanism

prevails, report at offer price.

decimal N

VCF001 Vehicle Vehicle Capital

Flows

Capital Returned

(day dated)

Capital returned to investors

(redemptions) by the vehicle

during the period, timed on a daily

basis. If bid/offer price mechanism

prevails, report at bid price.

decimal N

VRF015 Vehicle Vehicle

Revenue Flows

Vehicle Cash

Flow Period

Start Date

Date from which the current

account period started.

dd/mm/yyyy N

VRF013 Vehicle Vehicle

Revenue Flows

Vehicle Cash

Flow Period End

Date

Date from which the current

account period ended.

dd/mm/yyyy N

VRF010 Vehicle Vehicle

Revenue Flows

Payable date

of vehicle cash

flow

The Date on which each cash ﬂow

was returned. If ﬂow is to be paid in

the next period but relates to a ﬂow

captured in this period please record

on the last day in this period. If cash

ﬂows cannot be provided to payable

day please provide 1st day of month

for New Capital Invested; last day of

the month for Capital Returned and

for revenue Distributions. If reporting

for a period of greater than a month

please provide monthly aggregates

as a minimum.

dd/mm/yyyy N

VRF001 Vehicle Vehicle

Revenue Flows

Distributions

(day dated)

Income distributions payable,

gross of tax, net of expenses.

decimal N

VCF003 Vehicle Vehicle Capital

Flows

Total Net Capital

Invested

Total amount of new capital raised

by the vehicle during the period

less amount of capital returned

to investors by the vehicle,

unweighted (i.e. ignoring cash

flow timing). If bid/offer price

mechanism prevails, report at

new capital at offer price i.e. total

amount of cash going into the fund

decimal N

VRF008 Vehicle Vehicle

Revenue Flows

Net Investment

Income After

Fees

Total investment income that was

reported by the vehicle during

the period net of fund operating

costs, and net of any advisory and

incentive fees (unless the incentive

fees are netted o the capital side).

decimal N

44 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

VRF009 Vehicle Vehicle

Revenue Flows

Net Investment

Income Before

Fees

Total investment income that was

reported by the vehicle during

the period net of fund operating

costs, but gross of any advisory

and incentive fees ( if the latter is

applicable).

decimal N

VRF012 Vehicle Vehicle

Revenue Flows

Total

Distributions

Income payable to investors

during the period (accrued basis),

gross of tax, net of expenses.

decimal N

VRF002 Vehicle Vehicle

Revenue Flows

Fund Level

Expenses

All operating expenses incurred at

vehicle level other than fund level Tax.

Include:

• Administrative, secretarial,

printing & publication costs

• Marketing & promotional costs

• Professional advisor costs

• Audit costs

• Valuation costs

• Custodian costs

• Setting up and Winding up

cost, including amortization of

formation costs and associated

tax and legal costs

• Dead deals/aborted purchase

costs

• Other legal costs not related to

specific properties

• Bank charges including

depository fees charged by banks

• Costs associated with making

distributions to investors

• Directors’ expenses and fees

• Trustee remuneration costs

• Hedging costs (e.g.. currency,

interest)

• Other sundry costs.

decimal N

VRF003 Vehicle Vehicle

Revenue Flows

Fund Level Tax Accrued or paid Taxes incurred

by the fund during the period.

Exclude tax incurred by investors

in the vehicle or local taxes due

on individual properties and

recoverable Sales Tax (VAT/GST)

decimal N

45 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

VRF004 Vehicle Vehicle

Revenue Flows

Fund level

Investment

Management

Fees - General

Fees charged by the fund managers

for their services in the period as

deﬁned by the Fund Management

Agreement. Including fees collected

by third parties on behalf of the fund

Include:

Acquisition & disposal fees charged

by fund managers for strategic advice

Asset management fees generally

including: strategic input and

production of asset level business

plans; management of assets

including development and

refurbishment; appointment of third

party service providers; and reporting

Commitment fees for management

of undrawn capital during the

commitment phase

Debt arrangement fees

Fund management fees covering

strategic direction, hold/sell

analysis, financing , administration,

reporting and investor relations

Project management fees

Property advisory fees for

strategic advice

Exclude:

Asset or property management fees

paid to the investment manager or

third party property manager.

decimal N

VRF007 Vehicle Vehicle

Revenue Flows

Fund Level

Investment

Management

Fees - Total

Total of General Fund Management

fees and capital and/or expensed

incentive fees.

decimal N

VRF006 Vehicle Vehicle

Revenue Flows

Incentive

Fees - Expense

Account

Performance related fee amount if

treated as a fund operating expense,

including fees collected by third

parties on behalf of the fund

decimal N

VRF005 Vehicle Vehicle

Revenue Flows

Incentive Fees -

Capital account

Performance related fee amount

if treated as a capital expenditure,

including fees collected by third

parties on behalf of the fund

decimal N

VRF011 Vehicle Vehicle

Revenue Flows

Promote

compensation

payment

Proﬁt share payment made as a

fee to a service partner for creating

value and sharing risk in a project,

over and above distributions

attributable to capital contributions

decimal N

VPF004 Vehicle Vehicle

Returns

Gross Total

Return

Vehicle level Total Return

before deduction of all Fund

Management fees

Percentage N

VPF003 Vehicle Vehicle

Returns

Gross Income

Return

Vehicle Level Income Return Gross

of Fund Management fees.

Percentage N

VPF002 Vehicle Vehicle

Returns

Gross

Appreciation

Return

Vehicle Level Appreciation/

Capital Return, gross of Fund

Management fees

Percentage N

46 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS

FIELD CODE

ENTITY

LEVEL

DATA

CATEGORIES

DATA FIELD DATA DEFINITION DATA FORMAT ENUMERATION

VPF008 Vehicle Vehicle

Returns

Net Total Return Vehicle level Total Return net of all

Fund Management fees.

Percentage N

VPF007 Vehicle Vehicle

Returns

Net Income

Return

Vehicle Level Income Return net of

advisory fees and of incentive fees

if applicable.

Percentage N

VPF006 Vehicle Vehicle

Returns

Net Appreciation

Return

Vehicle Level Appreciation/

Capital Return, net of incentive

fees if applicable.

Percentage N

47 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

This appendix details the full Global Data

Standards, with item by item definitions, and

all relevant data field enumerations.

APPENDIX 4: MSCI GLOBAL DATA STANDARDS FOR

REAL ESTATE INVESTMENT – ENUMERATIONS

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE001 Accounting

standards

1 - Not Applicable Applicable to all Vehicle records globally

VDE001 Accounting

standards

2 - Applicable Not Known

VDE001 Accounting

standards

3 - Applicable Not

Categorized

Any local accounting standards not included in the 2 categories below.

VDE001 Accounting

standards

10 - IFRS International Financial Reporting Standards, administered by the

International Accounting Standards Board. Include all versions of

IFRS and former IAS and the Australian Accounting Standard AAS.

VDE001 Accounting

standards

20 - Local GAAP Generally Accepted Accounting Principles, , USA GAAP, and any

other local Generally Accepted Accounting standards.

VDE001 Accounting

standards

30 - AASB Australian Accounting Standard - This is said to be moving

towards IFRS (2013) See IFRS Around the World : Australia

VDE001 Accounting

standards

40 - PCG Plan Compatible Général - assumed not to be GAAP, so will go

under Other Not categorized

VDE001 Accounting

standards

50 - GAS German Accounting Standard (DRSC). They (and all other EU

countries) were required to move to IFRS in 2005 for all public

companies, so this should be largely redundant now and can also

go under Other Not categorized.

AVA004 Appraisal

Method

1 - Not Applicable Applies to all Direct properties

AVA004 Appraisal

Method

2 - Not Known Method of valuation not known or not provided

AVA004 Appraisal

Method

3 - Applicable not

Categorized

Method of valuation not falling into any of the following categories.

AVA004 Appraisal

Method

10 - Term & Reversion

single rate equivalent

yield

Traditional valuation method in which the current (term) income up

to the date of the next rent review or lease expiry, and entire future

(reversionary) income are valued separately to reflect the relative

security of these income flows. When the same cap rate is used

AVA004 Appraisal

Method

15 - Term & Reversion

variable yields

As above but rental income is valued in period steps, applying the

term rate to the current income, which is deemed to be lower risk

income, over the period of its duration. A higher reversion rate is

then applied to more uncertain future income likely to be achieved.

AVA004 Appraisal

Method

20 - Hardcore/top slice

different yields

The hardcore and top slice approach to valuation divides the

projected income stream into horizontal bands: the hardcore

current income projected in perpetuity, and reversionary slices of

potential extra income at review or on expiry of the lease.

AVA004 Appraisal

Method

25 - Hardcore/top slice

single equivalent yields

As above but Hardcore and Top Slice income valued at the same

capitalization rate.

AVA004 Appraisal

Method

30 - Discounted Cash flow A DCF valuation requires all future receipts and expenditure to

be estimated and tabulated, then converted into present day

equivalents by discounting. The rate at which flows are discounted

will be specified by the investor as a target rate.

AVA004 Appraisal

Method

40 - Leasehold single rate Valuation of a leasehold property where the net income stream

(tenant rents less head rent paid to the superior landlord) is

capitalized using a single rate all risks yield. Income stream may

include reversions.

48 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

AVA004 Appraisal

Method

45 - Leasehold Dual rate Valuation of a leasehold property where income stream is valued

using a dual capitalization rate allowing for a sinking fund.

Therefore the investor will have a capital sum at end of their

leasehold investment to replace the initial costs.

AVA004 Appraisal

Method

50 - Income Capitalization The Initial Yield method applies a capitalization rate to the current

net rental income at the valuation date and values this income into

perpetuity, ignoring future changes in income. Potential reversions

reflected only by variation of the capitalization

AVA004 Appraisal

Method

60 - Direct comparison with

comparable Sales

Valuation performed by comparing a subject property with the

price attained for other identical or similar buildings in the same

area, making adjustments for any significant differences in area

or finish.

AVA004 Appraisal

Method

70 - Depreciated

replacement method

Valuation performed by establishing the cost of replacing the

asset to provide the same benefits in pursuing business objectives

under normal conditions, taking into account the effect of

accumulated depreciation on the asset to be valued.

AVA004 Appraisal

Method

80 - Various methods

used together

Often a combination of Income Capitalization or Direct comparison

with DCF method.

AVA004 Appraisal

Method

90 - Book Cost Capital cost to date. Permitted only for recently purchased direct

properties (owned for less than 3 months) or development sites

pre-construction. Market Values must be provided for all other

properties, including developments.

ADE005 Asset Currency

Code

Please refer to standard 3

letter ISO currency codes

VDE002 Asset

Management

1 - Not Applicable Applies to all direct and indirect property funds

VDE002 Asset

Management

2 - Applicable Not Known Should only be used where the Type of Fund Management is one of

the following categories but is not known by MSCI.

VDE002 Asset

Management

3 - Applicable Not

Categorized

Fund management is by a mix or other arrangement not listed below.

VDE002 Asset

Management

10 - In house Funds operated by a team from the same organization as the

resources to be invested.

VDE002 Asset

Management

20 - Third party Funds managed by external team e.g. a corporate pension fund

operated by a specialist real estate management business.

ATR004 Asset Strategy 1 - Not applicable Applies to all direct properties

ATR004 Asset Strategy 2 - Not known Applicable but Strategy Not Known

ATR004 Asset Strategy 3 - Applicable, not

categorized

Asset Strategy does not fall into any of the categories below.

ATR004 Asset Strategy 10 - Stabilized Purchase of an occupied building or tenanted/income producing farm.

ATR004 Asset Strategy 20 - Redevelopment Purchase of a currently occupied building with only the intention

to renovate into the building's original state (complete overhaul

excluding Change of Use or Greening strategies)

ATR004 Asset Strategy 30 - Rehabilitation/

Repositioning

Purchase of a currently occupied building with intent to refurbish

the building to an improved specification without change of use.

Projected costs not high enough to constitute a redevelopment

(Projected costs/Start Value <25%) Excluding Greening strategies.

ATR004 Asset Strategy 40 - Conversion Purchase of an occupied building with the intention to change its

use. Exclude Greening strategies.

ATR004 Asset Strategy 50 - Leasing Purchase of buildings in the pre-leasing (vacant)/leasing phase

(partly vacant) with intention to re-lease and improve lease profile

of the asset.

ATR004 Asset Strategy 60 - Greening Purchase of buildings with the prominent intention to improve

sustainability which addresses the assets vulnerability to

natural occurrences which includes but not limited to flooding,

earthquakes and Tsunami.

ATR004 Asset Strategy 70 - Development Purchase of a site with planning permission granted and

intention to proceed with development, or of a development under

construction.

49 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ATR004 Asset Strategy 80 - Forward commitment Contract between 2 parties that represents and obligation to

buy an asset at a future date at a specific price. For example

(but not limited to) a commitment to purchase a development

upon Completion, at which point they would exchange funds for

possession of the asset.

ATR004 Asset Strategy 90 - Land Vacant land or sites to hold with no immediate intention to develop.

AVA009 Basis of Value 1 - Not Applicable Applicable to all direct real estate assets

AVA009 Basis of Value 2 - Not Known

AVA009 Basis of Value 3 - Applicable Not

categorized

Basis of valuation not included in any of the categories below.

AVA009 Basis of Value 10 - Market Value -

Verkehrswert

The standardized market value is deﬁned as the price which

would be achieved in an ordinary transaction at the time when

the assessment is made, taking into account the existing legal

circumstances and the actual characteristics, general condition

and location of the property or other object of assessment,

without consideration being given to any extraordinary or personal

circumstances. (TEGOVA)

AVA009 Basis of Value 20 - Market Value - Other The estimated amount for which an asset or liability should

exchange on the valuation date between a willing buyer and

a willing seller in an arm’s length transaction, after proper

marketing and where the parties had each acted knowledgeably,

prudently and without compulsion. Excludes: Verkehrswert.

AVA009 Basis of Value 30 - Fair Value The price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the

measurement date (IFRS13), OR The estimated price for the transfer

of an asset or liability between identiﬁed knowledgeable and willing

parties that reﬂects the respective interests of those parties.

AVA009 Basis of Value 40 - Non-Market Value Any valuation that does not conform to Market or Fair Value principles,

for example, Book Cost and Depreciated Replacement Cost.

TDE005 Break Clause:

Option Type

1 - Not Applicable Applies to all leases with Break clauses. Code 1 if no Break Clause.

TDE005 Break Clause:

Option Type

2 - Applicable Not Known

TDE005 Break Clause:

Option Type

10 - Tenant option Lease terms allow the tenant an option to terminate the lease at

the specified break date before the normal expiry date.

TDE005 Break Clause:

Option Type

20 - Landlord option Lease terms allow the landlord to terminate the lease at the

specified break date before the normal expiry date.

TDE005 Break Clause:

Option Type

30 - Mutual option Lease terms allow for the tenancy to be terminated at any time

by mutual agreement. That is: where the tenant and the landlord

agree together to end the tenancy without further liability. The

agreement to terminate must specify the date when all liabilities

terminate and when the tenant must vacate.

VDE005 Commingled/

Separate

1 - Not Applicable Applies to all direct and indirect portfolios.

VDE005 Commingled/

Separate

2 - Applicable Not known Investor source not known.

VDE005 Commingled/

Separate

3 - Applicable not

Categorized

Investor source known but not falling into any of the following

categories.

VDE005 Commingled/

Separate

10 - Separate account A separate account is a fund investing resources from a single

source, with segregated accounting and reporting. A separate

account allows the investor to specify to the manager individual

targets and risk tolerance.

VDE005 Commingled/

Separate

20 - Joint Ventures/ Club

deals/ Syndicates

The resources of 2 or more parties are available for investment

in a single asset or defined group of assets, with pre-agreed

investment procedure and income sharing arrangements.

50 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE005 Commingled/

Separate

30 - Commingled Fund comprising assets from several accounts that are blended

together. Investors in commingled funds benefit from economies

of scale, which allow for lower trading costs, diversification and

professional money management.

Includes Pooled funds, Property Unit Trusts and other co

investment funds.

VVA002 Country where

assets are

invested

Please refer to standard 3

letter ISO currency codes

ADE019 DAEB status 1 - Not Applicable Applies to Social Housing assets in the Netherlands

ADE019 DAEB status 2 - Not Known

ADE019 DAEB status 10 - DAEB status Diensten van Algemeen Economisch Belang (DAEB) - Service of

General Economics interest (English translation)

ADE019 DAEB status 20 - No DAEB status

ADE021 Detailed

Management

Status

1 - Not Applicable Applicable to all direct assets

ADE021 Detailed

Management

Status

2 - Not Known Not known or non response

ADE021 Detailed

Management

Status

3 - Applicable - not

categorized

Applicable but not falling into any of the categories below

ADE021 Detailed

Management

Status

10 - Accepting Vacancies

with intention to

redevelop

Asset being vacated in preparation for redevelopment.

A property is treated as a development if anticipated expenditure

over the course of the project will be more than 25% of the start

value. If it is less than 25% it is treated as a refurbishment.

ADE021 Detailed

Management

Status

20 - Empty Land or Building Unoccupied assets or empty land prior to the start of

development activity

ADE021 Detailed

Management

Status

30 - Planning permission

granted

Planning permission granted for development

ADE021 Detailed

Management

Status

40 - Under Demolition Demolition of previous building

ADE021 Detailed

Management

Status

50 - Cleared Site Empty Site before construction

ADE021 Detailed

Management

Status

60 - Under Construction Construction of new development

ADE021 Detailed

Management

Status

70 - Leasing Completed asset which is being actively leased, either following

development or redevelopment or as part of repositioning activity.

Exclude leasing of vacancies in Stabilized properties.

ADE021 Detailed

Management

Status

80 - Stabilized Completed properties > 6months after Practical Completion

certificate or more than 75% let.

VDE006 Diversified/

Specialist

1 - Not Applicable Applicable to all direct and indirect portfolios

VDE006 Diversified/

Specialist

2 - Applicable Not known Fund investment brief not known.

VDE006 Diversified/

Specialist

3 - Applicable not

Categorized

Fund investment brief known but not falling into any of the

above categories.

VDE006 Diversified/

Specialist

10 - Specialist - property type Fund specializing in a particular real estate sector e.g.

shopping centers.

VDE006 Diversified/

Specialist

20 - Specialist - geography Fund specializing in a specific geography (town or region)

51 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE006 Diversified/

Specialist

30 - Specialist - other Fund specializing in other particular real estate types e.g. lot size

or lease term. (Exclude specific sectors or geographies.)

VDE006 Diversified/

Specialist

40 - Diversified Fund comprising a spread of different types of real estate assets.

Also called ‘Balanced’.

VDE007 External

valuation

frequency

1 - Not applicable Applicable to all Vehicle records globally

VDE007 External

valuation

frequency

2 - External valuation

frequency not known,

not defined, or non

response.

VDE007 External

valuation

frequency

3 - External valuations

to be undertaken

irregularly or on a

frequency not listed

below.

VDE007 External

valuation

frequency

10 - Daily

VDE007 External

valuation

frequency

20 - Monthly

VDE007 External

valuation

frequency

30 - Quarterly

VDE007 External

valuation

frequency

40 - Bi-annual

VDE007 External

valuation

frequency

50 - Annual

VDE008 Fund Legal

Structure

1 - Not Applicable Applies to all direct and indirect portfolios.

VDE008 Fund Legal

Structure

2 - Applicable Not known Fund legal status not known

VDE008 Fund Legal

Structure

3 - Applicable Not

Categorized

Fund legal status known but not falling into any of the

following categories

VDE008 Fund Legal

Structure

10 - Corporate Vehicles governed by corporate law. Includes Limited liability

companies, Proprietary Companies and Corporations in which

individuals can invest by means of shares and receive income

distributions in the form of dividends. ( Includes SICAVs,

Australian PTYs, and Investment Trusts )

VDE008 Fund Legal

Structure

20 - Partnership Investors acting together for the purpose of conducting business.

Includes both Limited and Special Partnerships.

Limited Partnerships have one or more General Partners who

have management control of the fund, rights to share in the

profits of the partnership, and liability for its debts; and any

number of Limited Partners, who are only liable for the debts

of the partnership to the extend of their registered investment.

The General Partners distribute the profits of the partnership to

the Limited Partners as defined in the partnership agreement.

Details vary between jurisdictions. Also includes Includes

Japanese and Toshi jigyo yugen sekinen kumiai, and German

Kommanditgesellschaft auf Aktien (KGaA) .

52 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE008 Fund Legal

Structure

30 - Unit Trust Trust funds operate under a contract that is governed by special law,

which deﬁnes the rights of beneﬁciaries, who are the unit holders.

A trust fund comprises a variety of assets operated by trustees

on behalf of the beneficiaries. Unit trusts are open-ended vehicles

that can issue or redeem units at any time to investors who want

to purchase or sell their stake. The price of the units directly

reflects the value of the assets held by the trust (NAV). Includes

Authorized and Unauthorized Unit trusts, Offshore trusts, SCPIs,

wholesale , and Unit Linked funds.

VDE008 Fund Legal

Structure

40 - Contract Vehicles governed by arrangements set out in a contract, not

referring to a speciﬁc law. Investors rights are set out in the contract.

VDE009 Fund Strategy/

Style

1 - Not Applicable Applies to all direct and indirect portfolios

VDE009 Fund Strategy/

Style

2 - Applicable Not known Fund strategy or style is not known.

VDE009 Fund Strategy/

Style

3 - Applicable not

Categorized

Fund strategy/ style is known but cannot be classed in any of the

following categories.

VDE009 Fund Strategy/

Style

10 - Core ‘An account that includes a preponderance of core attributes;

the Account as a whole will have low leasing exposure and low

leverage. A low percentage of non-core assets is acceptable. As

a result, such portfolios should achieve relatively high-income

returns and exhibit relatively low volatility.’ Source INREV

VDE009 Fund Strategy/

Style

15 - Core Plus A ‘core-plus’ fund is a core fund with a target return at the upper

end of the core range. Source INREV

VDE009 Fund Strategy/

Style

20 - Value added An account that generally includes a mix of core investments and

non-core investments that will have less stable income streams.

The Account as a whole is likely to have moderate lease exposure

and moderate leverage. As a result, such Accounts should achieve

a significant portion of the return from appreciation/depreciation

and are expected to exhibit moderate volatility.' Source INREV

VDE009 Fund Strategy/

Style

30 - Opportunistic ‘An Account of preponderantly non-core investments that

is expected to derive most of its return from appreciation/

depreciation and/or which is expected to and may exhibit

significant volatility in returns. This volatility may be due to a

variety of characteristics, such as exposure to development,

significant leasing risk, high leverage, or a combination of

moderate risk factors.’ Source INREV

VDE010 Fund Tax

Status

1 - Not Applicable Applies to all direct and indirect portfolios.

VDE010 Fund Tax

Status

2 - Applicable Not known Fund tax status not known

VDE010 Fund Tax

Status

3 - Applicable Not

Categorized

Fund tax status known but not falling into any of the

following categories

VDE010 Fund Tax

Status

10 - REIT Real Estate Investment Trusts with special tax status. REITS are

exempt from income tax and capital gains tax in respect of their

property investment activities. The three principal conditions are to:

• distribute at least 90% of their net taxable income

• hold at least 75% of their gross assets in the form of

investment properties

• derive at least 75% of their income by way of rents from

these properties.

90% of trust taxable income must be distributed to investors.

VDE010 Fund Tax

Status

20 - Fully tax transparent Fully tax transparent means that for direct tax purposes, investors

are treated as if they had invested directly in the underlying

assets and are subject to tax accordingly. i.e. will not be subject

to corporation, income or capital gains tax. (Source UK Financial

Services Authority, FSA. Luxembourg and Ireland have introduced

similar structures.)

Includes Limited Liability Partnerships

VDE010 Fund Tax

Status

25 - Partly tax transparent Carry some tax advantages, but are not fully tax transparent.

53 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE010 Fund Tax

Status

30 - Fully taxed / Not tax

transparent

No tax advantages.

VDE011 Fund Trading

Status

1 - Not Applicable Applies to all direct and indirect portfolios.

VDE011 Fund Trading

Status

2 - Applicable not known Fund Trading Status not known

VDE011 Fund Trading

Status

3 - Applicable not

categorized

Fund Trading Status known but not falling into any of the

above categories.

VDE011 Fund Trading

Status

10 - Listed A company, corporation or other vehicle whose shares have been

accepted for trading on a stock exchange - Including the LSE Alternative

Investment Market (AIM). Also known as a quoted companies.

VDE011 Fund Trading

Status

20 - Unlisted Companies or other vehicles that are not listed on a stock

exchange. Also known as private companies or unquoted vehicles.

(Includes: Société Foncière non-cotée in France, Inmobiliaria no

cotizada in Spain.)

AVA051 Indirect RE -

Property Type

Please refer to the same

enumeration list as

'Property Type'

Applies to all Indirect assets

ADE028 Industrial

Location

1 - Not Applicable Applies only to direct industrial assets.

ADE028 Industrial

Location

2 - Not Known Direct industrial assets where location type not known or

not responded

ADE028 Industrial

Location

3 - Applicable - not

categorized

Industrial assets where location type is known but not in any of

the categories below

ADE028 Industrial

Location

10 - Within city boundaries Located within the official boundaries of a city that is the core of a

urban area (possible for urban logistics, workshops or services)

ADE028 Industrial

Location

20 - Suburban Located in the immediate neighborhood (about 5/6 km) of the core

city of a urban area

ADE028 Industrial

Location

30 - Non-urban Out-of-town location on Greenfield sites or within small

towns/ settlements.

ADE030 Industrial

Property

Situation

1 - Not Applicable Applicable to all Direct Property type Industrial

ADE030 Industrial

Property

Situation

2 - Not Known

ADE030 Industrial

Property

Situation

3 - Applicable - Not

categorized

Industrial assets that cannot be placed in either of the categories

below. Use for Indirect industrial assets that comprise a mix of

park and non-park properties.

ADE030 Industrial

Property

Situation

10 - Park Location The property is a whole industrial park (also known as industrial

estate or trading estate) in an area zoned and planned for the

purpose of industrial development. May comprise a variety of light

industrial, warehouse and repair activities.

ADE030 Industrial

Property

Situation

20 - Non-Park All non-park industrial properties.

VDE012 Internal

valuation

frequency

1 - Not Applicable Applicable to all Vehicle records globally

VDE012 Internal

valuation

frequency

2 - Internal valuation

frequency not known,

not defined, or non

response.

VDE012 Internal

valuation

frequency

3 - Internal valuations to be

undertaken irregularly

or on a frequency not

listed below.

54 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE012 Internal

valuation

frequency

10 - Daily

VDE012 Internal

valuation

frequency

20 - Monthly

VDE012 Internal

valuation

frequency

30 - Quarterly

VDE012 Internal

valuation

frequency

40 - Bi-annual

VDE012 Internal

valuation

frequency

50 - Annual

VDE013 Investment

structure

1 - Not Applicable Applicable to all direct and indirect portfolios.

VDE013 Investment

structure

2 - Applicable Not known Permitted investment structure not known.

VDE013 Investment

structure

3 - Applicable Not

Categorized

Permitted investment structure known but not in any of the

following categories.

VDE013 Investment

structure

10 - Direct Fund to be invested entirely in direct real estate assets.

VDE013 Investment

structure

20 - Blend of Direct /

Indirect

Fund permitted to invest in both direct and indirect assets.

VDE013 Investment

structure

30 - Predominantly Indirect Funds investing more than 70% in indirect real estate vehicles,

including 'Fund-of-funds' - funds comprising a portfolio of indirect

investments in other funds. This type of investing is often referred

to as multi-manager investment.

VDE013 Investment

structure

40 - Other Real Estate

assets

Invested directly or indirectly in other real estate assets

(e.g. Infrastructure)

VDE013 Investment

structure

50 - Debt fund A fund invested directly or indirectly in debt vehicles or mortgage

backed securities.

ADE096 Investment

type

2 - Direct RE - Not Known Direct asset type not recorded. Non response.

ADE096 Investment

type

3 - Direct RE - Applicable

Not Categorized

Direct RE asset not falling into any of categories 100-140

ADE096 Investment

type

100 - Direct RE - Aggregate Groups of direct properties that are valued together e.g.

residential estates. social housing, or portfolios of direct

properties that are not valued separately.

ADE096 Investment

type

110 - Direct RE - Individual

Property

Individual physical real estate investments valued as distinct

properties e.g. ABC shopping center, XYZ office building, down to a

single apartment or strip of land that is valued as a separate asset.

ADE096 Investment

type

120 - Direct RE - Joint

Venture

Business agreements in which parties agree to develop, a new

entity or new assets by contributing equity. They exercise control

over the enterprise and consequently share revenues, expenses,

assets and liabilities.

ADE096 Investment

type

130 - Direct RE - Waterfall

Partnership

Waterfall Partnerships recorded as Direct properties at Gross Asset

Value, prior to deduction of costs and other liabilities. Partnership

agreements using a waterfall approach containing several tiers

of income (or loss) allocations that deﬁne the priority in which

partnership items of income (or loss) are to be allocated. These

agreements also contain several tiers of cash distribution provisions

that deﬁne how partnership cash gets distributed to the partners.

ADE096 Investment

type

140 - Direct RE - Beneficiary

interest in trust

The right to receive benefits on an asset held by another party

(Trust). Typically the right to receive income from a trust's RE

holdings without owning the holdings directly.

ADE096 Investment

type

200 - Indirect RE - Private

Real Estate vehicles

(Aggregate)

Composite record of investment in various unlisted vehicles

55 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ADE096 Investment

type

210 - Indirect RE - JV/

Waterfall Partnership

(NAV level)

Joint Ventures (inc. Waterfall Partnerships) recorded as Private RE

funds at Net Asset Value.

A JV partnership is a business agreements in which parties agree

to develop, a new entity or new assets by contributing equity.

They exercise control over the enterprise and consequently share

revenues, expenses, assets and liabilities.

ADE096 Investment

type

220 - Indirect RE - Limited

partnership

Investments in individual Limited Partnerships or groups of

Limited partnerships. A Limited Partnership comprises:

• One or more General Partners, who are liable for all debts and

obligations of the firm;

• One or more Limited Partners, who contribute a sum or sums

of money as capital, or property valued at a stated amount.

Limited partners are not liable for the debts and obligations of the

entity beyond the amount contributed. Limited partners may not:

• Draw out or receive back any part of their contribution to the

partnership during its lifetime;

• Take part in the management of the business

ADE096 Investment

type

225 - Indirect RE - Other Real

Estate Partnership

Investment in real estate partnerships other than Joint Ventures

or Limited Partnership structures, recorded using equity

accounting method.

ADE096 Investment

type

230 - Indirect RE - Other

unlisted fund -

Institutional investors

Investment in unlisted real estate funds that are not in

Partnership structures and are restricted to professional

investors. Include UK Unauthorized Property Unit Trusts, most

French OPCI and some French SCPIs.

ADE096 Investment

type

235 - Indirect RE - Other

unlisted fund - Retail

investors

Investment in unlisted real estate funds that are not in

Partnership structures and are open to non-professional (retail)

investors. Include UK Authorized Property Unit Trusts, some

French OPCI and most French SCP!s

ADE096 Investment

type

240 - Indirect RE - Other AIF

(non-listed)

AIFs are defined as any collective investment undertaking which:

• raises capital from a number of investors, with a view to

investing it in accordance with a defined investment policy for

the benefit of those investors; and

• is not already regulated under the UCITS (Collective Investment

in Transferable Securities) Directive.

Includes investments in Hedge funds and Private equity funds.

Includes unlisted Italian OICR funds.

ADE096 Investment

type

250 - Indirect RE - Private

REIT

Investments in non-listed Real Estate Investment Trusts. A

REIT is a tax designation for a corporate entity investing in real

estate. The purpose of this designation is to reduce or eliminate

corporation tax. In return, REITs are required to distribute at least

90% of their taxable income to investors. A REIT is a company that

owns, and in most cases, operates income-producing real estate.

ADE096 Investment

type

260 - Indirect RE - Other

Private RE Operating

Companies

A real estate operating company (REOC) is similar to a real estate

investment trust (REIT), except that an REOC will reinvest its

earnings into the business, rather than distributing them to unit

holders like REITs do. Also, REOCs are more flexible than REITs in

terms of what types of real estate investments they can make.

ADE096 Investment

type

265 - Indirect RE - JV/

Waterfall partnership

fund structure

JVs or Waterfall partnerships non-direct holdings (cash, debt,

other assets and liabilities). Use only if underlying direct assets

in JVs or Waterfall partnership have been recorded above under

Direct Assets.

ADE096 Investment

type

270 - Indirect RE - Public

REIT

Investments in publically listed Real Estate Investment Trusts. A

REIT is a tax designation for a corporate entity investing in real

estate. The purpose of this designation is to reduce or eliminate

corporation tax. In return, REITs are required to distribute at least

90% of their taxable income to investors. A REIT is a company that

owns, and in most cases, operates income-producing real estate.

ADE096 Investment

type

280 - Indirect RE - Other

UCITS

Investments in a public limited companies that coordinates the

distribution and management of unit trusts amongst countries

within the European Union.

56 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ADE096 Investment

type

290 - Indirect RE - Other

Public Real Estate

Vehicle

Stocks, Shares or bonds held in limited liability companies

invested in real estate. Share prices are listed and shares traded

on a recognized public exchange (quoted companies). Income is

distributed as dividends.

Includes Property Companies, Listed OICR, Listed Property

Investment Trusts

ADE096 Investment

type

300 - Derivatives - Real

Estate

Real Estate derivatives allow investors to gain exposure to the

real estate asset class without having to buy or sell physical

properties by replacing the real property with the performance of

a real estate return index.

Includes: Property Index Certificates (PICS), Property Index

Futures (PIFS), SWAPS, Derivative Margin payments.

ADE096 Investment

type

400 - Debt Investment Investments in firms or projects through the purchase of bonds or

debentures (as opposed to shares).

Include specialist debt funds & mezzanine finance investments

and bundles of mortgages e.g. Residential or Commercial

Mortgage Backed Securities (MBS).

ADE096 Investment

type

500 - Cash on balance sheet

- non restricted

Cash deposits and short term securities in banks or other

financial institutions or facilities, normally earning interest, and

available for use anywhere in the portfolio.

ADE096 Investment

type

505 - Cash on balance sheet

- restricted

Monies earmarked for a specific purpose and therefore not

available for immediate and general use by an organization. E.g.

cash-covering derivatives.

ADE096 Investment

type

550 - Forward Commitments An agreement to purchase an asset at an agreed price on a future

date. This locks the purchaser into a price in advance, removing

uncertainty and risk for the vendor.

ADE096 Investment

type

560 - Other assets Investments in any other assets or contracts not accounted for

elsewhere. Also includes accounts receivable, prepaid expenses, etc.

ADE096 Investment

type

600 - Debt Portfolio level -

Unspecified

Amounts borrowed by funds from banks or other financial

organizations to finance purchases, developments or other costs

anywhere in the portfolio. Include all vehicle long and short term

borrowing, mezzanine finance, loans, lines, and other debt not

attached to a particular asset. Portfolio level debt facilities not

falling into any of the specific categories below.

ADE096 Investment

type

605 - Debt Portfolio Level,

fixed - Secured,

Amortizing

Portfolio level Fixed debt facility, either a permanent facility, or

debt facility for an extended period at a fixed interest rate.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The amount of the debt reducing annually (Amortizing). Monthly

payments are applied first toward reducing the interest balance,

and any remaining sum towards the principal balance. As the loan

is paid off, a progressively larger portion of the payments goes

toward principal and a progressively smaller portion towards the

interest.

ADE096 Investment

type

610 - Debt Portfolio Level,

fixed - Secured, non-

Amortizing

Portfolio level Fixed debt facility, either a permanent facility, or

debt facility for an extended period at a fixed interest rate.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The principal remaining constant (Non-Amortized); also called

interest-only loans. Lump sum payments (balloon payments) may

be settled over the course of the loan depending on the contract.

ADE096 Investment

type

620 - Debt Portfolio Level,

fixed - Unsecured,

Amortizing

Portfolio level Fixed debt facility, either a permanent facility, or

debt facility for an extended period at a fixed interest rate.

Loan amount not secured against assets of equal or greater

liquidation-value.

The amount of the debt reducing annually (Amortizing). Monthly

payments are applied ﬁrst toward reducing the interest balance,

and any remaining sum towards the principal balance. As the loan is

paid o, a progressively larger portion of the payments goes toward

principal and a progressively smaller portion towards the interest.

57 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ADE096 Investment

type

625 - Debt Portfolio Level,

fixed - Unsecured, non-

Amortizing

Portfolio level Fixed debt facility, either a permanent facility, or

debt facility for an extended period at a fixed interest rate.

Loan amount not secured against assets of equal or greater

liquidation-value.

The principal remaining constant (Non-Amortized); also called

interest-only loans. Lump sum payments (balloon payments) may

be settled over the course of the loan depending on the contract.

ADE096 Investment

type

635 - Debt Portfolio Level,

floating - Secured,

Amortizing

Portfolio level Floating debt facility that is agreed at a variable

interest rate structure. The loan may be refinanced, renewed, or

rolled over.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The amount of the debt reducing annually (Amortizing). Monthly

payments are applied ﬁrst toward reducing the interest balance,

and any remaining sum towards the principal balance. As the loan is

paid o, a progressively larger portion of the payments goes toward

principal and a progressively smaller portion towards the interest.

ADE096 Investment

type

640 - Debt Portfolio Level,

floating - Secured, non-

Amortizing

Portfolio level Floating debt facility that is agreed at a variable

interest rate structure. The loan may be refinanced, renewed, or

rolled over.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The principal remaining constant (Non-Amortized); also called

interest-only loans. Lump sum payments (balloon payments) may

be settled over the course of the loan depending on the contract.

ADE096 Investment

type

645 - Debt Portfolio Level,

floating - Unsecured,

Amortizing

Portfolio level Floating debt facility that is agreed at a variable

interest rate structure. The loan may be refinanced, renewed, or

rolled over.

Loan amount not secured against assets of equal or greater

liquidation-value.

The amount of the debt reducing annually (Amortizing). Monthly

payments are applied ﬁrst toward reducing the interest balance,

and any remaining sum towards the principal balance. As the loan is

paid o, a progressively larger portion of the payments goes toward

principal and a progressively smaller portion towards the interest.

ADE096 Investment

type

650 - Debt Portfolio Level,

floating - Unsecured,

non-Amortizing

Portfolio level Floating debt facility that is agreed at a variable

interest rate structure. The loan may be refinanced, renewed, or

rolled over.

Loan amount not secured against assets of equal or greater

liquidation-value.

The principal remaining constant (Non-Amortized); also called

interest-only loans. Lump sum payments (balloon payments) may

be settled over the course of the loan depending on the contract.

ADE096 Investment

type

700 - Debt Asset level -

Unspecified

Amounts borrowed from banks or other financial organizations

to finance individual asset purchases, developments or other

costs. Asset level debt facilities not falling into any of the specific

categories below.

Include mezzanine debt.

ADE096 Investment

type

710 - Debt Asset level

- Secured, Fixed,

Amortizing

Asset level Fixed debt facility, either a permanent facility, or debt

facility for an extended period at a fixed interest rate. Include

mezzanine debt.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The amount of the debt reducing annually (Amortizing). Monthly

payments are applied ﬁrst toward reducing the interest balance,

and any remaining sum towards the principal balance. As the loan is

paid o, a progressively larger portion of the payments goes toward

principal and a progressively smaller portion towards the interest.

58 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ADE096 Investment

type

715 - Debt Asset level -

Secured, Fixed, Non

Amortizing

Asset level Fixed debt facility, either a permanent facility, or debt

facility for an extended period at a fixed interest rate. Include

mezzanine debt.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The principal remaining constant (Non-Amortized); also called

interest-only loans. Lump sum payments (balloon payments) may

be settled over the course of the loan depending on the contract.

ADE096 Investment

type

720 - Debt Asset level

-Secured, Floating

Amortizing

Portfolio level Floating debt facility that is agreed at a variable

interest rate structure. The loan may be refinanced, renewed, or

rolled over. Include mezzanine debt.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The amount of the debt reducing annually (Amortizing). Monthly

payments are applied ﬁrst toward reducing the interest balance,

and any remaining sum towards the principal balance. As the loan is

paid o, a progressively larger portion of the payments goes toward

principal and a progressively smaller portion towards the interest.

ADE096 Investment

type

725 - Debt Asset level -

Secured, Floating Non

Amortizing

Asset level Floating debt facility that is continually refinanced,

renewed, or rolled over. Include mezzanine debt.

Loan amount Secured against assets of equal or greater

liquidation-value as a security which may be forfeited in case of

a default.

The principal remaining constant (Non-Amortized); also called

interest-only loans. Lump sum payments (balloon payments) may

be settled over the course of the loan depending on the contract.

ADE096 Investment

type

750 - Debt - Cash Liabilities

(Overdrafts)

Overdraft arrangements with banks allowing borrowing to a pre-

arranged level subject to interest charges usually at variable

rates pegged to central Bank Rate.

ADE096 Investment

type

770 - Debt - Exposure

through indirect

holdings

Off balance sheet debt incurred through ownership of units in

Indirect vehicles or JVs that include gearing.

ADE096 Investment

type

800 - Other Liabilities -

Forward commitment

Contract to adopt a liability to repair, renovate, redevelop a real

estate asset, or to invest in a RE vehicle up to an agreed amount at

a specified date in the future.

ADE096 Investment

type

810 - Other Liabilities -

Minority interests

Non-controlling investor interests in the portfolio.

ADE096 Investment

type

820 - Other Liabilities Market Value of all other liabilities. Includes shareholder loans,

accounts payable, tax payable, accrued expenses, accrued

incentive fee payable, accrued interest on loans and notes

payable, investor distributions payable and other liabilities and

Unallocated Cashflows not attributable to specific assets. Does

not include Aborted purchase costs (dead deals), these should be

included as part of Fund-level costs.

TDE013 Lease Type/

Occupancy

Status

1 - Not Applicable Applies to all direct assets

TDE013 Lease Type/

Occupancy

Status

2 - Not Known Tenant lease type is not provided or not known

TDE013 Lease Type/

Occupancy

Status

3 - Applicable - Not

Categorized

Tenant lease type does not fall into any of the categories below.

TDE013 Lease Type/

Occupancy

Status

10 - Lease contract with

third party

Unit let to a third party on arms length terms defined by a lease

contract for a term longer than 6 months. The unit may or may not

be currently occupied by the lessee. Rent will normally be paid/

owed, unless the lease specifies a Rent Free Period.

TDE013 Lease Type/

Occupancy

Status

15 - Lease with option to

buy the unit/property at

the end of the contract

Units let on Long leases where there is an option to buy the unit

at the end of the contract (especially in the Netherlands). Include

Credit Bail in France.

59 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

TDE013 Lease Type/

Occupancy

Status

20 - Owner-occupied Unit let to the investor or a closely related party, often on

preferential terms.

TDE013 Lease Type/

Occupancy

Status

30 - License or permit

to occupy

A license to occupy grants a business the right to occupy for a

specific time period of no more than a year. Normally it is less

than 6 months. The tenant has no right to renew if the landlord

asks him to leave.

TDE013 Lease Type/

Occupancy

Status

40 - Headlease A lease granted by the owner of the freehold or superior long

leasehold interest in the property to the investor who holds only a

leasehold interest (usually for more than 25 years).

TDE013 Lease Type/

Occupancy

Status

50 - Unit leased to a tenant

in administration

A unit where the tenant has a lease but is in receivership or

administration and the lease has not been Disclaimed. Under the

accruals principle income is due until the point the lease is disclaimed.

Investors may make Provisions in their accounts for bad debts

TDE013 Lease Type/

Occupancy

Status

55 - Tenant holding over This applies where the tenant is holding over (i.e. lease expired)

and still paying ‘old’ rent or an agreed interim rent. This implies

that the tenant has no security of tenure, since the landlord can

terminate the lease at any time.

TDE013 Lease Type/

Occupancy

Status

60 - Pre-let not on a

development.

Lease contract secured but starting in coming months. An agreement

exists for a tenant to take a lease at a deﬁned future date.

TDE013 Lease Type/

Occupancy

Status

61 - Pre-let on a

development

Lease contract secured but starting in coming months.

An agreement exists for a tenant to take a lease at an agree future

date on or after Completion of a unit under construction.

TDE013 Lease Type/

Occupancy

Status

62 - Developer Guarantee Developer has agreed to pay rent after Completion if unit is not let.

TDE013 Lease Type/

Occupancy

Status

70 - Vacant unit in a

development not yet

ready for occupation.

Unit available for letting in a development still under construction.

No future tenant identified and no developer guarantee in place.

TDE013 Lease Type/

Occupancy

Status

71 - Vacant, with intention

to remodel prior to

letting.

Where there is no lease or other temporary contract in place

and any previous lease has been disclaimed. Landlord intends to

significantly modify/improve (not just freshen up).

TDE013 Lease Type/

Occupancy

Status

72 - Vacant unit with no

immediate plans for

improvement or letting.

difficult configuration,

low upkeep)

Vacant unit that cannot be marketed in its current state due to

difficult configuration, or competition from better stock, etc.

TDE013 Lease Type/

Occupancy

Status

73 - Vacant, pending sale Vacant unit not seeking replacement tenant during marketing

for sale.

TDE013 Lease Type/

Occupancy

Status

80 - Vacant Unit available

for letting

Vacant completed unit, made available for occupation, including

during a refurbishment period.

VDE015 Main Investor

type

1 - Not Applicable Applies to all direct and indirect portfolios.

VDE015 Main Investor

type

2 - Applicable Not known Investor type not known.

VDE015 Main Investor

type

3 - Applicable not

categorized

Type of investor known but not falling into any of the

following categories.

VDE015 Main Investor

type

10 - Pension contributions Funds investing pension contributions of individuals in corporate,

local authority, public or other staff pension schemes.

Includes unit linked funds operated by insurance companies

enabling individuals to invest all or part of their money purchase

pension premiums in a real estate fund.

VDE015 Main Investor

type

20 - Life policies Funds investing premiums paid by individuals for Life Insurance

cover. Investment strategy is normally long term.

Includes unit linked funds operated by insurance companies so

that individuals can select to invest all or part of life insurance

premiums in a real estate fund.

60 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE015 Main Investor

type

30 - General insurance Non-life insurance funds operated by insurance companies.

Includes household, general, motor, marine, travel and other non-

life insurance.

VDE015 Main Investor

type

40 - Sovereign wealth A sovereign wealth fund (SWF) is a state-owned investment

fund. Most SWFs are funded by revenue from commodity exports

or from foreign exchange reserves held by the central bank,

e.g. Korean Investment Authority, Government of Singapore

Investment Authority.

VDE015 Main Investor

type

50 - Other public assets Central or local government or government agency funds

invested in real estate. E.g. Nuclear Decommissioning funds,

Airport authorities, development agencies, civic authorities and

conservation projects.

Exclude pension funds operated for the staff of these

organizations, which should be coded Pension above.

VDE015 Main Investor

type

60 - Other private investors Investment from private sources, including family or charitable

bequests, private wealth funds and other privately owned

commercial or residential property portfolios. Include

shareholders in listed or unlisted property companies.

VDE015 Main Investor

type

70 - Mixed Funds comprising a combination of any of the above categories

of investor e.g. Mixed Life and General Insurance, or mixed Life

and Pension.

VDE015 Main Investor

type

80 - Charities Investment resources derived from charitable bequests, fund

raising or donations. Includes endowment funds and foundations.

VDE015 Main Investor

type

85 - Housing Associations Housing Associations are private, non-profit making organizations

that provide low-cost"social housing" for people in need of a home.

Any trading surplus is used to maintain existing housing and to help

finance new homes. Although independent, they are regulated by

the state and commonly receive public funding.

ATR002 Method of

Acquisition

1 - Not applicable Applies only to direct properties. Indirect assets code Not

Applicable. Properties purchase artificially by MSCI due to split,

merger or other reason should be coded here according to their

original Method of Acquisition. If more than one Method applied

prior to the merge, code Applicable Not categorized.

ATR002 Method of

Acquisition

2 - Not known Method of acquisition is not known, or respondent has not submitted.

ATR002 Method of

Acquisition

3 - Applicable, not

categorized

Method of acquisition known but not falling into any of the

following categories.

ATR002 Method of

Acquisition

10 - Direct purchase Purchase of any completed investment property, development or

land in the market without reference to any other parties.

ATR002 Method of

Acquisition

20 - Property acquired as

take-back

Property acquired as ‘take back’ from an existing tenant to

facilitate moving that tenant to another property elsewhere in

portfolio. These may be a lease on whole property, or just s single

lease in a multi-tenanted property.

ATR002 Method of

Acquisition

30 - Grant of lease (no

payment)

Where a leasehold interest is acquired without payment.

ATR002 Method of

Acquisition

40 - Sale & leaseback/lease

& leaseback

Sale-and-leaseback is a transaction where an investor acquires

a property from an owner occupier who sells the property but

then leases it back in order to continue the occupancy. Sale and

leaseback transactions are undertaken in order to release capital

for other investments. A common procedure for farm sales.

Includes both Freehold and Leasehold interests (Lease & Leaseback).

ATR002 Method of

Acquisition

50 - Non- market purchase Property purchased at an agreed sum usually below the Market

Value to reflect special purchaser status e.g. sitting tenant,

compulsory purchase etc.

ATR002 Method of

Acquisition

60 - Purchased through

Acquisition of owning

entity

Purchase of a property that has been formed into a single asset

company or trust for tax purposes. Purchase price reflects the

value of the limited company. Includes Special Purchase Vehicles /

Entities (SPV or SPE)

61 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ATR002 Method of

Acquisition

70 - Group purchase -

apportioned purchase

price

Code 70 takes precedence over other codes.

A group purchase is where a portfolio of individual properties

is bought as a package from either an institution or property

company. The purchase price will generally be lower than if each

property were bought separately. In order to be able to record an

individual purchase price for each property, the total purchase

price is apportioned between each property in proportion to their

first separate valuations.

ATR002 Method of

Acquisition

80 - Purchase of a property

trust, partnership or

limited company -

apportioned price.

Purchase of a portfolio of properties by acquisition of a trust,

partnership or property company.

Individual purchase price for each property estimated from

the total purchase price apportioned between each property in

proportion to their first separate valuations.

ATR002 Method of

Acquisition

90 - Switch of assets

between funds – no

payment.

Transfer of a group of properties in exchange for similar

properties without payment. Transfer values must be entered as

purchase and sale prices.

ATR002 Method of

Acquisition

100 - Transfer of assets

between Funds

Properties which are acquired through transfer within an

institution, from one fund to another. Where no transfer value is

given use the Market Value in the month of transfer as the gross

and net purchase cost. Do not use book costs as purchase prices

when properties are transferred between funds, even if that is the

convention used by the client.

ATR002 Method of

Acquisition

110 - Forward commitment

to purchase

An agreement to purchase a property at a future date which locks

the purchaser into a price in advance, removing uncertainty and

risk for the vendor.

ATR017 Method of Sale 1 - Not applicable Applies to Direct Properties only. Indirects code Not Applicable.

ATR017 Method of Sale 2 - Not known

ATR017 Method of Sale 3 - Applicable, not

categorized

Method of disposal not included in any of the following categories

e.g. Compulsory Purchase for public works .

ATR017 Method of Sale 10 - Direct Sale Sale of completed investment property or development to any

other investor or fund at Market Value.

ATR017 Method of Sale 20 - Lease expiry Termination of ownership of leasehold interest due to expiry of

lease. No sale proceeds.

ATR017 Method of Sale 30 - Group Sale

-Apportioned sale price

Sale of a portfolio of properties for a single consideration. The

sale price will normally be lower than if each property was sold

individually. The total sale price must be apportioned across the

individual properties pro rata in proportion to their final Market

Values prior to sale.

ATR017 Method of Sale 40 - Transfer of assets

between funds

Transfer of assets between funds within same organization.

Agreed transfer values must be entered as sale prices.

ATR017 Method of Sale 45 - Switch of asset without

payment

Transfer or one or more properties in exchange for similar

properties without payment

ATR017 Method of Sale 50 - Sale of owning entity Sale of a property that has been formed into a single asset

company or trust for tax purposes. Sale price reflects the value of

the company or trust.

ATR017 Method of Sale 60 - Non-Market Sales Property sold at an agreed sum usually below the Market Value to

reflect a special purchaser or other limitation.

ATR017 Method of Sale 70 - Repossession Forfeit of lease to superior landlord or freeholder.

ATR017 Method of Sale 98 - Artificial sale Property records have been terminated by MSCI because the

property has been split or merged. Historically properties may

have been artificially sold and repurchased if they underwent a

change of use.

VDE018 Month of

annual

reporting

1 - Not Applicable Applies to all vehicles

VDE018 Month of

annual

reporting

2 - Not Known Reporting month not known

62 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE018 Month of

annual

reporting

3 - Applicable Not

Categorized

Reporting month irregular

VDE018 Month of

annual

reporting

101 - January

VDE018 Month of

annual

reporting

102 - February

VDE018 Month of

annual

reporting

103 - March

VDE018 Month of

annual

reporting

104 - April

VDE018 Month of

annual

reporting

105 - May

VDE018 Month of

annual

reporting

106 - June

VDE018 Month of

annual

reporting

107 - July

VDE018 Month of

annual

reporting

108 - August

VDE018 Month of

annual

reporting

109 - September

VDE018 Month of

annual

reporting

110 - October

VDE018 Month of

annual

reporting

111 - November

VDE018 Month of

annual

reporting

112 - December

ADE043 Office Location 1 - Not Applicable Applies only to direct office assets.

ADE043 Office Location 2 - Not Known Direct office assets where location type not known or not

responded

ADE043 Office Location 3 - Applicable - not

categorized

Office assets where location type is known but not in any of the

categories below

ADE043 Office Location 10 - Central Business

District

Located in any of the principal office centers of the town/city.

Typically these include old CBD areas. Features include modern

high rise office centers near to the city; a concentration of

financial and legal services; expensive land values; shopping

malls and pedestrian precincts; bus and railway stations.

ADE043 Office Location 20 - Other Central City/

Town areas

Elsewhere in the large towns or cities but not in the central

business district

ADE043 Office Location 30 - Suburban center Distinct outer urban office center

ADE043 Office Location 40 - Suburban - Major

radial route

Elsewhere in the outer urban areas on major routes but not in a

distinct office center

ADE043 Office Location 50 - Other suburban Offices located in predominantly residential suburbs

ADE043 Office Location 60 - Non-urban Out-of-town location on Greenfield sites or within a small

settlements.

VDE020 Open or Closed

ended

1 - Not Applicable Not Applicable

63 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE020 Open or Closed

ended

2 - Applicable Not Known Applicable Not Known

VDE020 Open or Closed

ended

3 - Applicable not

Categorized

Applicable not Categorized

VDE020 Open or Closed

ended

10 - Open A Commingled Fund with an infinite life, which allows periodic

entry and exit of investors, and typically engages in ongoing

investment purchase and sale activities.’ Source INREV

The fund’s capitalization is not fixed and changes upon the

demand of shareholders. An open-end fund issues new stock

when people invest in it and buys back old shares when investors

want to redeem them. The value of each share is the net portfolio

value divided by the number of shares.

VDE020 Open or Closed

ended

20 - Closed ‘A commingled fund with a stated maturity (termination) date,

which may have additional investors after one or more additional

closings and the final initial closing of the fund. Closed-ended

Funds typically purchase a portfolio of properties to hold for a

period of time throughout the duration of the fund and, as sales

occur, typically do not reinvest the sales proceeds.’ Source INREV

The price of units when traded will vary with demand.

VDE020 Open or Closed

ended

30 - Semi-Open Funds that are normally closed but have periods of being open to

new investors.

AVA070 Owner

occupied/ Non-

Market Value

indicator

1 - Not Applicable Applies to all Direct properties

AVA070 Owner

occupied/ Non-

Market Value

indicator

2 - Not Known

AVA070 Owner

occupied/ Non-

Market Value

indicator

3 - Applicable - not

categorized

AVA070 Owner

occupied/ Non-

Market Value

indicator

10 - Market property Properties with Market Values unconstrained by special

restrictions on use.

AVA070 Owner

occupied/ Non-

Market Value

indicator

20 - Owner occupied

property

Properties with more than 50% of Market Rental Value occupied

by the owner.

AVA070 Owner

occupied/ Non-

Market Value

indicator

30 - Other non-market

properties

Properties not available on the open market, valued with restrictions.

E.g. social housing, tied properties (pubs owned by a brewery which

limits beer sales to one brand. or tied housing associated with a

speciﬁc occupation e.g. school premises for teachers.)

VDE021 Permitted

Investors

1 - Not applicable Not required for segregated pensions, Life or General Insurance

funds, or corporate funds.

VDE021 Permitted

Investors

2 - Applicable Not known Permitted Investors not known.

VDE021 Permitted

Investors

3 - Applicable Not

Categorized

Permitted investor known but not falling into any of the

following categories.

VDE021 Permitted

Investors

10 - Professional/ Expert

investors

Unregulated or Unauthorized investment schemes restricted to

professional or expert investors. Unregulated common investment

schemes are subject to tight restrictions on who may be invited

to invest in them. Also called institutional investors, sophisticated

investors or qualified investors. e.g. US Mutual Funds, European

SCPIs, UK Unauthorized Property Unit Trusts

VDE021 Permitted

Investors

20 - Non-professional/

Retail investors

Regulated or Authorized investment schemes that can accept

investments from non-expert private investors e.g. Limited

Partnerships, Authorized Property Unit Trusts.

64 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

VDE021 Permitted

Investors

30 - Mix Any investors permitted.

ADE056 Property type 1 - Not applicable to all

Direct and Indirect RE

holdings

Applies to all direct and Indirect assets. Financial assets code

Not applicable

ADE056 Property type 2 - Applicable Not Known Use only for direct or indirect assets where client has not or

cannot identify property type.

ADE056 Property type 3 - Applicable Not

Categorized Direct or

Indirect assets

Use only for direct or indirect assets that do not fall within

any of the sectors below. May include investments in indirect

vehicles including a variety of property types e.g. small cap or

geographically specialist vehicles.

ADE056 Property type 102 - Retail Shopping Center

- Applicable Not Known

Where direct or indirect assets are known to be shopping centers

but the specific type of center has not been identified.

ADE056 Property type 103 - Retail Shopping

Center - Applicable Not

Categorized

Where direct or indirect assets are known to be Shopping centers

but do not fall into any of the specific shopping center categories

below. Use for indirect shopping center vehicles including a

variety of different specific types.

ADE056 Property type 110 - Retail Shopping Center

- Super Regional

A super regional shopping center is a center that serves as the

dominant shopping destination for a large region. Size thresholds

will vary across markets. Should include 3 or more anchor

stores, 2 or fuller line department stores, two or more discount

department stores, supermarkets and more than 200 individual

shops, including fashion goods. Typically include a number of

entertainment and leisure attractions such as cinemas, game

arcades and soft play centers.

Size thresholds will vary across markets.

ADE056 Property type 120 - Retail Shopping Center

- Major Regional

Typically includes at least one full line department store, one

or more full line discount stores, one or more supermarkets

and approximately 150 specialty stores. Typically also include a

number of entertainment attractions.

ADE056 Property type 130 - Retail Shopping Center

- Regional

A shopping center typically incorporating one full line department

store, a full line discount department store, one or more

supermarkets and around 100 or more specialty shops.

ADE056 Property type 140 - Retail Shopping Center

- Small Regional

Medium-sized shopping center typically incorporating at least

one full line discount department store, a major supermarket and

approximately 40 or more specialty shops.

Normally 10,000 - 30,000 sq. m.

ADE056 Property type 150 - Retail - District/

Community Center

Community centers (or community malls) are larger than

neighborhood centers, and offer a wider range of goods. They

usually feature two anchor stores which are larger than that of a

neighborhood center’s, e.g. a discount department store. They may

also follow a strip configuration, or may be L- or U-shaped.

Size thresholds vary across markets.

ADE056 Property type 160 - Retail - Local/

Neighbourhood Center

Neighborhood centers are small-scale malls serving the local

neighborhood. They typically have a supermarket or drugstore as

an anchor, and are commonly arranged in a strip mall format.

ADE056 Property type 170 - Retail - Convenience

Center

An open shopping center with fewer than half a dozen stores

offering day-to-day necessities, such as basic groceries, dry

cleaners, liquor stores, and video rental stores.

ADE056 Property type 180 - Retail - Lifestyle Center Lifestyle centers are defined by the International Council of

Shopping Centers (ICSC) as open air retail format located near an

affluent residential neighborhood. Upscale orientation is also a

common attribute.

ADE056 Property type 190 - Retail - Theme/Festival

Center

Theme or festival centers have distinct unifying themes that are

followed by their individual shops as well as their architecture.

They are usually located in urban areas and cater to tourists.

ADE056 Property type 200 - Retail - Outlet Center An outlet mall (or factory outlet center) is a type of shopping mall

in which manufacturers sell their products directly to the public

through their own stores. Other stores in outlet malls are operated

by retailers selling returned goods and discontinued products,

often at heavily reduced prices.

65 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ADE056 Property type 210 - Retail - Power Center Power centers are large shopping centers that almost exclusively

feature several big-box retailers such as Wal-Mart, Kohl's or IKEA

as their anchors, and/or a large supermarket. They are usually

referred to as power centers because they attract and cater to

residents of an expanded population area and include tenants that

are category killers.

ADE056 Property type 302 - Retail Warehouse -

Applicable Not Known

Where direct or indirect assets are known to be Retail Warehouses

but the specific type has not been identified.

ADE056 Property type 303 - Retail Warehouse

- Applicable Not

Categorized

Where direct or indirect assets are known to be retail warehouses

but do not fall into any of the specific retail warehouse categories

below. Use for indirect retail warehouse vehicles including a

variety of different specific types.

ADE056 Property type 310 - Retail Warehouse -

SOLUS unit

Stand alone, single Retail warehouse units. Retail warehouses

are self-service operations where there is minimum attention

to merchandise display and goods are often retained in their

original packing. Specialization in limited lines such as electricals,

domestic appliances, carpets, DIY, furniture.

ADE056 Property type 320 - Retail Park A group of retails on a purpose built park.

ADE056 Property type 402 - Retail Other -

Applicable Not Known

ADE056 Property type 403 - Retail Other -

Applicable Not

Categorized

ADE056 Property type 410 - Retail Other - Unit Shop Standard retail units or parade of units, usually in town center location.

Excludes Arcades of shops which should be coded Arcade below.

ADE056 Property type 415 - Retail Other -

Showroom

Large open plan premises suitable to display large retail items

e.g. carpets, cars.

Exclude industrial warehouse showrooms below.

ADE056 Property type 420 - Retail Other - Gallery Building suitable for display of art works, usually with clear

spaces and good lighting.

ADE056 Property type 425 - Retail Other - Kiosk Small booth for sale of small goods or services e.g. tobacco

products, tickets etc.

ADE056 Property type 430 - Retail Other - Bank Secure premises used for retail banking.

ADE056 Property type 435 - Retail Other - Post

Office

Secure premises able to be used for postal services.

ADE056 Property type 440 - Retail Other - Bars &

Pubs

Premises used for bars and pubs located in predominantly retail

areas, easily converted to retail use. Excludes bars and pubs

located on leisure parks.

ADE056 Property type 445 - Retail Other -

Restaurant

Premises used as restaurants located in predominantly retail

areas, easily converted to retail use. Excludes restaurants located

on leisure parks.

ADE056 Property type 450 - Retail Other -

Supermarket

Self-service store including essentially food and other household

products sales area. Clothing, DIY, gardening and other items may

be included in larger stores.

ADE056 Property type 455 - Retail Other -

Hypermarket

Very large retail store that combines a department store and

a grocery supermarket. Hypermarkets offer a large variety of

products such as appliances, clothing and groceries.

ADE056 Property type 460 - Retail Other - Variety

Store

Large stores usually arranged on more than one floors but not

offering the full range of goods covered by a department store.

Usually one or two product ranges are dominate.

ADE056 Property type 465 - Retail Other -

Department Store

Traditional department stores which oer the full range of products.

ADE056 Property type 470 - Retail Other - Arcade Whole or part arcades and single units from arcades - essentially

narrow, covered, period or pseudo-period arcades.

ADE056 Property type 502 - Office - Applicable Not

Known

Where direct or indirect assets are known to be offices but the

specific type has not been identified.

ADE056 Property type 503 - Office - Applicable Not

Categorized

Where direct or indirect assets are known to be offices but do not

fall into any of the specific office categories below. Use for indirect

office vehicles including a variety of different specific types.

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DEFINITION

ADE056 Property type 510 - Office - Free Standing Free-standing office capable of being demolished independently.

May be contiguous with neighbors but without a party wall.

ADE056 Property type 520 - Office - Terrace Office properties with a common facade - usually period - built as

a single development.

ADE056 Property type 530 - Office - Park (whole or

single unit)

Campus style groups of properties designed for office

accommodation with more than 75% of MRV in office use. Use for

whole parks or single units on a park.

ADE056 Property type 540 - Office - High Rise Multi-storey office buildings that are high enough to require an

elevator. Typically multi-tenanted.

ADE056 Property type 550 - Office - Low Rise A multi storey office building not requiring an elevator, typically

multi tenant.

ADE056 Property type 560 - Office - Medical A building in which predominate usage is for medical purposes.

This includes, but is not limited to medical clinics, offices of doctors

and dentists, outpatient services, labs and testing facilities and

other medical related service. Typically single tenant use.

Code only if not included in any category under Healthcare.

ADE056 Property type 602 - Industrial - Applicable

Not Known

Where direct or indirect assets are known to be industrial but the

specific type has not been identified.

ADE056 Property type 603 - Industrial - Applicable

Not Categorized

Where direct or indirect assets are known to be industrial but do not

fall into any of the speciﬁc oce categories below. Use for indirect

industrial vehicles including a variety of dierent speciﬁc types.

ADE056 Property type 610 - Industrial - Warehouse Buildings designed for long-term storage of goods, which may

include raw materials, spare parts or components. Warehouses

are used by manufacturers, importers, exporters, wholesalers,

transport businesses, customs etc. They are usually large plain

buildings with loading docks for easy transfer of goods.

ADE056 Property type 620 - Industrial - Distribution

Center

A facility designed to store large amounts of goods for varying

lengths of time ranging from extensive storage to and set up for

immediate distribution.

Exclude Refrigerated warehouses coded separately below.

ADE056 Property type 630 - Industrial -

Refrigerated

Distribution

This asset type typically features coolers and freezers which

drives the use of Refrigerated Distribution facilities.

ADE056 Property type 640 - Industrial - Light

manufacturing

A light industrial business where all processing, fabricating,

assembly, or disassembly of items takes places wholly within an

enclosed building

ADE056 Property type 650 - Industrial - Heavy

manufacturing

Heavy manufacturing buildings can be identified easily from the

exterior. Because the buildings are designed to house specialized

equipment to produce goods or materials, they are large and

distinctive structures.

ADE056 Property type 710 - Industrial Other -

Workshops

Small purpose-built or converted units explicitly intended for use

by small scale operations, typically hand-crafted goods or making

or repairing small items.

ADE056 Property type 720 - Industrial Other - R&D

flex space

Characterized by high quality design and finish. Most of the

space in R&D Flex is utilized as either high-tech manufacturing/

laboratory, or office. These can assume as much as 75% of an

entire building.

ADE056 Property type 730 - Industrial Other -

Warehouse showroom

Warehouse showroom facilities and R&D Flex buildings share

certain common attributes. Warehouse showrooms have three

core dierentiating characteristics: building ﬂexibility, upscale

appearance, and high build-out. E.g. wine tasting warehouse outlets.

ADE056 Property type 740 - Industrial Other - Data

switch center

A data center is a facility used to house computer systems

and associated components, such as telecommunications and

storage systems. It generally includes redundant or backup

power supplies, redundant data communications connections,

environmental controls (e.g., air conditioning, fire suppression)

and security device.

ADE056 Property type 750 - Industrial Other -

Truck terminal

All Truck terminals are cross-docked with a very low square feed

to dock ratio: one dock for most building. Building dimensions are

another classification variable. Truck terminals are rectangular

in shape.

67 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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DEFINITION

ADE056 Property type 760 - Industrial Other -

Personal/ Self storage

Self-storage provides rooms, lockers, containers, and/or outdoor

space in which tenants can store and access their goods. Self-

storage tenants include businesses and individuals.

ADE056 Property type 770 - Industrial Other -

Industrial Park

An industrial park (also known as industrial estate or trading

estate) is an area zoned and planned for the purpose of industrial

development. May comprise a variety of light industrial,

warehouse and repair activities. Excludes Refrigeration centers

and Distribution centers above.

ADE056 Property type 802 - Hotel – Not Known Where direct or indirect assets are known to be hotels but the

specific type has not been identified.

ADE056 Property type 803 - Hotel – Not categorized Where direct or indirect assets are known to be hotels, but do not

fall into any of the specific office categories below. Use for indirect

hotel vehicles including a variety of different specific types.

ADE056 Property type 810 - Hotel - Luxury chains Top 15% average room rates according to the Smiths Travel chain

hotel global class ratings; 5 star rating or above for hotels not

listed by Smiths Travel.

ADE056 Property type 815 - Hotel - Upper Upscale Next 5% average room rates / Top 5% average room rates for

hotels in rural or non-metro markets. Typically 4-5 star rating for

hotels not listed by Smiths Travel.

ADE056 Property type 820 - Hotel - Upscale chains Next 10% average room rates / Top 25% average room rates for

hotels in rural or non-metro markets. Typically 4 star rating for

hotels not listed by Smiths Travel.

ADE056 Property type 825 - Hotel - Upper Midscale Middle 10% average room rates / next 10% average room rates for

hotels in rural or non-metro markets. Typically 4-3 Star rating for

hotels not listed by Smiths Travel.

ADE056 Property type 830 - Hotel - Midscale chains Middle 20% average room rates / next 20% average room rates for

hotels in rural or non-metro markets. Typically 3-Star rating for

hotels not listed by Smiths Travel.

ADE056 Property type 835 - Hotel - Economy chains Next 40% average room rates / next 40% average room rates for

hotels in rural or non-metro markets. Typically 2-Star rating for

hotels not listed by Smiths Travel.

ADE056 Property type 902 - Residential - Applicable

Not Known

Where direct or indirect assets are known to be Residential, but

the specific type has not been identified.

ADE056 Property type 903 - Residential - Applicable

Not Categorized

Where direct or indirect assets are known to be residential but do

not fall into any of the specific residential categories below. Use

for indirect residential vehicles including a variety of different

specific types.

ADE056 Property type 910 - Residential - Houses Free standing multi-storey property, designed for single

occupancy. Excludes houses sub-divided into apartments which

should be coded as Low Rise Apartments.

ADE056 Property type 920 - Residential -

Bungalows

A low house having only one storey or, in some cases, upper

rooms set in the roof

ADE056 Property type 930 - Residential - High rise

apartments

A block of apartments that is four storeys or more in height.

ADE056 Property type 940 - Residential - Low rise

apartments

A block of apartments that is three storeys or less high.

ADE056 Property type 950 - Residential - Housing

with shared Facilities

Residential properties specifically designed with shared facilities

such as bathrooms, kitchens or living areas. Examples includes

student accommodation.

ADE056 Property type 1002 - Leisure - Applicable

Not Known

Where direct or indirect assets are known to be Leisure, but the

specific type has not been identified.

ADE056 Property type 1003 - Leisure - Applicable

Not Categorized

Where direct or indirect assets are known to be Leisure, but do not

fall into any of the speciﬁc Leisure categories below. Use for indirect

Leisure vehicles including a variety of dierent speciﬁc types.

ADE056 Property type 1010 - Leisure - Cinema

(non park)

Movie theatres. Premises showing films to the public in one or

more auditoria. Includes drive-through cinemas.

ADE056 Property type 1020 - Leisure - Theatre

(non park)

Buildings designed for largely indoor live performances. Includes

concerts and opera houses.

68 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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DEFINITION

ADE056 Property type 1030 - Leisure - Holiday resort Holiday accommodation normally arranged as a self contained

village, and offering a range of recreational activities.

ADE056 Property type 1040 - Leisure - Sports center Includes gyms, racquet sports, boxing, dance studios, climbing

walls football, equestrian centers, athletics tracks and swimming

pools and any other indoor or outdoor sports with specific

facilities, changing rooms and training equipment.

Health farms should also be recorded here.

ADE056 Property type 1050 - Leisure Park

(whole or part)

Entertainment outlets, typically comprising a mix of cinemas,

bowling alleys, amusement arcades and rides. Includes bars, pubs

and restaurants in leisure park locations.

ADE056 Property type 1060 - Leisure - Marinas Land and buildings associated with docks or basins providing

mooring facilities and supplies for pleasure boats, either coastal

or on inland waterways.

ADE056 Property type 1102 - Infrastructure -

Applicable Not Known

Where direct or indirect assets are known to be Infrastructure but

the specific type has not been identified.

ADE056 Property type 1103 - Infrastructure -

Applicable Not

Categorized

Where direct or indirect assets are known to be Infrastructure

but do not fall into any of the specific Infrastructure categories

below. Use for indirect Infrastructure vehicles including a variety

of different specific types.

ADE056 Property type 1110 - Infrastructure -

Nuclear Reactor

Includes nuclear reactors and associated power generation plant.

ADE056 Property type 1120 - Infrastructure - Coal

Fired Power Plant

Coal fired power stations and associated cooling plants.

ADE056 Property type 1130 - Infrastructure -

Electricity transmission

grid Infrastructure

Land hosting pylons, transformer stations and other

transmission plant.

ADE056 Property type 1140 - Infrastructure -

Interconnectors,

gas pipelines

Land hosting gas pipelines and interconnectors.

ADE056 Property type 1150 - Infrastructure -

Wind Farms

Group of wind turbines, either onshore or offshore, including

associated land that may be used for farming.

ADE056 Property type 1160 - Infrastructure - Hydro-

power generation

Plants relating to electricity generation by water power.

ADE056 Property type 1170 - Infrastructure - Waste

to energy

Plants generating electricity from bio-mass or other waste.

ADE056 Property type 1180 - Infrastructure -

Solar farms

Land hosting solar panels for electricity generation.

ADE056 Property type 1210 - Infrastructure - Sewage

treatment plant

Land and buildings used for sewage filtration tanks and other

sewage treatment plant.

ADE056 Property type 1220 - Infrastructure -

Desalination Plants

Plants which concentrates on removing salt and other minerals

from saline waters

ADE056 Property type 1230 - Infrastructure - Major

irrigations systems

Artiﬁcial application of water to land to assist in the product of crops

ADE056 Property type 1240 - Infrastructure - Flood

control systems

Barrages, dykes, pumping stations, reservoirs and other flood

prevention plants. Include associated land.

ADE056 Property type 1250 - Infrastructure -

Drinking water

filtration & Storage

Filtration plants and storage tanks to purify and store water

for drinking

ADE056 Property type 1270 - Infrastructure -

Television and radio

transmission stations

Stations used for transmitting TV and Radio Frequencies

for broadcasting

ADE056 Property type 1280 - Infrastructure - Mobile

telephone towers

Land or buildings hosting mobile phone masts

ADE056 Property type 1310 - Infrastructure - Road/

highway networks

Excluding Road bridges that should be coded Bridges below.

ADE056 Property type 1320 - Infrastructure - Bridges Road bridges over rivers, railways or any other obstructions.

Railway bridges should be coded with Railways below.

69 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

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DEFINITION

ADE056 Property type 1330 - Infrastructure - Bus or

Tram systems

Land and buildings used for used for pubic or private passenger

bus or tram services, including bus stations and tram terminals.

ADE056 Property type 1340 - Infrastructure - Ports Passenger and cargo ports. Excludes Marinas which should be

coded under Leisure .

ADE056 Property type 1350 - Infrastructure -

Railways

Land and buildings used for railway lines, shunting yards stations etc..

ADE056 Property type 1360 - Infrastructure - Airports Public and private airports

ADE056 Property type 1370 - Infrastructure - Prisons All open and secure detention centers.

ADE056 Property type 1380 - Infrastructure -

Convention Centers/

conference centers

Purpose built centers including auditoria and other meeting or

display facilities for permanent use by conferences or trade fairs.

Exclude hotels used for conferences

ADE056 Property type 1390 - Infrastructure - Court Buildings used to carry out the administration of justice in

accordance to the law. Including court rooms, associated

administrative offices and cells.

ADE056 Property type 1391 - Infrastructure -

Police station

Building used by police ocers as point of contact with the public. May

contain oce space, temporary holding cells and interview rooms.

ADE056 Property type 1392 - Infrastructure - Other

Judicial buildings

Buildings that have extra security shell due to threats, e.g. States

Defense Agency or enforcement officer building, specifically built

for that public use tenant.

ADE056 Property type 1402 - Education - Applicable

Not Known

Where direct or indirect assets are known to be education but the

specific type has not been identified.

ADE056 Property type 1403 - Education - Applicable

Not Categorized

Where direct or indirect assets are known to be Education but do not

fall into any of the speciﬁc Education categories below. Use for indirect

Education vehicles including a variety of dierent speciﬁc types.

ADE056 Property type 1410 - Education - Pre-schools Premises used for pre-school nurseries, crèches, kindergartens

and other day care for babies and very young children.

ADE056 Property type 1420 - Education - Schools Buildings and land used for public or privately operated schools,

including class rooms, cloakrooms, assembly rooms, sports

facilities, staff premises and administrative offices. May include

dormitories for boarders.

Include Broad Schools (Netherlands).

Exclude :

• Summer camps which should be recorded as Holiday resorts

under Leisure

• Care Homes for children which should be coded under

Healthcare (Physical & learning disability homes.

ADE056 Property type 1430 - Education -

Tertiary education

Buildings and land used for tertiary education including lecture

theatres, seminar and other classrooms, laboratories and other

specialist areas, administrative offices, cafeterias and sports

facilities. Include music, catering, horticulture, sports, secretarial

and other specialist tertiary colleges.

Exclude student housing which should be recorded under Residential

ADE056 Property type 1502 - Healthcare - Applicable

Not Known

Where direct or indirect assets are known to be Healthcare, but

the specific type has not been identified.

ADE056 Property type 1503 - Healthcare - Applicable

Not Categorized

Where direct or indirect assets are known to be Healthcare, but do

not fall into any of the specific Healthcare categories below. Use

for indirect Healthcare vehicles including a variety of different

specific types.

ADE056 Property type 1510 - Healthcare - Hospital Buildings fully equipped for in-patient medical treatment. Usually

including operating theatres, but including also mental health, and

other in-patient treatment premises.

ADE056 Property type 1520 - Healthcare -

GP surgeries

General practitioner and specialist doctor's consulting rooms.

Usually with ancillary nursing facilities.

ADE056 Property type 1525 - Healthcare -

Dentist Surgeries

Dental surgeries and dental hospitals.

ADE056 Property type 1530 - Healthcare -

Medical centers

Primary health care centers offering a wide range of non-

emergency out-patient medical services.

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DEFINITION

ADE056 Property type 1540 - Healthcare - Special

Treatment centers

Hospital or out-patient centers offering highly specialized

treatment requiring specialized equipment such as MRI scans,

Hydro-therapy, radio-therapy etc.

ADE056 Property type 1545 - Healthcare - Medical

Consulting Rooms

Secondary health care medical consulting rooms. These would

generally operate on the basis that the health professionals do not

have first contact with patients.

ADE056 Property type 1550 - Healthcare -

Physical & learning

disability homes

Centers for in- and/or out-patient treatment of children or adults

with physical or learning disabilities

ADE056 Property type 1560 - Healthcare - Mental

Health Hospital

Hospital specifically designed for treatment and care of mental

patients. May include secure accommodation.

ADE056 Property type 1570 - Healthcare -

Nursing Homes

Residential care homes providing nursing care.

ADE056 Property type 1580 - Healthcare -

Care Homes

Residential homes providing accommodation and facilities for

elderly people but without nursing care.

ADE056 Property type 1590 - Healthcare -

Ambulance Station

Ambulance garage and associated paramedic offices

and accommodation.

ADE056 Property type 1602 - Land - Applicable

Not Known

Where direct or indirect assets are known to be Land but the

specific type has not been identified.

ADE056 Property type 1603 - Land - Applicable

Not Categorized

Where direct or indirect assets are known to be Land but do not

fall into any of the specific Land categories below. Use for indirect

Land vehicles including a variety of different specific types.

ADE056 Property type 1610 - Land - Farmland Land used for agricultural purposes, including farmhouses and

other farm buildings.

ADE056 Property type 1620 - Land - Forestry Land used for timber production, including bare land where trees

have been felled and planting is intended.

ADE056 Property type 1630 - Land -

Development land

Green or brown field sites, including empty buildings available for

demolition or redevelopment.

Used only for inactive sites where end use is unknown. Development

sites with Planning permission active or pending and end use known

should be coded under the proposed end property type.

ADE056 Property type 1702 - Other - Applicable

Not Known

Where direct or indirect assets are known to be held in the

portfolio but the specific type has not been identified.

ADE056 Property type 1703 - Other - Applicable

Not Categorized

Where direct or indirect assets are known to be held in the

portfolio but do not fall into any of the specific categories listed.

This includes assets which have a dominant use of less than 50%

by property sector based on the Market Rental Value and Indirect

vehicles with a variety of different categories.

ADE056 Property type 1710 - Other - Garage Lock-up garages for private parking.

ADE056 Property type 1720 - Other - Parking Including multi-storey car parks, underground and outdoor

parking areas.

ADE056 Property type 1730 - Other - Parking space /

Parking box

Individual spaces allocated for parking, either in open or within a

covered parking area.

ADE056 Property type 1740 - Other - Service

stations/ Motor

Filling and service stations for motor vehicles.

ADE056 Property type 1750 - Other - Community Hall Buildings where members of a community can gather for group

activities, social support, public information, and other purposes.

They may sometimes be open for the whole community or for a

specialized group within the greater community.

ADE056 Property type 1760 - Other - Places

of worship

Any building used as a place of worship including churches,

chapels, mosques, synagogues, Friends Meeting Houses etc.

ADE057 Property Type -

secondary use

Please refer to same

enumeration list as

'Property Type'

Applicable to all Direct and Indirect assets. Financial assets code

Not applicable.

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DEFINITION

ADE063 Residential

letting

Characteristics

1 - Not Applicable Applicable to all residential direct assets.

ADE063 Residential

letting

Characteristics

2 - Not Known Residential assets where type of let is not known or not provided.

ADE063 Residential

letting

Characteristics

3 - Applicable -

not categorized

Residential asset not falling into any of the following categories

ADE063 Residential

letting

Characteristics

10 - Social housing Residential properties for rent or purchase at rents or prices

below market rates, designed to ensure that the accommodation

is made available to people whose needs may not be adequately

served by the commercial market.

A property is also considered to be social housing when it is

purchased, constructed and/ or renovated by means of a specified

grant. Therefore, some Market Rent properties may be classified

as ‘Social Housing’.

ADE063 Residential

letting

Characteristics

20 - Privately let at

market rent

Privately let at market rent

ADE063 Residential

letting

Characteristics

30 - Privately let below

market rent

Privately let below market rent, excluding properties specifically

designed for social housing.

ADE064 Residential

Location

1 - Not Applicable Applies to all residential properties

ADE064 Residential

Location

2 - Not Known

ADE064 Residential

Location

3 - Applicable -

not categorized

Applicable and known but none of the categories below

ADE064 Residential

Location

10 - Core of Major City Located within the center of a major city. Central Areas are

typically dense in terms of public transport, pedestrians, tourism,

official and cultural buildings.

ADE064 Residential

Location

20 - Rest of Major City Located within the official boundaries of a major city, but not in

the core.

ADE064 Residential

Location

30 - Inner Suburb Located in the first rim of cities (5/6 km) that can considered as

close to the major city.

ADE064 Residential

Location

40 - Outer Suburb Located in the urban area of a major city, but beyond the 5/6 km

first rim

ADE064 Residential

Location

50 - Small town Located in smaller fragmented regional centers, market towns or

other new or old towns

ADE064 Residential

Location

60 - Non-Urban Out-of-town location on a Greenﬁeld site or within a small settlement

ADE067 Residential

Sub-Building

type

1 - Not Applicable Applies to all residential properties

ADE067 Residential

Sub-Building

type

2 - Applicable Not

Known Residential

ADE067 Residential

Sub-Building

type

3 - Applicable Not

Categorized Residential

ADE067 Residential

Sub-Building

type

10 - Detached House Houses of 2 or more storeys separated by land.

ADE067 Residential

Sub-Building

type

20 - Semi-detached House Two houses joined by a party wall; usually built as a single structure.

ADE067 Residential

Sub-Building

type

30 - Terraced houses Three or more houses joined by party walls; usually built as a

single entity.

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ADE067 Residential

Sub-Building

type

40 - Maisonette/ duplex Maisonette - Part of a house or block of flats which forms

separate living accommodation which is usually spread over

two floors and has its own entrance. Duplex apartments are

apartments with separate entrances for two households. This

includes two-storey houses having a complete apartment on each

floor and also side-by-side apartments on a single lot that share

a common wall.

ADE067 Residential

Sub-Building

type

50 - Garden Type project

ADE067 Residential

Sub-Building

type

60 - Apartments / Flats -

Common Entrance

A block with common entrance(s) from the street, each flat has an

internal front door

ADE067 Residential

Sub-Building

type

70 - Apartments / Flats -

Galleried

A block where each flat has an external front door, typically

opening onto a galleried walkway serving other dwellings on the

same floor

ADE069 Retail Location 1 - Not Applicable Applies only to direct retail assets.

ADE069 Retail Location 2 - Not Known Direct retail assets where location type not known or not responded

ADE069 Retail Location 3 - Applicable -

not categorized

Retail assets where location type is known but not in any of the

categories below

ADE069 Retail Location 10 - Main Shopping Area

(Main street)

Main street located down town in main shopping area of a large

city or regional center. Associated with luxury retailers, strong

tourist numbers. A unit in the street has approximately 150-

200 sqm of sales area with a typical frontage of 6-8 meters and

commands high rents.

ADE069 Retail Location 20 - Main Shopping Area

(other streets)

Located down town in main shopping area of a large city or

regional center. The retail zone should have at least 50 shops

along several streets. May be in a purpose built shopping center

or a traditional High Street, specialist boutique store area, or

arcade. Location characterized by the presence of branches

of major traders, department stores and chain stores and

comparative shopping.

ADE069 Retail Location 30 - Other City Center Elsewhere in the city center but not the main retail area

ADE069 Retail Location 40 - Suburban Center Located in a distinct suburban shopping center with at least 25 shops

along several roads; servicing a predominantly local population.

ADE069 Retail Location 50 - Suburban - Major

Radial Route

Stores located on major routes beyond the main town center.

ADE069 Retail Location 60 - Other Suburban Typically a single retail unit or a small cluster of units in a

predominantly residential area providing mostly convenience goods.

ADE069 Retail Location 70 - Non-Urban Out of town location on a Greenﬁeld site or within a small settlement.

ADE073 Shopping

Center

Configuration

1 - Not Applicable Applies to all direct and indirect Shopping Centers.

ADE073 Shopping

Center

Configuration

2 - Applicable Not Known Where direct or indirect assets are known to be shopping centers

but the specific type of center has not been identified.

ADE073 Shopping

Center

Configuration

3 - Applicable

Not categorized

Where direct or indirect assets are known to be Shopping centers

but do not fall into any of the specific shopping center categories

below. Use for indirect shopping center vehicles including a

variety of different specific types.

ADE073 Shopping

Center

Configuration

10 - Enclosed Shopping centers with covered malls, with air conditioning and out

of hours security.

ADE073 Shopping

Center

Configuration

20 - Partially enclosed Covered but open access out of shopping hours and no air conditioning.

ADE073 Shopping

Center

Configuration

30 - Open Uncovered shopping centers

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ADE074 Shopping

Center Main

Classification

1 - Not Applicable Applies to all direct and Indirect Shopping Centers

ADE074 Shopping

Center Main

Classification

2 - Applicable Not Known Where direct or indirect assets are known to be shopping centers

but the specific type of center has not been identified.

ADE074 Shopping

Center Main

Classification

3 - Applicable Not

Categorized

Where direct or indirect assets are known to be Shopping centers

but do not fall into any of the specific shopping center categories

below. Use for indirect shopping center vehicles including a

variety of different specific types.

ADE074 Shopping

Center Main

Classification

10 - Traditional/Mixed use Retail centers offering standard range of shops, supermarkets and

department or variety stores, with on particular specialization.

ADE074 Shopping

Center Main

Classification

20 - Speciality center Center with no department store but a large number of retail

specialty stores. Usually built around a unique theme, and relies

heavily on discretionary income expenditures.

TDE023 Tenant

Obligations

1 - Not Applicable Applies to all tenancies

TDE023 Tenant

Obligations

2 - Not Known

TDE023 Tenant

Obligations

3 - Applicable - Not

categorized

Tenant obligations not falling into any of the categories below.

TDE023 Tenant

Obligations

10 - Gross The tenant pays a lump sum each month for rent and a share of

the building costs. All additional costs are included in the rent.

TDE023 Tenant

Obligations

20 - Modified gross Frequent for multi-tenant. Same as gross, but extra expense for

costs changes over time (either based on defined escalation or

indexation like CPI)

TDE023 Tenant

Obligations

30 - Hybrid Mix the features of Gross, Modified Gross leases and Net leases

TDE023 Tenant

Obligations

40 - Net The tenant pays rent net of shared costs, and is charged

separately for a share of the total building costs each year

(normally based on its share of the total building area).

ADE077 Tenure 1 - Not Applicable Applies to all direct real estate assets

ADE077 Tenure 2 - Not Known Type of tenure not known or not provided

ADE077 Tenure 3 - Applicable - Not

categorized

Direct real estate assets not falling into any of the following categories.

ADE077 Tenure 10 - Freehold Outright ownership of the land and all immoveable structures

attached to the land for an indeterminate time. The real estate must

be immobile, and the duration of ownership unlimited. Known as

Feuhold under Scottish law. Also known as Heritable (the property

is owned in perpetuity and can be passed on to heirs).

ADE077 Tenure 20 - Long Leasehold The right to occupy or let a property for a deﬁned period longer than

25 years where the freehold is owned by a third party. An interest that

starts as a long leasehold will in time change to a short leasehold and

will eventually expire, reducing the value of the asset to zero.

Include Finance leases.

ADE077 Tenure 23 - Paid Off Leasehold In the Netherlands leasehold payments (head rents) can be paid

off for more than just one year in advance (often for 30 or 50

years). In ‘extreme’ cases they can be paid off for ever. This is

called a ‘paid off leasehold’. However the owner of the building

is still not the owner of the land, because the leasehold is still in

place. This is important residential properties where part selling

of individual units may be considered. This part selling is often

restricted by the land owner and can only be done when the

building owner actually buys the leasehold interest. This can be

expensive and has an impact on valuations.

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ADE077 Tenure 25 - Short Leasehold The right to occupy or let a property for a defined period of less

than or equal to 25 years where the freehold is owned by a third

party. An interest that starts as a long leasehold will in time

change to a short leasehold and will eventually expire, reducing

the value of the asset to zero.

Include Finance leases.

ADE077 Tenure 30 - Commonhold A form of ownership available in England and Wales, created in

2002 by legislation as an alternative to 'leasehold' in which each

flat (or office) in a multi-occupancy building is individually wholly

owned and common areas are jointly owned.

ADE077 Tenure 40 - Mixed Some complex properties e.g. shopping centers may comprise

parts that are owned Freehold, and parts where the investors has

only a (long) leasehold interest.

ADE077 Tenure 60 - Crédit bail Lease with option to purchase. Credit bail is a lease purchase

agreement. It is a method of financing the purchase of

investments, where the leasing company provides property [or

equipment] from a business for a period pre-determined, against

payment of a royalty. At the end of the contract, the company

generally has the choice between several options: surrender the

property; acquire it for an amount set in the conclusion of the

contract or renew the contract more often less costly conditions.

ADE077 Tenure 70 - Restricted Legal

Ownership

Ownership of ground only, excluding buildings. 'Bloot eigendom'

in Dutch.

ADE077 Tenure 80 - Tribal Land Land granted to indigenous people in perpetuity

ATR003 Type of

Purchase

1 - Not applicable Applies only to direct properties. Indirect assets code Not

Applicable. Properties purchase artificially by MSCI due to split,

merger or other reason should be coded here according to their

original Type of Purchase. If more than one Type applied prior to

the merge, code Applicable Not Categorized.

ATR003 Type of

Purchase

2 - Not known Type of Purchase is not known, or respondent has not submitted.

ATR003 Type of

Purchase

3 - Applicable Not

Categorized

Type of Purchase known but not falling into any of the

following categories.

ATR003 Type of

Purchase

10 - Standing investment

purchase

Purchase of a completed investment property that is either

let or available to let more than 6 months after the date of the

architect’s certificate of Practical Completion.

ATR003 Type of

Purchase

20 - Pre-funded

development purchase

Property acquired from a third party developer who has

assembled the site and planning permission and requires

investment funding to execute the development programme.

Transfer of title to the investor takes place on completion of the

building and letting, but MSCI records the Date of Purchase as the

date of payment of the First Tranche of funding to the developer,

which is the point when the liability is confirmed. Mortgage

funding should be treated as pre-funding and included here.

ATR003 Type of

Purchase

30 - Direct development

purchase

Purchase of a site or partially completed development where the

investor undertakes to manage the development and bears all the

risk of the development cost and letting.

TDE024 Type of Rent

Change

1 - Not Applicable Applies to all tenancies

TDE024 Type of Rent

Change

2 - Not Known

TDE024 Type of Rent

Change

3 - Applicable -

Not categorized

Tenancies where rent review terms do not fall into any of the

categories below.

TDE024 Type of Rent

Change

10 - Linked to MRV New rent to be set as a defined percentage of the total Market

Rental Value of the under leases in the property.

TDE024 Type of Rent

Change

20 - Linked to Rents

Received

New rent to be set as a defined percentage of the total rents

charged on the under leases in the property.

TDE024 Type of Rent

Change

30 - Linked to Inflation (of

the Country)

Linked to relevant national inflation rate index. (Retail price index

or Consumer Price Index

TDE024 Type of Rent

Change

40 - Indexed to other

National Index

Linked to the rate of change of a published national index e.g.

Average Earnings index.

75 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

TDE024 Type of Rent

Change

50 - Indexed to Bank Rate Linked to relevant local central bank lending rate e.g. EUBOR, LIBOR.

TDE024 Type of Rent

Change

60 - Stepped rent In the initial period of the lease, the rent is low and rises by pre-

arranged steps. Usually regular reviews to full MRV operate after

the first five-year period. Remember to change this field once

the step date has passed. MRV should be left as gross MRV for

stepped rent situations.

TVA008 Type of Rental

Value

1 - Not Applicable Applies to all units in Direct UK assets

TVA008 Type of Rental

Value

2 - Not Known Applicable but Not Known or Not provided

TVA008 Type of Rental

Value

3 - Not Categorized Applicable but Rental Value Type not in either category below

TVA008 Type of Rental

Value

10 - Headline Rental Value Headline rent is the contracted gross rent receivable which becomes

payable after all the tenant incentives in the letting have expired.

TVA008 Type of Rental

Value

20 - Net Effective

Rental Value

Net Effective Rent is the contracted gross rent receivable taking

into account any rent-free period or other tenant incentives. The

incentives are treated as a cost-to-rent and spread over the lease

to the earliest termination date.

ADE086 Type of

Residential

Occupancy

1 - Not Applicable Applies to all Residential properties

ADE086 Type of

Residential

Occupancy

2 - Not Known

ADE086 Type of

Residential

Occupancy

3 - Applicable -

not categorized

Residential properties not falling into any of the following categories.

ADE086 Type of

Residential

Occupancy

10 - Serviced housing Furnished residential unit(s) let out for short-term or long term stays,

which come with cooking, housekeeping and business facilities.

ADE086 Type of

Residential

Occupancy

20 - Student Housing Housing specially designed for students, location of facilities

not known.

ADE086 Type of

Residential

Occupancy

21 - Student housing with

private facilities

Student accommodation with individual private facilities, e.g.

kitchen & bathroom

ADE086 Type of

Residential

Occupancy

22 - Student housing with

shared facilities

Student accommodation with only shared bathroom and

kitchen facilities.

ADE086 Type of

Residential

Occupancy

30 - Sheltered Housing Housing owned by a social landlord and specially designed for older

people, grouped together with a range of communal facilities.

ADE086 Type of

Residential

Occupancy

40 - Retirement home Residential dwelling designed specifically for the elderly, operated

on a commercial basis.

ADE086 Type of

Residential

Occupancy

50 - Other Housing with

Shared facilities

Residential properties specifically designed for multiple

households with shared facilities such as bathrooms, kitchens

or living areas. Exclude student accommodation, sheltered

or supported housing. Exclude studios which do not include

shared facilities, which should be coded as Standard Residential

dwellings. Includes bedsits.

ADE086 Type of

Residential

Occupancy

60 - Zinhaus Apartment buildings that were built at the start of the 20th

century, before 1945 , which have special protection in terms of

tenancy. Found primarily in Austria, especially in Vienna, Linz and

Graz. Constructed as investment properties available for rent; not

owner occupied.

ADE086 Type of

Residential

Occupancy

70 - Standard Residential

Dwelling

Standard self-contained unit of accommodation that is not

intended to house a specific type of occupier .

76 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

ADE086 Type of

Residential

Occupancy

80 - Supported Housing Accommodation for a specific client group who are provided

with a range of services to meet their needs and enable them to

live independently or to adjust to independent living. The term

supported housing applies to purpose-designed or designated

supported housing.

ARF076 Unallocated

Cash flow

Identifier

1 - Not Applicable Applies to all asset types

ARF076 Unallocated

Cash flow

Identifier

10 - Yes Where capital or revenue expenditure, or receipts, cannot be

assigned to an individual asset that is held in the portfolio at

the time of the cash flow – outstanding costs or receipts on sold

properties, costs associated with purchases that have not yet

occurred, or portfolio costs or fees that cannot be allocated to

individual assets

ADE089 Unit of

Measurement

for Area

1 - Not Applicable Applicable to all direct properties only.

ADE089 Unit of

Measurement

for Area

2 - Not Known This is not a valid code for this field.

ADE089 Unit of

Measurement

for Area

10 - Square metres 1 square meter = 10.764sq ft.

ADE089 Unit of

Measurement

for Area

20 - Square feet 1 square foot = 0.093 sq. meters

ADE089 Unit of

Measurement

for Area

30 - Tsubos Japanese unit for measurement of area

ADE089 Unit of

Measurement

for Area

40 - Hectares Metric measure used for measuring farmland. 1 hectare =

10,000m2 or 2,471 acres.

ADE089 Unit of

Measurement

for Area

50 - Acres Imperial measure used for measuring farmland in the UK. 1

acre=4,840 square yards, or 0.4047 hectares

TDE026 Unit Use Type

Code

1 - Not applicable Applies to all direct property assets

TDE026 Unit Use Type

Code

2 - Applicable Not Known Tenant use is not provided or not known

TDE026 Unit Use Type

Code

3 - Applicable Not

Categorized

Tenant use does not fall into any of the categories below.

TDE026 Unit Use Type

Code

100 - Retail Occupiers engaged in the sale of goods or services to end users.

Include restaurants, bars, banks and post offices, agencies

offering services to the public in a shop layout, supermarkets,

department stores, showrooms, galleries, kiosks, and retail

warehouses where goods are sold direct to the public.

TDE026 Unit Use Type

Code

200 - Office Occupiers engaged in professional, clerical, financial, government,

trading, or other desk based work.

TDE026 Unit Use Type

Code

600 - Industrial Occupiers engaged in production, storage or distribution activities.

TDE026 Unit Use Type

Code

800 - Hotel Leased for use as a hotel

TDE026 Unit Use Type

Code

900 - Residential Tenancies to residential occupiers.

TDE026 Unit Use Type

Code

1000 - Leisure/Entertainment Occupiers engaged in entertainment, sport or other

recreational activities,

77 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

GDS FIELD

CODE

DATA FIELD COMBINED ENUMERATION

CODE VALUE

DEFINITION

TDE026 Unit Use Type

Code

1500 - Healthcare Occupiers engaged in medical professions or treatment.

TDE026 Unit Use Type

Code

1600 - Land Land leased for agricultural or building sites. Land leased for

Parking should be recorded as Parking below.

TDE026 Unit Use Type

Code

1700 - Parking Buildings or land leased for parking.

ADE095 Valuation

Frequency

1 - Not Applicable Applies to all Direct, Indirect Assets, Derivatives and Liabilities

ADE095 Valuation

Frequency

2 - Not Known Valuation frequency not known

ADE095 Valuation

Frequency

3 - Applicable -

not categorized

Valuation frequency irregular or none of the categories below.

ADE095 Valuation

Frequency

101 - Monthly

ADE095 Valuation

Frequency

103 - Quarterly

ADE095 Valuation

Frequency

106 - Bi-annual

ADE095 Valuation

Frequency

112 - Annual

VDE023 Vehicle

Currency Code

Please refer to standard 3

letter ISO currency codes

ADE101 With or

Without Air

conditioning?

1 - Not Applicable Applies only to direct individual assets in the Office, commercial

Residential, and Hotel sectors.

ADE101 With or

Without Air

conditioning?

2 - Not Known Applicable but Not Known or Not provided

ADE101 With or

Without Air

conditioning?

10 - Yes The principal building in the property has full, integrated air

conditioning

ADE101 With or

Without Air

conditioning?

20 - No The principal building in the property does not have full,

integrated air conditioning

78 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

VERSION PUBLICATION

DATE

KEY CHANGES

V1.0 July 2016 Original release of MSCI Global Data Standards for

Real Estate Investment

V1.1 February 2017 ATR022: Sale Costs: Other

Correct definition included, previous definition was

related to different data field

ARF075: Turnover Rent

Correct definition included, previous definition was

related to different data field

ADE056: Property Type

Enumeration definition 1703 - Other – Applicable Not

Categorized has been amended and includes mixed-

used properties

TDE022: Tenant Name

Added to definition that if the tenant is a named

individual the name should be replaced with “Private

Individual”

TDE015: Name of Tenant Guarantor

Added to definition that if the guarantor is a named

individual the name should be replaced with “Private

Individual”

V1.2 August 2017 ADE109: Development Status

Enumerations added include data fields to collect vehicle

revenue flows:

- VRF021: Distributions Unitized

- VRF025: Net Investment Income Before Fees Unitized

- VRF026: Net Investment Income After Fees Unitized

- VRF028: Incentive Fees Unitized - Capital account

- VRF029: Incentive Fees

APPENDIX 5: VERSIONING TABLE

79 MSCI GLOBAL DATA STANDARDS FOR REAL ESTATE INVESTMENT

VERSION PUBLICATION

DATE

KEY CHANGES

V1.3 January 2019 Valuation requirements are removed from the document

and are included in the MSCI Requirements for Real

Estate Valuations document

The principles for data provision on the level of direct

real estate assets have been added.

The principle for currency data provision has been made

explicit for Eastern European countries for which the

data needs to be provided in euros.

The information contained herein may not be reproduced or redistributed without MSCI’s prior approval. Unless expressly licensed by MSCI in writing, it may not be used as a benchmark for

portfolio or manager performance, as a basis for financial products, or in connection with investment vehicles, or to create any derivative works. None of the information is intended to constitute

investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The information is provided “”as is””. TO THE MAXIMUM

EXTENT PERMITTED BY LAW, MSCI Inc. and its subsidiaries make no express or implied warranties or representations and shall have no liability whatsoever with respect to the Information. No

regulated use of any MSCI PRIVATE REAL ASSETS index in any jurisdiction is permitted without MSCI’s EXPRESS written authorization. The process for applying for MSCI’s EXPRESS WRITTEN

authorization can be found on the Index Regulation page of MSCI’s website at: https://www.msci.com/index-regulation.

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