3 Process-specific import guidelines

3.1 General

gif has provided for the main data exchange processes and subsets of the purchase and sale, and management (see section 2.1). The following subsections clarify all processes and/or subsets based on the criteria of content and aim of process, roles, entities (data objects), and special process-specific aspects.

3.2 Construction project reporting (subset 3.1)

3.2.1 Content and aim of process

As part of the management phase, a property may undergo various types of construction project. Unlike with ongoing management measures, key characteristics of construction projects are the specification of costs (budget), specification of dates (at least start and end date of project), and clear responsibilities in implementing the project. With commercial properties, the following types of construction measures can be identified:

  • Maintenance
  • Repairs
  • Investment in building structure (structural capital expenditure)
  • Investment due to tenant improvements (TIs)

3.2.2 Roles

In commercial property management, external Architects and Project Controllers and/or Property Managers sometimes also assume the role of a sender of data on construction projects. The data is received by the owners and/or owner representatives (Asset Manager and Property Manager).

Tab. 3: Roles in reporting on construction projects
Sender
Architect
Property Manager
Recipient
Owner, Fund/ Investment Manager
Portfolio Manager
Asset Manager

3.2.2 Entites (data objects)

Data on the following entities (data objects) is transmitted between senders and recipients:

  • Property/ asset
  • Building
  • Project

3.2.4 Import timescales

The data for reporting on construction projects is generally transmitted once a month. It is also generally possible to exchange data once a quarter, once every six months, or once a year. If the recipient also receives accounting data from other service-providers, it is necessary to synchronize the frequency and date on which the data is provided.

3.3 Sales channel (subset 4.1)

3.3.1 Content and aim of process

Within the scope of marketing properties/ assets or leasable space, data and information are exchanged on an asset/ rental unit (e.g., undeveloped land, own condominium, developed land, or leasable space), or a property portfolio. If the property transactions are large and complex or if data is exchanged more often between the individual parties involved, the aim is to exchange the data via a standard interface to a sales channel and/or to exchange the documents via an electronic data room.

3.2.2 Roles

It is rarely possible to compare owner and service-provider structures in property transactions. Therefore, according to the role model adopted in gif-IDA, the owner, Funds/ Investment Manager, Portfolio Manager, Asset Manager, or Property Manager act as sender and receiver vis-à-vis the sales channel. In the same way, the sales channel (sales portals, CRM systems) can also act as sender.

Tab. 4: Roles in the sales phase
Sender
Owner, Fund/ Investment Manager
Portfolio Manager
Asset Manager
Property Manager
Recipient
Sales channel

3.3.3 Import timescales

The frequencies involved in transmitting data in a distribution phase are period-independent. The frequency with which the data is updated or completed with a new data upload, and/or reports are issued is defined within the transaction process. Data on owners (seller/ lessor) or their service-providers to a valuer is provided in a separate subset.

3.3.4 Entities (data objects)

As part of selling a property or rental unit, data on the following entities (data objects) is provided to the recipient:

  • Asset
  • Rental unit
  • Building
  • Land
  • Lease
  • Term

3.3.4 Special process-specific aspects

None

3.4 Commercial due diligence (subset 4.2)

3.4.1 Content and aim of process

As part of the purchase process, data and information on an asset or property portfolio to be purchased are exchanged. If the property or property portfolio is large and complex, data on the income side (lease contracts) and expenditure side (service contracts) may be automatically transferred from the seller to the potential buyer. To this end, the potential buyer uses the provided raw data to determine the purchase price within the scope of a commercial check (commercial due diligence). The data fields defined in the subset comprise purely property-related data that is required in an asset deal.

3.4.2 Rolles

The raw data for preparing the purchase costing originates from the Property Manager, Asset Manager, or Portfolio Manager. The Investment Manager acts as recipient of the data.

Tab. 5: Rollen in der kaufmännischen Due Diligence
Sender
Portfolio Manager
Asset Manager
Property Manager
Recipient
Owner, Fund/ Investment Manager

3.4.3 Entities (data objects)

Within the scope of the process of purchasing a property, data on the following data objects is provided to the recipient:

  • Asset
  • Building
  • Rental unit
  • Land
  • Lease
  • Term
  • Projects
  • Service contract
  • Loan

3.4.4 Import timescales

3.4.5 Special process-specific aspects

3.4.5.1 Term

The types of term of the delivery and target system have to be mapped once only. The aim of this mapping operation is to make it possible to automatically assign all transferred types of term to the types of term in the target system (see mapping of charts of accounts).

3.5 Leasing benchmarking (subset 4.3)

3.5.1 Content and aim of process

In this process, property data, primarily lease contract data, is transferred from the owner, Portfolio Manager, Asset Manager, or Property Manager to an external benchmarking service-provider. The benchmarking service-provider uses the data provided to prepare benchmarking analyses for the data supplied by the sender (internal benchmarking), or compares this data with lease contract data supplied by other senders (external benchmarking). The aim of the leasing benchmarking is to analyze the leasing situation in a submarket, e.g., by calculating the net effective rent, taking tenant incentives into consideration, such as rent-free periods, costs for tenant improvements, etc. To this end, the submarket lease contract data available to the benchmarking service-provider has to be as up-to-date and complete as possible, covering a sufficient population.

3.5.2 Roles

In the same way as with portfolio benchmarking, the owner, Portfolio Manager, Asset Manager, and Property Manager act in the role of sender, providing the benchmarking service-provider with the corresponding data on the lease contracts.

Tab. 6: Roles in leasing benchmarking
Sender
Owner/ Fonds-/ Investment Manager
Portfolio Manager
Asset Manager
Property Manager
Recipient
Benchmarking service-providers

3.5.2 Entities (data objects)

Data on the following data objects is transmitted between senders and recipients:

  • Property/ asset
  • Building
  • Rental unit
  • Lease
  • Term

3.5.4 Import timescales

The data for the leasing benchmarking may be exchanged on a monthly, quarterly, six-monthly, or yearly basis.

3.6 Ongoing operational reporting (subset 5.1)

3.6.1 Content and aim of process

As part of ongoing reporting within property management, the Property Manager (as sender) provides architectural, contractual, and accounting management data on an asset or property portfolio from its ERP system to the Asset Manager, Portfolio Manager, Owner, and Fund/ Investment Manager (as recipients).

The aim of the structured data transfer is to ensure that the key data on ongoing management (leasing situation, overview of space, etc.) is mapped as completely as possible in the asset management or portfolio management software as the target system. The Asset Manager or Portfolio Manager generally uses this data to prepare management reports for the owner or financing bank. The Asset Manager also uses the data to guide the Property Manager or develop recommendations for action.

3.6.2 Roles

The Property Manager assumes the role of sender with data from their ERP system as the delivery system. Depending on the depth of service assigned to the individual service-providers, the owner, Portfolio Manager, and Asset Manager assume the role of recipient.

Tab. 7: Roles in operational reporting
Sender
Property Manager
Recipient
Owner/ Fonds-/ Investment Manager
Portfolio Manager
Asset Manager

3.6.3 Entities (data objects)

All entities (data objects) required for management are transferred to the respective recipient, i.e.:

  • Property
  • Building
  • Rental unit/ leasable space
  • Lease
  • Contract object/ term
  • Contracting party
  • Account
  • Book entries (optional)
  • Record (optional)

3.6.4 Import timescales

Data is generally exchanged between the Property Manager and individual recipients once a month. As movement data is also exchanged in addition to master data on a property, the sender and recipient generally agree on a monthly closing date for book entries (e.g., the last day of each month), and a period for carrying out a quality check on the master and movement data (e.g., 4 calendar days). The data is then provided on the 5th calendar day of the following month or on the next working day.

3.6.5 Special process-specific aspects

3.6.5.1 Future amounts

All properties recognized in the statement of financial position must be included in the import. All future lease contracts capitalized in the delivery system must also be exported. The terms applicable in the future (e.g., rents) and space at the time at which the contract commences must also be transferred with the future contracts. (All) future rent concessions must be delivered in the months in which they are accrued.

3.6.5.2 Book entries

If the charts of accounts differ in the delivery and target systems, a once-only account mapping is carried out between both systems. The aim of this mapping operation is to make it possible to automatically assign all transferred book entries to the key figures in the target system. Where possible, account codes should be assigned to minimize the amount of effort required for ongoing maintenance when adding accounts.
All book entries on all data objects are to be transferred. If the chart of accounts is adjusted in the delivery or target system, the corresponding mapping must be adjusted.

Fig. 6: Mapping of accounts

Book entries are delivered as an account balance from the financial accounting system on the cost centers/ book entry objects of client and property. The following assumptions are applicable in this respect:

  • The results of all financial accounting accounts are transferred (0000000001 to 9999999999). All accounts on the following cost centers/ book entry objects are transferred from the delivery system to the target system.
  • Client (COM) > complete balance sheet and income statement through the account mapping and individual book entry records incl. the respective general ledger and financial accounts.
  • Property (PROP) > income statement, cashflow data through the aggregation of individual book entries with accounts on cashflow items, carrying amounts, and impairment losses.
  • With capital accounts: Provision of accumulated period amount (balance as at ...). Example: 10, 20, 35, 50, 30, …. Balance sheet amounts are provided in each case as of the beginning of the fiscal year (year-to-date, YTD), even if there have not been any changes. This ensures that any adjustments in previous book entry periods are also supplied.
  • Profit and loss accounts: Provision of monthly balance (for monthly planning periods). Example: 10, 10, 15, 15, -20, ….
3.6.5.3 Term

The types of term of the delivery and target system have to be mapped once only. The aim of this mapping operation is to make it possible to automatically assign all transferred types of term to the types of term in the target system (see mapping of charts of accounts).

3.7 Ongoing accounting reporting (subset 5.2)

3.7.1 Content and aim of process

The Property Manager transfers to the designated financial accountant the monthly incoming and outgoing payments, in addition to architectural and contractual data on the property. This payment data generally includes the management costs (operating expenses, OpEx) and investment expenses (capital expenditure, CapEx), if this data has been entered by the Property Manager. The contractual partners may also agree to transfer all outgoing payment records in addition to transferring the balances on the financial accounting accounts.

The aim of transferring the data is to map all accounting data on the credit and debit side held by the financial accountant, so that the financial accountant can prepare a balance sheet for the month, quarter, or year, where applicable, taking into consideration book entries on loans and taxes.

3.7.2 Roles

Tab. 8: Roles in financial reporting
Sender
Property Manager
Recipient
Financial accountant

3.7.3 Entities (data objects)

The following data objects are exchanged between the Property Manager and Financial Accountant.

  • Account
  • Book entry
  • Record

3.7.4 Import timescales

The data is imported once a month for all months that have closed within a specific fiscal year ("year-to-date"). In this respect, it should be noted that the calendar year may differ from the fiscal year. If required, a daily import frequency may be agreed.

Profit and loss accounts: Provision of respective monthly balance (for monthly planning periods) of the past 12 months. This ensures that any adjustments in previous book entry periods are also supplied. Example: 10/2016 = 10, 11/2016 = 8, 12/2016 = 15, ….

Instead of supplying adjustment book entries, cancellations, etc., it is necessary to supply a complete set of all data entered, as well as of the past 12 months. All imported amounts are expected as monthly amounts.

3.7.5 Special process-specific aspects

3.7.5.1 Future amounts

All properties recognized in the statement of financial position must be included in the import.

3.7.5.2 Book entries

See section 3.6.5.2

3.8 Ongoing financial accounting reporting (subset 5.3)

3.8.1 Content and aim of process

This process describes when amounts actually entered by the financial accountant are returned to the owner or Portfolio Manager, Asset Manager, and Property Manager. This includes all types of cost incurred:

  • Management costs (operating expenses, OpEx),
  • Investment expenses (capital expenditure, CapEx), and
  • Expenditure at company level (corporate overheads).

The aim of the data exchange is to transfer all requisite book entry data in order to transfer the income statement and balance sheet at the respective level of the company.

3.8.2 Roles

Tab. 9: Roles in financial accounting reporting
Sender
Financial accountant
Recipient
Owner, Fund/ Investment Manager
Portfolio Manager
Asset Manager
Property Manager

3.8.3 Entities (data objects)

Data on the following data objects is exchanged between the financial accountant and the Owner, Portfolio Manager, Asset Manager, or Property Manager:

  • Account
  • Book entry
  • Record

3.8.4 Import timescales

The data is generally imported once a month for all months that have closed within a specific fiscal year ("year-to-date"). In this respect, it should be noted that the calendar year may differ from the fiscal year. If required, a daily import frequency may be agreed.

3.8.5 Special process-specific aspects

3.8.5.1 Book entries

See section 3.6.5.2

3.9 Portfolio benchmarking (subset 5.4)

3.9.1 Content and aim of process

As part of the delivery of ESG basic data, environmental real estate data (E = environmental) is supplied to the Owner or an external service-provider by the Portfolio Manager, Asset Manager or Property Manager. The data in question pertains to the following information, based on the most recent annual bills:

  • Electricity consumption
  • Cooling/ heating consumption
  • Water consumption
  • Waste volumes and
  • General information on the asset (e.g., leasable space, sustainability certificate)

This data is then enhanced with social (S = social) and corporate (G = governance) information, so that real estate and real estate funds can be benchmarked against each other.

3.9.2 Roles

The Portfolie Manager, Asset Manager, and Property Manager generally act in the role of sender, providing the Owner with the corresponding data.

Tab. 10: Roles in delivery of ESG basic data
Sender
Portfolio Manager
Asset Manager
Property Manager
Recipient
Owner/ Fund/ Investment Manager

3.9.3 Entities (data objects)

When carrying out the portfolio benchmarking, the Owner receives data on the following entities (data objects):

  • Property/ asset
  • Building
  • Rental unit/ leasable space
  • Measurement
  • Consumption

3.9.4 Import timescales

The information is generally compiled and transmitted based on the most recent bills each calendar year.

3.9.5 Special process-specific aspects

None

3.10 Benchmarking of operating costs (subset 5.5)

3.10.1 Content and aim of process

The benchmarking of operating costs involves comparing specific management costs of different assets with each other. In the same way as with portfolio benchmarking (see section 3.9), a distinction is made between internal and external benchmarking. To this end, Owners, Portfolio Managers, Asset Managers, Property Managers, or Tenants in the case of corporates provide a benchmarking service-provider with the management costs as well as information on leasable space, building quality, and air-conditioning. The benchmarking service-provider analyzes this data within the supplied pool of data (internal benchmarking) as well as in comparison with other assets (external benchmarking), and provides the sender with the corresponding reports. The data is generally supplied and analyzed for a calendar year.

3.10.2 Roles

In the same way as with portfolio benchmarking, the Owner, Portfolio Manager, Asset Manager, and Property Manager act in the role of sender, providing the benchmarking service-provider with the corresponding data.

Tab. 11: Roles in the benchmarking of operating costs
Sender
Owner, Fund/ Investment Manager
Portfolio Manager
Asset Manager
Property Manager
Tenant
Recipient
Benchmarking service-provider

3.10.3 Entities (data objects)

When carrying out the benchmarking of operating costs, the benchmarking service provider receives data on the following entities (data objects):

  • Property/ asset
  • Building
  • Rental unit/ leasable space
  • Lease
  • Contract object/ term

3.10.4 Import timescales

In the same way as with portfolio benchmarking, the import timescales are individually agreed between the benchmarking service-provider (as recipient) and the respective senders. With external benchmarking pools, the benchmarking service-provider stipulates the delivery frequency and delivery date for the senders. To obtain comparable data, the management costs for a completed calendar year are determined for external benchmarking pools of operating costs. This is subject to the conditions that the final invoices from the utilities (generally electricity, water, gas, and district heating) must be available, and the heating costs have to be billed to the Tenant by the corresponding service-provider (media billing party). These conditions are generally met in the 3rd quarter of the following year.

3.10.5 Special process-specific aspects

None

3.11 Provision of basic valuation data (subset 5.6)

3.11.1 Content and aim of process

This subset is used to transfer all data required for property valuation. This data is provided by the Owner, Portfolio Manager, Asset Manager, or Property Manager to the valuer. The valuer prepares the valuation report based on this data. When preparing the valuation report, a distinction can be made between an initial valuation, a re-valuation, and a fair market valuation. Where necessary, the valuer must request further information from the competent offices or look for it elsewhere.

3.11.2 Roles

The Owner, Portfolio Manager, Asset Manager, and Property Manager generally act in the role of sender, providing the valuer with the corresponding data.

Tab. 12 : Roles in the valuation
Sender
Owner, Fund/ Investment Manager
Portfolio Manager
Asset Manager
Property Manager
Recipient
Valuer

3.11.3 Entities (data objects)

Data on the following entities (data objects) is transmitted between senders and recipients:

  • Property/ asset
  • Building
  • Rental unit
  • Lease
  • Terms
  • Projects

3.11.4 Import timescales

The valuation date, the date on which the basic valuation data and report are delivered, and the scope of supply of basic data (core including/excluding optional fields) are
individually agreed between the customer and valuer. They are each dependent on the type of valuation report, and the internal and external/ regulatory requirements. With
recurring valuations, it is normal to deliver data by the respective valuation date (generally at the end of the quarter and year).

3.11.5 Special process-specific aspects

None

3.12 Valuation report (subset 5.7)

3.12.1 Content and aim of process

Within the scope of a valuation, data on a property/ assets and/or land is assessed. The valuer determines the value of the property/ asset and/or land on the basis of this data, the information obtained, as well as their own experience and assessments.

3.12.2 Roles

The valuation is prepared by the valuer and is transferred to the Owner, Portfolio Manager, or Asset Manager, depending on the contract).

Tab. 13: Roles in the valuation
Sender
Valuer
Recipient
Owner, Fund/ Investment Manager
Portfolio Manager
Asset Manager

3.12.3 Entities (data objects)

Within the scope of a property valuation, data on the following entities (data objects) is provided to the recipient:

  • Property/ asset
  • Building
  • Valuation report
  • Rental unit

3.12.4 Import timescales

In the same way as when delivering basic valuation data, the time of delivery, scope of delivery, and type of delivery is agreed between the customer and valuer, on the basis
of internal and external/ regulatory requirements (see section 0).

3.12.5 Special process-specific aspects

Various valuations may be available for an asset by a valuation date. To be able to uniquely assign the data delivered by a valuer to the customer and/or the customers representative via a data interface, the valuation subset therefore comprises a unique ID for the valuer (valuer ID). Additions in version 2.0 of the guideline include that the report has to be returned with information provided by the valuer (in particular market rents) for each leased property/ space.

3.13 Fund reporting (subset 5.8)

3.13.1 Content and aim of process

The fund reporting process describes the provision of data of a fund, normally for the purpose of exchanging data between the target fund and an invested fund of funds. The
aim of the data exchange is to transfer the required information so that a fund of funds is able to create a report on the basis of a lookthrough to the target funds.

3.13.2 Roles

Data is exchanged between two funds, so that the Owners, Fund or Investment Managers of the funds concerned usually act as senders and recipients.

Tab. 13 Roles in exchanges from target fund to
fund of funds
Sender
Owner / Fund Manager / Investment Manager
Recipient
Owner / Fund Manager / Investment Manager

3.13.3 Entities (data objects)

Data on the following entities (data objects) is transmitted between senders and recipients:

  • Client
  • Property
  • Contracting party
  • Loan
  • Securities (shares)
  • Currency

3.13.4 Import timescales

Data can be exchanged monthly, quarterly, half-yearly, or annually. Sender and recipient are free to agree the frequency; normally the recipient will specify the frequency in order to receive consistent data from the different senders.

3.13.5 Special process-specific aspects

The requirements for the contents of the data needed may differ for the respective recipients. In order to meet as many requirements as possible without unnecessarily increasing the complexity of the data delivery, sender and recipient can agree modular rule sets. They center on the so-called core rule set, which covers the general requirements and forms the basis of every data exchange. In addition, the following rule sets, arranged by issue, are also available:

  • 5.8.0 Core
  • 5.8.1 Open items
  • 5.8.2 Transactions
  • 5.8.3 Return on property
  • 5.8.4 Project developments
  • 5.8.5 Spaces and usage types
  • 5.8.6 Currencies, FK, GD
  • 5.8.7 Acquisition pipeline and provision of liquidity
  • 5.8.8 Movements of capital
  • 5.8.9 Tenant level
  • 5.8.10 Currencies, FK, GD
  • 5.8.11 Liquidity and securities
  • 5.8.12 Tenant level
  • 5.8.13 Details on equity investments
  • 5.8.14 Asset Manager/ fund of fund (see also section 1.6).

The rule sets must always be agreed in their entirety.