MSCI Real Estate –BMR Benchmarks
Methodology
Specifications-

November 2023

© 2023 MSCI Inc. All rights reserved.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
2023

Contents
1

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

2

Methodology Documentation Set for the BMR Benchmarks in the MSCI Property
Benchmark Family ........................................................................................................................ 4

3

Methodology Documentation Set for the BMR Benchmarks in the MSCI Property Fund (withpublished NAV) Benchmark Family ............................................................................................ 5

4

MSCI Real Estate - BMR Benchmarks Methodology Specifications......................................... 65

ESG Disclosures ........................................................................................................................... 7

6

BMR Benchmarks in the MSCI Property Benchmark Family ..................................................... 87

BMR Benchmarks in the MSCI Property Fund (with published NAV) Benchmark Family .....19

Appendix I: ESG Disclosure for the BMR Benchmarks in the MSCI Property Benchmark Family.25
Appendix II: ESG Disclosure for the BMR Benchmarks in the MSCI Property Fund (with PublishedNAV) Benchmark Family ....................................................................................................................26
Appendix III – Versioning Table.........................................................................................................27© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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1

Introduction
This document sets out the additional detailed methodology specifications for BMR Benchmarks.
(“BMR” refers collectively to the EU benchmark regulation and the UK benchmark regulation post
Brexit.)A “BMR Benchmark” is an MSCI Private Real Estate Index for which MSCI Limited has provided
written permission in each instance to its client to be used for a BMR regulated use.
The process to request BMR regulated use for these BMR Benchmarks or other indexes can befound on the index regulation page of MSCI’s website at www.msci.com/index-regulation.
With respect to the BMR, for BMR Benchmarks in the MSCI property benchmark family, MSCI haschosen not to apply certain articles of the BMR as allowed under the BMR. MSCI has published a
MSCI Real Estate – BMR property benchmark family - Compliance Statement which explains the
exemptions taken by MSCI.
BMR Benchmarks fall into two families based on the their ‘input data’ as defined by the BMR:•MSCI property benchmark family. The input data for this family is property valuations, and inperiods when a transaction occurs, the property transacted prices. The data for each of theproperties in the relevant BMR Benchmarks is supplied by MSCI’s data providers. Based on
MSCI’s current understanding and assumptions, property valuations are “contributions of input
data” under the BMR.
No other substitutes are made and no other order of priority of use of input data applies to thisfamily.

•MSCI property fund (with published NAV) benchmark family. The input data for this family is the
Net Asset Value (“NAV”) of each of the funds included in the relevant BMR Benchmark as
supplied by its data providers. This input data is published on the MSCI website at each index
release. Because the data is publicly available, the data is considered “readily available” and is
not “contribution of input data” under the BMR.
There are no substitutes for fund NAVs and therefore no priority of use of input data for thisfamily.

© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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2

Methodology Documentation Set for the BMR Benchmarks in the
MSCI Property Benchmark Family•

MSCI Real Estate - Index Policies•

MSCI Property Indexes Methodology•

MSCI Real Estate – BMR Benchmarks Methodology Specifications•

MSCI Global Data Standards for Real Estate Investment•

MSCI Standards for Real Estate Valuations© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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3

Methodology Documentation Set for the BMR Benchmarks in the
MSCI Property Fund (with published NAV) Benchmark Family•

MSCI Real Estate - Index Policies•

MSCI Property Fund Indexes Methodology•

MSCI/AREF UK Quarterly Property Fund Index Methodology•

MSCI Real Estate – BMR Benchmarks Methodology Specifications•

MSCI Global Data Standards for Real Estate Investment© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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4

MSCI Real Estate - BMR Benchmarks Methodology
Specifications
The methodology specifications for construction of benchmarks are provided in the next two
sections. All BMR Benchmarks are or are constructed from the MSCI UK Annual Property Index, the
MSCI UK Quarterly Property Index or the MSCI/AREF UK Quarterly Property Fund Index. The
specifications are described as follows:
Description
BMR Benchmark Name
Peer Group Filter
Geographic Filter
Property Attribute Filter

Primary Methodologies
History
Refresh Cycle
Minimum Valuation
Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

This is the official name of the BMR Benchmark
The Standard Index or sub-index, with any exclusions,from which the BMR Benchmark is constructed
Geographic Filter which could indicate a country or
region within a country
Property attribute filters encompass a wide variety ofasset characteristics that can be used to define index
subsets. The most frequently referenced attributes areproperty sectors and more detailed property types.
The primary methodologies to which these
specifications are applied.
Frozen or unfrozen. Note, all BMR Benchmarks are
required to have frozen history.
Annual or Quarterly
Annual or Quarterly
Annual or Quarterly
Annual or Quarterly
GBP
Total Return or Net Total Return - unitized adjusted forcrossholdings
All Assets or Standing Investments
Weighted average or Percentile ranking© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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5

ESG Disclosures
As part of the European Union's Sustainable Finance package, the Benchmark Regulation has been
amended to require benchmark administrators to publish specified ESG metrics for all EU regulated
ESG indexes and to make certain ESG related disclosures in the methodologies for all EU regulated
indexes.
Refer to Appendix I and II for the details on ESG disclosures. This information is provided as per theEuropean Commission's Delegated Regulation (EU) 2020/1817, supplementing Regulation (EU)2016/2011 of the European Parliament and of the Council (the "EU Benchmark Regulation") as regards
the minimum content of the explanation on how ESG factors are reflected in the benchmark
methodology.

© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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6

BMR Benchmarks in the MSCI Property Benchmark Family
BMR Benchmark Name
Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK (excluding Central London Office
Fund - 631) Central London Office Annual
Property Index (Total Return; GBP)
MSCI UK Annual Property Index excluding
Central London Office Fund - 631 managed by
Nuveen Real Estate Management Limited
Central London (based on UK Regions
definition in MSCI Property Indexes
Methodology)
Office (based on Sector definition in MSCI
Property Indexes Methodology)
MSCI Property Indexes Methodology
FrozenAnnualAnnualAnnual
GBP
Total Return
All Assets
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter

Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK (excluding UK Retail Warehouse
Fund - 605) Quarterly Valued Retail
Warehouse Annual Property Index (Total
Return; GBP)
MSCI UK Annual Property Index excluding UK
Retail Warehouse Fund - 605 managed by
Nuveen Real Estate Management Limited
UK
Quarterly and monthly valued assets;
Retail Warehouse (based on Detailed Property
definition in MSCI Property Indexes
Methodology)
MSCI Property Indexes Methodology
FrozenAnnualQuarterly
Annual
GBP
Total Return
All Assets
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name
Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK (excluding Shopping Centre Fund –656 ) Shopping Centres Annual Property
Index (Total Return; GBP)
MSCI UK Annual Property Index excluding
Shopping Centre Fund - 656 managed by
Nuveen Real Estate Management Limited
UK
Shopping Centre (based on Detailed Property
definition in MSCI Property Indexes
Methodology)
MSCI Property Indexes Methodology
FrozenAnnualAnnualAnnual
GBP
Total Return
All Assets
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name
Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK excluding Central and Inner London
Office Quarterly Property Index (Total Return;
GBP)
MSCI UK Quarterly Property Index
Excluding Central and Inner London (basedon UK Regions definition in MSCI Property
Indexes Methodology)
Office (based on Sector definition in MSCI
Property Indexes Methodology)
MSCI Property Indexes Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Total Return
All Assets
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name
Peer Group Filter
Geographic Filter
Property Attribute Filter

Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK Shopping Centres: > 700,000 sq ft
Annual Property Index (Total Return; GBP)
MSCI UK Annual Property Index
UK
Shopping centres (based on Detailed Property
definition in MSCI Property Indexes
Methodology) with a floorspace greater than
700,000 sq ft (based on fixed value band)
MSCI Property Indexes Methodology
FrozenAnnualAnnualAnnual
GBP
Total Return
All Assets
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name
Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK Quarterly Property Index (Total
Return; GBP)
MSCI UK Quarterly Property Index
UK
All sectors
MSCI Property Indexes Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Total Return
All Assets
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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BMR Benchmark Name
Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK Distribution Center Quarterly
Property
Index (Total Return; GBP)
MSCI UK Quarterly Property Index
UK
Distribution Center (based on Detailed
Property definition in MSCI Property Indexes
Methodology)
MSCI Property Indexes Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Total Return
All Assets
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name
Peer Group Filter

Geographic Filter
Property Attribute Filter

Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK Daily Traded APUTs and PAIFs
Quarterly Property Index (Capital Value Sector
Weights; GBP)
Daily Traded Authorized PUTs (APUTs) and
Property Authorised Investment Fund (PAIFs),
based on self-reported portfolio classificationand trading frequency of the portfolios within
the MSCI UK Quarterly Property Index
UK
The weights are determined by:• Retail, Industrial and Office (based on
Sector definition in MSCI Property
Indexes Methodology)• Other (total of Residential, Hotel and Other
based in Sector definition in MSCI
Property Indexes Methodology)
MSCI Property Indexes Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Capital Value Weights
All Assets-© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name
Peer Group Filter

Geographic Filter

Property Attribute Filter

Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK Daily Traded APUTs and PAIFs
Quarterly Property Index (Capital Value
Weight by Type and UK Region; GBP)
Daily Traded Authorized PUTs (APUTs) and
Property Authorised Investment Fund (PAIFs),
based on self-reported portfolio classificationand trading frequency of the portfolios within
the MSCI UK Quarterly Property Index.
The weights are determined by:• City, West End & Mid Town, South East(based on UK Regions definition in MSCI
Property Indexes Methodology)• Rest of UK comprises UK excluding South
East (based on UK Regions definition in
MSCI Property Indexes Methodology)
The weights are determined by:• Industrial and Office (based on Sector
definition in MSCI Property Indexes
Methodology)• Retail Warehouses, Shopping Centres andStandard Retails (based on Property Typedefinition in MSCI Property Indexes
Methodology)• Other (total of Residential, Hotel and Other
based on Sector definition in MSCI
Property Indexes Methodology)
MSCI Property Indexes Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Capital Value Weights
All Assets-© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name
Peer Group Filter

Geographic Filter
Property Attribute Filter

Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI UK Balanced Portfolios Quarterly
Property Index (Capital Value Sector Weights;
GBP)
Balanced portfolios within the MSCI UK
Quarterly Property Index based on allocationof direct property assets within any sector of<70% of the total capital value. The sectors
are defined as Retail, Office, Industrial,
Residential, Hotel and Other as defined in
MSCI Property Indexes Methodology.
Allocation is beingdetermined based on a rule
based approach by MSCI. Till Q4 2019 theclassification is based on the initial allocationin new funds included in the index. From Q12020 onwards the classification of all
portfolios within the index is updated annuallyduring the Q1 update and additional new
portfolios will be classifed based on the
allocation at the moment of index inclusion.
UKThe weights are determined by:• Retail, Industrial and Office (based on
Sector definition in MSCI Property
Indexes Methodology)• Other (total of Residential, Hotel and Other
based in Sector definition in MSCI
Property Indexes Methodology)
MSCI Property Indexes Methodology
FrozenQuarterly
Quarterly
Quarterly
Annually Reviewed
GBP
Capital Value Weights
All Assets-© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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7

BMR Benchmarks in the MSCI Property Fund (with publishedNAV ) Benchmark Family
BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI/AREF UK All Balanced Open-ended
Quarterly Property Fund Index (Net Total
Return–unitized adjusted for crossholdings;
GBP)
MSCI/AREF All Balanced Open-ended UK
Quarterly Property Fund Index
UK
MSCI Property Fund Indexes Methodology
and MSCI/AREF UK Quarterly Property Fund
Index Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Net Total Return - unitized adjusted forcrossholdings
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI/AREF UK Other Balanced Open-ended
Quarterly Property Fund Index (75th Vehiclelevel Percentile Net Total Return–unitizedadjusted for crossholdings; GBP)
MSCI/AREF Other Balanced Open-ended UK
Quarterly Property Fund Index
UK
MSCI Property Fund Indexes Methodology
and MSCI/AREF UK Quarterly Property Fund
Index Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Net Total Return - unitized adjusted forcrossholdings
75th Vehicle-Level Percentile© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI/AREF UK Other Balanced Open-ended
Quarterly Property Fund Index (Net Total
Return–unitized adjusted for crossholdings;
GBP)
MSCI/AREF Other Balanced Open-ended UK
Quarterly Property Fund Index
UK
MSCI Property Fund Indexes Methodology
and MSCI/AREF UK Quarterly Property Fund
Index Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Net Total Return - unitized adjusted forcrossholdings
Weighted Average© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI/AREF UK All Balanced Open-ended
Quarterly Property Fund Index (50th Vehiclelevel Percentile Net Total Return–unitizedadjusted for crossholdings; GBP)
MSCI/AREF All Balanced Open-ended UK
Quarterly Property Fund Index
UK
MSCI Property Fund Indexes Methodology
and MSCI/AREF UK Quarterly Property Fund
Index Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Net Total Return - unitized adjusted forcrossholdings
50th Vehicle-Level Percentile© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI/AREF UK All Balanced Open-ended
Quarterly Property Fund Index (75th Vehiclelevel Percentile Net Total Return–unitizedadjusted for crossholdings; GBP)
MSCI/AREF All Balanced Open-ended UK
Quarterly Property Fund Index
UK
MSCI Property Fund Indexes Methodology
and MSCI/AREF UK Quarterly Property Fund
Index Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Net Total Return - unitized adjusted forcrossholdings
75th Vehicle-Level Percentile© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI/AREF UK Other Balanced Open-ended
Quarterly Property Fund Index (50th Vehiclelevel Percentile Net Total Return–unitizedadjusted for crossholdings; GBP)
MSCI/AREF Other Balanced Open-ended UK
Quarterly Property Fund Index
UK
MSCI Property Fund Indexes Methodology
and MSCI/AREF UK Quarterly Property Fund
Index Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Net Total Return - unitized adjusted forcrossholdings
50th Vehicle-Level Percentile© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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BMR Benchmark Name

Peer Group Filter
Geographic Filter
Property Attribute Filter
Primary Methodology
History
Refresh Cycle
Minimum Valuation Frequency
Publication Frequency
Rebalancing Frequency
Currency
MeasureSample Filter
Measure Function

MSCI/AREF UK Other Balanced Open-ended
Quarterly Property Fund Index (25th Vehiclelevel Percentile Net Total Return–unitizedadjusted for crossholdings; GBP)
MSCI/AREF Other Balanced Open-ended UK
Quarterly Property Fund Index
UK
MSCI Property Fund Indexes Methodology
and MSCI/AREF UK Quarterly Property Fund
Index Methodology
FrozenQuarterly
Quarterly
Quarterly
GBP
Net Total Return - unitized adjusted forcrossholdings
25th Vehicle-Level Percentile© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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Appendix I: ESG Disclosure for the BMR Benchmarks in the MSCI
Property Benchmark Family
Explanation of how ESG factors are reflected in the key elements of the benchmark
or family of benchmark methodology
Name of the benchmark administrator: MSCI Limited
Type of benchmark or family of benchmark: Private Real Estate
Does the benchmark methodology
for the benchmark or family of☐ Yes ✓ No
benchmarks take into account ESG
factors?
ESG factors that are taken into account in the benchmark methodology, and how
those ESG factors are used for the selection, weighting or exclusion of underlying
assetsa) List of environmental factors
considered:

Not Applicableb) List of social factors considered:

Not Applicablec) List of governance factors
considered:

Not Applicable

Data and standards useda) Data input

Not Applicableb) Verification and quality of data

Not Applicablec) Reference standards

Not Applicable

Date on which information has last
been updated and reason for the
update:

The information in this report has last been
updated on June 27, 2022 for reasons outlinedin Appendix III – Versioning Table© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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Appendix II: ESG Disclosure for the BMR Benchmarks in the MSCI
Property Fund (with Published NAV) Benchmark Family
Explanation of how ESG factors are reflected in the key elements of the benchmark
or family of benchmark methodology
Name of the benchmark administrator: MSCI Limited
Type of benchmark or family of benchmark: Private Real Estate
Name of the benchmark or family of benchmarks: MSCI Property Fund (withpublished NAV) benchmark family
Does the benchmark methodology
for the benchmark or family of☐ Yes ✓ No
benchmarks take into account ESG
factors?
ESG factors that are taken into account in the benchmark methodology, and how
those ESG factors are used for the selection, weighting or exclusion of underlying
assetsa) List of environmental factors
considered:

Not Applicableb) List of social factors considered:

Not Applicablec) List of governance factors
considered:

Not Applicable

Data and standards useda) Data input

Not Applicableb) Verification and quality of data

Not Applicablec) Reference standards

Not Applicable

Date on which information has last
been updated and reason for the
update:

The information in this report has last been
updated on June 27, 2022 for reasons outlinedin Appendix III – Versioning Table© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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Appendix III – Versioning Table
Publication Date

Key Changes

13 June 2019

First release of the document that outlines the BMR
Benchmarks Methodology Specifications for the MSCI Property
Benchmark Family and MSCI Property Fund (with PublishedNAV) Benchmark Family

16 July 2019

Included additional BMR methodology details in Section 6 andSection 7

19 Nov 2019

Included additional BMR methodology details in Section 6 andSection 7

11 Dec 2019

Included additional BMR methodology details in Section 6 andSection 7

23 Dec 2019

Included additional BMR methodology details in Section 6 andSection 7

4 June 2020

25 September 2020

Included Section 5 on ESG Disclosures and Appendix I and II on
ESG Disclosure for BMR Benchmarks in the MSCI Property
Benchmark Family and MSCI Property Fund (with PublishedNAV) Benchmark Family
Removed Benchmark Specifications for “MSCI UK (excluding
Industrial Property Investment Fund – 415) Industrial Quarterly
Property Index (Total Return GBP)”

23 December 2020

Updated ESG Disclosures in Appendix I and II in order to alignwith the Commission Delegated Regulation (EU) 2020/1816

24 December 2021

Updated publication date post annual review. No changes tothe document.

1 February 2022

Based on ‘Conclusion of consultation on changes to theinclusion criteria of MSCI/AREF UK
Quarterly Property Fund Index’ as announced in June 2021, the‘BMR Benchmark Name’ and ‘Peer Group Filter’ in section 7 are
updated (where applicable) to include only ‘Open-ended’ funds,
as per the MSCI/AREF UK Quarterly Property Fund Index
methodology. These changes to methodology are applicable
starting Q1 2022 index results reporting on a moving forwardbasis.

© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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Updated BMR methodology details in Section 6

28 March 2022

27 June 2022

MSCI UK (excluding UK Retail Warehouse Fund - 605) Retail
Warehouse Quarterly Property Index (Total Return; GBP) is
discontinued and a new methodology specification is added –MSCI UK (excluding UK Retail Warehouse Fund - 605) Quarterly
Valued Retail Warehouse Annual Property Index (Total Return;
GBP).
Updated BMR methodology details in Section 6: MSCI UK
Healthcare Annual Property Index (Total Return; GBP)
benchmark discontinued.
Added clarification in section 5: ESG Disclosures referencing
the relevant regulation for the minimum content of the
explanation on how ESG factors are reflected in the benchmark
methodology© 2023 MSCI INC. ALL RIGHTS RESERVED. PLEASE REFER TO THE DISCLAIMER AT THE END OF THIS DOCUMENT.

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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
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MSCI Real Estate – BMR Benchmarks Methodology Specifications | November
2023

Notice and disclaimer
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