Investor Reporting

Investor Reporting

The canonical skill for investor communication conventions and formatting. Any command that produces LP letters, board updates, or REIT management reports MUST invoke this skill.

Trigger Conditions

Activated when any command needs:

• LP letter structure and tone conventions
• REIT-style disclosure formatting and caveats
• Fund-level attribution presentation format
• Investor communication compliance considerations

Business Context

Investor communications are the primary touchpoint between fund managers and their capital partners. LPs, board members, and public-entity stakeholders each expect specific formats, levels of detail, and tone. Consistency across periods builds trust; surprises destroy it. This skill standardizes format and ensures appropriate disclosure practices.

Workflow

LP Letter Conventions

Structure

1. Performance Summary (lead with headline metrics)
   • Fund-level return: TWRR and IRR (gross and net), since inception and period
   • Investment multiples: TVPI, DPI, RVPI
   • Portfolio occupancy and same-store NOI growth
   • Comparison to benchmark (NPI, ODCE)
2. Market Context (brief, relevant, not generic)
   • Macro environment (rates, GDP, employment) only if directly relevant
   • Sector-specific trends affecting the portfolio
   • 3-5 sentences maximum; do not repurpose a market research report
3. Key Transactions
   • Acquisitions: property, price, cap rate, strategy thesis (2-3 sentences each)
   • Dispositions: property, price, realized return, hold period
   • Financings: property, amount, rate, term, purpose
4. Portfolio Highlights and Challenges
   • Top 2-3 positive developments (leasing wins, value creation, outperformance)
   • Honest discussion of challenges (underperformers, market headwinds)
   • Action plans for challenged assets -- never present a problem without a plan
5. Outlook
   • Forward view (next 1-2 quarters)
   • Capital deployment pipeline
   • Key risks being monitored
   • Tone: cautiously constructive, never promotional

Tone Rules

• Professional, balanced, and transparent
• Contextualize misses: explain what happened and what you're doing about it
• Do not bury bad news in footnotes or appendices
• Use "we" for the management team, not "I"
• Performance is presented net of fees unless explicitly stated as gross

REIT-Style Disclosure

For public entities (REITs, public non-traded vehicles):

1. Include forward-looking statement safe harbor language
2. Non-GAAP metrics (FFO, AFFO, same-store NOI) must be reconciled to GAAP
3. Clearly label estimates vs. audited figures
4. Risk factor disclosure follows SEC conventions
5. Distribution coverage ratio and payout ratio included

Fund-Level Attribution Format

Present attribution in a standard table format:

Segment	Weight	Total Return	Income	Appreciation	Contribution
Office	%	%	%	%	bps
Industrial	%	%	%	%	bps
...
Portfolio	100%	%	%	%	bps

• Contribution = Weight x (Segment Return - Portfolio Return)
• Show both absolute return and excess return vs. benchmark

Frequency and Timing

Report Type	Frequency	Typical Delivery
LP Letter	Quarterly	45-60 days after quarter-end
Capital Account Statement	Quarterly	With LP letter
Annual Report	Annual	90 days after year-end
Board Update	Quarterly or monthly	Per governance calendar
K-1 / Tax	Annual	March 15 (partnerships)

Output Structure

• Formatted investor letter (markdown)
• Attribution tables (if fund returns available)
• Appendix: property-level summary (if appropriate for audience)

QA Checks

• Performance figures consistent with fund return calculations
• Gross and net returns both stated (or clearly labeled which is presented)
• Benchmark comparison uses appropriate index
• Market commentary is current quarter, not stale
• Challenges addressed with action plans
• Forward-looking statements appropriately caveated
• REIT disclosures include required reconciliations (if applicable)
• Attribution contributions sum to total excess return

Standards References

• NCREIF/PREA Reporting Standards for terminology and metric definitions
• ILPA Reporting Template for LP communications (private fund context)
• SEC Regulation FD considerations for public entities
• GIPS (CFA Institute) for performance presentation standards