Latitude and longitude coordinates that describes in either degrees or time the location of a property. Coordinates can be obtained from software that reference geocode data or graphic information.
Represents the boundaries in which a tenant conducts business: International, National, Regional or Local.
The property may be adjacent or near to a golf course. In some cases tenants in a building may have rights to play at a particular golf course. For a Proposed Building it may indicate that a golf course has been incorporated into the building park design.
Also known as a stepped or step-up lease. A lease in which the annual rent is increased to certain pre-set levels.
A dying shopping center, specifically (according to Price-Waterhouse-Coopers) a center in which annual sales are less than $150 per square foot of retail space
For existing buildings, the measure of total square feet leased (indicated as a Move-In) over a given period of time with no consideration for space vacated during the same time period. Sublet space and lease renewals are not factored into gross absorption. However, in a lease renewal that includes the leasing of additional space, that additional space is counted in gross absorption. Preleasing of space in non-existing buildings (Planned, Under Construction or Under Renovation) is not counted in gross absorption until actual move in, which by definition may not be any earlier than the delivery date.
All space in a building, AKA the Whole Building.
AKA GIM - The ratio of sale price to gross scheduled income plus other income at time of sale, or projected GSI for the first year of ownership. Calculated by dividing the sale price by the gross scheduled income plus other income.
(AKA GLA) Expressed in square feet. It is the total floor area designed for the occupancy and exclusive use of tenants, including basements and mezzanines. It is the standard measure for determining the size of retail spaces, specifically shopping centers, where rent is calculated based on GLA occupied. There is no real difference between RBA (Rentable Building Area) and GLA except that GLA is used when referring to retail properties while RBA is used for other commercial properties.
AKA GRM - The ratio of sale price to gross scheduled income only, at time of sale, or projected GSI for the first year of ownership. Calculated by dividing the sale price by the gross scheduled income. If you have Other Income in addition to Gross Scheduled Income, see Gross Income Multiplier.
(GSI) The total annualized scheduled rents for an investment property at time of sale or projected for the first year of ownership, assuming full occupancy.
A lease agreement where the land owner (lessor) agrees to lease their land for a set period of time. Depending on the contents of the agreement, the lessor can stipulate what the lessee can and can not do with the property. The lease term is typically 20 years or more, with many being 99 years in length. The lessee pays the lessor a monthly, quarterly or annual rent payment. The lessee often constructs a building on the site and operates it or leases it as if they owned the ground in fee. At the expiration of the lease agreement, the lessor gains control of whatever is constructed on the land, unless the lease is renewed.
|