17 Haziran 2012 Pazar

industrial Real Estate Jargon Investors Should Know

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Commercial real estate speculation is a new territory for many real estate investors. The following is the alphabetical list of most commonly used terms in this area.

Anchored tenants: big brand-name national tenants, e.g. Albertsons, Longs Drug, Walmart that bring in lots of traffic to the shopping center.

Apartments With Utilities Included

Cam: common Area Maintenance. related with Cam is Cam fees. For Nnn leases, the term Cam fees refer to the money tenants pay landlord to cover property taxes, assurance and maintenance.

industrial Real Estate Jargon Investors Should Know

Cap rate: Return of speculation in the first year of ownership. Capitalization rate is the ratio of 1st year Net Operating income over the buy price. The higher the cap rate, the higher the rental income. For people who spend in the stock market, cap rate is the inverse of P/E ratio.

Cash on cash: yearly division return of your down cost not together with appreciation. First year cash flow divided by your preliminary down payment.

Conduit loan: also called industrial Mortgage Backed Securities (Cmbs) loan often with the lower rate than customary industrial loan but either has high pre-payment penalty (called defeasance or Yield Maintenance Penalty) or does not have payoff flexibility.

Cpd: Car Per Day or traffic volume on a road.

Cpi: consumer Price Index. It's often used to calculate yearly rental growth to compensate for inflation.

Due Diligence Period: the duration after acceptance usually 15-30 days to allow buyer to study about the property. Buyer can cancel the ageement during this time for any reasons and get full reimbursement of the deposit.

Estoppel Certificate: a letter in case,granted and signed by tenant confirming the current rent and terms.

Full-service lease: lease in which tenant pays rent that covers all things together with utilities.

Gross income: total yearly income before any expenses.

Gross lease: lease in which tenants just pay rent. Landlord pays tax, insurance, & maintenance.

Gla: Gross Leaseable Area or total rentable area. This is the space that can be leased and receive rental income. It does not consist of spaces for utilities room, elevator, etc.

Grm: Gross Rent Multiplier for apartment. Ratio of buy price over yearly income.

Llc: wee Liabilities Company. A legal entity many investors formed to own industrial properties.

Loi: Letter of Intent/Interest or the usually non-binding offer letter used to make an offer to buy a industrial property.

Mai appraiser: Member appraisal make industrial appraiser.

Master lease: lease signed by the distributor to rent the vacant space to contribute rent guarantee.

Mixed Use: industrial properties with sell on 1st floor and apartment on upper floors.

Triple Net (Nnn) lease: lease in which tenants pay base rent plus property tax, assurance & Cam fees. Absolute Nnn lease is Nnn lease that tenants also pay property administration fee.

Noi: Net Operating Income. yearly income after all expenses (property taxes, ins., & maintenance) except mortgage payment.

Pad: stand alone construction in a prime location of a big shopping center.

Pass Thru: see reimbursement.

Percentage lease: lease in which tenant pays base rent plus a division of tenant's revenue.

Phase I Report: inspection report that provides an appraisal for soil/environment contamination. It's usually required by the lender as part of loan approval process for a industrial property.

Phase Ii Report: inspection report for soil & groundwater subsurface investigation. This inspection is more total which involves testing to see if there is any soil and water contamination.

Proforma income: potential, i.e. Higher, income when the property is 100% leased.

Proforma Cap rate: potential cap rate assuming property is 100% leased at store rent.

Reimbursement: the share of property tax, assurance & Cam fees that a tenant has to pay the landlord besides the base rent.

Rent guarantee: rent paid by the distributor to buyer for vacant spaces until they are leased.

Sba Loan: a government-guaranteed loan for owner-occupied properties.

Snda: Subordination, Non-disturbance, and Attornment. It's an bargain required by lender, signed by the tenants agreeing: the new lien in 1st position; lender as landlord in case of foreclosure; lease as valid as long as tenant is not in default.

Tic: Tenants In Common. A way for small/self-directed Ira investors to own a fraction of high-valued properties as tenants in common.

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