| debt arrangement costs | Debt arrangement costs paid to a lender, broker, or other third party, in connection with obtaining debt financing for asset purchase or financing at the vehicle or other special purpose entity le... |
| debt arrangement fee | Also known as financing fee, this represents a fee charged by the investment manager for services rendered in arranging debt financing for asset purchases or financing at the vehicle or other spec... |
| debt fund | Definition debt vehicle |
| debt interest | The ownership of a mortgage note or other note receivable secured by real estate assets owned by another party |
| debt service coverage ratio - dscr (inrev) | Projected noi over the following four quarters as a ratio of projected interest and scheduled amortization payments on bank (not shareholder) loans over the same period. this is a portfolio metric... |
| debt service coverage ratio - dscr (rs) | Used to measure the amount of cash flow from the property/ investment's operations that is available to meet annual interest and principal payments on debt. a dscr of greater than 1 would mean... |
| debt vehicle | A fundor similar entity that has been set up for the purposes of issuing or investing in loans. |
| debt yield | Property’s operating income as a percentage of the total principal loan amount |
| default covenant | A financial covenant, the breach of which is an event of default. |
| development facility | A loan provided to finance the development of a real estate asset |
| development fee | A fee charged to the vehicle by the investment manager for the construction processes of a development project. these costs may be expensed or capitalised at the property level. |
| development margin | Margin applied to a development loan for the period before practical completion. |
| discount margin | Rate above your floating benchmark rate. |
| disposals account | The disposals account is used to hold the proceeds of disposal of a property pending prepayment of loans. |
| distribution fee | Fees charged in conjunction with operating or return of capital cash distributions to investors. |
| distribution-dividend yield | The amount of income (or shareholder loan interest payments) the vehicle distributes to investors on a rolling 12 months basis as a percentage of the average nav over the same period. |
| distributions | - Cash or other assets paid from the vehicle to its investors as a share of income or gains from operations or a return of capital.
- Payments from fund or corporate cash flow. may incl...
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| distributions to paid-in capital (dpi) multiple | Measures what portion of the return actually been returned to the investors. the dpi will be zero until distributions are made. as the fund matures, typically the dpi will increase. when the dpi i... |
| district heating and cooling | District heating and cooling is a system for distributing hot or cold steam and water generated in a centralised location for residential and commercial heating requirements such as space heating ... |
| dividend payment | A form of distribution as defined in the vehicle’s documentation. |
| duty of care agreement | An agreement entered into between the secured parties and an asset manager (am) or managing agent (ma) in which the am or the ma acknowledges the security over the relevant properties and in which... |
| economic share | A term used to describe the ownership of the fund's interest in a particular investment based on the current period hypothetical liquidation (i.e. waterfall) calculation. (as used herein, join... |
| emerging issues task force (eitf) | The emerging issues task force (eitf) was formed in 1984 in response to the recommendations of the fasb's task force on timely financial reporting guidance and a fasb invitation to comment on ... |
| end of investment period | The end of the period as defined in the vehicle documentation during which the vehicle can acquire assets. |
| end of maximum extendable vehicle term | The maximum vehicle termination date based on either pre-determined extensions at the discretion of the manager or extensions with advisory board or investor vote. |
| equity multiple (gross) | "current equity multiple (gross) is the same as the current equity multiple (net) but adjusted so as to remove the effect of vehicle-level fees, taxes and carried interest deductions. |
| this uses as a numerator the aggregate of the cash flows used to calculate the irr since inception gross and as a denominator total capital drawn down (for the avoidance of doubt, not total capital commitments drawn)." |
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| equity multiple (net) | "current equity multiple (net) = [total return of capital + total income/interest/dividend distributions + fair value of vehicle (nav)] / total capital drawn down. |
| this uses as a numerator the aggregate of the cash flows used to calculate the irr since inception net and as a denominator the total capital drawn down since inception (for the avoidance of doubt, not total capital commitments drawn)." |
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| equity multiple- gross, projected | Current projected gross equity multiple from inception to end of vehicle term (gross of taxes, fees and carried interest) per the manager's estimate, or in the case of an open end vehicle over... |
| equity multiple-net, projected | Current projected net equity multiple from inception to end of vehicle term (net of all taxes, fees and carried interest) per the manager's estimate, or in the case of an open end vehicle over... |
| equity-share | "used to define organisational boundaries for financial and sustainability (and especially ghg emissions) reporting. equity share reflects the economic interest, which is the extent of rights a fu... |
| of that asset, and equity share will normally be the same as the ownership percentage." |
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| estimated rental value (erv) | The current rent at which space within a property could reasonably be expected to be let given current market conditions. |
| euro interbank offered rate (euribor) | Daily reference interest rate for a given period published by the european money markets institute based on the average interest rates at which eurozone banks offer to lend unsecured funds to othe... |
| excluded recovery proceeds | Amounts recovered from a property vendor or a report provider which do not have to be used in prepayment provided they are used for a particular purpose within a certain time. |
| exempt fees and costs | Specific fees and costs which are not included in the ter and reer calculations. see example of exempt fees and costs in the fee and expense metrics module. |
| exit ltv | The anticipated ratio of the principal amount of the loan to the value of the property as at the date of property disposal or repayment of the loan. |
| external leasing commissions | Commissions charged by the listing agent/broker and tenant representative after a new lease or a renewal lease is signed. these include marketing of vacant space. commission ranges vary and may de... |
| facility agent | In syndicated facilities (more than one lender) the facility agent is the party which acts as an agent for all lenders in dealings with the borrower. |
| fair value (ifrs definition) | Ifrs defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. the ifrs... |
| fair value accounting policy manual | A consistent set of accounting standards for use when preparing financial statements for the institutional real estate investment community. |
| fair value generally accepted accounting principles (fv gaap) | The foundational standards for fair value accounting used to report by the institutional real estate investment community to both tax-exempt investors (e.g. pension funds) as well as non tax-exemp... |
| fair value net asset value (fv nav) | Represents the excess of the fair value of investments owned, cash, receivables, and other assets over the liabilities of the reporting entity. notwithstanding different financial statement presen... |
| fair value of investment portfolio | Fair value of investment properties and trading properties intended for sale (properties that are stabilized and in lease up) in accordance with the property valuation module. |
| fair value of vehicle according to inrev guidelines | Nav as reported by the manager in accordance with the inrev nav module. |
| fair value option | Under asc 825-10, the fair value option permits entities to elect a on-time option that is irrevocable to measure financial instruments at fair value on an instrument by instrument basis. |
| fashion / specialty center | Typically 80,000 to 250,000 square feet with no dominant anchors, consisting of higher-end fashion oriented tenants. |
| fee reductions/rebates | A fee reduction occurs when an investor is charged a management fee lower than the one specified in the vehicle terms (e.g. in the ppm or lpa). however, if the investor is charged the same managem... |
| fee waivers | Fee waivers represent a portion of the management fee that is waived and can be used by the investment manager to satisfy a capital call. the waived management fee process and potential distributi... |
| feed-in-tariffs | A feed-in-tariff is a policy mechanism designed to encourage the adoption of renewable energy sources. |
| final closing | As defined in the vehicle documentation, the date of the final closing occurs at the end of the equity raising period set by the investment manager when the vehicle is closed to new commitments. |
| financial control | Used to define organisational boundaries for financial and sustainability (and especially ghg emissions) reporting. financial control relates to where the fund manager has the ability to direct th... |
| financial covenants | Covenants designed to test the financial strength and performance of the property and the borrower during the life of the loan. |
| financial inclusion | The pursuit of making financial services accessible at affordable costs to all individuals and businesses. it strives to address and proffer solutions to the constraints that exclude people from p... |
| financing company | - Type of spv engaged in financing real estate assets. there are many different types of financing structures, for example secured and unsecured or internal and external.
- Инвестиционн...
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| financing fee | Definition debt arrangement fee |
| first ranking mortgage | A fixed security interest over property which ranks in priority to all other claims. |
| fixed and floating charges over assets | Security over an asset. a fixed charge is security over a specific asset of a borrower. a floating charge is a charge over all the borrowers asset. both only crystalize in the event of default. |
| fixed rate debt | Fixed rate debt has a pre-determined or locked interest rate or coupon that is payable at specified dates. due to its fixed nature, the fixed-rate debt is not susceptible to fluctuations in intere... |
| fixed rate recourse debt | An interest rate on a loan secured by assets, which interest rate remains the same for the agreed term in the loan agreement. |
| flex space (industrial) | Single story buildings with 10-18 foot ceilings with both floor height and dock height loading. includes wide variation in office space utilization, ranging from retail and personal service throug... |
| flexibility for alternative use | Refers to the flexibility of the property's physical structure and the ease with which it might be converted or adapted for another use (e.g. adapting a retail building for use as an office bu... |
| floating rate debt | "floating rate debt contains a variable coupon that is commonly equal to a money |
| market reference rate, or a federal funds rate plus a specified spread. although the spread remains constant, the majority of floating rate debt contains periodic coupons that pay interest on that periodicity with variable percentage returns. at the begin |
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| foundational standards | Standards established by existing authoritative organizations including, but not limited to, valuation standards established through uniform standards of professional appraisal practice (uspap), a... |
| free rent | A period of time during the lease term when the tenant is excused from paying rent. |
| air conditioning due to leaks and various other unintended or irregular releases of gases." |
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| fund /account(s) | Commingled funds, both open-end funds and closed-end funds and single client accounts |
| fund manager | - Definition investment manager.
- Компания по управлению фондом
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| funds of funds | Real estate funds of funds are collective investment vehicles that use a strategy of holding a portfolio of investments in other real estate funds rather than investing directly in real estate. |
| garden-type apartments | Low-rise apartments situated on a sizable landscaped plot, under one management. |
| general partner (gp) | Sometimes referred to as managing member, an entity or person who joins with at least one other entity or person to form a partnership. the general partner, bound by the terms of the partnership a... |
| geometrically linked twr | A process by which sub-period returns are averaged to arrive at a period's rate of return. the linking formula is: (1 + s1) x (1 + s2) x ... (1 + sn) - 1, s1 - is the first sub-period return ,... |
| global investment performance standards (gips®) | The global investment performance standards are a set of standardized, industry-wide ethical principles that provide investment managers with guidance on how to calculate and report their investme... |
| governmental accounting standards board (gasb) | The designated organization to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial repo... |
| greenhouse gas (ghg) emissions | "greenhouse gases (sometimes abbreviated to ghg) are gas in the earth’s atmosphere that is the fundamental cause of the greenhouse effect which can greatly affect the temperature of the earth. ghg... |
