| methane (ch4) nitrous oxide (n2o) hydrofluorocarbons (hfcs) perfluorocarbons (pfcs) and sulphur hexafluoride (sf6). since the beginning of the industrial revolution, the burning of fossil fuels has substantially increased carbon dioxide (co2) emission |
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| atmosphere thereby contributing to the greenhouse gas effect." |
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| gross assets (for fund leverage measures) | Under the operating model, gross assets equals the sum of total balance sheet assets minus the jv partner's economic share of total assets. (if the operating model includes investments that ar... |
| gross equity multiple of vehicle realized | Equity multiple of portion of equity invested that has been divested (regardless of whether the proceeds have been distributed), before any vehicle-level fees, taxes and carried interest are deduc... |
| gross initial yield | The passing rent divided by the property value. |
| gross operating income | The gross income of all investment properties before deducting general operating expenses. gross income includes rental income, and all other income associated with a property (e.g., parking). it ... |
| gross property return | The absolute unleveraged return of the property portfolio over a stated period before any vehicle-level costs are deducted. |
| gross property value | The value of property held at the latest external or internal valuation. |
| gross return | The absolute return of the vehicle over a stated period before any vehicle-level fees and expenses are deducted. |
| gross sales price | The gross sales price received for a property sale before deduction for selling costs and expenses. |
| hedged % | The percentage of floating rate debt that has been transformed into fixed rate debt through interest rate swaps or other types of derivatives. |
| hedging arrangement/agreement | Any master agreement, confirmation, transaction, schedule or other agreement (in agreed form) entered into or to be entered into by a borrowerfor the purpose of hedging interest payable under this... |
| high quality liquid assets (hqla) | The assets that a bank must hold to satisfy its liquidity coverage ratio (lcr) obligations. |
| highest and best use | - The use of an asset by market participants that would maximize the value of the asset or group of assets within which the asset would be used. highest and best use is determined based on the u...
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| high-rise elevator apartments | Buildings that are four stories or more in height. |
| historical interest cover ratio (historical icr) | Interest cover covenant included as a financial covenant and that covenant is to be tested on a historical basis. the definition sets out how historical interest cover is calculated and certain ad... |
| hold period | The amount of time an investment is held by an investor, or the period between the purchase and sale of a security. |
| impact investing | Impact investments are investments made with the intention to generate positive, measurable social and/or environmental impact alongside a financial return. additionality and intentionality are ke... |
| impact investing metrics | Impact strategies will have specific performance metrics related to the socialor environmental impact that they are addressing. these metrics will be monitored alongside and in a similar fashion ... |
| impact measurement & management | Measuring and managing the process of creating social and environmental impact in order to maximize and optimize it. an impact measurement and management framework will be developed at the outset ... |
| inception date | - The date on which the vehicle commenced operations
- Дата начала работ
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| inception date (fund) | The date of the first significant operating, financing or investing activity into the account. |
| income approach (valuation technique) | Uses valuation techniques to convert future amounts (for example cash flows or earnings) to a single present amount (discounted). the measurement is based on the value indicated by current market ... |
| income return | Net investment income divided by nav plus the time weighted (daily) contributions for the measurement period (twdc) minus the time weighted (daily) redemptions for the measurement period (twdr) an... |
| industrial revenue bonds | "also known as low floater tax exempt bonds or tax exempt real estate |
| bonds. originally used as a vehicle by which municipalities could encourage socially responsible investing in the apartment and industrial sectors. they are only available on new construction but are assumable. there are government reporting requirements |
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| information covenants | Undertakings given by borrowers to lenders in a loan agreement to ensure lenders have the information they need, such as financial statements, compliance certificates and a duty to notify a defaul... |
| initial closing | As defined in the vehicle documentation, it is the date on which the conditions for the operating agreement are met for the initial closing. generally, these conditions relate to subscription com... |
| initial leasing | Completed construction that is less than 60% occupied since the end of construction and has been available for occupancy for less than one year |
| inrev | Inrev is the european association for investors in non-listed real estate vehicles. the platform for sharing knowledge on the non-listed real estate industry to improve transparency, professionali... |
| inrev guidelines | An integrated set of principles and recommendations including tools and examples for governance and information provision for investment managers and investors of non-listed real estate vehicles. ... |
| insurance prepayment proceeds | Amounts received under insurance policies which are to be used in mandatory prepayment. |
| intentionality | An investor’s intention to have a positive social or environmental impact through investments is essential to impact investing. these impacts are defined as part of the strategy and investments ar... |
| interest payment date (ipd) | Dates on which lenders receive interest payment on the debt instrument they hold. interest payment dates are usually set at the outset and usually correlate closely to rental quarter dates. |
| interest period | - The period over which the interest due to the lender under a debt instrument agreement is calculated.
- Период начисления процентов
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| interest rate hedging ratio | Percentage of the nominal value of debt excluding shareholder loans of which the interest rate risk is hedged through derivatives. |
| interest rate swaps | A type of hedging where two parties exchange a floating interest rate for a fixed interest rate or vice-versa |
| interest reserve account | The account the borrowermay be required to maintain, principally used to establish a cash reserve which must be used for interest payment shortfalls under the loan. |
| internal leasing commissions | Commissions charged by investment advisors, or managers, after a new lease or a renewal lease is signed. these include marketing of vacant space. commission ranges vary and may depend on the marke... |
| internal rate of return - irr (inrev) | The annual rate of return based on the present value of a capital investment over a holding period expressed as a percentage of the investment. |
| internal rate of return - irr (rs) | The annualized implied discount rate (effective compounded nominal rate) that equates the present value of all of the appropriate cash inflows associated with an investment with the sum of the pre... |
| internal rate of return-gross | The absolute irr of the property portfolio before any vehicle-level fees are deducted. |
| internal rate of return-original and projected | Original and projected irrs include actual fund performance to date and the projected performance through the anticipated liquidation date of the fund. in the early stage of the fund a projected i... |
| internal rate of return-realized (gross) vehicle | Irr of portion of equity invested that has been achieved from actual divestments (regardless of whether the proceeds have been distributed or reinvested), before any vehicle-level fees, taxes and ... |
| internal rate of return-since inception gross of fees | The equity irr at vehicle level before any vehicle-level fees, taxes and carried interest are deducted. this calculation is from inception through to the current quarter adopting nav (adjusted to ... |
| internal rate of return-since inception net | The equity irr at vehicle level after any vehicle-level fees, taxes and carried interest are deducted. this calculation is from inception through to the current quarter adopting nav (adjusted to e... |
| internal rate of return-starting from inception to end-projected-gross | Current projected gross return performance 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 o... |
| internal rate of return-starting from inception to end-projected-net | Current projected net return performance 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 o... |
| internal ratings-based approach (irb) | A method of calculating regulatory capital requirements based on an institution's own internal assessment. |
| internal valuation | Internal valuation is a valuation carried out by a valuer who is employed by either the entity that owns the assets or a related company or manager. an internal valuer is generally capable of meet... |
| international valuation standards council (ivsc) | An independent, not-for-profit organisation that produces and implements universally accepted standards for the valuation of assets across the world in the public interest. see www.ivsc.org/. |
| investment advisor | The role referring to activities related to the development and implementation of a strategic portfolio management function for a real estate investment vehicle. this generally includes research a... |
| investment level | Evident or applied only to the entire investment i.e.. e., "investment-level debt" and "investment-level leverage". by contrast, "property-level" applies to characteristics of individual propertie... |
| investment management company | An entity which manages investment vehicles on behalf of investors. depending on the scope of activities and legal domicile a management company may need to be authorized and supervised by a regul... |
| investment manager | - The organisation responsible for the overall governance and oversight of the real estate investment fund or other type of investment vehicles and may incorporate the investment advisor. the in...
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| investment margin (spread) | In relation to floating interest rates, the rate of interest charged by the lender over and above the relevant cost of funding, such as libor or euribor |
| investment multiple | A ratio which measures the value of the investment relative to its cost basis, not taking into consideration the time invested. |
| investment period | The period of time, as defined in the vehicle documentation, during the life of the vehicle when the vehicle can make investments. |
| job creation | Additional jobs created as a direct result of an investment. an impact investment strategy may focus on employment for vulnerable or disadvantaged groups. |
| junior debt | Debt that has a lower priority for repayment than first ranking debt claims in the case of a borrower's default. it is a type of subordinated debt. |
| key men clause | A provision intended to ensure that the management professionals making and managing the investments on behalf of the vehicle are the same individuals who the investors expect to manage the vehicl... |
| lease area | The area for which rent can be charged. |
| legal fees (not property specific) | Definition professional service costs. |
| leverage limits | Leverage limits are restrictions put on an advisor, typically governed by the fund organizational documents, which may limit the amount or type of leverage that can be used in a fund. there could ... |
| leverage percentage | The most widely used measure of leverage for monitoring financial risks in a real estate portfolio. the leverage percentage indicates what proportion of debt a fund has relative to the value of it... |
| life insurance separate account | Funds held by a life insurance company that is maintained separately from the insurer’s general assets. it is generally used for investing pension assets or variable annuity holdings. in the unite... |
| limited partner | - An entity or person who joins with at least one other entity or person to form a partnership. the limited partner generally does not receive dividends but receives distributions from the cash ...
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| limited partnership (lp) | A partnership established between two or more partners governed by a partnership agreement, with at least one general partner and one limited partner. the general partner has responsibility for th... |
| liquidity coverage ratio (lcr) | A requirement set out in basel ill and crd iv, designed to ensure that banks hold adequate liquid assets to meet their expected outflows over a 30 day time horizon. |
| loan amortisation | The annualized rate of repayment, usually expressed in % terms, of a loan's outstanding principal balance. |
| loan amortization period | Number of months used to calculate the amount of monthly payments for principal and interest which could be longer than the loan term. |
| loan covenants | "loan covenants are stipulations in a commercial loan or bond issue that require the borrower to fulfill certain conditions or which forbids the borrower from undertaking certain actions or possib... |
| typically, violation of a covenant may result in a default on the loan being declared, penalties applied or the loan being ""called"", meaning all future payments due under the loan are deemed to be due and payable immediately. |
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| the loan documents typically have provisions to specify soft vs. hard covenants, testing periods, cure methods (if any), and extension options. |
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| typical covenants for real estate related loans stipulate to minimum/ maximum loan to value ratio (ltv), debt service coverage ratio (dscr) and interest service coverage ratio (iscr)." |
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| loan lockout period | Remainder of time in months a borrower is prohibited from refinancing the loan without defeasance. |
| loan to cost (ltc) | Ratio used to compare the amount of the loan used to finance a project to the cost to build the project. it does not change based on changes in valuation |
