| absolute energy | The total amount of energy consumed by an entity and those deemed to be within its organisational boundaries. |
| accounting standards update (asu) | A document issued by the financial accounting standards board (fasb) in the united states, which details accounting standards and guidance on selected accounting policies set out by fasb. see www.... |
| adc arrangements | An adc arrangement is an arrangement in which a bank (lender) provides financing for real estate acquisition, development, or construction purposes and has virtually the same risks and potential r... |
| additional contingent interest | Lender participation in the appreciation in value of the underlying property in a participating loan (reis) |
| additionality | - The positive impact that would not have occurred without the investment. real estate impact investment strategies may ensure additionality by creating additional affordable housing, social hou...
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| affordable housing | Affordable housing refers to housing units that are affordable to buy or rent by the low-income section of a society (for example, whose income is below median household income). affordability is ... |
| all-in interest rate | The percentage rate charged by a lender which includes the reference rate (e.g. libor / euribor / sonia) plus a margin. |
| allocated loan amount | The amount of loan attributed to a particular portion of the underlying collateral, usually a single property within a portfolio of underlying assets. |
| alternative investment fund (aif) | The european securities and markets authority (esma) defines aif as any collective investment undertaking, including investment compartments thereof, which raises capital from a number of investor... |
| alternative investment fund manager (aifm) | A specific form of a management company authorized to manage an alternative investment fund (aif) in the context of european regulation (see https://www.esma.europa.eu). |
| anrev | Anrev is the asian association for investors in the non-listed real estate vehicles. the platform for sharing knowledge on the non-listed real estate industry and to improve transparency, professi... |
| asset liability matching (alm) | A form of risk management which entails managing assets and cash flows to satisfy liabilities. |
| asset management company | A legal entity that specialises in the tactical management of a vehicle's assets on behalf of the owner of the real estate. services may include strategic input and production of asset level b... |
| asset weighted | An averaging technique whereby numerical characteristics (such as interest rates or rents) of a group of assets are averaged in proportion to each asset's common characteristic (such as asset ... |
| asset weighting methodology | Asset weighting of the portfolio returns within a composite using beginning-of-period weightings, beginning of period market values plus weighted cash flows, or by aggregating portfolio assets and... |
| asset-backed securities (abs) | A security issued as part of a securitisation, which is backed by a portfolio assets, which may or may not be income generating. |
| asset-weighted composites | An aggregation of individual portfolios representing a similar investment objective or strategy, weighted by the beginning-of-period market values of the constituent portfolios. |
| assignment / transfer clauses | Typically an assignment is an agreement to transfer all of the rights (but not the obligations) under a contract to a new lender evidenced by an assignment agreement. the specific definition will ... |
| attachment point ltv | The ltv point at which the senior loan ends and junior loan starts, for example 55% ltv would typically be the detachment point of a senior loan and the attachment point at which the junior loan w... |
| audit costs | Costs associated with annual external audit engagements and other audit services provided (both paid to independent third party firms or manager/advisor). |
| authorised management company | A type of management company which is authorised and regulated to manage investment vehicles in respective domiciles as required. examples include and ria in the us and aif in europe. |
| bank / loan / overdraft / debt interest | Definition bank charges. |
| base interest | Contractually stated fixed or floating rates in a participating loan (reis) |
| base rent income | Income derived strictly from leased space, i.e., not including percentage rents which is a separate data field. |
| borrower sustainability credentials | Data that reflects the sustainability performance of a borroweror sponsor and can include, but is not limited to, a corporate esg rating and benchmarking scheme such as cdp or gresb, among others.... |
| borrower sustainability scorecard | Document that outlines key sustainability attributes and risks of a borrower/sponsor. |
| boundaries | The boundaries that determine the direct and indirect emissions associated with operations owned or controlled by the reporting company. this assessment allows a fund manager to establish which op... |
| break costs | The cost payable by a borrowerfor early repayment of all or a portion of a loan as outlined in the break clause of the loan agreement. |
| building energy intensity | The amount of energy used per unit of an appropriate denominator (e.g. floor area, persons). |
| building ghg intensity | The amount of carbon used per unit of an appropriate denominator (e.g. floor area, persons). |
| building types | Categorisation based on the function or form of a building for example: offices, shopping centres, retail warehouses, industrial, multi-family housing, hotels. |
| building water intensity | The amount of water used per unit of an appropriate denominator (e.g. floor area, persons). |
| bullet repayment | - A facility where the repayment (principal or principal and interest) is made in one amount on the final maturity date of the loan agreement.
- Единовременное погашение
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| capital expenditure (capex) facility | A loan that must be used for capital expenditure (i.e. investment in physical assets such as land, buildings and equipment). |
| capital expenditures (capex) | Costs related to capital improvements for an asset that lengthen its life and increase its value. this is an addition to any maintenance operating expenses. |
| capital gain / loss (realized) | All realized capital gains/ losses on all vehicle assets and liabilities. |
| capital gain / loss (unrealized) | All unrealized capital gains / losses on all vehicle assets and liabilities. |
| caps (interest) | An interest hedging instrument that provides for maximum increases allowed in interest rates, payments, maturity extensions and negative amortization on reset dates. |
| carbon disclosure project | The carbon disclosure project (cdp) works with shareholders and corporations to disclose the greenhouse gas emissions of major corporations. |
| carbon trading | Carbon emissions trading (also known as cap and trade) is a market-based approach used to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants... |
| carried interest | - A re-allocation of profits from the investor's capital account to the investment manager capital account based on the ability of the latter party to outperform a certain predetermined benc...
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| carve-outs (lending) | Provisions within nonrecourse commercial real estate loans where the borrower may become personally liable in the event of certain egregious acts (e.g. fraud). recently, lenders have expanded the ... |
| cash management fee third party | Definition bank charges. |
| cash sweep | The right to redirect cash from an underlying asset to meet debt service obligations where the borrower is unable to fulfil its debt service obligations. |
| catch-up | Catch-up takes effect when an investor’s returns reach the defined hurdle rate, giving them an agreed level of preferred return. the manager then enters a catch-up period, in which it may receive ... |
| cfa institute | The cfa institute is a global not-for-profit association of investment professionals. the institute awards the cfa (chartered financial analyst designation). see www.cfainstitute.org. the institut... |
| claw backs | A reduction to previous received or allocated performance fees or carried interest due to investment performance falling below predetermined benchmarks. |
| climate risk | "climate risks result from the impacts of climate change and comprise ‘physical risk’ and ‘transition risk’. both components of climate risks might have significant impact on real estate assets a... |
| closed-end | An investment vehicle with a fixed amount of capital and a finite life. limited liquidity, with the redemption of units provided for at the end of the life of the vehicle. |
| club deal | Informal industry term used to describe an investment vehicle or structure (often a fund) with generally a limited number of investors investing in a common strategy. typically investors have more... |
| commingled fund | A term applied to all open-end and closed end pooled investment vehicles. a commingled fund may be organized as a group trust, partnership, corporation, insurance company separate account, or othe... |
| commitment fees | A commitment fee is a charge to investors on undrawn committed capital for the duration of the commitment period. this is seen to be part of the fund management fee. |
| commitment period | - The commitment period is the period of time after the first closing during which an investor is obliged to contribute capital upon receiving a drawdown notice from the manager
- Срок ...
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| common parts | Areas which are shared with other occupants in multi-let buildings, including entrance areas, corridors, lifts, staircases, waste storage stores, communal kitchen or breakout facilities and any ot... |
| community center (retail) | In addition to convenience goods, provides for the sale of goods such as apparel or furniture. typical area is 100,000 to 350,000 square feet with two or more anchor tenants. |
| compensation prepayment proceeds | Payments which are required to be used in mandatory prepayment. |
| conditions precedent | Conditions of a loan facility agreement which must be fulfilled prior to a borrower being able to drawdown principal amounts under the loan. |
| conditions subsequent | Conditions which cannot be satisfied prior to entering into a loan and which have to be satisfied within a certain period of time following entry into the loan. failure to satisfy these conditions... |
| kind. in the united states financial services industry, however, a construction loan is a more specific type of loan designed for construction and containing features such as interest reserves, where repayment ability may be based on something that can on |
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| contingent interest | A percentage of property net income or cash flow after debt service in a participating loan. |
| contractual interest | The base or minimum interest rate paid exclusive of amounts payable as a result of the participation feature. |
| contractual principal | The nominal principal of a loan exclusive of amounts payable as a result of any participation feature. |
| controlling equity interest | An ownership position that meets the requirements of control according to the governing accounting literature. |
| core (inrev style) | A fund which invests mainly in income producing investments. the fund will use low leverage, have no or very low development exposure and generate a high proportion of return through income. |
| core (rs style) | An account that includes a preponderance of core attributes; the account as a whole will have low leasing exposure and low leverage. a low percentage of noncore assets is acceptable. as a result, ... |
| cost approach (valuation technique) | Based on the amount that currently would be required to replace the service capacity of an asset (often referred to as current replacement cost). |
| cost of development portfolio | All costs paid up in relation to all assets under development. |
| costs of sale | An estimate of the incremental direct costs to transact the sale of the property. these costs generally include brokerage commissions, closing costs and fees, and other necessary disposition expen... |
| credit default swap (cds) | A financial derivative product that transfers credit risk from one counterparty to another. |
| credit enhancements | Additional collateral, insurance, or third party guarantee required by the borrower generally in exchange for a lower interest rate or cost of capital. |
| cross collateralization | The act of using an asset that is currently being used as collateral for a loan as collateral for a second loan |
| cumulative twr returns | Returns for periods longer than a single period, calculated by geometrically linking all periods in the measurement period. |
| cure rights | Cure rights are designed to remedy a breach of a financial covenant and, within an agreed timeframe, avoid the occurrence of an event of default as a result of such breach. |
| currency exposure | - Amount of foreign currency as a ratio of the vehicle currency, expressed as percentage of nav
- Валютный риск (риск компании, доходы, активы или пассивы которой выражены в иностранной...
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| current development exposure as percentage of gav | The percentage of vehicle gav that is invested in development projects. this equals fair value of development portfolio/ gav of vehicle. |
| custodian costs | Also known as depository costs, these are charged by a fiduciary entity entrusted with holding and safeguarding securities or assets, deposit transactions and keeping records for institutional cli... |
| dead deal costs | Costs usually charged by third parties concerning work undertaken for acquisition/disposition projects which do not ultimately close. such costs cannot be capitalised, and thus must be expensed. s... |
