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All Global Definitions

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A

A-Note (Senior Debt/Loan)
Absolute energy
Absolute Return Attribution
Absorption or Absorption Rate
Account Pledgor
Accounting Standards Codification (ASC) 820
Accounting Standards Update (ASU)
Accounts
Accredited Investor
Acquisition
Acquisition Fee
Acquisition-Date Cohort
Activity and Use Limitation (AUL)
ADC Arrangements
Additional Contingent Interest
Additionality
Adjustable-Rate Debt/Loan/Mortgage (ARM)
Adjusted Basis
Advisory Board or Committee
Affiliate Agreement
Affordable Housing
After-Tax Cash Flow
After-Tax Internal Rate of Return (ATIRR)
Alignment of Interest
All Appropriate Inquiries
All-in Interest Rate
Allocated Loan Amount
Allocation (in Attribution)
Allocation by Abstraction
Allocation by Ratio
Allocation Method
Allocation Policy
Allowances
Alpha (α)
Alternative Investment Fund (AIF)
Alternative Investment Fund Manager (AIFM)
Alternative Investment Risk
Alternative Investment Vehicle (AIV)
Alternative Lender
Amenities
American Institute of Certified Public Accountants (AICPA)
Amortization Period
Amortizing/Amortization
Anchor Tenant
ANREV
Anti-Dilution Clause/Covenant/Provision
Appraisal
Appraisal Institute
Appreciation
Arbitrage
Arbitration
ARGUS
Arithmetic Mean
Arm’s Length Transaction
Arrears
As-Is Condition
As-Is Value
Asking Rent
Assemblage
Assessed Value
Assessor
Asset Allocation
Asset Backed Security
Asset Class
Asset Liability Matching (ALM)
Asset Management Company
Asset management fee
Asset Manager
Asset Originator
Asset weighted
Asset weighting methodology
Asset-backed securities (ABS)
Asset-weighted composites
Assets under Management (AUM)
Assignment / Transfer clauses
Attachment Point LTV
Attribution Analysis
Audit costs
Authorised Management Company
Average

B

B Note (Junior Debt/Loan)
Bad Boy Acts/Carve-Out
Bank / loan / overdraft / debt interest
Bank Charges
Base Interest
Base Rent Income
Before-Tax Cash Flow (BTCF)
Before-Tax Internal Rate of Return (BTIRR)
Benchmark
Benchmark Cohort
Benchmarking
Beta (β)
Bitesize
Blind Pool
Block Group-Based Trade Area
Block Groups (BGs)
Blocker or Blocker Corporation
Borrower
Borrower sustainability credentials
Borrower sustainability scorecard
Borrowing Base
Bottom-Up Investing
Boundaries
Branch Profits Tax
Break Costs
Bridge Loan
Brinson-Fachler (BF) Attribution Analysis
Brinson-Hood-Beebower (BHB) Attribution Analysis
Broker-Dealer
Brownfield
Build-Out
Build-to-Suit
Building energy intensity
Building GHG intensity
Building Lines
Building Owners and Managers Association (BOMA)
Building Standard Plus Allowance
Building types
Building water intensity
Bullet Repayment
Business Enterprise
Business Enterprise Value
Business Risk
Business Value

C

Calibration
Capital Allocator
Capital Asset Pricing Model (CAPM)
Capital call
Capital call notice
Capital commitment
Capital contribution
Capital distribution
Capital expenditure (Capex) Facility
Capital expenditures (CAPEX)
Capital Gain
Capital Market Line (CML)
Capital Market Risk
Capital Markets
Capital Structure
Capitalization
Capitalization (Cap) Rate
Capitalization-Weighted Index (CWI)
Caps (Interest)
Capture Rate
Carbon Disclosure Project
Carbon trading
Carried interest
Carve-outs (lending)
Cascading Pledge
Cash Flow Before Tax (CFBT)
Cash management fee third party
Cash Sweep
Catch-up
Census Tracts
Certificate of Occupancy (CO)
CFA Institute
Chain Linking Returns
Class A
Class B
Class C
Claw back
Climate Risk
Closed End Vehicle
Club Deal
Co-Investment
Co-Investment Program
Collateral
Collateral Account/Package
Collateralized Mortgage Obligation (CMO)
Collection Loss
Commercial
Commercial mortgage-backed securities (CMBS)
Commingled Fund
Commitment
Commitment fees
Commitment period
Common Area
Common Area Maintenance (CAM) Charges
Common parts
Community Center
Community Development
Comparables (Comps) or Comparable Sales
Compensation Prepayment Proceeds
Compliance
Composite
Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) or Superfund
Concessions
Condemnation
Conditions Precedent
Conditions Subsequent
Conduit
Consent Rights
Constitutional Documents
Construction Completion Guarantee/Guaranty
Construction Loan
Construction Risk
Consumer Behavior
Consumer Price Index (CPI)
Consumption Per Household
Contiguous Space
Contingent Interest
Contingent liabilities
Contingent Rent
Continuous Operations Clause
Contract Rent
Contractual Interest
Contractual Principal
Contributory Value
Controlled Commercial Entity (of Section 892)
Controlling Equity Interest
Convertible Debt
Convertible Debt/Loan/Mortgage
Convertible Preferred Stock
Core (INREV Style)
Core (RS Style)
Core Plus
Core-Based Statistical Area (CBSA)
Corporate Blocker
Corporate Governance
Corporate Housing
Correlation
Correlation Coefficient ( )
Cost Approach (valuation technique)
Cost Index
Cost of development portfolio
Costs of Sale
Counter Party Risk
Country Risk
Covariance
Covenant
Credit Committee
Credit Default Swap (CDS)
Credit enhancements
Credit Facility
Credit Rating
Credit Risk
Credit Tenant
Cross Collateralization
Cross-Over Demand
Cumulative TWR returns
Cure Period
Cure Rights
Currency exposure
Currency Risk
Current development exposure as percentage of Gross Asset Value (GAV)
Current Expected Credit Losses (CECL)
Current Occupancy
Custodian costs
Customer Spotting Technique

D

Dead deal costs
Debenture
Debt arrangement costs
Debt arrangement fee
Debt Fund
Debt Interest
Debt Service Coverage Ratio - DSCR (INREV)
Debt Service Coverage Ratio - DSCR (RS)
Debt Vehicle
Debt Yield
Default Covenant
Deferred taxes
Deposit Account
Development
Development Facility
Development fee
Development Margin
Discount margin
Discretion
Disposals Account
Disposition
Distribution fee
Distribution-dividend yield
Distributions
Distributions to paid-in capital (DPI) multiple
District heating and cooling
Diversity, Equity and Inclusion (DEI)
Dividend Payment
Duty of Care Agreement

E

Economic Development
Economic Share
Effective Share
Emerging Issues Task Force (EITF)
End of Investment Period
End of maximum extendable vehicle term
Environment, Social and Governance (ESG)
Equity multiple (Gross)
Equity multiple (Net)
Equity multiple- gross, projected
Equity multiple-net, projected
Equity-share
Estimated Rental Value (ERV)
Euro Interbank Offered Rate (EURIBOR)
Event of Default (EOD)
Excluded Recovery Proceeds
Exempt fees and costs
Exit LTV
Expansion
External leasing commissions

F

Facility Agent
Fair Value
Fair Value (GIPS, Appraisal Institute)
Fair value (IFRS definition)
Fair Value Accounting Policy Manual
Fair Value Generally Accepted Accounting Principles (FV GAAP)
Fair Value Net Asset Value (FV NAV)
Fair value of investment portfolio
Fair value of vehicle according to INREV guidelines
Fair Value Option
Fashion / Specialty Center
Fee reductions/rebates
Fee waivers
Feed-in-Tariffs
Feeder Vehicle
Final closing
Financial Accounting Standards Board (FASB)
Financial control
Financial Covenants
Financial Inclusion
Financing Company
Financing fee
First Ranking Mortgage
Fixed and floating charges over assets
Fixed Rate Debt
Fixed Rate Recourse Debt
Flex Space (industrial)
Flexibility for alternative use
Floating Rate Debt
Floor area
Foreign exchange difference
Foundational Standards
Free Rent
Fugitive emissions
Fund
Fund /Account(s)
Fund management fee
Fund Manager
Funds of funds

G

Garden-type Apartments
General Partner (GP)
Generally Accepted Accounting Principles (GAAP)
Geometrically linked TWR
Global Investment Performance Standards (GIPS®)
Governmental Accounting Standards Board (GASB)
Greenfield
Greenhouse gas (GHG) emissions
Gross asset value of vehicle (Including pro rata share in joint ventures)
Gross Assets (for fund leverage measures)
Gross equity multiple of vehicle realized
Gross initial yield
Gross operating income
Gross property return
Gross property value
Gross return
Gross Sales Price
Guarantee

H

Hedged %
Hedging Arrangement/Agreement
hedging instruments
High Quality Liquid Assets (HQLA)
High-rise Elevator Apartments
Highest and Best Use
Historical Interest Cover Ratio (Historical ICR)
Hold Period
Holding Company
Hurdle Rate
HVAC

I

Impact Investing
Impact investing metrics
Impact Measurement & Management
Inception date
Inception date (Fund)
Income Approach (valuation technique)
Income distribution
Income return
Indexed Rent
Industrial Revenue Bonds
Information Covenants
Initial Closing
Initial Leasing
INREV
INREV Guidelines
Insurance Prepayment Proceeds
Intentionality
Intercreditor Agreement
Interest Payment Date (IPD)
Interest Period
Interest Rate
Interest rate hedging ratio
Interest Rate Swaps
Interest reserve account
Internal leasing commissions
Internal Rate of Return - IRR (INREV)
Internal Rate of Return - IRR (RS)
Internal Rate of Return-gross
Internal Rate of Return-net
Internal Rate of Return-original and projected
Internal Rate of Return-realized (Gross) vehicle
Internal Rate of Return-since inception gross of fees
Internal Rate of Return-since inception net
Internal Rate of Return-starting from inception to end-projected-gross
Internal Rate of Return-starting from inception to end-projected-net
Internal Ratings-Based Approach (IRB)
Internal valuation
International Financial Reporting Standards (IFRS)
International Valuation Standards Council (IVSC)
Investee
Investment
Investment Advisor
Investment Company
Investment level
Investment Management Company
Investment Manager
Investment margin (Spread)
Investment multiple
Investment Period

J

Job creation
Joint Venture
Junior Debt

K

Key person clause

L

Lease Area
Legal fees (Not property specific)
Letter of credit (LOC)
Leverage
Leverage Limits
Leverage Percentage
Life Insurance Separate Account
Limited Liability Company
Limited Liability Partnership (LLP)
Limited Partner
Limited Partnership (LP)
Liquidity Coverage Ratio (LCR)
Loan Amortisation
Loan Amortization Period
Loan Covenants
Loan Lockout Period
Loan Term
Loan to Cost (LTC)
Loan to equity
Lock-up
Lock-up Period
London Interbank Offered Rate (LIBOR)
Low-rise Apartments

M

Make-Whole Margin
Make-Whole Provision
Mandatory disclosure requirements
Manufacturing facility (industrial)
Margin
Mark-to-Market
Market Approach (valuation technique)
Market Vacancy
Market Value
Marketing costs
Master Vehicle
Material Adverse Effect
Maturity Date
Maximum LTV
Mezzanine Debt
Minimum Capital Requirement (MCR)
Modified Dietz
Mortgage Company
Multi manager

N

National Council of Real Estate Investment Fiduciaries (NCREIF)
Neighborhood Center (retail)
Net Asset Value - NAV (INREV)
Net Asset Value - NAV (RS)
Net Debt Yield
Net equivalent yield
Net financing cost
Net Initial Yield (NIY)
Net investment income-Operating Model
Net Operating Income (NOI)
Net return
Net Sale Price
Net Zero Carbon Building
NOI yield
Nominal value of debt excluding shareholder loans
Non-controlling effects on the INREV NAV adjustments
Non-Controlling Equity Interests (Minority Interest)
Non-Operating Model
Non-participating mortgage loan
Non-Performing Loan (NPL)
Non-Recourse Debt
Number of assets
Number of new / renewed loans

O

Obligor
Offer price
Office Showroom
Open End Vehicle
Operating Model
Operational control
Operational Real Estate
Operational results
Opportunistic (INREV Style)
Opportunistic (RS Style)
Other net income
Other/misc. vehicle costs
Outlet Center
Outstanding Capital Commitment
Outstanding Portfolio Balance
Outstanding Principal Balance
Over the Counter (OTC)

P

Paid in capital
Paid in Capital Multiple
Paid in capital to committed capital multiple
Parallel Vehicle
Partial Period (for TWR purposes)
Participated Loan
Participating mortgage
Partnership
Payment in Kind (PIK) interest/ Accrued Interest
Pension Real Estate Association (PREA)
Percentage of total capital commitments invested
Percentage Rent
Performance Attribution
Performance Bond
Performance fee
Permitted Payment
Persons
Physical Risk
Placement agent costs
Planned Liquidation Date
Pooled Trusts
Portfolio Interest Service Coverage Ratio
Power Center
Predevelopment
Prepayment
Prepayment Fees
Prepayment Penalty
Private Placement
Private Placement Memorandum (PPM)
Professional services costs
Project management costs
Project management fee (excl. development activities)
Property
Property acquisition costs
Property acquisition fee
Property Company
Property Conversion
Property disposition costs
Property disposition fee
Property insurance costs
Property Loan to Value (LTV)
Property Management Company
Property management costs
Property Management Fee
Property Manager
Property Protection Loan
Property-level loan to value
Property-related taxes
Public/Private Partnership (PPP)

R

Real Estate Expense Ratio (REER)
Realised (capital) gain/ loss
Realization Multiple
Recallable Capital
Recourse Debt
Recovery Payment Proceeds
Redemption
Redemption Cap
Redemption fees
Redemption Queuing Mechanism
Redevelopment
Refurbishment
Regional Mall
Registered Investment Advisor (RIA)
Regulatory / Statutory costs
Reimbursement Income
Related parties
Remaining capital commitment
Renewable energy
Renovation
Repayment
Replacement Costs
Reporting standards - handbook volume I and II
Repositioning
Required standard
Research and Development (industrial)
Residential Mortgage-Backed Securities (RMBS)
Residual multiple
Residual value
Residual value to paid-in capital multiple (RVPI)
Restrictions on transfer
Return of capital
Reversionary income
Reversionary yield
ROI (Return on Investment)

S

Second Mortgage
Secondary Trade
Securities handling charges
Securitized Loan
Security
Security Agent
Segregated Account
Self-Storage (facility)
Senior Living (facility)
Senior Loan
Separate Accounts
Set-up costs
SFAS
Side Letter
Single Account
Single Client Account
Social Impact
Special Purpose Vehicle (SPV)
Spens Clause
Sponsor
Stabilisation
Staff costs
Standalone Sustainable Lending Policy
Standing investment
Start of Investment Period
Statement of Position (SOP) (accounting)
Step in Rights
Stepped Rent
Strategy-Account Vehicle
Style
Style-Fund
Subordinated Creditor
Subordinated Creditor's Security Agreement
Subordinated Loan
Subordination Agreement
Subscription Agreement
Subscription fee
Subscription queuing mechanism
Subscription secured credit facilities
Super-Regional Mall
Surety Bond
Sustainability
Sustainability scorecard
Sustainable Development Goals (SDG)
Sustainable Investment
Syndicated Loan
Syndicated loan purchaser

T

Target percentage non-income producing investments
Target percentage of (re)development exposure
Target return derived from income
Tax effect of the adjustments
Taxes on property related activities
Termination Clause
Termination Date
Theme / Festival Center
TIF Notes
Time-Weighted Return (TWR)
Time-Weighted Return (TWR) (Fund Level)
Time-Weighted Return (TWR), investment level
Time-Weighted Return (TWR), property level
Total capital commitment drawn
Total capital commitments (By all investors)
Total capital drawn down
Total current outstanding capital
Total debt maturities
Total direct GHG emissions
Total Expense Ratio (TER)
Total indirect GHG emissions
Total return (net and unlevered)
Total return net to investor
Total return of capital
Total returned capital recalled
Total Value to paid in capital multiple (TVPI)
Transaction Document
Transaction Obligor
Transaction offsets
Transfer agent costs
Transition Risk
Trustee Costs

U

Underserved population
Unfunded Commitment
Uniform Standards of Professional Appraisal Practice (USPAP)
Unrealised (capital) gain / loss
Utilities, repair and maintenance costs (non-rechargeable portion)

V

Vacancy (Based on estimated rental value)
Vacancy (Based on leasable floor space)
Valuation
Valuation costs
Value-added (INREV Style)
Value-added (RS Style)
Vehicle
Vehicle administration costs
Vehicle Documentation
Vehicle formation costs
Vehicle Formation Date
Vehicle Loan to Value (LTV)
Vehicle Manager
Vehicle-level loan to cost
Vehicle-level loan to value
Vintage Year
Void rate

W

Warehouse (industrial)
Waste by disposal route
Waterfall Analysis
Waterfall calculation
Wealth taxes
Weighted average cost of debt
Weighted average cost of debt excluding shareholder loans
Weighted Average interest rate of Fund T1 leverage
Weighted average lease expiry
Weighted average maturity of debt excluding shareholder loans (Years)
Weighted Average Remaining term of Fixed Rate Fund T1 leverage
Weighted Average Remaining term of Floating Rate Fund T1 leverage
Wind-up fee