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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

Dark Space
Dead deal costs
Deadlock Provision
Deal-by-Deal Carry (Waterfall)
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
Defaulting Investor
Deferred Maintenance
Deferred taxes
Defined Benefit Pension Plan
Defined Contribution Pension Plan
Delinquency Rate
Delivered
Demand Driver
Denominator
Dependent Variable
Deposit Account
Derivative Security
Design/Amenity Attributes
Developer Profit
Development
Development Facility
Development fee
Development Margin
Dilution
Direct Alpha
Direct Investment
Discount margin
Discount Rate
Discounted Cash Flow (DCF)
Discretion
Discretion or Discretionary Account
Disposals Account
Disposition
Disposition Fee
Distressed Asset
Distribution fee
Distribution Waterfall
Distribution-dividend yield
Distributions
Distributions to paid-in capital (DPI) multiple
District heating and cooling
Diversifiable Risk
Diversity, Equity and Inclusion (DEI)
Dividend Equivalent Amount
Dividend Payment
Dollar-Weighted Rate of Return
DOWNREIT
Drag-Along Rights
Drawdown
Drive Time-Based Trade Area
Dry Powder
Due Diligence Questionnaire (DDQ)
Due-on-Sale Clause
Due-on-Transfer Clause
Duty of Care Agreement

E

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
Easement
Economic Development
Economic Feasibility
Economic Life
Economic Obsolescence
Economic Ownership
Economic Regime
Economic Share
Effective Age
Effective Buying Income (EBI)
Effective Gross Income (EGI)
Effective Ownership Share
Effective Practical Control (of Section 892)
Effective Rent
Effective Share
Effective Tax Rate
Effective Yield
Effectively Connected Earnings and Profits
Effectively Connected Income (ECI)
Efficiency Ratio
Efficient Frontier
Egress
Elasticity
Emerging Issues Task Force (EITF)
Emerging Manager
Employee Retirement Income Security Act of 1974 (ERISA)
Encumbrance
End of Investment Period
End of maximum extendable vehicle term
Endowment
Enterprise Zone
Entitlement
Entitlement Risk
Entity Investing
Environment, Social and Governance (ESG)
Environmental Assessment
Environmental Indemnity Agreement
Environmental Protection Agency (EPA)
Environmental Risk
Environmental, Social and Governance (ESG) Criteria
Equal-Weighted Index
Equilibrium
Equilibrium Vacancy
Equity Capitalization (Cap) Rate
Equity Method
Equity multiple (Gross)
Equity multiple (Net)
Equity multiple- gross, projected
Equity multiple-net, projected
Equity Yield or Equity Yield Rate
Equity-share
ERISA
ERISA Fund
ERISA Limited Partner
Escheat
Estimated Rental Value (ERV)
Euro Interbank Offered Rate (EURIBOR)
Event of Default (EOD)
Event Risk
Excess Return
Exchange Rate Risk
Excluded Recovery Proceeds
Exclusion Clause/Provision
Exclusivity Right
Execution Risk
Exempt fees and costs
Exit Capitalization (Cap) Rate
Exit LTV
Expansion
Expense Policy
Expense Ratio
Expense Reimbursements
Expense Stop
Extension Term
External leasing commissions
Externality

F

Facade
Face Rent
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 Drag
Fee Leakage
Fee Loss (in Dollars)
Fee Loss (in Percent)
Fee reductions/rebates
Fee Sharing (in Dollars)
Fee Simple Value
Fee Spread (in Percent)
Fee waivers
Feed-in-Tariffs
Feeder Vehicle
Fiduciary
Fiduciary Self-Dealing Transactions
Final closing
Finance, Insurance, and Real Estate (FIRE)
Financial Accounting Standards Board (FASB)
Financial control
Financial Covenants
Financial Inclusion
Financial Industry Regulatory Authority (FINRA)
Financial Institutions Reform, Recovery and Enforcement Act (FIRREA)
Financial Risk
Financing Company
Financing fee
First Generation Space
First Loss (Equity) Position
First Ranking Mortgage
First-Close Investor
First-Time Fund
Fixed and floating charges over assets
Fixed Cost or Expense
Fixed or Determinable Annual or Periodical Income (FDAP)
Fixed Rate Debt
Fixed Rate Recourse Debt
Fixture
Flat Fee
Flex Space (industrial)
Flexibility for alternative use
Floating Rate Debt
Floor area
Floor Area Ratio (FAR)
Follow-On Investment
Force Majeure
Foreign Corrupt Practices Act (FCPA)
Foreign exchange difference
Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)
Forward Commitment
Foundation
Foundational Standards
Four Quadrants
Fractions Rule
Free Rent
Frictional Vacancy
Frontage
Fugitive emissions
Full Recourse Guarantee
Full Service Lease
Full Service Rent
Full-Pool Carry (Waterfall)
Functional Obsolescence
Fund
Fund /Account(s)
Fund Expenses
Fund management fee
Fund Manager
Funds of funds
Future Proposed Space

G

Garden-type Apartments
General Consultant or Consulting Firm
General Partner (GP)
Generally Accepted Accounting Principles (GAAP)
Geo-Fence
Geographic Core
Geographic Information System(s) (GIS)
Geometric Mean
Geometrically linked TWR
Giveback Provision
Glide Path
Global Endowment Management Implied Private Premium® (GEM IPP)
Global Financial Crisis (GFC)
Global Investment Performance Standards (GIPS®)
Going-Concern Value
Going-In Capitalization (Cap) Rate
Governmental Accounting Standards Board (GASB)
Graduated Lease
Gravity or Gravitational Models
Great Depression, The
Great Recession, The
Greenfield
Greenhouse gas (GHG) emissions
Gross asset value of vehicle (Including pro rata share in joint ventures)
Gross Assets (for fund leverage measures)
Gross Building Area
Gross Domestic Product (GDP)
Gross equity multiple of vehicle realized
Gross Floor Area (GFA)
Gross Income Multiplier (GIM)
Gross initial yield
Gross Leasable Area (GLA)
Gross Lease
Gross National Product (GNP)
Gross Negligence
Gross operating income
Gross property return
Gross property value
Gross Rent Multiplier (GRM)
Gross return
Gross Sales Area (GSA)
Gross Sales Price
Ground Lease
Ground Rent
Guarantee
Guarantor

H

Haircut
Heat Map
Hedged %
Hedging Arrangement/Agreement
hedging instruments
High Quality Liquid Assets (HQLA)
High-rise Elevator Apartments
High-Yield Investment
Highest and Best Use
Historical Interest Cover Ratio (Historical ICR)
Hold Period
Hold-Over Tenant
Holding Company
Holding Period
Homogenous or Homogeneous
Household
Household Population
Huff’s Law of Shopper Attraction
Hurdle Rate
HVAC

I

Idiosyncratic Risk
Impact Investing
Impact investing metrics
Impact Measurement & Management
Implemented Consulting
Incentive Fee
Inception date
Inception date (Fund)
Inception-Date Cohort
Income Approach (valuation technique)
Income distribution
Income return
Indemnity
Independent Variable
Indexed Rent
Industrial Revenue Bonds
Inflation Hedge
Inflation Risk
Information Covenants
Information Ratio
Informational Efficiency
Initial Closing
Initial Leasing
Initial Yield
INREV
INREV Guidelines
Insurance Prepayment Proceeds
Intangible Personal Property
Intentionality
Interaction (in Attribution)
Intercreditor Agreement
Interest Payment Date (IPD)
Interest Period
Interest Rate
Interest rate hedging ratio
Interest Rate Risk
Interest Rate Swaps
Interest reserve account
Interim Close
Intermediary
Internal leasing commissions
Internal Rate of Return - IRR (INREV)
Internal Rate of Return - IRR (RS)
Internal Rate of Return (IRR) Breakpoint Analysis
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 Council of Shopping Centers (ICSC)
International Financial Reporting Standards (IFRS)
International Valuation Standards Council (IVSC)
Inventory
Invested Capital
Investee
Investment
Investment Advisers Act of 1940 (Investment Advisers Act)
Investment Advisor
Investment Company
Investment Company Act of 1940
Investment Grade Security
Investment Guidelines
Investment Guidelines or Limitations
Investment level
Investment Level Return
Investment Management Agreement
Investment Management Company
Investment Manager
Investment margin (Spread)
Investment multiple
Investment Period
Investment Policy
Investment Risk
Investment Value
Investor Letter
Investor Opinion

J

J Curve
Japanese Real Estate Investment Trust (J REIT)
Jensen’s Alpha
Job creation
Joint Venture
Junior Debt
Junior Debt/Loan/Mortgage

K

Key person clause
Kick-Out Clause/Provision
Know Your Customer (KYC)

L

Lag Vacancy
Land Ratio Method
Landscaping
Lead Manager
Lease
Lease Agreement
Lease Area
Lease Commencement Date
Lease Expiration Exposure Schedule
Lease Terms
Leased Fee Estate
Leasehold Value
Leasing Fee
Legal fees (Not property specific)
Legislative Risk
Lendee
Lender
Lessee
Lessor
Letter of credit (LOC)
Leverage
Leverage Limits
Leverage Percentage
Leverage Ratio
Liability Driven Investment (LDI)
Life Insurance Separate Account
Lifecycle
Limited Liability Company
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partner
Limited Partner Advisory Council (LPAC)
Limited Partner Excuse
Limited Partner Transfer
Limited Partner Withdrawal
Limited Partnership (LP)
Limited Partnership Agreement (LPA)
Line of Credit
Linkage
Liquidity
Liquidity Coverage Ratio (LCR)
Liquidity Risk
Loan Amortisation
Loan Amortization Period
Loan Covenants
Loan Lockout Period
Loan Term
Loan to Cost (LTC)
Loan to equity
Locational Obsolescence
Lock-Out Period
Lock-up
Lock-up Period
Lock-Up Period
London Interbank Offered Rate (LIBOR)
Low-rise Apartments

M

Make-Whole Margin
Make-Whole Provision
Management Fee
Management Risk
Mandate
Mandatory disclosure requirements
Manufacturing facility (industrial)
Margin
Mark-to-Market
Market Analysis
Market Approach (valuation technique)
Market Area
Market Cycle
Market Delineation
Market Interest Rate
Market Participants
Market Portfolio
Market Rent
Market Risk
Market Risk Premium
Market Segmentation
Market Share
Market Study
Market Vacancy
Market Value
Marketability Analysis
Marketing costs
Master Lease
Master Vehicle
Material Adverse Effect
Maturity Date
Maximum LTV
Mean
Mean-Variance Analysis
Median Income
Metropolitan Statistical Area (MSA)
Mezzanine Debt/ Loan/ Mortgage
Minimum Capital Requirement (MCR)
Minimum Rent
Mixed-Asset Portfolio
Mixed-Use
Modern Portfolio Theory (MPT)
Modified Dietz
Money-Weighted Rate of Return
Monte Carlo Simulation
Moral Hazard
Mortgage Company
Mortgage REIT
Mortgagee
Mortgagor
Most Favored Nations Clause (MFN)
Multi manager
Multi-Asset Portfolio
Multi-Tenant

N

National Council of Real Estate Investment Fiduciaries (NCREIF)
Negative Leverage
Neighborhood Center (retail)
Nelson Technique
Net Absorption
Net Asset Value - NAV (INREV)
Net Asset Value - NAV (RS)
Net Debt Yield
Net equivalent yield
Net financing cost
Net Income
Net Initial Yield (NIY)
Net investment income-Operating Model
Net Lease
Net Operating Income (NOI)
Net return
Net Sale Price
Net Zero Carbon Building
Neutral Leverage
NOI yield
Nominal Alpha
Nominal Tax Rate
Nominal value of debt excluding shareholder loans
Non-Amortizing Debt/Loan/Mortgage
Non-Compete Clause/Provision
Non-controlling effects on the INREV NAV adjustments
Non-Controlling Equity Interests (Minority Interest)
Non-Discretion or Non-Discretionary
Non-Diversifiable Risk
Non-Operating Model
Non-participating mortgage loan
Non-Performing Loan (NPL)
Non-Recourse
Non-Recourse Debt
Non-Transferable Debt/Loan/Mortgage
Nonconforming Use
Number of assets
Number of new / renewed loans
Numerator

O

Obligor
Occupancy Rate
Offer price
Office Showroom
Open End Vehicle
Operating Expense Risk
Operating Expenses
Operating Model
Operating Partner
Operating Property
Operational control
Operational Real Estate
Operational results
Operational Risk
Opportunistic (INREV Style)
Opportunistic (RS Style)
Opportunity Cost
Other net income
Other/misc. vehicle costs
Outlet Center
Outliers
Outsourced Chief Investment Officer (CIO)
Outsourcing
Outstanding Capital Commitment
Outstanding Portfolio Balance
Outstanding Principal Balance
Over the Counter (OTC)
Overage Rent
Override Fee
Overstored Trading Area

P

Paid in capital
Paid in Capital Multiple
Paid in capital to committed capital multiple
Par Value
Parallel Vehicle
Pari-Passu
Parking Index
Parking Ratio
Partial Period (for TWR purposes)
Participated Loan
Participating mortgage
Partnership
Party-in-Interest
Party-in-Interest Transaction
Pass-Through Entity
Payment in Kind (PIK) interest/ Accrued Interest
Pension Real Estate Association (PREA)
Percentage In Point (PIP)
Percentage of total capital commitments invested
Percentage Rent
Performance Allocation
Performance Attribution
Performance Bond
Performance fee
Permitted Payment
Personal Property
Persons
Phase I Environmental Site Assessment (ESA)
Phase II Environmental Site Assessment (ESA)
Phase III Environmental Site Assessment (ESA)
Physical Obsolescence
Physical Risk
Placement Agent
Placement agent costs
Planned Liquidation Date
Pooled Fund
Pooled Trusts
Portfolio Deal
Portfolio Interest Service Coverage Ratio
Positive Leverage
Potential Gross Income (PGI)
Potential Gross Rent
Power Center
Predevelopment
Preferred Debt/Loan/Mortgage
Preferred Return
Prepayment
Prepayment Fees
Prepayment Penalty
Price Interest Point (PIP)
Pricing Risk
Primary Trade Area
Prime Space
Prime Tenant
Principal Market
Private Placement
Private Placement Memorandum (PPM)
Professional services costs
Profit
Programmatic Joint Venture
Prohibited Transaction
Prohibited Transaction Safe Harbor
Project management costs
Project management fee (excl. development activities)
Promote
Property
Property acquisition costs
Property acquisition fee
Property Company
Property Condition Assessment Report
Property Conversion
Property disposition costs
Property disposition fee
Property insurance costs
Property Level Return
Property Loan to Value (LTV)
Property Management Company
Property management costs
Property Management Fee
Property Manager
Property Protection Loan
Property Stacking Plan
Property-related taxes
Prospective Value
Prospectus
Protecting Americans from Tax Hikes Act of 2015 (PATH Act)
Prudent Man Rule
Public Market Equivalent (PME)
Public/Private Partnership (PPP)
Purchasing Power
Purchasing Power Risk

Q

Qualified Borrower
Qualified Business Income
Qualified Client or Investor
Qualified Foreign Pension Fund (QFPF) or Plan (QFPP)
Qualified Organization (QO)
Qualified Plan
Qualified Purchaser
Query

R

Racketeer Influenced and Corrupt Organizations Act (RICO)
Rating Agency
Real Estate Expense Ratio (REER)
Real Estate Investment Trust (REIT)
Real Estate Market Cycle
Real Estate Market Cycle Risk
Real Estate Operator
Real Property Interest
Realised (capital) gain/ loss
Realization Multiple
Recallable Capital
Recognized Environmental Condition (REC)
Reconciliation
Recourse Debt
Recourse Loan
Recoveries
Recovery Payment Proceeds
Redemption
Redemption Cap
Redemption fees
Redemption Period
Redemption Queue
Redemption Queuing Mechanism
Redevelopment
Refurbishment
Regional Center
Regional Mall
Registered Investment Advisor (RIA)
Registration Statement
Regression Analysis
Regression Line
Regulation A+ Offering (Reg A+)
Regulation D Offering (Reg D)
Regulatory / Statutory costs
Reilly’s Law of Retail Gravitation
Reimbursement Income
Related parties
Related Party Transaction
Relative Return
Remaining capital commitment
Remedial Action Plan
Renewable energy
Renewal Option
Renovation
Rent (Rental) Growth
Rent Concessions
Rent Growth
Rent-Up Period
Rentable Area
Rented Area
Repayment
Replacement Costs
Reporting standards - handbook volume I and II
Repositioning
Required standard
Research and Development (industrial)
Reserve
Residential Mortgage-Backed Securities (RMBS)
Residual Capitalization (Cap) Rate
Residual multiple
Residual Risk
Residual value
Residual value to paid-in capital multiple (RVPI)
Resolution Trust Corporation (RTC)
Restrictions on transfer
Retail Investor
Retrofit
Return of capital
Return on Capital (ROC)
Return on Invested Capital (ROIC)
Return on Total Capital (ROTC)
Reversionary income
Reversionary yield
Reward-to-Risk Ratio
Right of First Offer (ROFO)
Right of First Refusal (ROFR)
Risk Factor
Risk Parity
Risk Preferences
Risk-Adjusted Discount Rate
Risk-Adjusted Return
Risk-Free Rate
ROI (Return on Investment)
Rollover
Rollover Risk
Royal Institution of Chartered Surveyors (RICS)
Rule 144A

S

Safe Harbor
Sale-Leaseback
Sales Comparison Approach (SCA)
Sales Risk
Saturated Trading Area
Savings and Loan Association (S&L)
Scenario Analysis
Second Generation Space
Second Mortgage
Secondary Space
Secondary Trade
Secondary Trade Area
Section 892 Exemption
Secured Overnight Financing Rate (SOFR)
Securities Act of 1933
Securities and Exchange Commission (SEC)
Securities Exchange Act (SEA) of 1934
Securities handling charges
Securitization
Securitized Loan
Security
Security Agent
Security Market Line (SML)
Seed Asset
Segregated Account
Selection (in Attribution)
Self-Storage (facility)
Senior Debt/Loan/Mortgage
Senior Living (facility)
Senior Loan
Sensitivity Analysis
Separate Accounts
Set-up costs
SFAS
Sharpe Ratio
Shopping Center
Side Letter
Sidecar Fund or Investment
Signage
Single Account
Single Asset Deal
Single Client Account
Single Real Estate Operating Company (REOC) Fund
Site Analysis
Site Development
Site Plan
Social Impact
Social Investing
Social Responsibility
Solver Function (Excel)
Sophisticated Investor
Sovereign Wealth Fund (SWF)
Space Absorption
Space Market
Space Plan
Special Limited Partner
Special Purpose Vehicle (SPV)
Specialist Consultant or Consulting Firm
Specific Risk
Specified Asset or Investment
Specified Investing
Speculative Space
Spens Clause
Sponsor
Stabilisation
Staff costs
Standalone Sustainable Lending Policy
Standard Deviation (σ)
Standing investment
Start of Investment Period
Stated Rent
Statement of Position (SOP) (accounting)
Step in Rights
Step-Up Provision
Stepped Rent
Strategic Investment Decisions
Strategy-Account Vehicle
Strip Center
Style
Style Drift
Style-Fund
Subadvisor
Subordinate Debt/Loan/Mortgage
Subordinated Creditor
Subordinated Creditor's Security Agreement
Subordinated Loan
Subordination
Subordination Agreement
Subscription Agreement
Subscription fee
Subscription Period
Subscription queuing mechanism
Subscription secured credit facilities
Subscription-Backed Credit Facility
Super-Exempt US Investor
Super-Regional Mall
Superfund or Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)
Supermajority
Supply Risk
Surety Bond
Sustainability
Sustainability scorecard
Sustainable Development Goals (SDG)
Sustainable Investment
Syndicated Loan
Syndicated loan purchaser
Systematic Risk
Systemic Risk

T

Tactical Investment Decisions
Tag-Along Rights
Target percentage non-income producing investments
Target percentage of (re)development exposure
Target return derived from income
Tax Bracket
Tax effect of the adjustments
Tax Efficiency
Tax Shelter
Tax-Exempt Investor
Taxable REIT Subsidiary (TRS)
Taxes on property related activities
Tear Sheet
Tenant Finish Allowance
Tenant Improvement Allowance
Tenant Improvements
Tenant Mix
Term
Terminal Capitalization (Cap) Rate
Terminal Value
Termination Clause
Termination Date
Terrorism Risk
Tertiary Trade Area
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
Top-Down Investing
Topography
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 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)
Tracking Error
Trade Area
Traffic Count
Transaction Document
Transaction Obligor
Transaction offsets
Transfer agent costs
Transferee
Transferor
Transition Risk
Transparency
Treynor Ratio
Triple Net Lease (NNN)
Trustee Costs
Truth in Securities Law
Turn Key Project

U

Umbrella Partnership Real Estate Investment Trust (UPREIT)
Uncalled Capital Commitment
Underserved population
Understored Trading Area
Undiversifiable Risk
Unfunded Commitment
Uniform Standards of Professional Appraisal Practice (USPAP)
Unitized vehicle
Units of Comparison
Unrealised (capital) gain / loss
Unrelated Business Income Tax (UBIT)
Unrelated Business Taxable Income (UBTI)
Unsystematic Risk
Upfit
Urban Land Institute (ULI)
US Real Property Holding Corporation (USRPHC)
US Real Property Interest (USRPI)
Usable Area
Usury
Utilities, repair and maintenance costs (non-rechargeable portion)

V

Vacancy (Based on estimated rental value)
Vacancy (Based on leasable floor space)
Vacancy Loss
Valuation
Valuation costs
Valuation Policy
Valuation Risk
Value Creation
Value-added (INREV Style)
Value-added (RS Style)
Value-Weighted Index
Variable Cost or Expense
Variance
Vehicle
Vehicle administration costs
Vehicle Documentation
Vehicle formation costs
Vehicle Formation Date
Vehicle Loan to Value (LTV)
Vehicle Manager
Vehicle Reporting Currency
Vehicle-level loan to cost
Venture Capital
Venture Capital Operating Company (VCOC)
Vertically Integrated Manager
Vintage Year
Visibility
Void rate
Volatility

W

Warehouse (industrial)
Waste by disposal route
Waterfall
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
What-If Analysis
Whistleblower
Whole Loan
Wholly Owned Subsidiary
Wind-up fee