TSA Glossary

Real Estate Finance Terms

1031 Exchanges

Absorption Rate

Absorption Basis

Administrative Expenses

Advertising and Promotions

All-in-Basis

Amortization

Amortization Schedule

Assessed Value

Assignable Square Feet

Back of the Envelope Analysis

Bad Debt

Break-Even Occupancy

Bridge Loans

Build to Suit

CAM Charges

Cap Rate

Cap Rate Compression

Capital Expenses

Capital Gains Taxes

Carried Interest

Cash Flow after Vacancy and Reserves

Cash on Cash Returns

Cash Sweeps

Catch-Up Provision

Closing Costs

Concessions

Construction Debt

Core Investments

Cost Contingency

Cost Segregation

Credit Loss

Current Rent

Debt Proceeds

Debt Service

Debt Service Coverage Ratio

Debt Yield

Defeasance

Development Spread

Discounted Cash Flow

Disposition Costs

Distribution Waterfalls

Drawdowns

Due Diligence

Economic Vacancy Rate

Effective Gross Income

Equity Multiple

Equity Placement Fee

Estoppel Certificate

Exit Assumptions

Exit Date

Exit Fees

Expense Recoveries

Fixed Interest Rates

Floating Interest Rates

Forward 12

Franchise Tax

General Partner Clawback

General Vacancy

Going-in Cap Rate

Gross Lease

Gross Potential Income

Gross Profit Margin

Gross Sales Proceeds

Gross Square Feet

Ground Lease

Hard Cost Curve

Hard Costs

Hard-Mini Perm

Hold Period

Holdback

HUD Loans

Interest Expense

Interest Reserves

IRR

IRR Hurdle

Land Costs

Land Loan

Lease Expirations

Lease Up Period

Leasing Commissions

Levered Cash Flow

Loan Origination Fees

LTC

LTV

Management Fees

Market Rent

Market Vacancy Rate

Mezzanine Debt

Milage Rate

Mini Perm Loans

Net Exit Proceeds

Net Operating Income

Net Profit

New Sales Proceeds

New Square Footage

Non-Operating Expenses

Non-Revenue Units

Occupancy

Operating Deficit

Operating Expense Ratio

Operating Expenses

Opportunistic Investments

Other Income

Peak Capital

Permanent Debt

Physical Vacancy Rate

Preferred Return

Pre-Leasing

Prepayment Penalty

Project Management Fees

Real Estate Depreciation

Real Estate Taxes

Refinancing

Renewal Probability

Rent Abatement

Rank Credit

Rent Escalation

Rent Roll

Repairs and Maintenance

Scheduled Base Rental Income

Senior Debt

Sensitivity Table

SOFR

Soft Costs

Soft Pay vs. Hard Pay

Soft-Mini Perm

Sources and Uses of Funds

Stabilized Returns

Step Rent

Structural Square Feet

Structural Vacancy

Tax Abatements

Tax Increment Financing (TIF)

Tenant Improvements

Trailing 3

Triple Net Lease

Underwriting

Unit Mix

Unlevered Cash Flow

Utilities

Value-Add Investments

Variable Rent

Wages

Waterfall Promote Splits

Working Capital Release

Yield on Cost

Excel Terms