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QUICK LOOK at REAL ESTATE GLOSSARY

Accumulation Index: A numerical index of movement in a financial market, which takes account of both price movement (capital) and income (dividends).

Acquisition Costs: The total cost of acquiring an asset. This will include stamp duty, legal fees, building report, valuation fees, survey fees and any other due diligence costs directly related to the acquisition. Generally allowed for in a discounted cash flow approach, but not in a traditional capitalised income approach.

Administration Fund: A fund set up to pay the body corporate costs for strata title.

Amortisation:

(1) The process of recovering, over a period of time, the capital investment through scheduled, systematic repayments at regular intervals.

(2) Periodic contributions to a sinking fund to discharge a debt or make a replacement at a future date.

Annual Effective Interest Rate: A rate of interest or discount rate expressed as an annual rate taking into account a periodic interest rate with cash flow frequency (i.e. frequencies of compounding).

Annualised Return: (See Time Weighted Average Annual Rate of Return).

Annualised Yield: The annualised yield is the total holding period return of an investment expressed as an annual compound rate. It is a measure used to enable comparison with other investment vehicles, such as bonds, whose return is usually expressed as annual effective rate.

Apartment or Home Unit: (2) A single level or bi level residence contained wihin a multi storey complex, being strata or company title. Top level usually larger and often referred to as a penthouse or sub penthouse if on the immediate level below.

ASIC: Australian Securities and Investment Commission

Assessed Annual Value AAV): A statistical conjunction of annual value as used for certain rating purposes in New South Wales, South Australia, Tasmania and Queensland.

ASX: Australian Stock Exchange

ATO: Australian Taxation Office

Benchmarking: A tool for continuous improvement that involves quantifying internal performance and then comparing performance against an external group.

Beta Factor: The volatility of an industry in comparison to the market in general. The measure of systematic risk in a security or property. It measures the sensitivity of return to general market movements.

Book Value: The amount at which the asset is recorded in the accounting records as at a particular date after deducting accumulated depreciation or amortisation. (See Written Down Value; Carrying Amount).

Break Charges: (2) This is the charge levied for renegotiating or terminating a finance facility, usually a fixed interest loan, prior to a previously agreed date.

Call Option: An option contract that gives the holder the right, but not the obligation, to purchase a specified asset at the given strike price, on or before the contract’s expiration date.

Capital Asset Pricing Model (CAPM): A model for describing the way prices of individual assets are determined in an efficient market, based on their relative riskiness in comparison with the return on risk-free assets. According to this model, prices are determined in such a way that risk premiums are proportional to systematic risk as measured by the beta coefficient. As such, the CAPM provides an explicit expression of the expected returns for all assets.

Basically, CAPM holds that if investors are risk averse, high-risk stocks must have higher expected returns than low-risk stocks.

Capital Expenditure: Those items that are significant replacements or additions to existing properties or for new developments, as distinguished from cash outflows for expense items that are normally considered part of the current period’s operations. Capital expenditure does not include general maintenance and repair items.

Capitalisation: The process of determining the yearly net income in terms of the amount of capital it would be necessary to invest in order to receive that income, calculated at a given rate of interest. It is the method of determining the value of a property by reference to net income and an expected percentage yield.

Capitalisation Rate: (2) This is the most simple measure of return. It is an expression of the net income divided by the price.

The multiplier or “Years Purchase” is – 100 divided by 15 = 6.66 Y.P. x Net Income = Value

The years purchase is the inverse of the capitalisation rate, and is sometimes called the payback period.

Similar to a “price earnings ratio” for shares it is often quoted by Valuers and investors as a reflection of the yield expected on specified properties, excluding borrowing costs, and some other adjustments.

It is not used in circumstances where irregular or negative cash flows occur, or say a development project.

C.G.T.: (2) Capital Gains Tax. Payable on property purchased after 19/9/85 and subsequently re sold subject to certain exclusions.

Common (Use) Area: All floor areas for circulation within a building plus standard facilities for the common use of occupiers, tenants and/or the public.

Company Title: Method of owning real estate by way of company shares (usually preceded Strata Title Act.)

Concrete Cancer: The deterioration, fracturing and spalling of concrete in exposed locations, caused mainly by the corrosion of steel reinforcement due to an alkaline environment created by unsuitable concrete ingredients and the presence of water and oxygen.Concrete cancer results in structural weakening as well as unsightliness.

Consumer Price Index (CPI): A measure in percentage terms of the change in the costs of living, being the weighted average cost of a standard basket of retail goods and services expressed in relation to a base period.

Current Assets: Cash or other assets of an entity that would in the ordinary course of operations of the entity be consumed or converted into cash within twelve months from the end of the last reporting period of the entity.

DCF (Discounted Cash Flow): A method analysing investment opportunities in which annual cash flows are discounted and accumulated to arrive at their Present Value (PV). Also used as a basis in certain types of property valuations.

Deposit Bond: A deposit Bond is a financial guarantee issued by an insurance company in the form of a bond, on behalf of a purchaser. This allows a deposit to be paid without disturbing invested funds, and can be cheaper than doing so, especially if buying "off the plan" where settlement is considerably delayed.

Depreciation: Straight Line Depreciation: the provision each year of a fixed proportion of the original cost of the asset; Diminishing Value Depreciation: the provision by annual instalments of a diminishing amount computed by taking a fixed percentage of the book value of the asset as reduced by previous provisions.

Developers Profit/ Risk Margin: Profit calculated as a percentage of the total costs of development.

Discount Rate: The interest rate used to discount future cash flows to determine Present Value. Sometimes determined with reference to 10-year bond and risk margin.

Dual Occupancy: 2 properties on one torrens title.

Due Diligence: An investigation of the legal, financial and physical nature and characteristics, including the entitlements and liabilities attaching to and arising from a real estate asset or assets, usually for acquisition or compliance purposes.

Duplex: (2) A property containing two attached dwellings, each with their own title.

EBIT: Earnings Before Interest and Tax.

EBITDA: Earnings Before Interest, Tax, Depreciation and Amortisation.

Gearing (Leverage): A measure of indebtedness; i.e. the extent of borrowings as against the equity held by a person or company in an asset.

Highest and Best Use: The permissible property use that at a given point of time is deemed likely to produce the greatest net return in the foreseeable future, whether or not such use is the current use of the property.

Holding Period Return: (2) This is the simplest profitability measure for existing property investment. It is the total of all income minus the total of all costs ignoring the timing. It is shown as an amount and a %.

Initial Yield: The initial yield is the percentage return on price or value derived from current net passing income. This is merely a statement of the ratio between the initial income and price or capital value, expressed as a percentage. No allowance is made for any future rent growth.

IRR (Internal Rate of Return): (1) The discount rate that equates the Present Value of expected future cash flows to the cost of the investment outlay. A measure of investment yield.

(2) Because of the importance, “mystery” and lack of understanding of this term, especially among professionals, we have included a special section on this at the end of this glossary. This is the best explanation we have seen and is reproduced with the kind permission of leading property analysts, Property Investment Research.

Investment Value: (2) This is the value that a buyer should pay after deciding on the return required on the property. This can be different to market value, which is based on comparable sales.

Joint Tenancy: The ownership of land in common by several persons where there is a right or survivorship; i.e. where on the death of one joint owner the land as a whole vests in the survivors and can only be disposed of by will by the last surviving owner. Division of ownership can also be specified (e.g. 60%:40%).

Lessee (Tenant): A person/legal entity who receives the right to occupy and use a property under the terms of a lease.

Lessor (Landlord): The owner of a property who transfers the right to occupy and use property to another by way of a lease agreement.

Loan to Value Ratio (LVR): The ratio of the whole loan principal dollar amount divided by the property’s appraised value amount.

Margin on Development Costs: (2) or (MDC). This is the total income minus the development costs (GST excluded). The resultant figure is also divided by the total development cost to give a % result.

Market Capitalisation: Issued units of a trust or security listed on the stock exchange, multiplied by the market price of each unit or security.

Market Value: 1. Market value is the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.

2. This does not necessarily mean “the price you get on the day” and may be different to the purchase price.

Master Fund: Designed for people who want to invest in a number of different managed funds investments offered by different managed investment companies, but who also want all of the information and administration associated with these investments consolidated by one company.

MIA: (2) Managed Investment Act

Mortgagee: Financier who lends money against property as security.

Mortgagor: One who owns an interest in real estate and who executes a mortgage on that interest as security for a loan or for the advance of credit.

Net Lettable Area (NLA): Used to refer to tenancy areas in office buildings, and office and business parks. Can apply to whole or part of building.

Nominal Interest Rate: Distinct from annual effective interest rate, a rate of interest or discount rate that is equal to a periodic interest rate that is equal to a periodic interest rate multiplied by the frequency of that periodic rate per annum without compounding. For example, a monthly discount rate of 1% is an annual nominal interest rate of 12% (1% x 12).

Non-Current Assets: Refers to assets or liabilities that are receivable or payable respectively beyond a year.

NPV (Net Present Value): The aggregate Present Value of the projected cash flows less the opening amount. The capital amount equivalent to the sum of the periodic net cash flows discounted by the required rate of return. That is, the capital sum a hypothetical purchaser would be willing to pay for an expected net income stream that would provide that purchaser his/her required return. The Net Present Value is calculated as the sum of the Present Values of all periodic cash flows excluding any ‘opening value’ or ‘initial purchase price’, using a constant discount rate to find the Present Value of each periodic cash flow.

Option (Property): A right given for a consideration to purchase property on or before a fixed date, on terms previously agreed upon. An option entitles, but does not oblige, the person having the option to make the purchase. An option in a lease refers to a further term of tenancy.

Outgoings (Recoverable): The expenditures paid in connection with operating a property, which are properly charged to tenants in accordance with the lease.

Payback Period: (2) The number of years required to pay back the purchase price of the investment, excluding entry/exit costs.

Present Value (PV): Current value of future amounts or the value today of a future payment, or stream of payments, discounted at the appropriate discount rate.

Price Earnings Ratio: A measure of the attractiveness of a particular security or trust listed on the stock exchange – a higher price earnings ratio means investors are prepared to pay a higher price for the security or trust because of the anticipated future growth in the earnings of the investment. It is calculated by dividing the price of a share or trust by its current earnings.

Price Index: Expresses the unit price in each period as a percentage of the unit price in a base period. This facilitates comparisons with other years and enables the price change in any period to be calculated. (Also known as Price Relative Index).

Profit Rent: The difference between the market rent and the current rent or ground rent resulting in a leasehold interest.

Property Trust (Listed): Quoted on the stock exchange, the price of units in the trust fluctuate with supply and demand.

Property Trust (Unlisted): Transactions are directly with the trust’s manager, who fixes the prices in relation to the established asset backing of the trust, with adjustments for expenses.

Real: A term used to describe a cash flow after adjusting for the effect of inflation. A real growth rate describes the quantum of growth or decline for cash flows recorded in present dollar terms.

Real Interest Rate: A rate of interest or discount rate, which is adjusted for inflation.

Recoverable (Outgoings): The expenditures paid in connection with operating a property, which are properly charged to tenants in accordance with the lease.

Refinancing Principle: This is a tax effective term used in property investment structuring. This is simply the ability of investors with the use of Trusts or Companies, to refinance their equity at a later date by converting it to debt, generating a further tax deduction via the interest on that debt.

Rolling Internal Rate of Return: Internal rates of return calculated from a fixed base which assumes the sale of the investment at the end of pre-determined periods; for example, end of Year 1, end of Year 2 etc.

Sensitivity Analysis: (2) An analysis of the impact on the investment return assuming graduated variations to each of the major variables, e.g. interest rates, holding period etc.

Sinking Fund: An account set up with regular payments made over a period of time for the purpose of paying for future maintenance and repairs of a capital nature (e.g. the fund established by a body corporate for the collection of strata monies for capital expenditure within the unit block).

Split Trust: A trust which offers different classes of unit each offering different forms of return.

Stapled Securities: The permanent attachment of shares and units for trading purposes on the ASX which allows an opportunity to invest in activities that clearly separate:

i. Taxable profits derived from business management; and

ii. Rents that accrue to a related collective investment.

Basic model for a stable security is a bundle of units in a trust and shares in a company that cannot be traded separately.

Swap: An interest rate, currency or equity exchange transaction involving two parties.

Terminal Capitalisation Rate: The capitalisation rate used to calculate the terminal value (the value at the end of the discounted cash flow period).

Terminal Value: The value at the end of the term of projection, which is used to approximate the value of future cash flows thereafter in perpetuity. Typically calculated using the capitalisation approach basin on the passing annual net income as at the end of the term.

Townhouse: (2) A residence with two or three levels, within a group of two or more. Can be attached to others or detached, torrens or strata title.

Trustee: The trustee overseas the flow of funds, collecting principal and interest from the servicer, distributing payments and reporting to those with an interest in the trust.

Unit Trust: A pooled investment fund or collective investment, established under a trust deed, that continually offers new units and stands ready to redeem existing ones from the owners.

Villa: (2) A single level residance within a group of two or more. Can be attached to others or detached, torrens or strata title.

Weighted Average Cost of Capital (WACC): A measure of the cost of capital for a given entity, comprising both debt and equity, which is required to service debts and to maintain a return on equity and thus maintain solvency. The WACC can be calculated for specific companies listed on the stock exchange, based on the return required to service debts and to provide dividends based on the number of issued shares.

The WACC can be used as a comparison with adopted discount rates for discounted cash flow. In general, the WACC is calculated for companies which are within a similar asset class to that of the subject asset. Typically, in respect of real estate, analysed companies include managed funds, trusts and companies dealing specifically in property investment or development.

Years Purchase: The number of years required for the net income from an interest in property to amount (without interest) to a sum equal to the purchase price. The years purchase in any particular instance is determined by dividing 100 by the yield.


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