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Definitions (272)
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straight lease
A lease calling for the same amount of rent to be paid periodically (usually monthly) for the entire term of the lease.
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abatement
A reduction or decrease; usually applies to the forgiveness of rent or a decrease of assessed valuation of ad valorem taxes after the assessment and levy.
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above building standard
Specialized design and engineering services and all construction necessary to personalize tenant space.
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absorbed space
Net change in leased space between two dates.
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absorption
The rate at which land or buildings will be sold or leased in the marketplace during a predetermined period of time, usually a month or a year. Also called “Market Absorption.”
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absorption period
The number of months required to convert vacant space into leased space assuming no new delivered space. Computed by dividing the space absorbed monthly, on average, during a recent period into the current vacant space.
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ad valorem
(According to value) Used in reference to general property tax, which is usually based on the official valuation of property.
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add on factor
Considered a loss factor, the percentage of gross rentable square footage, which is lost to the tenant’s physical occupancy.
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adequate rate covenant
An agreement often required in revenue bond projects; guarantee’s the operator will charge adequate rates to produce revenue necessary to cover principal and interest payments.
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alienation clause
A type of acceleration clause where a debt becomes due in its entirety upon the transfer of ownership of a secured property.
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