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Adoption of a going concern premise allows the business to be valued above liquidation value and is essential to the development of the Market Value of the business. The value of a business as a whole. The concept involves valuation of a continuing enterprise from which allocations, or apportionments, of overall going concern value may be made to constituents parts as they contribute to the whole, but none of the components in themselves constitutes a basis for Market Value.
In such case, the goodwill element will be extinguished upon sale of the property ; c Future economic benefits arising from assets that are not capable of being individually identified and separately recognised. The starting point used for the calculation of value using a depreciated replacement cost approach. The GCRC is established by reference to recent construction costs of similar assets. It should include components to cover direct costs such as the costs that could be directly attributed to a work unit, indirect costs such as design and engineering, support services, field operations, project management and procurement costs, and overheads such as business services, finance, administration, support services and indirect transport costs.
One in which all operating costs on the property are included in the rental charged rather than charged as a separate amount. The landlord generally pays for all base year repairs, taxes and operating expenses incurred through ownership. It is the opposite of a net lease in which these costs are borne by the lessee. Used for calculating tenancy areas in: Used for calculating retail tenancy areas in shopping centres; commercial buildings; and, strip shops, free-standing shops, semi detached or terrace type shops in suburban streets.
In some states or territories, lease legislation might contain provisions that over-ride the Property Council approach. Total revenue collected from lessees including base rent, recovered outgoings, percentage rent and all other income. The sum total in dollars for all sales that the retailer makes during a specific period, usually in a financial year. Normally used for the purpose of percentage rent calculations. Usually a long-term lease of land with the lessee permitted to improve or build on the land and to enjoy those benefits for the term of the lease.
The net rent paid for the right of use and occupancy of a parcel of unimproved land, or that portion of the total rental paid that is considered to represent return upon the land only.
Income growth rates should reflect the expectation of market rent movements. The outgoings growth rates should reflect inflation or anticipated increases. A lease to a single entity that is intended to be the holder of subsequent leases to sublessees that will be the tenants in possession of the leased premises. Headlease is common Australian usage; master lease is North American usage.
A type of investment portfolio under which the fund manager is authorised to use a number of higher risk investment techniques, including using derivatives, short selling, and borrowing funds, in order to generate a higher return. The most probable use of a property which is physically possible, appropriately justified, legally permissible, financially feasible, and which results in the highest value of the property being valued.
Where a lease term expires and the lessee remains in occupation usually on a month-to-month basis on the terms and conditions of the original lease. An approach to value that considers income and expense data relating to the property being valued and estimates value through a capitalisation process.
The indication of value derived for an income-producing property by converting its anticipated benefits cash flows and reversion into property value in one of two ways; direct capitalisation of expected income or discounting the annual cash flows for the holding period at a specified yield rate.
A basis of insurance cover for buildings and contents. The cost necessary to replace, repair or rebuild the property insured to a condition substantially the same as but not better or more extensive than its condition at the time the damage occurred, taking into consideration age, condition and remaining useful life. Assets that usually display some or all of the following general characteristics: The discount rate that equates the present value of the net cash flows of a project with the present value of the capital investment.
The IRR reflects both the return on the invested capital and the return of the original investment, which are basic considerations of potential investors. Therefore, deriving the IRR from analysis of market transactions of similar properties having comparable income patterns is a proper method for developing market discount rates for use in valuations to arrive at Market Value.
Used in discounted cash flow analysis to find the implied or expected rate of return of the project, the IRR is the rate of return which gives a zero net present value NPV. An asset owned by a corporation and considered extraneous to the operational requirements of the corporate owner.
It is not held for use in the production or supply of goods or services or for administrative purposes, or for sale in the ordinary course of business. Property land or a building - or part of a building - or both held by the owner or by the lessee under a finance lease to earn rentals or for capital appreciation or both. The investment banking firm, generally with the largest position in an underwriting for a new issue of securities, which handles the principal responsibilities for co-ordinating the issuance.
The interest which a tenant or lessee acquires under a lease including rights of use and occupancy for a stated term under certain conditions e. Leaseholds may be of various duration such as 25 years, 60 years and 99 years etc. An amount of damages payable by the contractor as compensation for losses incurred by the principal as a result of failure to complete the works within the agreed, or extended, contract period.
Damages are payable for every unit of time specified in the contract documents day, week or month by which the agreed, or extended, practical completion date is exceeded. The obligation of a lessee at the end of their occupation to ensure that premises are returned to the same condition as at the commencement of the lease; for example, painting and restoring partitions. Issued units of a trust or security listed on the stock exchange, multiplied by the market price of each unit or security.
The exclusive right given to the lessee to name the building, in association with their occupancy of the premises. The National Australian Built Environment Rating System is a multiple index performance-based rating tool that measures an existing building's overall environmental performance during operation.
Measures the change in volume of occupied space between two survey periods and is used to determine demand. Net absorption is occupied stock at the end of the survey period, less occupied stock at beginning of the period.
Total assets of a company less total liabilities. A more refined measure is net tangible assets, which does not include intangible items like goodwill. Used to calculate tenancy areas for office tenants. The measure of the difference between the discounted revenues, or inflows, and the costs, or outflows, in a DCF analysis. In a valuation that is done to arrive at Market Value, where discounted inflows and outflows and the discount rate are market derived, the resulting present value should be indicative of the Market Value by the income approach.
The notice given by either the landlord or tenant that they want to end the rental agreement and vacate the property in compliance with the terms and conditions of the lease.
A contract substituted for another with the agreement of all parties. For example, in design and construct contracts where the design team engaged by the client becomes responsible to the head contractor under a novated contract. The total of costs incurred by a tenant to provide space for operations. It includes net rent, operating costs outgoings , capital costs, taxes, insurance and depreciation allowances. Costs include rent, promotional levies, marketing fees, statutory costs and costs related to occupation of floor space.
Also known as Rent to Turnover Ratio. May be expressed either before or after tax and is the result of operating revenue less operating expenses and does not include any abnormal adjustments. An option entitles, but does not oblige, the person having the option to make the purchase; c An option in a lease refers to a further term of tenancy. The expenses incurred in generating income. In real estate, these expenses include but are not necessarily limited to property rates, insurance, repairs and maintenance and management fees.
Operating expenses when subtracted from gross income equal net operating income. The decline in value due to the physical action of time and the elements, as well as through usage. Deterioration through physical depreciation is normally as a result of inadequate maintenance or normal weathering and decay.
See also Physical Obsolescence. Assets intended for use on a continuing basis in the activities of an entity including specialised, non-permanent buildings; machinery individual machines or collections of machines, trade fixtures, and leasehold improvements , and other categories of assets, suitably identified.
Practical completion is marked by the issue to the contractor of a certificate of practical completion. Current value of a future amount or scheme of payments discounted at an appropriate discount rate.
See also Net Present Value. 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.
Prime cost items are building components usually relating to building finishes or services, e. A sum is allowed for these items in the building contract and they are later selected by the owner. Generally, the year Government bond rate is adopted as the benchmark for the prime rate. See also Risk Free Rate. Professional Indemnity A form of insurance against negligence by a professional adviser. Maintenance assigned to be carried out within a specific period, such as a budgeting period, or during annual holidays.
A contract for the total management of a construction project by an independent person or organisation which is responsible for all aspects of design, documentation, contractual arrangements, inspections and certification of work for payment and of completion on behalf of the proprietor.
The management of a property on behalf of the owner. For example, the leasing of space, collection of rents, selection of tenants and generally the overall maintaining and managing of real estate properties for clients. A collective investment vehicle which owns a portfolio of real property. A collective investment vehicle which owns a portfolio of real property which is not listed on the primary stock exchange.
Transactions are directly with the Trust's manager, who fixes the price in relation to the established asset backing with the Trust. Property, plant, and equipment are tangible, or physical, assets; b Tangible items that: A person who undertakes the preparation of a statement of the quantities and costs of material required for the carrying out of constructional work and related activities. A minimum rental provision in leases, which protects the lessor from a drop in rental below an agreed lower limit in the event of a reduced market value or CPI.
Has effect during rent reviews. United States business trust or corporation that is usually traded publicly and manages a portfolio of real estate to earn profits for shareholders. A market-based concept whereby a potential purchaser, and thus the Valuer, estimates the maintainable level of trade and future profitability that can be achieved by a competent operator of a business conducted on the premises, acting in an efficient manner.
The concept involves the trading potential rather than the actual level of trade under the existing ownership, so that it excludes personal goodwill. A section of the lease document, usually at the beginning, which outlines the variables in the lease.
A payment made periodically by a lessee to a lessor for the use of premises. A period of occupancy where no rent is demanded, normally used as an incentive to a new tenant at the commencement of a lease and varies according to market conditions. A periodic review of rental under a lease using a predetermined method.
A valuation report by an independent valuer fixing a rent, in circumstances where a lessor and lessee have been unable to negotiate an agreement. The minimum rate of return an investment must produce in order to induce an individual to invest. Also known as Hurdle Rate of Return. Specialist bodies exist in most Australian States and Territories to resolve disputes between landlords and residential tenants in low-cost manner, usually without the involvement of lawyers.
Specifically, these bodies include the: The estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. The net amount which the entity expects to obtain for an asset at the end of its useful life after deducting the expected costs of disposal. The remaining value of an asset at the end of a prescribed period of time in this definition residual value is similar to scrap value.
The responsible entity for a trust manages the trust. In an internal management structure the responsible entity also manages the properties held by the trust. Where an assessment is made without undertaking a full inspection of the asset on the specific instructions of the client. The percentage or factor applied within a discounted cash flow to reflect the probability of tenants renewing or exercising options upon expiry of current leases.
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. A transaction whereby an existing owner sells an asset to another who then leases it back to the original owner on pre-determined terms and conditions for the mutual advantage of each party. A deposit to assure performance usually of a lease. In the event of non-performance, the deposit will usually be fully or partially forfeited.
Describes the advantages of ownership as compared with leasing. When the term is used in connection with renting, it means the certain term a tenant can remain in occupation. Agreement between service providers and customers that establishes agreed service scope volumes and standards. Vacant office space being offered for lease by a tenant holding a head lease as opposed to an owner.
An asset that is owned by an entity such as a corporation but considered superfluous to the operations of that entity. A surplus asset is not considered necessary to the production of the good or service the entity produces.
It is held for investment, development or disposal, or used as security for a loan or some other commercial purpose unrelated to the operation of the entity. The Market Value of a surplus asset is determined by its highest and best use. A form of lease, generally in an abbreviated form. It may be registered on an owner's certificate of title. A listing of each premise in a property including tenancy name, number, area, lease commencement and expiry dates, rental, rental review date and type, outgoings and rent review mechanism.
The capitalisation rate used to calculate the terminal value the value at the end of the discounted cash flow period. The geometric mean of individual period rates of return. In attribution analysis, the total excess return over the benchmark; i. Include the total costs associated with the day-to-day operation of the facility. Such costs include inter alia, maintenance and repair costs both fixed and variable , administrative costs, management fees, labour costs, rates, land taxes, income taxes, insurances, light, power, fuel, security, cleaning and all costs associated with grounds and car parking.
See also Operating Expenses; Outgoings. Commercial Mortgage Backed Securities CMBS offerings are generally divided into rated and unrated classes, or tranches, according to seniority and risk. Higher rated tranches allow for internal credit enhancements, while lower rated classes offer higher yields to investors. Costs associated with the purchase or sale of a property.
Acquisition costs include legal fees and stamp duty, etc. There are two dates associated with a property transaction — date of contract exchange and date of settlement which is the date of legal completion and transfer of title.
That intangible asset that arises as a result of property-specific name and reputation, customer patronage, location, products and similar factors, which generate economic benefits.
It is inherent to the specialised trading property, and will transfer to a new owner on sale. A fiduciary relationship, an instrument thereof, which places the legal title to, and the control of property, in the hands of a trustee for the benefit for another person or persons beneficiaries. A trust may be temporary, conditional, or permanent. Trust Account A legislative required bank account where monies are held by an agent for or on behalf of another person, e.
Per Square Metre Sales divided by the total number of square metres of rentable area. May apply to individual stores, groups of stores or total centre. Any form of lease rental arrangement in which the lessor receives a form of rental that is based upon the earnings of the lessee. Percentage rent is an example of a turnover rent. The turnover is normally reported in two ways — for the month just completed and for the full year just completed the latter form is also known as Moving Annual Turnover.
Property free and clear of mortgages, restrictive covenants, leases, and assessments of any kind. The area, expressed in square metres, which is physically empty but otherwise occupiable. Space which is empty but unable to be occupied is not included in the calculation of vacancy and marketable stock.
See also Direct Vacancy; Sublease Vacancy. The weighted average lease term remaining to expire across a portfolio, it can be weighted by rental income or square metres. Weighted Average Return Return of a grouping of funds or properties which is weighted via the capital employed of the fund or properties.
Unlisted property investment vehicles that have been or are currently open to institutional investors, that is, superannuation funds or general funds. These funds can either be diversified or sector specific. This value will be affected by either the method of depreciation chosen and the value attributed to the asset; b The unexpired cost of an asset carried in the books of an organisation.
The value of an asset, at a point in time, after the systematic allocation of depreciation. See also Book Value.
It is important to note that yields and capitalisation rates cap rates are separate and distinct concepts, although they are often discussed together.
Yield is also referred to in Australia as the direct capitalisation rate, or, simply, the capitalisation rate. The derived percentage return of a property assessed from the net income and the market value or price. It is calculated by dividing the net income by the opening market value or price. Any divisor usually expressed as a percentage that is used to convert et income into value or price.
The rate at which the annual net income from an investment is capitalised to ascertain its capital value at a given date. There are several specific yield types depending on the nature of the net income. Terms commonly used in Australia are:. The Effective Yield is the percentage return on value or price derived from the current net income after adjusting for rent incentives or impending vacancies. The Equity Yield Rate is the percentage return on the equity portion of a property investment.
It is the net income after deduction of the annual debt service divided by the equity portion of the asset value. The initial or passing yield is the percentage return on value or price derived from the current net passing income. No allowance is made for any future rent growth.
If the current income from a property is at market level, then the market yield is the same as the initial passing yield. The yield quoted is an estimate. The Reversionary Yield is the percentage return on current value or price derived when the current market rentals are payable.
This yield relates a future net income to a current value or price and it is normally quoted together with the date from which it will apply. To calculate a Reversionary Yield, one would determine those leases that are subject to a market rent review within the period of consideration and adjust the income from those leases for the effect of the reviews.
It should not be confused with the Reversion Yield see Terminal Yield. The Terminal Yield rightfully a capitalisation rate is the percentage return applied to the expected net income following a hypothetical sale at the end of the cash flow period. It is a capitalisation rate used to determine the terminal value in a discounted cash flow exercise.
The Annualised Yield is the total holding period return on the net income of a property expressed as an annual compound rate. The Equated Yield is an annualised yield that is derived from the current net income and future changes to the net income over time with specific consideration of future rental growth. It is the rate of return over a specific time period that has been adjusted for rental growth.
The Equivalent Yield is an annualised yield that is derived from the current net income and future changes to the net income over time but no allowance is made for future rental growth. It is the rate of return of a net income stream over a specific period of time that reflects current actual rents and costs and current levels of rental values. It is recommended that other yield terms are not used in Australia without an associated definition.
The percentage rate of return paid on a fixed security such as a bond if it is bought and held to its maturity date. To calculate the yield to maturity, the investor must take into account the coupon rate, time to maturity and the market price at which the security was purchased. Access Rights The right of ingress to and egress from a property that abuts upon an existing street or highway.
Acquisition Costs The total cost of acquiring an asset. Actual Cash Value The price which property will realise on the open market, after all reasonable efforts have been made to secure a purchaser who will pay the highest price. Ad Valorem Literally means "in proportion to value". Affected Valuation Basis The value of real estate having regard to the effect of blight or damage to the real estate for whatever reason and normally due to planning considerations e.
Amortisation a The reduction in the value of an asset by prorating its cost over a period of years. Asset Management A systematic approach to the procurement, maintenance, operation, rehabilitation and disposal of one or more assets which integrates the utilisation of assets and their performance with the business requirements of asset owners or users.
Asset Register A record of items considered worthy of identification as discrete assets. Assignment Of Contract Signing over of contract. B Base Period A specific time period used as a benchmark for measuring financial or economic data. Base Year The year or date to which all future and past benefits and costs are indexed or compared to. Building Area Gross The total enclosed and unenclosed area of the building at all building floor levels measured between the normal outside face of any enclosing walls, balustrades and supports.
Capital Return The change in capital value between periods less any capital expenditures which may have occurred — it is expressed as a percentage of capital value plus a portion of capital expenditures less any partial sales and less a portion of net income.
Capital Value The capital sum which a property might in ordinary circumstances be expected to realise at the time of valuation if offered for sale on reasonable terms and conditions.
Capitalisation Rate Any divisor usually expressed as a percentage that is used to convert income into value. Capitalised Income Approach The method of valuation where a yield is applied to an income to assess a market value. Caveat A notice on title proclaiming a possible interest other than that of an owner.
Certificate Of Title A document issued by a title office under a Torrens System of Title, showing ownership and interest in a parcel of land. Certification of Value Required by some States in a prescribed format for inclusion in the valuation report. Certified Practising Valuer CPV A designation of the Australian Property Institute signifying the recipient has the required education and experience to undertake comprehensive valuations. Ceteris Paribus Latin phrase, literally translated as "with other things [being] the same," and usually rendered in English as "all other things being equal.
Circulation Space Spaces provided within a functional area to link together individual rooms or spaces, including areas occupied by internal walls. Compulsory Acquisition Where an asset is acquired by a statutory authority through legislation, irrespective of whether an owner is willing to sell or not.
Conditions of Engagement A common name for the terms of contract between consultant and client. Cooling Off Period A short statutory period after the contract is made, during which the purchaser may cancel the contract unconditionally. Counter Offer A new offer as to price, terms and conditions, made in reply to a prior unacceptable offer Normally the counter offer terminates the previous offer. Covenant An agreement between two or more parties to adhere to certain terms, conditions or restrictions regarding property, often written into a deed or other legal instrument such as a Certificate of Title.
Current Assets a Assets not intended for use on a continuing basis in the activities of the entity such as stocks, obligations owed to the entity, short-term investments, and cash in bank and in hand.
Current Liabilities Liabilities that would in the ordinary course of business be due or payable within twelve months. D Defect In Title Where the title to real estate or documents relating to that title are found to be incorrect.
Defects Liability Period The specified period of time within which the contractor is required, at his or her own cost, to rectify any defects in the completed works, arising due to faulty materials or workmanship and notified in writing. New ways to tackle the threat of worms: Scientists are one step closer to developing a vaccine against T eladorsagia circumcincta, commonly known as the brown stomach worm.
The Moredun Institute has ramped up efforts to produce a vaccine in the face of increasing resistance to anthelmintics in sheep. However, in the last six years, big strides had been made, with the successful identification of eight worm proteins which had been used to immunise lambs. However, varying efficacy in younger lambs meant attention had been shifted towards developing a vaccine for ewes, which were shown to shed infected larvae to pasture around lambing.
Dr Nesbitt concluded that a vaccine would likely be available to farmers in the next 10 years. He also said the ultimate aim was to develop a multi-species vaccine, although this was a long way off.
Optimising the breeding season in sheep: Sheep farmers could benefit from improved flock fertility, increased prolificacy and a tighter lambing period by using melatonin implants. As seasonal breeders, sheep naturally produce the hormone melatonin as a result of shorter day length. This then kick starts the reproductive cycle. Katherine Timms, Ceva Animal Health Technical Advisor explained that using the melatonin implant Regulin 40 days before the tup went in was a way to make the most of this natural process and manipulate the breeding season.
This could help bring the lambing season forward so farmers could make the most of better early season prices, while also meaning lambs were bigger at sale. As rams were also seasonal breeders, Ms Timms said melatonin could also be used in tups.
However, she emphasised that the use of melatonin did not make up for poor management and this method should only be used on ewes that had everything right with them as a way of maximising their productivity.
He added that taking control could enable the UK Government to spend the same or more on agriculture, but believed the main benefit would be in deciding how it was spent. Leaving would also enable the UK to take more power back on the world stage, develop technologies and set up its own trade agreements.
Leaving would mean we had no say in standards and we would need to develop trade agreements with all of the 27 remaining states. Ewe nutrition and condition score: Improving consistency of ewe body condition could help boost lamb weaning and eight week weights, and reduce the number of light lambs, according to initial findings from a four year farm project.
Most of the ewes are now on target for BCS This had been achieved by providing good grass covers, weaning at 12 weeks instead of 16, vaccinating for abortion and addressing worming policy. Mr Blyth explained that as ewe body condition had improved, the number of light lambs had dropped.
Lambs below a target of 18kg at eight weeks were also getting less and less. Ms Wright suggested ideally ewes should be condition scored at weaning, tupping, scanning, lambing or at Heptavac time, and eight weeks post lambing.See also Physical Obsolescence. Legally known as Personalty. See also Direct Vacancy; Sublease Vacancy. Any divisor usually expressed as a percentage that is used to convert income into value. The rate or yield at which the annual net income from an investment is capitalised to ascertain its capital value at a given date.