Glossary


The following explanations are not intended as technical definitions, but rather are intended to assist the reader in understanding terms used in this webpage.
Average Passing Rent

Passing rent divided by occupied net internal area

Economic Cycle

the upward and downward movements of levels of gross domesticproduct and refers to the period of expansions and contractions in the level of economic activities around a long-term trend;

Equivalent Yield

The internal rate of return from an investment property reflecting reversions to current market rent and such items as voids and non-recoverable expenditure but ignoring future changes in capital value

FRI Lease (Full Repair and Insurance Lease)

Tthe market value of all officially recognised final goods and services produced within a country in a given period of time

Gearing

Calculated as the borrowings secured on an individual asset as a percentage of the market value of that asset, or the aggregate borrowings of a company as a percentage of the market value of the total assets of the company (also referred to as loan to value or LTV ratio). In an investment strategy context, gearing refers to the use of various financial instruments or borrowed capital to increase the potential return of an investment GNP or Gross National Profit The sum of GDP and Net Factor Income from the rest of the world

Good Quality Secondary Assets

A real estate asset that would be considered secondary to a prime asset due to, amongst other things, its location or quality of construction. An example of a good quality secondary real estate asset would be a retail unit close to but not location on a high street

Industrial and logistics

An industrial type real estate asset which may, for example, be used for manufacturing and distribution operations

m2

Square meters

Mixed use

A building or complex of buildings that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated

Multi-family

A classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex

Net Internal Area

The usable area within a building measured to the internal face of the perimeter walls at each floor level

Net Factor Income

The difference between investment income and labour income earned abroad by Irish resident persons and companies (inflows) and similar incomes earned in Ireland by non-residents (outflows)

GDP or Gross Domestic Product

The market value of all officially recognised final goods and services produced within a country in a given period of time

Occupier market

The office, industrial and retail market

Passing Rent

The annualised cash rental income being received as at a certain date, excluding the net effects of straight-lining for lease incentives

Prime Assets

A highly regarded real estate asset due to, amongst other things, its location or quality of construction. An example of prime real estate asset would be a modern office building in the central business district of a major city

Prepack Administration

An arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and the administrator effects the sale immediately on, or shortly after, his appointment

sq. ft

square feet

Syndicated real estate investments

Real estate investments held by a group of investors who jointly invest in one or more real estate assets normally arranged by a financial institution

Total Shareholder Return

The internal rate of return of all cash flows to an investor during the holding period of an investment (including capital gain and dividends and other distributions)

Yield

A measure of return on an asset calculated as the income arising on an asset expressed as a percentage of the total cost of the asset including costs

WAULT

The weighted average period of unexpired lease term or if earlier period to the next lease break