Glossary

The exclusive right given to the lessee to naming the building, in association with their occupancy of the premises.

A legally enforceable aboriginal entitlement to continue using the land in the same way it has been used prior to settlement, where that right has not been extinguished by government granting a title to the land to a third party prior to Racial Discrimination Act 1975.

A local shopping centre comprising a supermarket and up to approximately 35 specialty shops. Total Gross Lettable Area Retail (GLAR) will typically be less than 10,000 square metres.

At a property level, gross income less total outgoings on an accrual basis. The Property Council’s ‘Chart of Accounts’ is recognised within the property industry as the main guideline for determining which items are allocated as income and expenses as opposed to capital expenditure.

Used to refer to tenancy areas in office buildings, and office and building parks. Can apply to whole or part of building.

The rent to the owner free of all outgoings (i.e. gross rent less outgoings).

Sale price less transaction costs.

The total assets of the fund including physical property, cash, receivables less liabilities, intangibles such as the goodwill of the fund, expressed as a ratio with the units on issue.

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.