单租户净租赁指引,实现融资最大化

Gordon Monsen, Joseph C. Yiu
{"title":"单租户净租赁指引,实现融资最大化","authors":"Gordon Monsen,&nbsp;Joseph C. Yiu","doi":"10.1002/bref.120","DOIUrl":null,"url":null,"abstract":"<p>Developers and acquirers of single credit tenant properties sometimes overlook lease terms that can dramatically affect the ultimate capital leverage — or lowest and most accretive interest rate — that could be achievable on a particular property. Where remaining lease terms are greater than 15 years, this is a bit less of an issue; however, where terms are less than 15 years, it is critical. These lease issues can reduce the maximum leverage attainable based on the cash flows by more than 25 per cent. These issues are subtle and part of corporate America's push to sign shorter, more flexible leases than the 20-year bond-type leases that were common five to ten years ago. Real estate professionals cannot be faulted for not focusing on the financing implications of the structural nuances of these lease provisions and the financial constraints they create in the capital markets. This paper outlines the perspective of lenders and the capital markets on these lease issues and provisions to help developers and acquirers achieve the optimal capital structure and understand the specific economics of lease terms that impinge on the capital structure. Copyright © 2004 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":"4 1","pages":"50-60"},"PeriodicalIF":0.0000,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.120","citationCount":"1","resultStr":"{\"title\":\"Single tenant net lease guidelines to achieve maximum financing\",\"authors\":\"Gordon Monsen,&nbsp;Joseph C. Yiu\",\"doi\":\"10.1002/bref.120\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>Developers and acquirers of single credit tenant properties sometimes overlook lease terms that can dramatically affect the ultimate capital leverage — or lowest and most accretive interest rate — that could be achievable on a particular property. Where remaining lease terms are greater than 15 years, this is a bit less of an issue; however, where terms are less than 15 years, it is critical. These lease issues can reduce the maximum leverage attainable based on the cash flows by more than 25 per cent. These issues are subtle and part of corporate America's push to sign shorter, more flexible leases than the 20-year bond-type leases that were common five to ten years ago. Real estate professionals cannot be faulted for not focusing on the financing implications of the structural nuances of these lease provisions and the financial constraints they create in the capital markets. This paper outlines the perspective of lenders and the capital markets on these lease issues and provisions to help developers and acquirers achieve the optimal capital structure and understand the specific economics of lease terms that impinge on the capital structure. Copyright © 2004 Henry Stewart Publications</p>\",\"PeriodicalId\":100200,\"journal\":{\"name\":\"Briefings in Real Estate Finance\",\"volume\":\"4 1\",\"pages\":\"50-60\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2006-07-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1002/bref.120\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Briefings in Real Estate Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/bref.120\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Briefings in Real Estate Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/bref.120","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1

摘要

单一信贷租户物业的开发商和收购者有时会忽视租赁条款,这些条款可能会极大地影响特定物业可能实现的最终资本杠杆——或最低和最具增值性的利率。如果剩余的租赁期限超过15年,这就不是什么大问题了;然而,在刑期少于15年的地方,这是至关重要的。这些租赁问题可以将基于现金流的最高杠杆率降低25%以上。这些问题很微妙,是美国企业推动签订更短、更灵活的租赁合同的一部分,而不是5至10年前常见的20年债券式租赁。房地产专业人士没有关注这些租赁条款的结构细微差别对融资的影响,以及它们在资本市场上造成的财务约束,这是无可指责的。本文概述了贷方和资本市场对这些租赁问题和条款的看法,以帮助开发商和收购方实现最佳资本结构,并了解影响资本结构的租赁条款的具体经济学。版权所有©2004 Henry Stewart Publications
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Single tenant net lease guidelines to achieve maximum financing

Developers and acquirers of single credit tenant properties sometimes overlook lease terms that can dramatically affect the ultimate capital leverage — or lowest and most accretive interest rate — that could be achievable on a particular property. Where remaining lease terms are greater than 15 years, this is a bit less of an issue; however, where terms are less than 15 years, it is critical. These lease issues can reduce the maximum leverage attainable based on the cash flows by more than 25 per cent. These issues are subtle and part of corporate America's push to sign shorter, more flexible leases than the 20-year bond-type leases that were common five to ten years ago. Real estate professionals cannot be faulted for not focusing on the financing implications of the structural nuances of these lease provisions and the financial constraints they create in the capital markets. This paper outlines the perspective of lenders and the capital markets on these lease issues and provisions to help developers and acquirers achieve the optimal capital structure and understand the specific economics of lease terms that impinge on the capital structure. Copyright © 2004 Henry Stewart Publications

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
Advances in quantifying risk in commercial real estate lending Leverage in real estate investments: an optimization approach Holding period effect and home price indexes: a dynamic analysis Top 10 securitizable loan negotiations† Real estate loan delinquency, property prices and alternative income opportunities
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1