商用房地產(chǎn)市場介紹和評估基礎房地產(chǎn)金融與投資武

PARTIII

FINANCINGINCOMPROPERTES(DEBTANDEQUITY)Chapter8IntroductionofCommercialPropertiesandValuationFundamentals

商用房地產(chǎn)市場介紹

和評估基礎8.1PropertyTypesI.Residential住宅類Singlefamily單戶住宅Detached獨立式Clusterdevelopments群聚式開發(fā)項目無分區(qū)開發(fā)項目Multifamily多戶住宅Highrise(usuallyCBD)高層建筑Lowrise多層建筑Gardenapartments(usuallysuburban)花園公寓II.NonresidentialOffice寫字樓Majormultitenant—CBD多租戶Singleormultitenant—suburban單或多租戶Singletenant—builttosuit單租戶—專門設計Combinationoffice/showroom寫字樓與陳列室的組合建筑Retail零售用Regionalshoppingcenters/malls區(qū)域購物中心／購物街Neighborhoodcenters鄰區(qū)中心Stripcenters條形中心Specialtycenters專業(yè)中心Discountcenters折扣店Industrial工業(yè)用Heavyindustrial重工業(yè)LightindustrialWarehouse輕工倉庫Office/warehouse辦公／倉儲warehouse倉儲用房Hotel/Motel旅店／汽車旅館Recreationa1娛樂休閑用

Institutional(specialpurpose)機構用（特殊用途）

III.Mixedusedevelopments綜合用途項目

Combinationsofoneormoreoftheaboveuses8.2IncomePotential收入潛力兩個決定因素:吸引租戶的能力營業(yè)費用凈營業(yè)收入NetOperatingIncome(NOI):租金收入減去營業(yè)支出的凈收入額8.2.1MarketRent市場租金Thetermmarketrentreferstothepricethatmustbepaidbyapotentialtenanttoaparticulartypeofspaceunderthecurrentmarketcondition.在現(xiàn)行市場條件下,某潛在租戶為租用某宗房地產(chǎn)而付出的租金價格.Therentdependsonmanyfactors:(1)theoutlookofnationaleconomy國民經(jīng)濟前景(2)Theeconomicbaseoftheareainwhichthepropertyislocated地區(qū)經(jīng)濟基礎(3)Thedemandforthetypeofspaceprovidedbythepropertyinthelocationbeinganalyzed需求狀況Thesupplyofsimilarcompetitivespace類似房地產(chǎn)供給競爭狀況8.2.2Vacancy空置空置有兩種情況舊的租約到期而新租約未簽時從沒被租用過,如新建房空置越高,租金收入越少Toprojectincomeofaproperty,itisnecessarytoprojecthowmuchofthespacewillbeoccupiedbytenantsduringtheanticipatedholdingperiodfortheproject.8.2.3費用固定支出房產(chǎn)稅保險費維修保養(yǎng)費變動支出公共事業(yè)費管理費清潔費8.3租賃合約Leases出租人Lessor(owner)承租人Lessee(tenant—租賃者)房地產(chǎn)租賃合同leaseagreement8.3.1GeneralLeaseTermsHotelandMotelRoomsRentedonday-to-daybasisHousingandapartment——onannualbasisOfficespace——three-tofive-termRetailspaceSmallerretailestablishment—oneortwoyearsLargerestablishments——muchlongertermsIndustrialproperty—longterms8.3.2FinancialContentsofLeases(1)Rent(2)ResponsibilityforExpense(3)Concessions減減讓內(nèi)容容(4)Otherimportantcontentsinleases基礎租金金Theinitialrentthatmustbepaidundertheleasecontractisrefertoasthebaserent租金調(diào)整整Step-upprovision(逐逐期遞增增)CPIadjustment百分比租租金PercentagerentLeasesforshoppingcentersoftenincludeprovisionsforrentstobepartiallybasedonthetenant’ssalesvolumeMinimumrent(最低租租金)Overagerent(溢價租租金)(1)Rent(2)ResponsibilityforExpenseTheleasesshouldidentifywhichpartyhastheresponsibilityforpayingforbuildingoperatingexpensessuchaspropertytaxes,insurances,utilities,andmaintenance.Grossorfull-servicelease(毛租賃賃)Alloperatingexpensesarepaidbythelessor.Netlease(凈租賃賃)Alloperatingexpensesarepaidbythetenant.Expensestop(最高高費用)Onealternativewouldrequirethelessortopayoperatingexpenseuptoaspecificamount.Expensepassedthrough(傳遞遞)(3)ConcessionsConcessionsordiscountstendtobeusedduringperiodswhenmarketsareoversuppliedwithrentalspace.Forexample,atenantmaynotberequiredtopayrentduringthefirstyearofafive-yearlease.Anotherformofconcessionisforthelessortopayforthecostoftenantimprovement.(4)OtherimportantcontentsinleasesAllrentsareafunctionoflocation,age,qualityandconditionofthepremise.RentpremiumRentdiscountFixedversusvariablebaserentTenantimprovementLeaseconcessionSignage(5)RentableAreainaBuildingRentableareawouldusuallyequalthetotalareaonallfloorsandthelobby,lessthenonrentableareawhichusuallyincludesthethicknessoftheexteriorwalls,anycolumnsorprotrusionsthroughthefloorssuchaselevatorshaftsorstructuralsupports,mechanicalequipmentclosets,basements,andsoon,neededbytheownertomaintainoroperatethebuilding.(6)LoadFactor(分租因因子)LoadfactorperfloorRentableareaperfloorUsableareaperfloorOnefloorhasatotalof20000squarefeetEverytenanthas4500squarefeetUsablearea=18000(=4500×4)squarefeetCommonarea=2000squarefeetLoadfactorperfloor=20000÷÷18000=1.111Rentableareaforatenant=4500×1.111=50008.3.3EffectiveRent有效效租金Tocalculatetheeffectiverentwewillusethefollowingprocedure:(1)calculatethepresentvalueoftheexpectednetrentstream.Thenetrentalstreamistheamountreceivedafterconsideringexpensesthattheownermustpay.(2)Calculateanequivalentlevelannuityoverthetermofthelease.1、Netleasewithsteps

租金金逐期增加加的凈租賃賃方式Rentwillbe$10persquarefootthefirstyearandwillincreaseby$1persquarefooteachyearuntiltheendofthelease.Alloperatingexpenseswillbepaidbythetenant.Leaseterm=fiveyears,discountrate=10%EffectiveRent2、NetLeasewithFreeRentyear12345Netrent14.5015.5016.5017.50Averagerent12.80Presentvalue45.76Effectiverent12.073、NetLeasewithCPIAdjustmentsTherentwillbe$11persquarefootthefirstyear.Afterthefirstyear,therentwillbeincreasedbytheamountofanyincreaseintheCPI.TheCPIisexpectedtobe2%duringthesecondyear,3%thethirdyear,4%thefourthyear,5%thefifthyear.3、用CPI調(diào)整租租金的凈租租賃方式NetLeasewith100%CPIAdjustmentyear12345ExpectedCPINA2%3%4%5%Netrent11.0011.2211.5612.0212.62Averagerent11.68Presentvalue44.00Effectiverent11.614、GrossLeaseYear12345Grossrent17.5017.5017.5017.5017.50Lessexpenses4.004.505.005.506.00Netrent13.5013.0012.5012.0011.50Averagerent12.50Presentvalue47.74Effectiverent12.595、GrossleasewithExpensestopat$4Year12345Grossrent15.5015.5015.5015.5015.50Lessexpenses4.004.505.005.506.00Plusreimbursement0.000.501.001.502.00Netrent11.5011.5011.5011.5011.50Averagerent11.50Presentvalue43.59Effectiverent11.506、grossleasewithExpenseStopat$4andCPIAdjustmentYear12345ExpectedCPINA2%3%4%5%Grossrent14.5014.7915.2315.8416.64Lessexpenses4.004.505.005.506.00Plusreimbursement0.000.501.001.502.00Netrent10.5010.7911.2311.8412.64Averagerent11.40Presentvalue42.84Effectiverent11.308.3.4NOI分析潛在總收入入:建筑物物中所有可可租用面積積全部被租租出時可獲獲得的收入入有效總收入入:建筑物物中已出租租面積的收收入凈營業(yè)收入入是決定房房地產(chǎn)經(jīng)濟濟可行性的的關鍵某一時點上上房地產(chǎn)的的價值等于于該房地產(chǎn)產(chǎn)在其經(jīng)濟濟壽命期內(nèi)內(nèi)預期凈營營業(yè)收入的的現(xiàn)值。也等于負負債價值與與股本價值值之和。房地產(chǎn)價值值與抵押權權益和股本本權益房地產(chǎn)價值=NOI的現(xiàn)值抵押貸款價值=支付額的現(xiàn)值股本價值=NOI－支付額的現(xiàn)值Example某加油站以以凈租賃方方式租給一一石油公司司，25年年期，每年年單一租金金$10000