Journal articles on the topic 'Real estate leases'
To see the other types of publications on this topic, follow the link: Real estate leases.
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Real estate leases.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Grenadier, Steven R. "An Equilibrium Analysis of Real Estate Leases." Journal of Business 78, no. 4 (July 2005): 1173–214. http://dx.doi.org/10.1086/430858.
Full text
2
Velho Júnior, Vágner Egídio, Isotilia Costa Melo, Paulo Nocera Alves Junior, and Daisy Aparecida do Nascimento Rebelatto. "Analysis of real estate management of lease service agreements by the public sector of a Latin American metropolis." Journal of Financial Management of Property and Construction 24, no. 1 (April 1, 2019): 97–122. http://dx.doi.org/10.1108/jfmpc-06-2018-0031.
Full textAbstract:
Purpose The purpose of this paper is to characterize real estate lease management of the São Paulo City Municipality (PMSP), the largest metropolitan region in Latin America, for the provision of public education, health and social assistance services. Design/methodology/approach In addition, the management was also evaluated by a direct analysis of the obtained data (lease paid, area of the property, agency, zone, region, neighborhood, contract date, etc.) and by statistical regressions. Findings The results showed that the following: real estate properties with the greatest discrepancy of amounts paid (when compared to other amounts paid by the city and the market) are in a pulverized category, called “Others”; PMSP faces difficulties tracking expiration dates, 18.9% of the assets are still in use, though present expired contracts; the category “Education” is the most expressive in expenses; there is a limit to the correlation between the size of the real estate and the lease price paid, and very large real estate do not have proportionally higher leases; the location only directly affects the lease value if it is in the central region of the Metropolis. There is no explicit relationship for leases in other regions. Originality/value This work is groundbreaking for helping to consolidate the literature on real estate management in developing countries. Factors that integrate and influence the management of real estate leases for government agencies in a Latin American metropolitan area have never before been reported in the literature.
3
Ginevičius, Tomas. "Options for quantitative assessment of types of commercial real estate leases." Ekonomia i Zarzadzanie 8, no. 1 (March 1, 2016): 55–61. http://dx.doi.org/10.1515/emj-2016-0006.
Full textAbstract:
Abstract Facing increasing business volumes and internationalisation, office lease issue is becoming increasingly relevant to business enterprises. They become an integral part of the business which determines the outcome of commercial activities. Current assessment methodologies for types of office leases are flawed because they lack comprehensiveness and they are not linked to the objective of a lease, that is improvement of business deliverables. The methods for quantitative assessment of lease types are flawed. The objective of this article is developing a hierarchical system of indicators in connection with commercial real estate (office) leases adapted for quantitative assessment using multi-criteria methods. As a result of the research, it has been obtained that such system contains three categories: economic, premises and environmental. 12 indicators fall into the first one, 24 - into the second and 16 - into the third one.
4
Albert, Joseph, Alfred Francfort, and Hugh Hobson. "Contingent-Claim Interpretation of Leases on Real Assets." Journal of Finance Issues 4, no. 1 (June 30, 2006): 61–68. http://dx.doi.org/10.58886/jfi.v4i1.2473.
Full textAbstract:
Real estate leases often contain contingent rights that may accrue to either the lessee or the lessor. This paper looks at how these contingent claims can be viewed as the equivalent of exchange traded, and over-the-counter, derivative instruments. It is shown that with this equivalence the potential for derivatives written on real estate represents a major market opportunity for these contracts. The paper also briefly examines how the underlying asset price may be measured, which has been the primary impediment to the development of a real estate derivatives market.
5
Veurink, Jordan. "Benefits Blown Away: Farmers and Ranchers, Wind Energy Leases, and the Estate Tax." Texas Wesleyan Journal of Real Property Law 1, no. 1 (October 2012): 171–203. http://dx.doi.org/10.37419/twjrpl.v1.i1.7.
Full textAbstract:
With the ever-increasing desire to produce and use energy from renewable sources, electricity-producing wind turbines have sprung up throughout the country. Since the companies that erect these turbines rarely own the land the turbines are built upon, land must typically be leased from landowners-often farmers and ranchers that own a large amount of open, unobstructed property. These normally long-termed leases, however, may hamper the estate plans of such landowners. A court has recently ruled that the right to payments under leases where the lessor has the right to receive lease payments and right to own the property in fee after the term of the lease are includable in a decedent's gross estate. Additionally, an executed "wind lease" can interfere with a decedent's personal representative's ability to make an election under section 2032A of the Internal Revenue Code ("IRC"), as the use of leased portions of the property are not likely "qualified" and the value of the decedent's qualified real property in relation to the decedent's total estate is decreased. Additionally, if such election has been made and an heir of the decedent's estate executes a wind lease, the Internal Revenue Service ("IRS") may be able to recapture portions of the tax savings attained through section 2032A. These results are inconsistent with the United States' policy to support agriculture and section 2032A's legislative history that sought to limit or avoid taxing illiquid estates of farmers and ranchers. This Comment recommends a statutory amendment that would, in certain instances, allow the value of a wind lease and the property burdened by such lease to be specially valued, and disallow the IRS to recapture tax savings when a wind lease is executed by an heir of the estate.
6
Williams, Ian. "THE CERTAINTY OF TERM REQUIREMENT IN LEASES: NOTHING LASTS FOREVER." Cambridge Law Journal 74, no. 3 (August 24, 2015): 592–609. http://dx.doi.org/10.1017/s0008197315000665.
Full textAbstract:
AbstractThis article explains the rule that leases have a certain term from the outset by placing the lease within the wider context of the system of estates in land. There are no perpetual estates in land. However, some uncertain terms risk creating genuinely perpetual estates, conflicting with the nemo dat principle. All leases for uncertain terms cause considerable difficulties if a superior estate comes to an end. The article shows that the common law addressed this difficulty, not entirely consistently, before 1925, but there are still real difficulties in the operation of escheat were uncertain terms to be permitted.
7
Titman, Sheridan, and Garry Twite. "Urban density, law and the duration of real estate leases." Journal of Urban Economics 74 (March 2013): 99–112. http://dx.doi.org/10.1016/j.jue.2012.10.003.
Full text
8
Melekh, Lіubomyra, and Bohdan Melekh. "Resolution of economic disputes arising during the performance of real estate lease agreement." Analytical and Comparative Jurisprudence, no. 4 (April 28, 2022): 91–96. http://dx.doi.org/10.24144/2788-6018.2021.04.15.
Full textAbstract:
At the present stage of development of the market economy in Ukraine, the role of non-residential real estate lease of various forms of ownership has increased significantly as part of the activities of many businesses, which largely meets their basic need for property. During the crisis, the number of commercial disputes related to the lease of real estate increased significantly, but the jurisprudence to resolve them remains different, in particular, given the conflict of law on lease.
Disputes related to breaches of leases (non-performance or improper performance) are the most numerous of all disputes arising out of a lease. These commercial disputes are mostly dominated by property lawsuits, such as rent and penalty arrears, penalties for late return of leased property, the value of inseparable improvements, losses, fees for the actual use of property, as well as lawsuits for the obligation to take certain actions. (Encouragement to take property for rent, vacate the occupied premises with their transfer by deed, etc.).
Commercial disputes over damages caused by breaches of obligations by the parties under a real estate lease have recently become the subject of litigation. These disputes can be divided depending on who is the initiating party - the landlord (owner) or tenant. The most common in this category are claims of the owner of real estate for damages in the form of unearned income, and despite the difficulty of proving the plaintiff's validity of their claims in commercial litigation.
Judicial practice shows that in most cases it is difficult for a tenant in the business process to prove the impossibility of actual use of non-residential premises, while the acceptance of the leased object went unnoticed its shortcomings that exclude or significantly limit the use of property for its intended purpose.
9
Collins, Dave, Antje Junghans, and Tore Haugen. "Green leasing in commercial real estate." Journal of Corporate Real Estate 20, no. 4 (November 12, 2018): 244–59. http://dx.doi.org/10.1108/jcre-01-2017-0003.
Full textAbstract:
Purpose This paper aims to investigate the drivers and barriers for green leases and tenancies in sustainable “Building Research Establishment Environmental Assessment Method” (BREEAM) and “Leadership in Energy and Environmental Design” (LEED) certified office and office buildings in Norway, the UK and the USA. This study focuses on the differing perspectives between owners and tenants. It is then considered as to how these issues are dealt with during different phases of a buildings life cycle. This research is based on existing literature and semi-structured interviews that studied qualitative and quantitative elements in the context of ownership and tenancy of single and multi-tenanted sustainable office buildings. Design/methodology/approach Using a mixed-method approach involving semi-structured interviews with both qualitative and quantitative elements along with desk research, this paper evaluates how green leases and tenancies in offices and office buildings that are BREEAM and LEED certified require a reconsideration and re-evaluation of the acquisition, operation and disposal of office buildings by building owners and their tenants. These stakeholder relationships are supported theoretically using a theoretical model that outlines the interrelation between the sustainable building and the relationships of the building owner, the user and the FM service provider. Findings The data gathered from the interviews justify and partly contradict some of the statements within existing literature, diminishing the importance of cost and the barrier of split incentive but instead illuminate the importance of less tangible considerations such as company policy or a sustainability strategy. The results also note the realisation of a changing market for commercial real estate driven by the sustainable business needs of tenants for the occupation of workspaces. Research limitations/implications These findings have the potential to further develop theories and provide an insight into how the relationships between actors from a business, procurement and contractual perspective need to be developed to ensure more proactive development of green leasing of new and existing sustainable office buildings, along with where strategic attention is required during the building design, construction, operational and use phases. Originality/value This paper is based on original research through interviews and literature studies supported by an existing theoretical model. The results have been partly presented and initially discussed at the WBC World Congress 2016 in Tampere, Finland.
10
Moores, Tommy, Paul Munter, and J. Ralph Byington. "Accounting for leases: The effects of FAS nos. 91 and 98 on direct financing leases and real estate leases." Journal of Corporate Accounting & Finance 2, no. 1 (1990): 21–29. http://dx.doi.org/10.1002/jcaf.3970020104.
Full text
11
Wong, Jilnaught, Norman Wong, and Debra C. Jeter. "The Economics of Accounting for Property Leases." Accounting Horizons 30, no. 2 (January 1, 2016): 239–54. http://dx.doi.org/10.2308/acch-51386.
Full textAbstract:
SYNOPSISThis paper explores firms' decisions to own or lease buildings, the economics underlying those decisions, and the accounting ramifications. We provide a theoretical argument and empirical evidence to suggest that firms that require highly specific buildings in their operations are more likely to own, rather than to lease, their buildings, and that this decision is primarily a function of efficiency concerns rather than opportunistic motives. Our findings raise the question of whether certain types of leases (i.e., property or real estate leases in particular) warrant the added complexity and costly compliance from standards overhaul.
12
Collins, Dave. "Green leases and green leasing in theory and in practice: a state of the art review." Facilities 37, no. 11/12 (August 5, 2019): 813–24. http://dx.doi.org/10.1108/f-02-2017-0023.
Full textAbstract:
Purpose This paper aims to identify the state of the art in Green Leases and Green Leasing in theory and practice, while also identifying how the roles and motivations of the stakeholders of “owner/landlord”, “lessee” and “facilities management” are different in a building that uses Green Leasing and Green Leases, as opposed to the one without. Design/methodology/approach Through existing literature and existing case studies from 1995 to the present day, this paper will identify the state of the art of Green Leases and Green Leasing and the extent to which literature-based discussions have played out in their practical application in the real estate sector. The roles of key stakeholders will be analysed and then compared to the interactions and roles identified in a theoretical model that describes the same stakeholders but from a more traditional stakeholder perspective. This will be achieved through using literature from journal papers mostly from the disciplines of built environment, facilities management, finance, investment, law, management and real estate. Findings The literature and case studies found in literature demonstrate a gradual move towards advancing Green Lease adoption and development. While the roles of key stakeholders do see a change in Green Leased buildings in terms of, for example, changing competencies for facilities managers (FMs) and more user engagement with their buildings sustainability, the literature indicated most of the changes are realised through a strengthening of existing interactions already evident in buildings without a Green Lease or Green Leasing. Originality/value This paper provides a state of the art review on the development of Green Leasing and Green Leases in theory and practice from a stakeholder perspective. It provides possibility to expand further on the changing roles of these stakeholders in Green buildings, which in turn could also positively affect the further development of Green Leases themselves, as well as sustainable certification methodologies such as Europe’s leading certification “Building Research Establishment Environmental Assessment Method” (BREEAM).
13
Pretorius, Frederick, Anthony Walker, and K. Chau. "Exploitation, Expropriation and Capital Assets: The Economics of Commercial Real Estate Leases." Journal of Real Estate Literature 11, no. 1 (January 1, 2003): 1–34. http://dx.doi.org/10.1080/10835547.2003.12090116.
Full text
14
OZAWA, Hideaki. "Approaches to Revision and Interpretation of the Law of Real Estate Leases." Japanese Journal of Real Estate Sciences 16, no. 1 (2002): 65–79. http://dx.doi.org/10.5736/jares1985.16.65.
Full text
15
Amédée-Manesme, Charles-Olivier, Michel Baroni, Fabrice Barthélémy, and Mahdi Mokrane. "The impact of lease structures on the optimal holding period for a commercial real estate portfolio." Journal of Property Investment & Finance 33, no. 2 (March 2, 2015): 121–39. http://dx.doi.org/10.1108/jpif-02-2014-0010.
Full textAbstract:
Purpose – The purpose of this paper is to demonstrate the impact of lease duration and lease break options on the optimal holding period for a real estate asset or portfolio. Design/methodology/approach – The authors use a Monte Carlo simulation framework to simulate a real estate asset’s cash flows in which lease structures (rent, indexation pattern, overall lease duration and break options) are explicitly taken into account. The authors assume that a tenant exercises his/her option to break a lease if the rent paid is higher than the market rental value (MRV) of similar properties. The authors also model vacancy duration stochastically. Finally, capital values and MRVs, assumed to be correlated, are simulated using specific stochastic processes. The authors derive the optimal holding period for the asset as the value that maximizes its discounted value. Findings – The authors demonstrate that, consistent with existing capital markets literature and real estate business practice, break options in leases can dramatically alter optimal holding periods for real estate assets and, by extension, portfolios. The paper shows that, everything else being equal, shorter lease durations, higher MRV volatility, increasing negative rental reversion, higher vacancy duration, more break options, all tend to decrease the optimal holding period of a real estate asset. The converse is also true. Practical implications – Practitioners are offered insights as well as a practical methodology for determining the ex-ante optimal holding period for an asset or a portfolio based on a number of market and asset-specific parameters including the lease structure. Originality/value – The originality of the paper derives from its taking an explicit modelling approach to lease duration and lease breaks as additional sources of asset-specific risk alongside market risk. This is critical in real estate portfolio management because such specific risk is usually difficult to diversify.
16
Chernichkina, G. N., and A. P. Adamenko. "On the Issue of Protecting the Rights of Parties to a Financial Lease Agreement Violated in the Context of the Pandemic." Rossijskoe pravosudie 11 (October 26, 2020): 15–23. http://dx.doi.org/10.37399/issn2072-909x.2020.11.15-23.
Full textAbstract:
In the article, the authors analyze the norms of civil legislation that allow for the protection of the rights of the parties to the financial lease agreement, violated in the conditions of business restrictions (pandemics). The authors note that parties to financial leases of movable property are more vulnerable than parties to financial leases of real estate. The authors, taking into account the explanations of the Supreme Court of the Russian Federation on the application of civil law provisions in the context of the pandemic, make recommendations to small and medium-sized businesses-parties to the financial lease of movable property to protect their rights. It is proposed to introduce the concept of a moratorium on the performance of obligations in the context of a pandemic into civil law.
17
Holt, Andrew Derek, and Timothy Stephen Eccles. "Leases as inhibitors of best practice in service charge management." Property Management 37, no. 2 (April 15, 2019): 275–86. http://dx.doi.org/10.1108/pm-07-2018-0041.
Full textAbstract:
Purpose The relationship between the owner and an occupier of a commercial property is determined by the lease, inasmuch as it sets out the legally enforceable duties and obligations of each party. However, it is only that, a legal framework; it is not a practical management handbook on how best to operate the premises and generate an amicable business relationship. The purpose of this paper is to consider the role of the lease in reinforcing and disrupting the generation of best practice within real estate management. Design/methodology/approach The paper examines actual leases to understand the service charge and how data pertinent to it is collected, disseminated and interpreted by both parties in carrying out their activities within and about the property. This is then benchmarked against provisions of the Service Charge Code of Practice. Findings Despite a number of incarnations of a code of practice on service charges during the lifetime of the leases examined, the research finds a troublingly small uptake of its ideas within new leases. Practical implications The findings predict future problems in the practical management of multi-tenanted properties, coupled with a call that leases are written to the Code’s requirements. Originality/value No such lease examination has been undertaken to date.
18
Latta, Thomas J. "Changing Leases into Investment-Grade Bonds: Financial Alchemy and Cost Reduction in Real Estate Finance." CFA Digest 30, no. 2 (May 2000): 46–48. http://dx.doi.org/10.2469/dig.v30.n2.668.
Full text
19
Geltner, David. "Return Risk and Cash Flow Risk with Long-term Riskless Leases in Commercial Real Estate." Real Estate Economics 18, no. 4 (December 1990): 377–402. http://dx.doi.org/10.1111/1540-6229.00529.
Full text
20
Graff, Richard. "Changing Leases into Investment-Grade Bonds: Financial Alchemy and Cost Reduction in Real Estate Finance." Journal of Real Estate Portfolio Management 5, no. 2 (January 1, 1999): 183–94. http://dx.doi.org/10.1080/10835547.1999.12089574.
Full text
21
Yang, Jing. "Commercial Property Exposure and Corporation Financing Choice." International Journal of Business 27, no. 2 (April 30, 2022): 1–30. http://dx.doi.org/10.55802/ijb.027(2).006.
Full textAbstract:
This study explores the possible relationship between a corporation’s capital structure and its commercial property exposure as well as property market characteristics. Using data from the heavily levered and rapidly growing U.S. telecommunications industry, we find a positive association between leverage and commercial property exposure via commercial property ownership since the 1996 telecommunications industry deregulation, after controlling for traditional capital structure determinants, and the association is particularly prominent during the 2007-2009 Great Recession. A possible justification is the collateral effect of real estate properties on leverage. The exposure through property leases also play (albeit smaller) roles in the financing choice. Our findings generally suggest a non-trivial influence of real estate exposure to the firms’ financing choices, especially when the capital market is tight hence the collateral effect is critical.
22
Churyk, Natalie Tatiana, Alan Reinstein, and Gerald Harold Lander. "Leasing: reducing the game of hiding risk." Journal of Accounting & Organizational Change 11, no. 2 (June 1, 2015): 162–74. http://dx.doi.org/10.1108/jaoc-10-2012-0099.
Full textAbstract:
Purpose – This paper aims to examine the status and implications of the Financial Accounting Standards Board (FASB) and International Accounting Standards Board’s (IASB) forthcoming standard on leases. The proposal arose from concern that many lease obligations are unrecorded on the balance sheet and that current accounting for lease transactions does not represent fully the economics of many lease transactions. Design/methodology/approach – On September 20, 2012 and September 25, 2012, the Boards decided to account for some lease contracts using an approach similar to their proposed 2010 leases exposure draft (interest and depreciation) and to account for some leases using an approach that results in a straight-line lease expense. On May 13, 2013, the Boards decided to continue to account for some lease contracts on a straight-line basis, and others on an amortization basis separate from interest expense. Identification of the type of lease requires a two-step process at lease commencement, and all leases are recorded identically at inception. The subsequent measurement gives rise to differences. Some concerns are that an increase in assets and liabilities may result in debt covenant breaches that will require renegotiation and adjustment. Findings – While understanding that many financial users, preparers and auditors favor retaining the current and long-standing leasing standards, the FASB and IASB should recognize many unexpected consequences of its new proposals, including the changing of many long-held financial ratios and the resultant violations of many bank loan covenants. Research limitations/implications – The only limitation is that this manuscript is not based on primary empirical data. There are no implications for the study’s purpose is an update of a proposed FASB/IASB standard, an analysis of the empirical impact studies that have been done, a questionning of whether a new standard is really needed or that the current standard is not being implemented properly, and guidance for the implementation at transition and on-going for the proposed standard. This study gives a reader a compact update, implications, ramifications and guidance for preparation of a new standard if it is passed. Practical implications – The new rules will alter many key financial metrics that investors use to determine company valuations and credit agencies use to determine credit worthiness. Some items will improve, such as gross margin, cash flow from operations and earnings before interest and taxes. Reported interest coverage and return on assets will be lower under the new rules. Industries that make extensive use of operating leases such as transportation, banking, telecommunications, retail and real estate will be most affected. Social implications – In the best case scenario, the new standard would destroy approximately 190,000 US jobs. US gross domestic product (GDP) would be reduced by $27.5 billion annually. In the best case, the household earnings would be reduced by $7.8 billion annually. In the worst case, this decrease is $135.2 billion a year. The apparent liabilities of US publicly traded companies would increase by $1.5-$2 trillion, the equivalent gross state product of 20 states. Approximately $1.1 trillion of this would be attributable to balance sheet recognition of real estate operating leases, while the remainder would come from recognizing equipment and other leases as liabilities. Originality/value – The value of this research is the unique analysis of the proposed lease standard, and in looking at why the previous models did not work or did they? Is it the current requirements that are wrong or their implemenation? The reader is given a detailed overview of the proposed standard, its economic and social impacts, an update of the proposed standard, what companies must do now to get ready for the transition and on-going requirements, and a discussion of the tremendous opposition to any proposed changes in the current lease requirements from what they are.
23
Cooke, Howard, Rianne Appel-Meulenbroek, and Theo Arentze. "IS THE MUCH DISCUSSED AGILITY OF CORPORATE REAL ESTATE VISIBLE IN PRACTICE? AN EMPIRICAL STUDY OF THE RELATIONSHIP BETWEEN BUSINESS METRICS AND SURPLUS PROPERTY." International Journal of Strategic Property Management 23, no. 4 (March 14, 2019): 227–43. http://dx.doi.org/10.3846/ijspm.2019.8029.
Full textAbstract:
Very little work has been undertaken on the consequences of economic recession on Corporate Real Estate (CRE) and its realignment following strategy changes. Only those CRE portfolios with short term leases have a dynamic alignment capability allowing them to readily adjust to change. For those with longer leases this leads to the creation of a surplus property provision (SPP). This paper analyses the relationship between SPP and metrics for business and CRE through a period of significant change, by examining company annual reports using a distributed time lag auto-regression model. The results show an inverse relationship between SPP and profits but a positive relationship with both turnover and employment, suggesting that declining profits trigger the re-shaping of CRE. SPP is used to provide portfolio flexibility because of the lack of dynamic alignment capability. SPP increases as the commitment to short leases (<5 years) increases. The estimated time for SPP to revert to zero ranges from 3 to 9 years, but one category, financial services, is continuing to increase its liability. CRE agility has yet to be visible in the financial reports of companies, suggesting its impact remains limited, indicating the relationship between business parameters and CRE is more complicated than envisaged.
24
Beckman, Judy Kay. "FASB and IASB diverging perspectives on the new lessee accounting." International Journal of Managerial Finance 12, no. 2 (April 4, 2016): 161–76. http://dx.doi.org/10.1108/ijmf-08-2015-0161.
Full textAbstract:
Purpose – The purpose of this paper is to demonstrate the expected effect of diverging accounting requirements and practices on firms in two industries – construction and retailing – which typically undertake different types of leases, namely, equipment and real estate, respectively. The paper also discusses how the new standards will provide expanded disclosures to aid this financial statement analysis. Design/methodology/approach – The research demonstrates how to estimate information comparable to that produced under IFRS from US GAAP financial statements and estimates the significance of the impact on key financial statement ratios. Findings – Key profitability ratios – return on assets and return on equity – generally improve over the time period 2007-2013 while interest coverage drastically deteriorates particularly for retailing firms. This finding contrasts with what some view as the Financial Accounting Standards Board’s reason for its choice of income statement presentation – to avoid the front-end loading of costs that ensues from accounting for leases as one would any other long-lived asset acquired through long-term financing. Practical implications – Current IFRS and US GAAP requirements do not provide sufficient information to estimate lease accounting changes for those firms which have no long-term debt other than long-term leases. Therefore, the estimates presented in this analysis are limited below what will be possible to do under new accounting requirements. Originality/value – The research covers a current topic of new divergence between US GAAP and IFRS requirements for leases. In addition, improvements over analysis techniques currently required that will be possible with new financial statement disclosures also are discussed.
25
Lee, Konrad S., and Laura Kent‐Jensen. "Teaching Legal Elements of Commercial Real Estate Leases to Business Undergraduate Students Through an Interactive Experiential Learning Exercise." Journal of Legal Studies Education 38, no. 1 (February 22, 2021): 75–95. http://dx.doi.org/10.1111/jlse.12112.
Full text
26
BELIKOVA, KSENIA. "SOME ASPECTS OF THE USE OF DISTRIBUTED LEDGER TECHNOLOGY (BLOCKCHAIN) IN RELATION TO REAL ESTATE TRANSACTIONS (CONTRACTS, ETC.): THE EXPERIENCE OF RUSSIA AND FOREIGN COUNTRIES." Gaps in Russian legislation 13, no. 5 (September 30, 2020): 074–82. http://dx.doi.org/10.33693/2072-3164-2020-13-5-074-082.
Full textAbstract:
This article is aimed at identifying the approaches of a number of foreign countries that are being implemented to address the issues of using distributed ledger technology (blockchain) in relation to real estate transactions, and some aspects of the situation in Russia. The starting point of the research is the currently observed creeping networking - the establishment of non-market communication, which is beginning to replace purely monetary regulators in the economy, law and other spheres of the life of the society. In this format the article analyzes approaches of foreign countries that create patterns of permissibility and assent of different applications of distributed ledger technology (blockchain) in relation to real estate transactions (sale & purchase contracts, leases, etc.), the potential of such an application and the existing legal (including mentality, tradition, etc.) basis based on analytical reflections on the information gathered from sources and literature from the list of references. The author reveals the dependence of the permissibility (acceptability, acceptance, etc.) of using distributed real estate ledgers in foreign countries on the degree of involvement of the intermediary (Registrar of rights, etc.) in real estate transactions and the notary system in force in the country. The relevance, theoretical and practical significance of such a research is due to the fact that a number of approaches to legislation can be useful in finding answers to similar questions related to the understanding, development and adoption of a similar approach by our country, and the fact that this study serves to fill in the existing gap in the coverage of legal and other approaches of foreign countries in the field under study in the modern period. The author's results are presented among others in the idea that the more types of real estate registration in the countries under study are not required, the better space for implementing blockchain-based transactions will there still be. This prospect, however, is negated by the desire of the parties themselves to register transactions & contracts that according to law does not need any registrations in order to create a legal certainty regime for themselves.
27
Vavilova, Ekaterina. "The Fundamentals of Determining the Rental Charge for the State-Owned Real Estate in the Russian Federation." Legal Concept, no. 1 (April 2021): 94–98. http://dx.doi.org/10.15688/lc.jvolsu.2021.1.14.
Full textAbstract:
Introduction: the paper discusses the study of the basic principles and methods of determining rental rates for the use of land owned by the state and municipal authorities. Despite the increasing trend of the privatization of state-owned land, its significant proportion is still under the state ownership. In this regard, a significant share of court proceedings in the Arbitration courts falls precisely on those disputes that relate to the determination of the procedure for establishing the rent of state-owned real estate in Russia. In this regard, the author set the goal – to study the problem of establishing the amount of the rent for the land held by tenants for housing after bringing into force Resolution of the Government of the Russian Government No. 582 of July 16, 2009 “On the basic principles of determining the rent for leases of land plots in the state or municipal ownership, and on the Rules for determining the amount of rent and the order of the conditions and terms of payment of rent for land in the ownership of the Russian Federation” (hereinafter – “Resolution No. 582”). Methods: the methodological framework for the study is a set of methods of scientific knowledge, among which the main one is the comparative law method, as well as the methods of systematization and analysis. Results: the author’s position grounded in the work is based on the analysis of the legislation and the opinions of the scientists expressed in the competent scientific community on the issue of establishing the basic rates for renting the state real estate. Conclusions: as a result of the study, the main principles of determining the rates for renting the state-owned real estate, as well as the procedure for determining them, were analyzed. It was established that the amount of rent for land plots that were provided to tenants for housing construction after the entry into force of Resolution No. 582 should not exceed 2 % of the cadastral value of such real estate.
28
Ott, Christian, and Jonas Hahn. "Green pay off in commercial real estate in Germany: assessing the role of Super Trophy status." Journal of Property Investment & Finance 36, no. 1 (February 5, 2018): 104–24. http://dx.doi.org/10.1108/jpif-03-2017-0019.
Full textAbstract:
Purpose Based on a hedonic regression approach, the purpose of this paper is to relativize existing green pay off evidence by incorporating Super Trophy as a so far underrepresented determinant. The authors analyze a private panel database of 160 European office properties and confirm a significant green pay off; the positive impact of excellent environmental certification results on market values and net rents is significantly reduced when considering Super Trophy characteristics. Design/methodology/approach Based on a panel database of 160 European office properties, the survey applies a hedonic regression approach including an extensive set of control factors as, for example, location criteria, general property characteristics, climate adjustments, consumption data, refurbishment activities, green leases, sustainable certification and energy performance certificate figures. Findings Even though our database still confirms a significant green pay off, the positive impact of excellent environmental certification results on market values and net rents is significantly reduced when controlling for Super Trophy characteristics. Practical implications Especially, the question how sustainability can be integrated into real estate appraisal is of major interest. The paper at hand may help in two aspects: on the one hand, it provides further insight with regard to the quantitative impact of Super Trophy Buildings on rents and market values. On the other hand, a higher transparency in appraisals may result in structural specifications that help to consolidate appraisals and empirical evidence on a “green pay off.” Originality/value The study investigates a niche segment – landmark properties. The empirical analysis explicitly controls for potential Super Trophy status. It draws attention to the importance of a reasonable and complete set of control variables to increase statistical validity of future studies in that field.
29
Sanderson, Danielle Claire, and Steven Devaney. "Occupier satisfaction and its impact on investment returns from UK commercial real estate." Journal of Property Investment & Finance 35, no. 2 (March 6, 2017): 135–59. http://dx.doi.org/10.1108/jpif-10-2016-0077.
Full textAbstract:
Purpose The purpose of this paper is to investigate the relationship between occupiers’ satisfaction with the property management service they receive and the financial performance of commercial real estate. Design/methodology/approach The study uses occupier satisfaction data for 240 UK commercial properties collected over a 12-year period and the annual total returns achieved by those properties. Various statistical techniques are employed to assess whether increasing occupier satisfaction leads to greater returns for investors. These include comparing excess returns and risk-adjusted returns with occupier satisfaction at each property to assess whether superior property management generates outperformance (“positive alpha”). The study also investigates whether the relationship between occupier satisfaction and returns is the same across all sectors and whether it is affected by market conditions. Findings A positive correspondence is found between benchmark outperformance and occupier satisfaction. The relationship is similar for all sectors of commercial property and is particularly strong during the Global Financial Crisis, indicating that paying attention to satisfying the needs of occupiers has particular benefits during periods when the supply of commercial real estate exceeds demand. Research limitations/implications The sample of properties was restricted to those for which occupier satisfaction data had been collected by RealService Ltd and whose owners permitted access to the financial performance results. This meant that the properties belong to only three landlords, all UK REITs that care sufficiently about occupier satisfaction to commission studies. Thus the findings might not apply to all commercial properties. The mechanism by which the positive relationship between satisfaction and financial performance occurs is not tested, but the conventional mechanisms of reputation and customer loyalty (the “service-profit chain”) are discussed. Practical implications The findings suggest that it is worthwhile for landlords, or property managers acting on their behalf, to understand the needs of their occupiers in order to deliver the level of service that those occupiers desire. Leases in the UK are generally “triple net” and the total returns used for this analysis are net of property management costs, so the positive relationship between satisfaction and performance is not the result of economising on service delivery. A further implication is that valuers should take more account of occupier satisfaction when assessing the capital value of a property, from which total returns are assessed. Originality/value Demonstrating the links between customer service, customer satisfaction and business profitability is rarely attempted because of the many confounding factors that affect profitability. UK listed real estate companies are typically reluctant to reveal the financial performance of individual properties, and information about occupiers’ satisfaction is not generally available. The authors were fortunate to be granted access to a time series of such data, and to be able to demonstrate that attention to delivering a property management service that satisfies occupiers is likely to bring financial rewards to the owners of the property.
30
Keune, Marsha B., and Karla M. Johnstone. "Staff Accounting Bulletin No. 108 Disclosures: Descriptive Evidence from the Revelation of Accounting Misstatements." Accounting Horizons 23, no. 1 (March 1, 2009): 19–53. http://dx.doi.org/10.2308/acch.2009.23.1.19.
Full textAbstract:
SYNOPSIS: The purpose of this paper is to provide a descriptive analysis of companies’ previously uncorrected financial statement misstatements using disclosures recently mandated by Staff Accounting Bulletin No. 108 (SAB No. 108). We analyze 355 companies that disclose and correct 792 misstatements in their financial statements filed from November 15, 2006, to February 15, 2008. We present descriptive evidence on the size and industry distribution of companies who disclose SAB No. 108 adjustments, showing that larger companies and those in the banking/insurance/real estate industries are most commonly represented in our sample. We also describe the types of audit firms that are associated with these companies. The results show that the concentration of sample companies in the banking/insurance/real estate industries are most often audited by the smallest audit firms in the market, and there is considerable variation in the application of quantitative materiality thresholds for SAB No. 108 disclosures across audit firms. Finally, our descriptive analyses reveal insights about the nature, direction, and magnitude of specific misstatements corrected by SAB No. 108. For example, we show that the most common SAB No. 108 misstatement corrections involve current liabilities, deferred taxes, revenue recognition, and leases. In addition, many companies in our sample used SAB No. 108 to correct misstatements identified in the current year to avoid restating prior period financial statements.
31
Hodari, Demian, Panna Judit Balla, and Ramya Rajajagadeesan Aroul. "The Matter of Encumbrance: How Management Structure Affects Hotel Value." Cornell Hospitality Quarterly 58, no. 3 (January 30, 2017): 293–311. http://dx.doi.org/10.1177/1938965516686116.
Full textAbstract:
Hotel owners have two fundamental concerns: the financial operating performance of their asset and its selling price. While they often contract a hotel management company to operate the hotel through a lease or management agreement, common industry perception holds that such encumbrance decreases the sales price of hotel real estate assets. This implies that owners who outsource the hotel’s management may be sacrificing a greater selling price in exchange for improved operating results. While this is a critical issue for investors given that a their returns are largely dependent on an asset’s appreciation, the impact of different management structures on the sales price of hotels has not previously been studied. A hedonic valuation model was constructed based on 442 past hotel transactions in the United Kingdom between 2000 and 2015. Hotels sold encumbered by hotel management agreements and lease agreements were found to sell at a premium compared with unencumbered properties. The impact across different geographic areas and different economic periods was also examined. Hotels under management agreement achieved the highest premiums during times of economic expansion while lease contracts did so in regional markets. The findings suggest that owners need not necessarily refrain from signing management agreements or leases out of concern for their detrimental effect on their hotel’s sales price. It also provides a strong additional selling point for management companies and should reassure lenders who prefer to underwrite loans for encumbered assets.
32
Laverne, Robert. "The Influence of Trees and Landscaping on Rental Rates at Office Buildings." Arboriculture & Urban Forestry 29, no. 5 (September 1, 2003): 281–90. http://dx.doi.org/10.48044/jauf.2003.032.
Full textAbstract:
The environmental and economic benefits of trees have been studied relative to a variety of interests including their influence on real estate value. This study investigates the effect of trees and landscaping on office rental rates, based on a comparison of 85 office buildings that comprise 270 individual and unique leases in the Cleveland, Ohio, U.S., metropolitan area. Data that describe the quantity, functionality, and quality of landscaping were gathered from each of the buildings including landscape maturity, the percentage of ground cover (trees, turf, pavement, etc.), and functional attributes (building shade, noise buffer, space definition, recreation, visual screen, and aesthetics). Multiple regression analysis in the form of a hedonic equation was conducted to isolate the economic effects of landscaping. Office attribute data including lease information, physical attributes, and distance variables were used to calibrate the basic model, and landscaping data were added to the hedonic equation to determine if individual and/or interactive variables had any effect on contracted rental rates. The individual analysis of the variables showed a strong positive effect for those buildings with good landscaping aesthetics and building shade provided by trees. Conversely, landscaping that provides a good visual screen produced significant negative impacts on rental rates.
33
Ushanov, Aleksandr Evgenievich. "Commercial mortgage lending: standardization issues." Vestnik of Astrakhan State Technical University. Series: Economics 2020, no. 2 (June 30, 2020): 100–106. http://dx.doi.org/10.24143/2073-5537-2020-2-100-106.
Full textAbstract:
The article states that a loan secured by commercial property (commercial mortgages), as one of the most popular types of corporate loans has a number of advantages compared to other types of borrowing: the borrower is able to quickly get the necessary amount of money for any need - business expansion, working capital, ability to Finance large deals, and the disposal
of banks remains liquid assets, quick sale which will cover damages in case of default by the cus-tomer of the terms of the loan. It is confirmed that the product is characterized by specific risks,
often resulting in refusal of credit or their manifestations in the course of servicing the debt: unac-ceptable for the lender level of capitalization and liquidity of the collateral, the degree of occupan-cy of commercial real estate and the level of indexing of interest rates on leases; rental impropriety of the object for commercial use; encumbrances accept collateral in other liabilities etc. It is noted that one of the ways to improve the process of commercial mortgage lending in order to reduce transaction risks is its standardization. In the Russian Federation, the Association of Russian Banks is developing banking standards, which to date has approved more than fifteen standards (most
of them are banking business process quality standards and methodological documents). It is pro-posed to develop a Standard for the lending process secured by commercial real estate; a matrix
of requirements for the components of this process is provided, reflecting the best practices of leading Russian banks working in the field of commercial mortgages. In using the Standard, stakeholders are both credit institutions and borrowers.
34
Adams, John C., Darren K. Hayunga, and Stephanie J. Rasmussen. "The Restating of Financial Statements by REITs." Journal of Accounting, Auditing & Finance 32, no. 3 (October 13, 2015): 350–71. http://dx.doi.org/10.1177/0148558x15607748.
Full textAbstract:
This article is the first to examine financial restatements by real estate investment trusts (REITs). We provide a descriptive breakdown of the underlying causes of REIT restatements as well as overall and subsample analyses of stock market reactions to restatements from 2000 to 2011. REIT restatements occur for a large variety of accounting issues with the most common being expense-related (e.g., leases, depreciation). We find that the average market reaction for REIT restatements is negative 0.63%, which is less negative than non-REIT restatements. Further investigation reveals that a significant portion of REIT restatements result in large positive or negative returns, the most extreme of which appear to be a result of both the restatement and other news released simultaneously. Cross-sectional analysis shows that the most important determinant of restatement cumulative abnormal returns (CARs) is whether the restatement is a result of Securities and Exchange Commission (SEC) comment letters or involves an investigation by regulators, which lowers the CAR by 5.64%. Overall, the findings suggest that REIT restatements occur for a variety of reasons, and REIT investors place high value on quality financial statements.
35
Yang, Eunhwa, Juan Sebastian Guevara-Ramirez, and Catherine Bisson. "FINDING EVIDENCE OF GREEN LEASING IN UNITED STATES GOVERNMENT-LEASED PROPERTIES." Journal of Green Building 15, no. 1 (January 1, 2020): 55–72. http://dx.doi.org/10.3992/1943-4618.15.1.55.
Full textAbstract:
ABSTRACT Although the term “green leasing” is not yet well defined, its primary purpose is clear. With an aim to create a collaborative environment through legal provisions between a building owner and a tenant, green leasing may ultimately help resolve the energy paradox in tenanted properties. Issues surrounding split-incentives are driven by a mismatch between owners' capital expenditures on improving building energy efficiency and an uncertainty of tenant or occupant behavior that might affect a building's energy consumption. Though some countries have started to develop guidelines promoting the adoption of green leasing, especially in government buildings and commercial real estate, implementation has not been overly successful globally. This study has two focuses, the first of which is to compare green leasing guidelines from various countries and to suggest six comprehensive categories of green leasing components: management relationships, information sharing, certificates, legal stipulations, financial factors, and operation. The second core area of research places government-tenanted properties' lease agreement contracts. The goal is to find any evidence in a legal condition between a building owner and a tenant, in this case federal government, to improve building energy efficiency with less environmental impact in the United States. The findings of the study indicated 41 out of 400 leases had green clauses. Three out of six categories proposed in this study were found in the U.S. government-tenanted properties, while the other three types were not shown. The findings of this study also suggest categories of green leasing clauses can contribute to defining green leasing and provide empirical evidence of green leasing in governmenttenanted properties. Ultimately, this study produces arguments for possible reasoning behind the employment of some green lease categories but the lack of use of others, specifically in the U.S. office market and government-tenanted buildings.
36
Ilin, Valerii, and Serhii Rohoznyi. "APPLICATION OF THE ECONOMETRIC APPROACH TO FORECASTING THE KEY INDICATORS IN RENTAL OPERATIONS." Economic Discourse, no. 3 (September 30, 2020): 106–16. http://dx.doi.org/10.36742/2410-0919-2020-3-11.
Full textAbstract:
Introduction. Lease is considered one of the alternative forms of financing and a means of providing production and economic activities with the necessary assets. Leasing operations are relevant and cost-effective for small and medium-sized businesses, which do not always have enough resources to buy their own premises, equipment, etc. Leases have many characteristics and can be described using quantitative research methods. Methods. The practical application of scientific methods in our study is as follows: dialectical - to determine general approaches to research; monographic - in relation to the in-depth study of certain social phenomena; scientific knowledge - to determine a certain "perspective" of research as an assumption about the most relevant to the study of the selected problem characteristics of the object; abstract-logical - in order to return from the formulated scientific abstractions again to the study of the concrete and the formulation of the necessary conditions for its further existence and development in a logical sequence; scientific generalization - regarding the generalization of scientific facts and results based on the study, as well as methods of statistical processing of information, using methods of obtaining such quantities and qualitative characteristics, which are not directly in the economic information of the enterprise under study. Results. The article analyzes the influence of various factors on the amount of rent using correlation and regression analysis. The structure of leasing agreements and lease transactions in Ukraine by the volume of sold services is analyzed. Leasing operations in Ukraine by the volume of realized services in terms of real estate lease and the amount of rent in the studied lease agreements are considered. A linear model based on a spatial series of data is built, and its quality is checked. The initial model was modified taking into account the information about the statistical insignificance of individual variables. The forecast of the rent indicator is made taking into account the set factor indicators. Discussion. A promising area of further research is to improve the model by analyzing additional array of information (search for additional significant factors), as well as the use of econometric tools to analyze time series data in terms of lease and use them for short-term forecasting. Keywords: lease (rent), leasing, rental, correlation and regression analysis, model, forecasting.
37
Lee, O.-Hyeon, and Dae-Hee Kim. "Right of refusal of contract renewal for Actual Residence by a New Lessor." Kyung Hee Law Journal 57, no. 4 (December 30, 2022): 138–70. http://dx.doi.org/10.15539/khlj.57.4.5.
Full textAbstract:
As housing costs rise and the housing market becomes unstable, there is an accelerated transition from Chonse to monthly rent, causing housing instability and increasing the burden of housing costs on lessees. By ensuring the lessee's right to renew the lease, the lease guarantee period has been increased from two years to four years. Increases in rent or security deposits upon contract renewal are limited to 1/20 of the agreed amount. Consequently, the lessor has a great deal of complaints.
In the lessee's situation, Chonse is hard to find, and the Chonse price increases sharply. The lessor also finds it difficult to raise the lease fee. Moreover, even after the lessor purchases the house, the lessor has difficulty moving in due to the lessee's application for contract renewal.
The lessor also suffers greatly. The timely sale of a home as needed, the completion of residence requirements that are exempt from transfer taxes, and the retroactive application of two rental laws (the 「Housing Lease Protection Act」 and Real Estate Transaction Reporting Act). Therefore, the lessor's property rights are being violated. Both parties express concern about tax burden due to actual transaction report of Chonse and monthly fee.
It may not be possible for the assignee to reside in their newly acquired home if the lessee residing there applies to renew their lease to the lessor (a seller) prior to registration of ownership transfer.
In accordance with current law, the transfer of ownership takes effect only after registration, and the assignee inherits the status of the lessor. Due to this, the assignee of the leased house had the right to refuse contract renewals.
The lessor's right to refuse renewal does not expire, even if ownership of the leased object changes after the application right to renewal is exercised. The lessor can also refuse to renew the lease. Consequently, the lessor is legally and effectively entitled to refuse renewal within the period stipulated by law. The lessor can also exercise the renewal refusal right of the previous lessor. The lease contract will thus be terminated in the non-renewal state during the original contract expiry period.
The amended 「Housing Lease Protection Act」 led to many disputes over the rights of lessees to renew their leases. A typical situation is when a lessee exercises their right to renew their lease where the new lessor acquires ownership of the house from the previous lessor, and on the basis of the actual residence, the new lessor rejects the lessee's renewal application.
Although the purpose of the amendment of the 「Housing Lease Protection Act」 was to protect the lessee, the only effect was to increase the pain of the lessee as the Chonse price increased at once for four years. The amended 「Housing Lease Protection Act」 has only been enacted recently, and a number of lower court decisions have been issued, but This was first Supreme Court ruling. If there is a legitimate reason under the「Housing Lease Protection Act」After exercising the Application right of contract renewal, within the renewal refusal period of the old lessor the transferee who has succeeded to the leasehold status must be able to exercise the right of refusal of contract renewal for the purpose of Actually Reside.
A full review of the 「Housing Lease Protection Act」 is also necessary in the future, as well as a discussion about the need for a 「Housing Lease Protection Act」
38
ZABLODSKA, I. V., O. P. PODTSERKIVNIY, and D. V. ZABLODSKA. "ECONOMIC COSTS ON THE CHANGE OF ORGANIZATIONAL AND LEGAL FORMS OF ECONOMIC DECREASE BY RECORDING OF THE CIVIL CODE OF UKRAINE AND CANCELLATION OF THE ECONOMIC CODE OF UKRAINE: TO DISCUSSION." Economic innovations 22, no. 1(74) (March 20, 2020): 80–87. http://dx.doi.org/10.31520/ei.2020.22.1(74).80-87.
Full textAbstract:
Topicality. Today, the scientific environment discusses a legislative proposal to abolish the Economic Code of Ukraine and enshrined in the recodified Civil Code of Ukraine types of organizational and legal forms of management based on corporate rights. Aim and tasks The purpose of the article is to develop a methodological approach to determining the economic costs of bringing legal entities to their organizational and legal forms and constituent documents in accordance with the requirements of the recodified Civil Code of Ukraine through the abolition of the Economic Code of Ukraine. Research results. The number of legal entities that are registered in Ukraine has been determined, which should change the legal form of economic activity and types of economic expenses: obligatory, highly probable, and unlikely. Compulsory expenses include expenses of legal entities for state registration of changes in constituent documents, administrative fee, payment of notary services, printing expenses. In addition, many legal entities may incur expenses related to: payment of legal services of third parties on state registration of changes in the constituent documents, production of new seals and stamps, payment of additional duties for the employees of the company. It is through registration of necessary documents, holding general meetings founders, transportation expenses for visiting state registration bodies, payment for printing services, etc. For some businesses, the costs may be increased by the cost of services such as: re-licensing, re-contracting with counterparties, re-issuing leases of land and real estate, as well as the amount of downtime associated with a reorganization. Conclusion. According to the results of the costs calculation for the change by the legal entities of their organizational and legal forms and constituent documents in accordance with the requirements of the recodified Civil Code of Ukraine. It is established that each legal entity will spend almost three thousand UAH, and the maximum amount of expenses depends on the type of economic activity and the legal form of management, and thorough an analytical research is needed to calculate the real cost.
39
Nurzukhrufa, Antusias, Purwanita Setijanti, and Asri Dinapradipta. "KEPUASAN PENYEWA TERHADAP FAKTOR-FAKTOR PEMILIHAN KANTOR SEWA KELAS A FUNGSI MAJEMUK DI SURABAYA." Jurnal Arsitektur ARCADE 3, no. 3 (December 1, 2019): 237. http://dx.doi.org/10.31848/arcade.v3i3.312.
Full textAbstract:
Abstract: The growth of the supply and demand index of rental offices in Surabaya is the highest in Indonesia. However, the occupancy rate has decreased except in class A rental offices. Decrease in occupancy rate is influenced by dissatisfaction of tenants to the high rental price factor and causes the tenant not to extend the rent. The quality services of class A rental offices multifunction in Surabaya can be considered successful because the tenants have persisted in extending the leases. Therefore, it is necessary to know about the level of satisfaction of tenants to the factors that influence the choosing of class A rental offices multifunction in Surabaya. This research is included in the positivism paradigm with quantitative methods. The analysis technique uses quantitative descriptive statistics by calculating the mean and standard deviations mapped to the Cartesian diagram. This research results two findings. First, the three most satisfied factors i.e. "name of the famous building and its reputation is good", "responsive building management" and "the presence of good security, hygiene and fire protection facilities". Second, three factors that are most dissatisfied i.e. "access to recreational and sports facilities", "noise level" and "building age".Keyword: Rental Offices, Tenants Satisfaction, Real EstateAbstrak: Pertumbuhan indeks supply dan demand kantor sewa di Surabaya termasuk paling tinggi di Indonesia. Namun, tingkat okupansinya mengalami penurunan kecuali pada kantor kelas A. Penurunan tingkat okupansi dipengaruhi oleh ketidakpuasan penyewa terhadap faktor harga sewa yang tinggi dan menyebabkan penyewa tidak memperpanjang sewa. Kualitas layanan kantor sewa kelas A fungsi majemuk di Surabaya dinilai berhasil karena penyewa tetap bertahan untuk memperpanjang sewa. Maka, perlu diketahui tingkat kepuasan penyewa terhadap faktor-faktor pemilihan kantor sewa kelas A fungsi majemuk di Surabaya. Penelitian ini termasuk dalam paradigma positivisme dengan metode kuantitatif. Teknik analisis menggunakan statistik deskriptif kuantitatif dengan menghitung nilai mean dan standar deviasi yang dipetakan ke diagram kartesius. Penelitian ini menghasilkan dua temuan. Pertama, tiga faktor paling puas yaitu “nama gedung terkenal dan reputasinya baik”, “pengelola gedung yang responsif” serta “keberadaan fasilitas keamanan, kebersihan dan perlindungan kebakaran yang baik”. Kedua, tiga faktor paling tidak puas yaitu “kedekatan dengan fasilitas rekreasi dan olahraga”, “tingkat kebisingan” dan “usia gedung”.Kata Kunci: Kantor Sewa, Kepuasan Penyewa, Real Estate
40
Riley, Peter J. L. "Leaves of Grass and Real Estate." Walt Whitman Quarterly Review 28, no. 4 (April 27, 2011): 163–87. http://dx.doi.org/10.13008/2153-3695.1977.
Full text
41
Sarathy, P. Sanjay. "International Real Estate Review." International Real Estate Review 14, no. 3 (December 31, 2011): 354–73. http://dx.doi.org/10.53383/100146.
Full textAbstract:
The purpose of this research paper is to examine the influence of opinion leaders in real estate markets. First, we provide a literature review of opinion leaders and real estate markets in India. Secondly, the variables that influence the opinion leaders are established and their measurement is well defined. Thirdly, a survey has been conducted by using a self- administered questionnaire, which was sent to 234 individuals who are responsible for handling real estate firms. The research model is empirically tested in a sample of 128 respondents by using a chi-square analysis. This study finds that opinion leaders in real estate markets possess significantly higher levels in exposure to media sources, social involvement, product knowledge, innovativeness, and computer usage than non-leaders. Opinion leaders also possess a higher degree of social networking and have used the internet more frequently for longer sessions than non-leaders. Finally, we identify the key implications, conclude the research finding and explore potential avenues for future research.
42
Barry, Peter J., LeeAnn M. Moss, Narda L. Sotomayor, and Cesar L. Escalante. "Lease Pricing for Farm Real Estate." Review of Agricultural Economics 22, no. 1 (June 2000): 2–16. http://dx.doi.org/10.1111/1058-7195.00001.
Full text
43
G. Miller, Norm. "Workplace trends in office space: implications for future office demand." Journal of Corporate Real Estate 16, no. 3 (September 2, 2014): 159–81. http://dx.doi.org/10.1108/jcre-07-2013-0016.
Full textAbstract:
Purpose – This study aims to examine the trends in space per office worker and the influence of a number of factors on the ability to reduce space per worker. These trends are important in that they impact future office demand along with property values. Design/methodology/approach – Using both survey and empirical data a simulation model is used to examine the impact on space per worker over the course of a typical lease. Factors considered include the length of lease, the worker growth rate of the firm, turnover and time to fill positions, the type of organizational management hierarchy, whether dedicated or non-dedicated space is utilized and firm policies toward working out of the traditional office. Findings – Space per worker will continue to decline over time, yet collaborative work environments and the effects of traditional management and cultural momentum suggest that downsizing will take time. Counter to the initial hypothesis, growing tenants do not over-consume space in the early years but rather tend to renegotiate leases when growth spurs the need for more space. Research limitations/implications – It appears that modest economic growth is sufficient to offset downsizing trends, but some markets will be more affected than others. Portfolios dominated by larger than average tenants or U.S. Federal Government tenants will be affected much sooner by downsizing efforts compared to smaller private sector tenants. The mix of occupant types and age also matters, and this study does not delve into significant occupant-type differences by market. This study also does not directly consider design influences on productivity other than those mentioned through surveys: natural light, air quality, temperature control, noise and the presence of collaborative space. Practical implications – Forecasters of office space demand must input an estimate of the growth in professional employment and then apply a space per worker assumption. This assumption in most markets will be declining, by as much as 30 per cent over several years. Washington DC is already being affected by downsizing, yet most markets with reasonably good economic growth will be able to offset most of this transition to more intensively used space. Social implications – Much of the existing stock needs to be rebuilt. Much of how the authors work and where is changing. This requires new perspectives on how productivity is measured and how remote workers are measured. Originality/value – This is the first paper to try and reconcile the views of commercial real estate owners and operators with those of corporate space planners, both of who have opposite sides of the same lease. It is also the first to point out the explicit reasons why downsizing efforts are sometimes not as effective as expected.
44
Kariya, Takeaki, Yasuyuki Kato, Tomonori Uchiyama, and Takashi Suwabe. "International Real Estate Review." International Real Estate Review 8, no. 1 (June 30, 2005): 44–82. http://dx.doi.org/10.53383/100060.
Full textAbstract:
In this paper, we formulate a tenant management problem for retail properties, such as shopping centers, provide an analytical framework for deriving the probability distribution of the sum of discounted future cash flows stochastically generated through tenant management, and find an optimal lease agreement structure and strategy for tenant-replacement management. More specifically, we formulate the problem of valuing the net present value of future net income from a retail property with tenant management and provide a valuation model for management decision making. The income fluctuates with market rent variations and management processes. In our framework, a property manager is required to choose an optimal mix of fixed rent and variable rent linked to tenant sales, and one of two tenant-replacement rules for return and risk enhancement. Finally, we provide an optimal strategy for this problem using Monte Carlo simulation, through which we value the real options of adopting an optimal strategy for percentage rent and tenant replacement made available by the New House Lease Law inare consistent with implications that short interests in REITs represent attempts to make short-term profits rather than general bearishness regarding real estate investments.
45
Dobretsov, G. B. "Creation by the Customer of Requirements for the Procurement Facility: New in the Law on the Contract System Procurement." Russian competition law and economy, no. 1 (March 24, 2022): 68–79. http://dx.doi.org/10.47361/2542-0259-2022-1-29-68-79.
Full textAbstract:
The legislation of Russia on the contract system in the fi eld of procurement of goods (including works, services) for state and municipal needs establishes the features of procurement not only by types of products (goods in general, works, services, real estate objects, leases), but also within each type.In the purchasing algorithm of the customer, when purchasing any product, an important place is occupied by the description of the object of purchase, which aff ects the result of the purchase and determines its effi ciency and eff ectiveness. The legislator establishes a wide scope of application of the catalogue of goods, works, services to meet state and municipal needs (KTRU), thereby unifying and simplifying the description of procurement objects, while introducing antimonopoly compliance, on the other hand, the effi ciency of resource use and the principle of purchasing innovative products and, fi nally, the customer’s needs require him to carefully and qualitatively describe the subject of procurement with the application of a suffi cient number of requirements In 2022, signifi cant changes entered into force in the Federal Law “On the Contract System in the Field of Procurement of Goods, Works, Services to Meet State and Municipal Needs” dated April 5, 2013 No. 44-FZ, including with regard to the formation by the customer of requirements for procured products. The scientifi c novelty of the work is the study of this aspect of procurement in the context of a change in legislation. The work uses general scientifi c methods of research: comparison, analysis and the method of expert assessments.The purpose of the article is to develop a system of rules for the purchase of goods (using the example of purchasing paper for offi ce equipment), on the basis of which law enforcement customers can form procurement features for other product groups.Recommendations are given in terms of the description of the procurement object, the choice of the procurement method, the application of the national regime, which will allow the customer to make the purchase as effi ciently as possible and without violations.
46
Janovec, Michal. "Income tax based on real estate lease." Annual Center Review, no. 9 (2016): 2–5. http://dx.doi.org/10.15290/acr.2016.09.01.
Full text
47
Jee, Won Lim. "About the Recent Real Estate Lease Legislation." Korea Association Of Real Estate Law 24, no. 3 (November 30, 2020): 3–17. http://dx.doi.org/10.32989/rel.2020.24.3.3.
Full text
48
Chen, Zhuo, Mingzhi Hu, and Zhiyi Qiu. "Promotion Pressures of Local Leaders and Real Estate Investments: China and Leader Heterogeneity." Journal of Risk and Financial Management 15, no. 8 (August 3, 2022): 341. http://dx.doi.org/10.3390/jrfm15080341.
Full textAbstract:
Chinese local officials have strong incentives to stimulate economic growth in the pursuit of promotion. However, the connection between promotion pressure of local officials and investment in the real estate market has not been rigorously explored. By using the panel data of local leaders (municipal party secretaries or mayors) from 2002 to 2010, this paper investigates the correlations between local leaders’ promotion pressures and growth in real estate investments. Empirical results show that local leaders’ promotion pressures are significantly and positively correlated with the growth of the real estate market. Furthermore, the positive effect of promotion pressure on real estate development is significant if the leader is young or born locally, whereas this effect is insignificant if the leader is older or not a native. Our findings provide new evidence on how local leaders may strategically intervene in local economic activities.
49
Liu, Xiaolong, and Weidong Qu. "International Real Estate Review." International Real Estate Review 18, no. 1 (March 31, 2015): 113–29. http://dx.doi.org/10.53383/100195.
Full textAbstract:
Since its liberalization in 2003, the urban land lease market in China has experienced substantial growth in terms of both the volume and value of transactions. At the same time, significant transaction premiums are observed in these land transactions; these premiums make the general public skeptical about the emergence of a property market bubble that stems from aggressive bidding in the land market. In this paper, we seek to rationalize this phenomenon by means of the event study method. By using a land transaction dataset from Beijing for the period 2003 to 2013, we find that the capital market reacts significantly to land bidding events. In addition, the land transaction premium observed in the Chinese land market can be explained by the signaling effect, in that developers tend to use the bidding price as a signaling device to disseminate favorable private information to the marketplace.
50
Baako, Kingsley Tetteh. "International Real Estate Review." International Real Estate Review 22, no. 4 (December 31, 2019): 571–95. http://dx.doi.org/10.53383/100291.
Full textAbstract:
In many developing countries, house price index construction is sparse, leaving decisions which hinge on housing performance data with little corroboratory evidence. Thus, the purpose of this research is to ascertain the micro-level determinants of house prices in Ghana. Using a qualitative approach, data are collected through semi-structured interviews with twenty expert property practitioners including valuers, academics, property developers, mortgage providers and housing agents. This research uncovers interesting findings including the relevance of unexpired lease terms, and the impacts of market dynamics such as the physical heterogeneity of properties and hearsay. The study also reveals that an index needs to be created and managed through a collaborative effort between the government and industry to ensure wide acceptability. This study lends guidance to housing policy decisions at the local and national levels, and provides a much-needed source of data for further academic inquiry into the housing dynamics in Ghana.