商用房地产市场介绍和评估基础房地产金融与投资武

PARTIII

FINANCINGINCOMPROPERTES(DEBTANDEQUITY)Chapter8IntroductionofCommercialPropertiesandValuationFundamentals

商用房地产市场介绍

和评估基础8.1PropertyTypesI.Residential住宅类Singlefamily单户住宅Detached独立式Clusterdevelopments群聚式开发项目无分区开发项目Multifamily多户住宅Highrise(usuallyCBD)高层建筑Lowrise多层建筑Gardenapartments(usuallysuburban)花园公寓II.NonresidentialOffice写字楼Majormultitenant—CBD多租户Singleormultitenant—suburban单或多租户Singletenant—builttosuit单租户—专门设计Combinationoffice/showroom写字楼与陈列室的组合建筑Retail零售用Regionalshoppingcenters/malls区域购物中心／购物街Neighborhoodcenters邻区中心Stripcenters条形中心Specialtycenters专业中心Discountcenters折扣店Industrial工业用Heavyindustrial重工业LightindustrialWarehouse轻工仓库Office/warehouse办公／仓储warehouse仓储用房Hotel/Motel旅店／汽车旅馆Recreationa1娱乐休闲用

Institutional(specialpurpose)机构用（特殊用途）

III.Mixedusedevelopments综合用途项目

Combinationsofoneormoreoftheaboveuses8.2IncomePotential收入潜力两个决定因素:吸引租户的能力营业费用净营业收入NetOperatingIncome(NOI):租金收入减去营业支出的净收入额8.2.1MarketRent市场租金Thetermmarketrentreferstothepricethatmustbepaidbyapotentialtenanttoaparticulartypeofspaceunderthecurrentmarketcondition.在现行市场条件下,某潜在租户为租用某宗房地产而付出的租金价格.Therentdependsonmanyfactors:(1)theoutlookofnationaleconomy国民经济前景(2)Theeconomicbaseoftheareainwhichthepropertyislocated地区经济基础(3)Thedemandforthetypeofspaceprovidedbythepropertyinthelocationbeinganalyzed需求状况Thesupplyofsimilarcompetitivespace类似房地产供给竞争状况8.2.2Vacancy空置空置有两种情况旧的租约到期而新租约未签时从没被租用过,如新建房空置越高,租金收入越少Toprojectincomeofaproperty,itisnecessarytoprojecthowmuchofthespacewillbeoccupiedbytenantsduringtheanticipatedholdingperiodfortheproject.8.2.3费用固定支出房产税保险费维修保养费变动支出公共事业费管理费清洁费8.3租赁合约Leases出租人Lessor(owner)承租人Lessee(tenant—租赁者)房地产租赁合同leaseagreement8.3.1GeneralLeaseTermsHotelandMotelRoomsRentedonday-to-daybasisHousingandapartment—onannualbasisOfficespace—three-tofive-termRetailspaceSmallerretailestablishment—oneortwoyearsLargerestablishments—muchlongertermsIndustrialproperty—longterms8.3.2FinancialContentsofLeases(1)Rent(2)ResponsibilityforExpense(3)Concessions减让内容(4)Otherimportantcontentsinleases基础租金Theinitialrentthatmustbepaidundertheleasecontractisrefertoasthebaserent租金调整Step-upprovision(逐期递增)CPIadjustment百分比租金PercentagerentLeasesforshoppingcentersoftenincludeprovisionsforrentstobepartiallybasedonthetenant’ssalesvolumeMinimumrent(最低租金)Overagerent(溢价租金)(1)Rent(2)ResponsibilityforExpenseTheleasesshouldidentifywhichpartyhastheresponsibilityforpayingforbuildingoperatingexpensessuchaspropertytaxes,insurances,utilities,andmaintenance.Grossorfull-servicelease(毛租赁)Alloperatingexpensesarepaidbythelessor.Netlease(净租赁)Alloperatingexpensesarepaidbythetenant.Expensestop(最高费用)Onealternativewouldrequirethelessortopayoperatingexpenseuptoaspecificamount.Expensepassedthrough(传递)(3)ConcessionsConcessionsordiscountstendtobeusedduringperiodswhenmarketsareoversuppliedwithrentalspace.Forexample,atenantmaynotberequiredtopayrentduringthefirstyearofafive-yearlease.Anotherformofconcessionisforthelessortopayforthecostoftenantimprovement.(4)OtherimportantcontentsinleasesAllrentsareafunctionoflocation,age,qualityandconditionofthepremise.RentpremiumRentdiscountFixedversusvariablebaserentTenantimprovementLeaseconcessionSignage(5)RentableAreainaBuildingRentableareawouldusuallyequalthetotalareaonallfloorsandthelobby,lessthenonrentableareawhichusuallyincludesthethicknessoftheexteriorwalls,anycolumnsorprotrusionsthroughthefloorssuchaselevatorshaftsorstructuralsupports,mechanicalequipmentclosets,basements,andsoon,neededbytheownertomaintainoroperatethebuilding.(6)LoadFactor(分租因子)LoadfactorperfloorRentableareaperfloorUsableareaperfloorOnefloorhasatotalof20000squarefeetEverytenanthas4500squarefeetUsablearea=18000(=4500×4)squarefeetCommonarea=2000squarefeetLoadfactorperfloor=20000÷18000=1.111Rentableareaforatenant=4500×1.111=50008.3.3EffectiveRent有效租金Tocalculatetheeffectiverentwewillusethefollowingprocedure:(1)calculatethepresentvalueoftheexpectednetrentstream.Thenetrentalstreamistheamountreceivedafterconsideringexpensesthattheownermustpay.(2)Calculateanequivalentlevelannuityoverthetermofthelease.1、Netleasewithsteps

租金逐期增加的净租赁方式Rentwillbe$10persquarefootthefirstyearandwillincreaseby$1persquarefooteachyearuntiltheendofthelease.Alloperatingexpenseswillbepaidbythetenant.Leaseterm=fiveyears,discountrate=10%EffectiveRent2、N投et弹Lea鱼se通wit索hF掘ree站Re袄ntyear12345Netrent14.5015.5016.5017.50Averagerent12.80Presentvalue45.76Effectiverent12.073、N淘et蚕Lea恐se抽wit躺hC逮PI祖Adj挽ust女men窗tsThe匆rent脏wil药lbe膊$11亭per房诚squ醋are隔foot玻the秃fir亏sty裙ear.包Aft载ert谦hef链irst障yea乒r,th婆ere读ntw研ill突bei旬ncre轿ased减by型the凡amou固nto类fan催yin烛crea竭se执int胁heC按PI.卧The原CPI脸ise晋xpec根ted湿tob辉e2%类dur播ing卫the年seco被ndy热ear,厅3%t轰het凡hird潜yea艰r,4%飞the桂fou悔rth倡year句,5%沫the颂fift塔hye也ar.3、用微CPI过调整租抵金的净烛租赁方卖式Net贷Leas喷ewi睬th1陆00%竖CPI确Adju叼stme槐ntyear12345ExpectedCPINA2%3%4%5%Netrent11.0011.2211.5612.0212.62Averagerent11.68Presentvalue44.00Effectiverent11.614、G胜ros胳sL可eas愤eYear12345Grossrent17.5017.5017.5017.5017.50Lessexpenses4.004.505.005.506.00Netrent13.5013.0012.5012.0011.50Averagerent12.50Presentvalue47.74Effectiverent12.595、Gr鞠oss萌leas甜ewi蛇thE著xpen板ses秤top淡at$码4Year12345Grossrent15.5015.5015.5015.5015.50Lessexpenses4.004.505.005.506.00Plusreimbursement0.000.501.001.502.00Netrent11.5011.5011.5011.5011.50Averagerent11.50Presentvalue43.59Effectiverent11.506、g缝ros厘sl科eas诉ew紫ith办Ex偶pen疫se根Sto祥pa龟t$朝4a欠nd孙CPI腔Ad始jus丈tme刚ntYear12345ExpectedCPINA2%3%4%5%Grossrent14.5014.7915.2315.8416.64Lessexpenses4.004.505.005.506.00Plusreimbursement0.000.501.001.502.00Netrent10.5010.7911.2311.8412.64Averagerent11.40Presentvalue42.84Effectiverent11.308.3废.4辟NOI推分析潜在总收岩入:建筑屑物中所有及可租用面六积全部被泳租出时可塔获得的收失入有效总收钳入:建筑呆物中已出熊租面积的犬收入净营业侵收入是窝决定房那地产经船济可行鸡性的关凉键某一时点迟上房地产架的价值等尤于该房地碰产在其经蔬济寿命期爬内预期净卵营业收入中的现值。也等拼于负债述价值与治股本价塞值之和开。房地产白价值与侵抵押权罗益和股翼本权益房地产价值=NOI的现值抵押贷款价值=支付额的现值股本价值=NOI－支付额的现值Exam武ple某加油藏站以净桌租赁方届式租给效一石油始公司，粗25年陕期，每灰年单一晃租金$赛100纺000勿。预计学租约到英期加油犁站将结避束其使机用寿命旱。清理器场地费历用将用篇光土地兔收入。一投资者党申请到$近7000棵00抵押鞠贷款，2意5年期，矮年复利1竞0%，每事年还款$团7711筝7.65逮。投资迅者预期资性本收益率姨为15%燥。NOI惑=10慎000展0－帮771敞17.蓝65=伟$22案882屑.35