商用房地产市场介绍和评估基础(房地产金融与投资-武.ppt

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1、PART IIIFINANCING INCOM PROPERTES(DEBT AND EQUITY)2021/9/181Chapter 8 Introduction of Commercial Properties and Valuation Fundamentals商用房地产市场介绍商用房地产市场介绍和评估基础和评估基础2021/9/1828.1 Property TypesI.Residential住宅类Single family单户住宅Detached 独立式Cluster developments群聚式开发项目无分区开发项目Multifamily多户住宅High rise(usuall

2、y CBD)高层建筑Low rise多层建筑Garden apartments(usually suburban)花园公寓2021/9/183II.NonresidentialOffice写字楼 Major multitenantCBD多租户 Single or multitenantsuburban单或多租户 Single tenantbuilt to suit单租户专门设计 Combination office/showroom写字楼与陈列室的组合建筑 Retail零售用 Regional shopping centers/malls区域购物中心购物街Neighborhood center

3、s邻区中心Strip centers条形中心Specialty centers专业中心Discount centers折扣店 2021/9/184Industrial工业用Heavy industrial重工业Light industrial Warehouse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(special purpose)机构用（特殊用途）III.Mixed use developments综合用途项目 Combinations of one or mo

4、re of the above uses 2021/9/1858.2 Income Potential 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Net Operating Income(NOI):租金收入减去营业支出的净收入额2021/9/1868.2.1 Market Rent市场租金The term market rent refers to the price that must be paid by a potential tenant to a particular type of space under the current market condition.在现行

5、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.The rent depends on many factors:(1)the outlook of national economy国民经济前景(2)The economic base of the area in which the property is located地区经济基础(3)The demand for the type of space provided by the property in the location being analyzed需求状况The supply of similar competitive

6、 space类似房地产供给竞争状况2021/9/1878.2.2 Vacancy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To project income of a property,it is necessary to project how much of the space will be occupied by tenants during the anticipated holding period for the project.2021/9/1888.2.3 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2021/

7、9/1898.3 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lease agreement2021/9/18108.3.1 General Lease TermsHotel and Motel RoomsRented on day-to-day basisHousing and apartmenton annual basisOffice spacethree-to five-termRetail spaceSmaller retail establishmentone or two yearsLarger establishme

8、ntsmuch longer termsIndustrial propertylong terms2021/9/18118.3.2 Financial Contents of Leases(1)Rent(2)Responsibility for Expense(3)Concessions减让内容(4)Other important contents in leases2021/9/1812 基础租金The initial rent that must be paid under the lease contract is refer to as the base rent租金调整Step-up

9、 provision(逐期递增)CPI adjustment百分比租金Percentage rentLeases for shopping centers often include provisions for rents to be partially based on the tenants sales volumeMinimum rent(最低租金)Overage rent(溢价租金)(1)Rent2021/9/1813(2)Responsibility for ExpenseThe leases should identify which party has the responsi

10、bility for paying for building operating expenses such as property taxes,insurances,utilities,and maintenance.Gross or full-service lease(毛租赁)All operating expenses are paid by the lessor.Net lease(净租赁)All operating expenses are paid by the tenant.Expense stop(最高费用)One alternative would require the

11、lessor to pay operating expense up to a specific amount.Expense passed through(传递)2021/9/1814(3)ConcessionsConcessions or discounts tend to be used during periods when markets are oversupplied with rental space.For example,a tenant may not be required to pay rent during the first year of a five-year

12、 lease.Another form of concession is for the lessor to pay for the cost of tenant improvement.2021/9/1815(4)Other important contents in leasesAll rents are a function of location,age,quality and condition of the premise.Rent premiumRent discountFixed versus variable base rentTenant improvementLease

13、concessionSignage 2021/9/1816(5)Rentable Area in a BuildingRentable area would usually equal the total area on all floors and the lobby,less the nonrentable area which usually includes the thickness of the exterior walls,any columns or protrusions through the floors such as elevator shafts or struct

14、ural supports,mechanical equipment closets,basements,and so on,needed by the owner to maintain or operate the building.2021/9/1817(6)Load Factor(分租因子)Load factor per floorRentable area per floorUsable area per floorOne floor has a total of 20000 square feetEvery tenant has 4500 square feetUsable are

15、a=18000(=4500 4)square feetCommon area=2000 square feetLoad factor per floor=2000018000=1.111Rentable area for a tenant=4500 1.111=50002021/9/18188.3.3 Effective Rent有效租金To calculate the effective rent we will use the following procedure:(1)calculate the present value of the expected net rent stream

16、.The net rental stream is the amount received after considering expenses that the owner must pay.(2)Calculate an equivalent level annuity over the term of the lease.2021/9/18191、Net lease with steps租金逐期增加的净租赁方式Rent will be$10 per square foot the first year and will increase by$1 per square foot each

17、 year until the end of the lease.All operating expenses will be paid by the tenant.Lease term=five years,discount rate=10%EffectiveRent 2021/9/18202、Net Lease with Free Rentyear12345Net rent14.50 15.50 16.50 17.50Average rent12.80Present value45.76Effective rent12.072021/9/18213、Net Lease with CPI A

18、djustmentsThe rent will be$11 per square foot the first year.After the first year,the rent will be increased by the amount of any increase in the CPI.The CPI is expected to be 2%during the second year,3%the third year,4%the fourth year,5%the fifth year.2021/9/18223、用CPI调整租金的净租赁方式Net Lease with 100%C

19、PI Adjustmentyear12345Expected CPINA2%3%4%5%Net rent11.0011.22 11.56 12.02 12.62Average rent11.68Present value44.00Effective rent11.612021/9/18234、Gross LeaseYear 12345Gross rent17.50 17.50 17.50 17.50 17.50Less expenses4.004.505.005.506.00Net rent13.50 13.00 12.50 12.00 11.50Average rent12.50Presen

20、t value47.74Effective rent12.592021/9/18245、Gross lease with Expense stop at$4Year 12345Gross rent15.50 15.50 15.50 15.50 15.50Less expenses4.004.505.005.506.00Plus reimbursement0.000.501.001.502.00Net rent11.50 11.50 11.50 11.50 11.50Average rent11.50Present value43.59Effective rent11.502021/9/1825

21、6、gross lease with Expense Stop at$4 and CPI AdjustmentYear 12345Expected CPINA2%3%4%5%Gross rent14.50 14.79 15.23 15.84 16.64Less expenses4.004.505.005.506.00Plus reimbursement0.000.501.001.502.00Net rent10.50 10.79 11.23 11.84 12.64Average rent11.40Present value42.84Effective rent11.302021/9/18268

22、.3.4 NOI分析潜在总收入:建筑物中所有可租用面积全部被租出时可获得的收入有效总收入:建筑物中已出租面积的收入净营业收入是决定房地产经济可行性的关键某一时点上房地产的价值等于该房地产在其经济寿命期内预期净营业收入的现值。也等于负债价值与股本价值之和。2021/9/1827房地产价值与抵押权益和股本权益房地产价值=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2021/9/1828Example 某加油站以净租赁方式租给一石油公司，25年期，每年单一租金$100000。预计租约到期加油站将结束其使用寿命。清理场地费用将用光土地收入。一投资者申请到$700000抵押贷款，2

23、5年期，年复利10%，每年还款$77117.65。投资者预期资本收益率为15%。NOI=100000 77117.65=$22882.352021/9/18298.3.5 Discount Rate and Capitalization Rate贴现率与资本化率Discount rate or required internal rate of return,是投资者在投资期内要求的与风险相当的预期收益率。Riskless rateTreasury bondsCommercial mortgageCorporate bondsCommon stocksReal estate investmentsExpected returnRisk 2021/9/1830Capitalization Rate第一年的净营业收入与房地产价值之间的比率叫资本化率。对加油站例子贴现率增加，资本化率增加。未来NOI不同，GIM也不同。2021/9/18312021/9/1832