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Tax transparent: Investment or organisation who’s return or activities are not subject to taxation or where tax due is levied on the investors.
Tenant: An individual or corporate body holding a tenancy.
Top-down approach: Investment management technique that bases portfolio construction on macroeconomic views rather than stock specific views. Top-down factors will apply to both country and sector allocation.
Total development cost: All capital expenditure on a project including the opening book value of the property on commencement of development, together with all finance costs.
Total investment property return: Valuation surplus, profit or loss on property sales and net rental income expressed as a percentage of opening book value of the investment property portfolio.
Total return: The growth in value of a share holding over a specified period, assuming that dividends are re-invested to buy additional units of the stock.
True equivalent yield: The internal rate of return from an investment property reflecting reversions to current market rent, allowing for items such as voids and expenditure but disregarding potential changes in market rent.