国际双语教材

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8月15日

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User decision analysis/用户决策分析

USER DECISION ANALYSIS/用户决策分析

1.Briefing/概述... 1

1.1Company definition/公司定义... 1

1.2User decisions/用户决策... 1

1.2.1Acquisition decisions/获取决策... 1

1.2.2Holding decisions/持有决策... 2

1.2.3Disposition decisions/处置决策... 3

1.3Space markets versus capital markets/空间市场与资本市场... 3

2.Space acquisition process/空间获取过程... 6

2.1User-based interests in real estate/用户权益... 6

2.1.1Lease/租赁... 6

2.1.2Own/持有... 7

2.2The potential parties/潜在参与方... 8

2.3Lease acquisition process/租约达成过程... 8

2.3.1User need analysis/用户需求分析... 9

2.3.2market research and survey/市场调研... 11

2.3.3Tenant request for proposal (RFP)/租户提案... 11

2.3.4Landlord proposals/业主方案... 16

2.3.5comparison of landlord proposals/方案比选... 16

2.3.6proposal and counterproposal/提案与反提案... 16

2.3.7Lease document negotiation and execution/租约谈判与执行... 16

2.3.8Provisions for valid leases/有效租约条款... 16

2.4Measure office space/办公空间测量... 17

2.4.1Rentable space versus usable space/可租空间与可用空间... 17

2.4.2add-on factor and efficiency percentage/分摊系数与有效使用率... 18

2.4.3comparing leases with unequal measurement standards/租约比较... 18

2.5Lease clauses/租约条款... 19

2.6Rent terminology in leases/租赁术语... 22

2.6.1Fixed rent/固定租金... 22

2.6.2Step leases/阶梯租约... 22

2.6.3Indexed leases/指数租约... 22

2.6.4Percentage (overage) rent/超额(扣点)租金... 23

2.7Operating expenses/运营费用... 23

2.7.1Expense stops/费用止付... 24

2.7.2Expense caps/费用上限... 25

2.7.3Expense pass-throughs/费用转嫁... 25

2.7.4Common area maintenance/公共区域维护费... 25

2.7.5Gross-up clause/补偿条款... 26

2.8Due diligence /尽职调查... 26

2.8.1Market due diligence/市场尽职调查... 26

2.8.2Property due diligence/物业尽职调查... 27

2.8.3People due diligence/人员尽职调查... 28

2.8.4Contractual due diligence/合同尽职调查... 29

3.Comparative lease analysis and valuing lease costs/比较分析与成本评估... 32

3.1Economic analysis terminology/经济分析术语... 32

3.1.1Base (contract) rent/基础租金... 32

3.1.2Rate/单位租金... 32

3.1.3Total effective rent/有效租金总额... 32

3.1.4Total effective rate/有效单位租金总额... 33

3.1.5Average annual effective rent/年均有效租金... 33

3.1.6Average annual effective rate/年均有效单位租金... 33

3.1.7Discounted effective rent/有效租金贴现值... 33

3.1.8Total cost of occupancy/总入住成本... 33

3.2Types of leases/租约类型... 34

3.2.1Full-service lease/全服务租约... 34

3.2.2Gross or hybrid leases/混合租约... 35

3.2.3Net lease/净租约... 35

3.2.4Percentage (overage) lease/扣点(超额)租约... 35

3.3Objective leasing decisions/客观租赁决策... 35

3.3.1Lease comparison-sample problem/租约比较-范例... 36

3.3.2Analysis lease cost/分析租赁费用... 37

3.3.3Refinements in comparative lease analysis/租约比较分析改进... 38

4.Special considerations for cost of occupancy/空间占用成本特别事项... 42

4.1Selection of discount rate for the user/用户贴现率选择... 42

4.1.1Non-corporate entities/非法人实体... 42

4.1.2Corporate entities/法人实体... 42

4.1.3 Weighted average cost of capital-sample /加权平均资金成本... 43

4.2Monthly versus yearly discounting/月贴现与年贴现... 44

4.3After-tax analysis/税后分析... 45

4.3.1Tax cost versus tax savings/税收成本与节税额... 45

4.3.2After-tax analysis of lease costs/税后租赁成本分析... 45

4.4Concepts of financial reporting/财务报告概念... 45

4.4.1the basics of financial reporting for real estate/财务报告基础... 46

4.4.2profit and loss (income statement)/损益表或收入表... 47

4.4.3Balance sheet/资产负债表... 49

4.4.4Principles of financial accounting and reporting for leases/财会准则... 50

5.Ownership of property as a user/用户持有物业... 53

5.1The build versus buy decision/建造与收购决策比较... 53

5.1.1Baseline assumptions/基线假设... 53

5.1.2Additional considerations/其它考虑... 54

5.1.3Economic versus subjective considerations/经济与主观考虑... 54

5.2Compare the costs/成本比较... 55

5.2.1Present value method/现值法... 55

5.2.2Internal rate of return of the differential method/IRR偏分法... 56

5.3The ground (or land) lease/土地租赁... 56

5.3.1The participants/参与方... 57

5.3.2The deal structure/交易结构... 57

5.3.3Advantages and disadvantages of a ground lease/土地租约优缺点... 59

6.Comparing leasing and owning alternatives/租赁与持有比较... 62

6.1Advantages and disadvantages of a lease/租赁优缺点... 62

6.1.1Advantages/优点... 62

6.1.2Disadvantages/缺点... 63

6.2Owning/持有... 64

6.2.1Advantages/优点... 64

6.2.2Disadvantages/缺点... 65

6.3Comparison methods/比较方法... 65

6.3.1Net present value (NPV) method/NPV法... 66

6.3.2Internal rate of return (IRR) method/IRR法... 66

6.4Lease verse own analysis/租赁与持有分析... 67

7.Lease exit strategies/租赁退出策略... 72

7.1sublease/转租... 72

7.1.1Valuing considerations/定价注意事项... 73

7.1.2Financial reporting for subleasing /转租财务报告... 73

7.1.3Factors to consider when subleasing/考虑因素... 74

7.1.4Subleasing risks/转租风险... 74

7.2Valuing leasehold interest /租户权益评估... 74

7.2.1Market rent is higher than contract rent/市场租金大于合约租金... 74

7.2.2Market rent is lower than contract rent/市场租金小于合约租金... 75

7.2.3Sublease rent is higher than contract, but lower than market 76

7.2.4Sublease rent is lower than contract rent/转租租金小于合约租金... 76

7.3Lease buyout/租约买断... 77

7.3.1Negotiate a lease buyout-sample problem/协商租约买断-范例... 77

7.3.2The buyout pendulum/买断钟摆... 78

7.4Selling leasehold positions to a third party/出售租赁权... 79

8.Interest-based negotiations model/利益谈判模型... 82

8.1Collaboration versus competition/合作与竞争... 82

8.2interest-based negotiations process/利益谈判流程... 83

9.Key concepts in real estate investment /重要概念... 87

9.1Two major decision makers/两类主要决策者... 87

9.1.1User decisions/用户决策: 87

9.1.2Investor decisions/投资者决策... 88

9.2Skills and knowledge/知识与技能... 88

9.3Asset classes资产类型... 89

9.3.1Bond market/债券市场... 89

9.3.2Stock market/股票市场... 89

9.3.3Real estate/不动产... 89

9.3.4Performance of asset classes/各类资产绩效... 89

9.4.Space markets versus capital markets/空间市场与资本市场... 90

9.4.1Capital market/资本市场... 90

9.4.2Space market/空间市场... 91

9.4.3Interaction between the space and capital market/相互影响... 92

9.5Market cycles for commercial real estate/市场周期... 92

9.6The four quadrants of real estate investment/不动产投资四象限... 93

9.6.1Two dimensions/两个维度... 93

9.6.2International investment/国际投资

... 94

2020-05-20 18:08
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