User decision analysis/用户决策分析

1.Briefing/概述

1.1Company definition/公司定义

1.2User decisions/用户决策

1.2.1Acquisition decisions/获取决策

1.2.2Holding decisions/持有决策

1.2.3Disposition decisions/处置决策

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

 

2.Space acquisition process/空间获取过程

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

2.1.1Lease/租赁

2.1.2Own/持有

2.2The potential parties/潜在参与方

2.3Lease acquisition process/租约达成过程

2.3.1User need analysis/用户需求分析

2.3.2market research and survey/市场调研

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

2.3.4Landlord proposals/业主方案

2.3.5comparison of landlord proposals/方案比选

2.3.6proposal and counterproposal/提案与反提案

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

2.3.8Provisions for valid leases/有效租约条款

2.4Measure office space/办公空间测量

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

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

2.4.3comparing leases with unequal measurement standards/租约比较

2.5Lease clauses/租约条款

2.6Rent terminology in leases/租赁术语

2.6.1Fixed rent/固定租金

2.6.2Step leases/阶梯租约

2.6.3Indexed leases/指数租约

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

2.7Operating expenses/运营费用

2.7.1Expense stops/费用止付

2.7.2Expense caps/费用上限

2.7.3Expense pass-throughs/费用转嫁

2.7.4Common area maintenance/公共区域维护费

2.7.5Gross-up clause/补偿条款

2.8Due diligence /尽职调查

2.8.1Market due diligence/市场尽职调查

2.8.2Property due diligence/物业尽职调查

2.8.3People due diligence/人员尽职调查

2.8.4Contractual due diligence/合同尽职调查

 

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

3.1Economic analysis terminology/经济分析术语

3.1.1Base (contract) rent/基础租金

3.1.2Rate/单位租金

3.1.3Total effective rent/有效租金总额

3.1.4Total effective rate/有效单位租金总额

3.1.5Average annual effective rent/年均有效租金

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

3.1.7Discounted effective rent/有效租金贴现值

3.1.8Total cost of occupancy/总入住成本

3.2Types of leases/租约类型

3.2.1Full-service lease/全服务租约

3.2.2Gross or hybrid leases/混合租约

3.2.3Net lease/净租约

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

3.3Objective leasing decisions/客观租赁决策

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

3.3.2Analysis lease cost/分析租赁费用

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

 

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

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

4.1.1Non-corporate entities/非法人实体

4.1.2Corporate entities/法人实体

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

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

4.3After-tax analysis/税后分析

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

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

4.4Concepts of financial reporting/财务报告概念

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

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

4.4.3Balance sheet/资产负债表

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

 

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

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

5.1.1Baseline assumptions/基线假设

5.1.2Additional considerations/其它考虑

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

5.2Compare the costs/成本比较

5.2.1Present value method/现值法

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

5.3The ground (or land) lease/土地租赁

5.3.1The participants/参与方

5.3.2The deal structure/交易结构

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

 

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

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

6.1.1Advantages/优点

6.1.2Disadvantages/缺点

6.2Owning/持有

6.2.1Advantages/优点

6.2.2Disadvantages/缺点

6.3Comparison methods/比较方法

6.3.1Net present value (NPV) method/NPV法

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

6.4Lease verse own analysis/租赁与持有分析

 

7.Lease exit strategies/租赁退出策略

7.1sublease/转租

7.1.1Valuing considerations/定价注意事项

7.1.2Financial reporting for subleasing /转租财务报告

7.1.3Factors to consider when subleasing/考虑因素

7.1.4Subleasing risks/转租风险

7.2Valuing leasehold interest /租户权益评估

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

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

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

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

7.3Lease buyout/租约买断

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

7.3.2The buyout pendulum/买断钟摆

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

 

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

8.1Collaboration versus competition/合作与竞争

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

 

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

9.1Two major decision makers/两类主要决策者

9.1.1User decisions/用户决策:

9.1.2Investor decisions/投资者决策

9.2Skills and knowledge/知识与技能

9.3Asset classes资产类型

9.3.1Bond market/债券市场

9.3.2Stock market/股票市场

9.3.3Real estate/不动产

9.3.4Performance of asset classes/各类资产绩效

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

9.4.1Capital market/资本市场

9.4.2Space market/空间市场

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

9.5Market cycles for commercial real estate/市场周期

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

9.6.1Two dimensions/两个维度

9.6.2International investment/国际投资