This Glossary provides definitions of terms related to property and property investing.
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Term and Definition
Face rent / Headline rent

This term is usually used in markets which have leasing incentives. A face rent is the headline rent before it is analysed to derive an effective rent.

Facilities management

The multiple disciplines to ensure functionality of the built environment by integrating people, place, process and technology. Facilities management is included in the Property Management Fee.

Fitout costs

The cost of fitting out a premises, including the cost of any suppliers, consultants and contractors engaged.

Fixed price contract

The builder contracts to carry out certain works at a predetermined lump sum payment. This type of contract does not contain a rise and fall clause.

Flagship store

A large and dominant retail signature store showcasing the best and widest variety of merchandise for a particular brand. Flagship stores may serve as a mini-anchor in a shopping centre; be an iconic standalone building, or be located within a prominent shopping district. e.g. H&M at Melbourne's GPO.

Food court

An area devoted to permanent retail tenancies offering a range of prepared foods for on-premises consumption with a common seating area. Can be in either a retail or office property.

Fund

A fund is a structure where at least three investors' capital is pooled together and managed as a single entity with a common investment objective.

Fund expenses

Expenses incurred predominantly at fund level to maintain the fund operations.

Fund management fee

A charge paid to a fund’s manager for their management services.
Fund management fees cover services including:
– managing the fund level structure
– arrangement of financing
– fund administration
– fund reporting; and
– investor relations
The fund management fee is generally a fixed percentage of Net Asset Value (NAV) or Gross Asset Value (GAV).

Fund Manager / Investment Manager

A business or individual specialising in the investment of a portfolio of assets on behalf of individuals or organisations. ISPT Pty Ltd is a Fund Manager.

Funds Under Management (FUM)

The total value of assets managed by the fund management organisation. This is the gross asset value (GAV) of all assets.

Future-proofing

Taking action against possible negative consequences of anticipated future events or circumstances. For example, sustainable buildings which use less water and energy than conventional buildings thereby providing a buffer against future increases in water and energy services costs and protecting against services shortages.

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