This Glossary provides definitions of terms related to property and property investing.
A B C D E F G H
I J L M N O P R
S T U V W Y Z
Term and Definition
Major regional centre

A major shopping centre with at least one full-line department store, one or more full-line discount department stores, one or more supermarkets and around 150 specialty stores. Total GLAR ranges from 50,000 to 85,000 sqm. e.g. The Myer Centre, Queen Street Mall, Brisbane, QLD: 63,000 sqm; Myer, Coles, Target and 180 speciality stores.

Major tenancy / Department store

Tenancies generally greater than 1,000 sqm GLAR and occupying the largest space of any single tenancy in the shopping centre. Major tenancies draw customers to the shopping centre. e.g. Myer, David Jones.

Make good

The obligation of a lessee at the end of their occupation to ensure the premises are returned to the same condition as at the commencement of the lease.

Management Expense Ratio (MER)

The ratio expressing the management, trustee and other expenses of a collective investment fund. Can be reported as either a proportion of the Gross Assets or Net Assets of the fund.

Management fees

Various fees paid to fund managers for their management services, excluding any fees charged for third party services such as external custodian and audit fees.

Mark to market adjustment

An accounting alteration to adjust the book value of an asset or liability to its market value.

Market rental value

The estimated amount for which an asset should rent between a willing lessor and a willing lessee in an arm’s length transaction, wherein the parties have each acted knowledgeably, prudently and without compulsion, and having regard to the usual terms and conditions for leases of similar assets. Within a lease, the market rent review and methodology is stated.

Market value

Market value is the estimated amount for which an asset should exchange on a given date between a willing buyer and a willing seller in an arm's length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion. Also called 'current market value'.

Market Yield

Similar to the ‘initial yield,’ however the net income is at current market levels.

Mezzanine lending

Lending to property developers which is subordinated to senior lending in return for a profit share in the completed development.

Mini-major retail tenant

All tenants greater than 400 sqm GLAR not defined as major, other retail or non-retail. See also Major tenancy and Discount Department store. e.g. Big W, Kmart or JB Hi-Fi.

Mixed-use

Space within a building providing for more than one use. e.g. A residential project with retail; an office complex with a hotel attached; an office building with retail space.

Moving Annual Turnover (MAT)

Sales for the 12-month period ending in a nominated month and calculated inclusive of GST.

A B C D E F G H
I J L M N O P R
S T U V W Y Z
.