This Glossary provides definitions of terms related to property and property investing.
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Term and Definition
National Australian Built Environment Rating System (NABERS)

NABERS is a multiple index, performance-based rating tool that measures a building’s overall environmental performance during operation. The tool was developed by the Federal Department of Environment and Heritage (DEH) and is being managed and further developed by the NSW Department of Environment, Climate Change and Water. They implement the star rating program from 1 star (poor) to 6 star (excellent). www.nabers.com.au

Neighbourhood centre

A local shopping centre with a supermarket and approximately 35 specialty stores. Total GLAR will be less than 10,000 sqm. e.g. Taylors Hill Village, VIC: 7,400 sqm; Coles and 14 speciality stores.

Net absorption

Net absorption measures the change in occupied office space between two survey periods. It takes account of new leases and losses from total stock due to demolition, refurbishment, change of use, or change in a building's grade.

Net Asset Value (NAV)

The NAV of a fund is its Gross Asset Value less Total Liabilities (debt). The unit/share value of a fund is the net asset value divided by the number of units/shares on issue (See also Gross Asset Value).

Net lease / Double net lease / Triple net lease

A lease in which the tenant pays agreed costs associated with the operation of the property in addition to payment of rent. These costs may include property taxes, insurance, repairs, utilities and maintenance. Triple Net Lease has differing meanings within property leases, but generally it is where the tenant pays for costs including structural repairs.

Net Lettable Area (NLA)

Used for calculating tenant area in offices.

Net Present Value

Net Present Value is the difference between the Present Value of cash inflows and the Present Value of cash outflows.

Net rent

Used to describe a rent where the tenant also pays Outgoings recoveries.

Net Tangible Assets (NTA)

The value of the total assets, cash and receivables, less liabilities and tangibles, divided by the number of units on issue.

Net total return

Total return of the fund after deductions for management fees.

Nominal rate of return

The return generated by an investment before inflation is factored in. See also Real rate of return

Non-discretionary funds

Funds which require the investment/fund manager to obtain investor approval for each acquisition.

Non-recourse debt

A loan that in the event of a default by the borrower, limits the lender's ability to foreclosure of the mortgaged property only.

Notice to Quit

Notice to Quit is required to enable either the landlord or the tenant to orchestrate vacancy of the tenancy without the consent of the other. The notice must be correct as set out in the lease, or it will be void. It must specify the correct date or time for the termination of the tenancy, must be unconditional and relate to the whole of the premises.

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