This Glossary provides definitions of terms related to property and property investing.
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Term and Definition
Tenant Improvements

Physical improvements to the space occupied by either new or releasing tenants.

Tenant mix

The selection and location of retailers and services to maximise trade and increase the property income.

Tenant retention

A statistical measure of the length of occupation of a tenant within a property or portfolio. Usually expressed as a percentage of tenants that renew a lease.

Tenants in Common

Property may be owned under Joint Tenancy or Tenancy in Common. In the case of Tenancy in Common, although each has an undivided share, such share is distinct and separate. The interests need not be equal; thus ‘A’ may have one undivided third share, and ‘B’ two undivided third shares of the same property. The most important feature is the share of a Tenant in Common may be separately disposed of by him during his lifetime, or by will. On his death it passes, not to the other Tenants in Common, but by his will, or by the laws of intestacy.

Terminal Yield

Is the capitalisation rate used to calculate terminal value in a discount cash flow (DCF) valuation.

Total Return

The aggregate increase or decrease in the value of a portfolio resulting from the net appreciation or depreciation of the fund’s capital, plus or minus the net income or loss, incurred by the fund over a defined period.

Transaction costs

The costs incurred in undertaking a transaction. For selling: agent and legal fees. For buying: legal, building and environmental surveys and stamp duty.

Trust deed

A legal document that sets out the rules governing the operation of a fund.

Trustee fees

Fees paid, usually to trust companies, for administering and managing the fund or certain fund activities.

Trustee/s

The persons or corporate body that has legal responsibility for the running of a fund in accordance with the requirements laid out in the trust deed. The trustee has a duty to act in good faith and in the best interests of unitholders, and is governed by the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA).

Turnkey

The stage of completion reached when construction and fit out of a property is finished and the new tenant or owner only has to 'turn the key' to the property.

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