商用房地产市场介绍和评估基础(房地产金融与投资-武.ppt

PARTIIIFINANCINGINCOMPROPERTES DEBTANDEQUITY Chapter8IntroductionofCommercialPropertiesandValuationFundamentals商用房地产市场介绍和评估基础 8 1PropertyTypes I Residential住宅类Singlefamily单户住宅Detached独立式Clusterdevelopments群聚式开发项目无分区开发项目Multifamily多户住宅Highrise usuallyCBD 高层建筑Lowrise多层建筑Gardenapartments usuallysuburban 花园公寓 II NonresidentialOffice写字楼Majormultitenant CBD多租户Singleormultitenant suburban单或多租户Singletenant builttosuit单租户 专门设计Combinationoffice showroom写字楼与陈列室的组合建筑Retail零售用Regionalshoppingcenters malls区域购物中心 购物街Neighborhoodcenters邻区中心Stripcenters条形中心Specialtycenters专业中心Discountcenters折扣店 Industrial工业用Heavyindustrial重工业LightindustrialWarehouse轻工仓库Office warehouse办公 仓储warehouse仓储用房Hotel Motel旅店 汽车旅馆Recreationa1娱乐休闲用Institutional specialpurpose 机构用 特殊用途 III Mixedusedevelopments综合用途项目Combinationsofoneormoreoftheaboveuses 8 2IncomePotential收入潜力 两个决定因素 吸引租户的能力营业费用净营业收入NetOperatingIncome NOI 租金收入减去营业支出的净收入额 8 2 1MarketRent市场租金 Thetermmarketrentreferstothepricethatmustbepaidbyapotentialtenanttoaparticulartypeofspaceunderthecurrentmarketcondition 在现行市场条件下 某潜在租户为租用某宗房地产而付出的租金价格 Therentdependsonmanyfactors 1 theoutlookofnationaleconomy国民经济前景 2 Theeconomicbaseoftheareainwhichthepropertyislocated地区经济基础 3 Thedemandforthetypeofspaceprovidedbythepropertyinthelocationbeinganalyzed需求状况Thesupplyofsimilarcompetitivespace类似房地产供给竞争状况 8 2 2Vacancy空置 空置有两种情况旧的租约到期而新租约未签时从没被租用过 如新建房空置越高 租金收入越少Toprojectincomeofaproperty itisnecessarytoprojecthowmuchofthespacewillbeoccupiedbytenantsduringtheanticipatedholdingperiodfortheproject 8 2 3费用 固定支出房产税保险费维修保养费 变动支出公共事业费管理费清洁费 8 3租赁合约Leases 出租人Lessor owner 承租人Lessee tenant 租赁者 房地产租赁合同leaseagreement 8 3 1GeneralLeaseTerms HotelandMotelRoomsRentedonday to daybasisHousingandapartment onannualbasisOfficespace three tofive termRetailspaceSmallerretailestablishment oneortwoyearsLargerestablishments muchlongertermsIndustrialproperty longterms 8 3 2FinancialContentsofLeases 1 Rent 2 ResponsibilityforExpense 3 Concessions减让内容 4 Otherimportantcontentsinleases 基础租金Theinitialrentthatmustbepaidundertheleasecontractisrefertoasthebaserent租金调整Step upprovision 逐期递增 CPIadjustment百分比租金PercentagerentLeasesforshoppingcentersoftenincludeprovisionsforrentstobepartiallybasedonthetenant ssalesvolumeMinimumrent 最低租金 Overagerent 溢价租金 1 Rent 2 ResponsibilityforExpense Theleasesshouldidentifywhichpartyhastheresponsibilityforpayingforbuildingoperatingexpensessuchaspropertytaxes insurances utilities andmaintenance Grossorfull servicelease 毛租赁 Alloperatingexpensesarepaidbythelessor Netlease 净租赁 Alloperatingexpensesarepaidbythetenant Expensestop 最高费用 Onealternativewouldrequirethelessortopayoperatingexpenseuptoaspecificamount Expensepassedthrough 传递 3 Concessions Concessionsordiscountstendtobeusedduringperiodswhenmarketsareoversuppliedwithrentalspace Forexample atenantmaynotberequiredtopayrentduringthefirstyearofafive yearlease Anotherformofconcessionisforthelessortopayforthecostoftenantimprovement 4 Otherimportantcontentsinleases Allrentsareafunctionoflocation age qualityandconditionofthepremise RentpremiumRentdiscountFixedversusvariablebaserentTenantimprovementLeaseconcessionSignage 5 RentableAreainaBuilding Rentableareawouldusuallyequalthetotalareaonallfloorsandthelobby lessthenonrentableareawhichusuallyincludesthethicknessoftheexteriorwalls anycolumnsorprotrusionsthroughthefloorssuchaselevatorshaftsorstructuralsupports mechanicalequipmentclosets basements andsoon neededbytheownertomaintainoroperatethebuilding 6 LoadFactor 分租因子 Loadfactorperfloor Onefloorhasatotalof20000squarefeetEverytenanthas4500squarefeetUsablearea 18000 4500 4 squarefeetCommonarea 2000squarefeetLoadfactorperfloor 20000 18000 1 111Rentableareaforatenant 4500 1 111 5000 8 3 3EffectiveRent有效租金 Tocalculatetheeffectiverentwewillusethefollowingprocedure 1 calculatethepresentvalueoftheexpectednetrentstream Thenetrentalstreamistheamountreceivedafterconsideringexpensesthattheownermustpay 2 Calculateanequivalentlevelannuityoverthetermofthelease 1 Netleasewithsteps租金逐期增加的净租赁方式 Rentwillbe 10persquarefootthefirstyearandwillincreaseby 1persquarefooteachyearuntiltheendofthelease Alloperatingexpenseswillbepaidbythetenant Leaseterm fiveyears discountrate 10 EffectiveRent 2 NetLeasewithFreeRent 3 NetLeasewithCPIAdjustments Therentwillbe 11persquarefootthefirstyear Afterthefirstyear therentwillbeincreasedbytheamountofanyincreaseintheCPI TheCPIisexpectedtobe2 duringthesecondyear 3 thethirdyear 4 thefourthyear 5 thefifthyear 3 用CPI调整租金的净租赁方式 NetLeasewith100 CPIAdjustment 4 GrossLease 5 GrossleasewithExpensestopat 4 6 grossleasewithExpenseStopat 4andCPIAdjustment 8 3 4NOI分析 潜在总收入 建筑物中所有可租用面积全部被租出时可获得的收入有效总收入 建筑物中已出租面积的收入净营业收入是决定房地产经济可行性的关键某一时点上房地产的价值等于该房地产在其经济寿命期内预期净营业收入的现值 也等于负债价值与股本价值之和 房地产价值与抵押权益和股本权益 Example 某加油站以净租赁方式租给一石油公司 25年期 每年单一租金 100000 预计租约到期加油站将结束其使用寿命 清理场地费用将用光土地收入 一投资者申请到 700000抵押贷款 25年期 年复利10 每年还款 77117 65 投资者预期资本收益率为15 NOI 100000 77117 65 22882 35 8 3 5DiscountRateandCapitalizationRate贴现率与资本化率 Dis