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Z Abatement: Often referred to as free rent or early occupancy and may occur outside or in addition to the primary term of the lease Above building standard: Upgraded finishes and specialized designs necessary to accommodate a tenant’s requirements Absorption rate: The rate at which rentable space is filled. Gross absorption is a measure of the total square feet leased over a specified period with no consideration given to space vacated in the same geographic area during the same time period. Net absorption is equal to the amount occupied at the end of a period minus the amount occupied at the beginning of a period and takes into consideration space vacated during the period. Ad valorem: Meaning “according to value,” this is a tax imposed on the value of property that is typically based on the local government’s valuation of the property. Adjusted funds from operations (AFFO): A measure of REIT performance or ability to pay dividends used by many analysts with concerns about quality of earnings as measured by funds from operations (FFO). The most common adjustment to FFO is an estimate of certain recurring capital expenditures needed to keep the property portfolio competitive in its marketplace. Administrative fee: Usually stated as a percentage of assets under management or as a fixed annual dollar amount Advances: Payments made by the servicer when the borrower fails to make a payment Adviser: A broker, consultant or investment banker who represents an owner in a transaction. Advisers may be paid a retainer and/or a performance fee upon the close of a financing or sales transaction. Aggregation risk: Risk associated with warehousing mortgages during the pooling process for future securitization Alternative or specialty investments: Property types that are not considered conventional institutional-grade real estate investments. Examples include congregate care facilities, self-storage facilities, mobile homes, timber, agriculture and parking lots. Amortization: The liquidation of a financial debt through regular periodic installment payments. For tax purposes, the periodic deduction of capitalized expenses such as organization costs Anchor: The tenant that serves as the predominant draw to a commercial property, usually the largest tenant in a shopping center Annual percentage rate (APR): The actual cost of borrowing money. It may be higher than the note rate because it represents full disclosure of the interest rate, loan origination fees, loan discount points and other credit costs paid to the lender.

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