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A Real Estate Definition of Terms for Single-Family Home Investors

Every industry has its jargon, some more understandable than others. The real estate industry is not immune from at least some challenging words and phrases. Fortunately, Green Street Advisors, in conjunction with the National Rental Home Council, has developed the defining report on industry terms of art.

Here is a sneak peak at 10 of the more than 100 industry terms defined in the report:

Average Cost Basis. Total gross capitalized costs through initial rehab in accordance with GAAP.

Average Occupancy is the occupancy for a specific group of assets (e.g., core, same-store, etc.) over a specific period of time (e.g., 1Q15), weighted by either the number of assets or potential rent.

Average Rent Per Home is for all occupied homes. Monthly rent should be quoted on a net effective basis for the current month in question.

Cap-ex. (recurring) refers to the costs associated with maintaining a property's physical quality over the long-term. Recurring cap-ex does not include expenses that

increase the rentable area within a portfolio (e.g., acquiring assets).

Days to lease. The days between acquisition and the date the first lease is signed (the number of days the property was un-leased, including the period during which up-front rehab is underway).

Days to re-lease. The days between the date a tenant vacates and a new lease is signed (i.e., like days to lease, measures the number of days the property was un-leased).

Days Rent Ready is the number of days in which a property is rent ready before a lease is signed.

Net Effective Rent. is used to measure the cash received Net Effective Rent by the landlord from an in-place lease, net of costs incurred to generate the lease.

Net Operating Income. (NOI) is a non-GAAP measure Net Operating Income used to calculate the income generated by a specific group of assets over a period of time after taking into account revenue and expenses incurred from operations.

Turnover Rate. The number (or percentage) of instances that a property becomes un-occupied over a specific period of time, divided by the number of assets in a defined portfolio.

For the full report, please see here.

For more information on why you should consider investing in a professionally managed portfolio of single-family homes, please contact Harold Willig at 917-209-4452 or

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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