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-N-
Neighborhood Shopping
Center - Open shopping center of less
than 100,000 square feet. Tenants: Provides daily essentials
and everyday services
Net
Cash Flow - Total income less operating
expenses, adjustments, capital expenditures, tenant
improvements and leasing commissions; does not include
mortgage payments.
Net
Effective Rent - Rental rate adjusted
for lease concessions.
Net
Operating Income - Total income less
operating expenses, adjustments, etc., but before mortgage
payments, tenant improvements and leasing commissions.
Net
Rental Area - In a building, the floor
space that may be rented to tenants or the area upon
which rental payments are based. Generally excludes
common areas and space devoted to the heating, cooling,
other equipment of a building, hallways, lobbies, elevator
shafts, etc.
Net
Worth - Total assets minus total liabilities
of an individual or company. For a company, also called
owner's equity or shareholders' equity or net assets.
Net-Net
Lease - Usually requires the tenant
to pay for property taxes and insurance in addition
to the rent; referred to as NN.
Net-Net-Net
Lease - See Triple-Net Lease; referred
to as NNN.
NNN Reimbursement Structure - A lease structure that
requires the tenant to pay for property taxes, insurance
and maintenance in addition to the rent (also referred
to as "Triple Net Lease").
No
Rounding - An interest rate calculation
method in which the final note rate is not rounded.
No.
of Pad Sites - Identifies the number
of individual freestanding sites or parcels of land
comprising the property; often adjacent to a larger
shopping center. Pad sites are typically leased by national
retailers and fast food restaurants; usually structured
as long-term ground leases in which the improvements
(buildings) are commonly leasehold improvements (owned
by the tenant).
Non
Recourse - Identifies whether the lender
accepts non-recourse loan requests.
Non-Recourse
- A mortgage in which the lender will
not pursue personal liability against the borrower.
The lender's security is the real estate being financed.
Usually subject to standard carveouts including fraud
and misrepresentation.
Notice
of Default - To initiate a non-judicial
foreclosure proceeding involving a public sale of the
real property securing the deed of trust, the trustee
under the deed of trust records a Notice of Default
and Election to Sell the real property collateral in
the public records.
Nursing
Home - A Healthcare subtype; an entity
that provides skilled nursing care and rehabilitation
services to people with illnesses, injuries or functional
disabilities. Most facilities serve the elderly. However,
some facilities provide services to younger individuals
with special needs such as the developmentally disabled,
mentally ill, and those requiring drug and alcohol rehabilitation.
Nursing homes are generally stand alone facilities,
but some are operated within a hospital or retirement
community.
Nursing
Stations - An area or room in a health
care facility where the nursing and medical staff are
centrally located.
Nursing/Medical
Income - Income from nursing and medical
services associated with healthcare facilities.
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