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Occupancy - Annual occupancy expressed as a percentage, based on the ratio of total occupied rooms to total available rooms.

Occupied Date - Identifies the first date on which the tenant physically occupied the leased area.

Office - A general property type or building type classification characterized by its usage for office purposes. Subtypes include Suburban Garden Office, Suburban High Rise, Medical Office, CBD Office.

Office Only Sprinklered - Identifies whether only office areas of the building are sprinklered; a sprinkler system is typically an automatic fire-suppression system with an audible alarm and that disperses an area with water or fire retardant from overhead sprinklers when excessive heat and/or smoke is detected. Fire systems are typically wet, dry or chemical systems.

Office Tenant Type - Characterizes the tenant type based on usage of the leased area; Office usage generally includes most uses involving the carrying on of business.

Operating Expense Ratio - The ratio of total operating expenses, excluding debt service, to effective gross income. Also, a comparison of the operating expenses to potential gross income. This ratio can be compared over time and with that of other properties to determine the relative operating efficiency of the property considered.

Option Terms - Identifies the length of time of the prescribed period or periods as stipulated in the lease agreement.

Other Anchored Retail - A Retail property subtype in which the property is occupied by one or more tenants including at least one anchor tenant and the property is utilized for retail purposes.

Other Borrower Type - A borrowing entity other than a Corporation, LLC, Trust, Limited or General Partnership or Individual.

Other Departmental Revenue - Income from all departments including Room Revenue, Food & Beverage, Telephone and Other Departmental Revenue.

Other Income - Income from sources not specifically associated with other named income sources.

Other Real Estate Owned - A term used primarily by commercial banks to identify real estate on the books that was taken back through foreclosure of a mortgage loan. The term “Other” REO is used by banks to distinguish foreclosure real estate from bank real estate owned (REO) which is corporate real estate assets. Typically, the real estate industry uses the term REO for foreclosed real estate.

Outbuilding - A building or structure that supports the primary use of the property (e.g. in hotels, an outbuilding may include a health club, maintenance garage, service building, etc.).

Outlet Center - A Retail property subtype in which the property is occupied by multiple outlet-type or discounter tenants grouped together in one setting; these centers may attract bargain shoppers.

Overall Appearance & Marketability - Used to describe the overall appearance and marketability of the property as it relates to other comparable properties in the market or submarket; factors include actual and effective age, structural and aesthetic appeal, physical condition, functional utility, etc.

Owner Occupied - Identifies whether all or part of the property is occupied by the owner or any agent or representative of the owner. In commercial underwriting, owner-occupied space may be marked to market if there is a difference between contact rent and market rent.

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