JG Capital

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Telephone Expense - An expense line item for hotel properties. The expenses related to local and long distance phone service, and other telecommunications services, including telephone cost of sales, salaries and wages, payroll taxes and benefits, and other related expenses such as contract labor, equipment rental, laundry allocation, miscellaneous, office supplies, operating supplies, telephone admin., training materials, uniforms, etc.

Telephone Revenue - A revenue line item for hotel properties. The income related to local and long distance phone service, and other telecommunications services.

Tenant Improvement - The expense to physically improve the property to attract new tenants to new or vacated space which may include new improvements or remodeling. May be paid by tenant, landlord, or both. Typically, tenants are provided with a market rate TI allowance ($/sq. ft.) that the owner will contribute towards improvements. The tenant must pay for amounts above the TI allowance desired by the tenant.

Tenant Improvement Costs-Renewal - A fee paid by the property owner or the tenant to a real estate broker or leasing agent for services rendered; typically paid by a property owner at the time of a lease renewal. Usually calculated as a percentage (1% to 6%) of the entire lease payments, paid in increments during the lease term.

Tenant Improvements - Improvements or renovations made to the property to attract new tenants to new or vacated space which may include new improvements or remodeling. May be paid by tenant, landlord or both. Typically, tenants are provided with a market rate TI allowance ($/sq. ft.) that the owner will contribute towards improvements. Amounts above the TI allowance that the tenant wants must be paid for by the tenant.

Terminal LTV - The ratio of the proposed loan amount to the value of an investment at the end of a period (usually the conclusion of the loan term) taking into account a specified rate of interest; provides an indication of refinance risk.

TI Costs - New - The expense to physically improve the property to attract new tenants to new or vacated space which may include new improvements or remodeling. May be paid by tenant, landlord, or both. Typically, tenants are provided with a market rate TI allowance ($/sq. ft.) that the owner will contribute towards improvements. The tenant must pay for amounts above the TI allowance desired by the tenant.

TI Costs - Renewal - The expense to physically improve the property to attract existing tenants to renew or extend the lease term for one or more periods, which may include new improvements or remodeling. May be paid by tenant, landlord, or both. Typically, tenants are provided with a market rate TI allowance ($/sq. ft.) that the owner will contribute towards improvements. The tenant must pay for amounts above the TI allowance desired by the tenant.

Total Capital Items - The total of all capital expense items relating to the property; line item expenses on a profit and loss statement that would not be expensed on an annual basis. This category would include replacement of major building systems, such as roofs, etc.

Total General Expenses - The total of all general expenses including real estate taxes, property insurance, utilities, repairs and maintenance, franchise fees, management fees, payroll and benefits, advertising and marketing, professional fees, general and administrative, ground rent and other general expenses.

Total Land Area - Identifies the total land area of the property; expressed in acres. One acre equals 43,560 square feet.

Total No. of Rooms - The total number of available guest rooms in a hotel or hospitality.

Total Operating Expenses - The calculated total for all operating expenses.

Townhouse style - A Multifamily subtype; a one-, two- or three-story apartment dwelling; typically a row house on a small lot which has exterior limits common to other similar units. Title to the unit and its lot is vested in the individual buyer with a fractional interest in common areas, if any.

Traffic - Identifies the overall traffic flow at the property. Generally, traffic volume may be advantageous or disadvantageous to a property, depending on other conditions that affect its highest and best use. High-volume local traffic in commercial areas is usually an asset; heavy through traffic is deleterious to most retail stores, except those that serve travelers; high volume commercial traffic may have a negative impact on residential properties. The volume of traffic is typically determined by a traffic count, which is usually obtained from local or state transportation departments.

Trailing 12 Months - Information from only the 12 months preceding the month of the analysis. Often used to determine net cash flow for multifamily and hotel properties.

Tranche - A term applied to describe classes of CMBS securities, i.e., "AAA" Tranche”.

Traveler Primary Guest Types - Identifies that the hotel rooms are predominately occupied by guests traveling along a route towards a destination (usually one-night stays).

Truck Turn around Adequacy - Determines the adequacy of truck and tractor trailer maneuverability; important when analyzing industrial buildings and other building types that require delivery and loading of product.

Trust - A borrowing entity structured wherein a fiduciary relationship whereby legal title to a property is transferred to a trustee with the intention that such property be administered by the trustee for the benefit of another, the beneficiary, who holds equitable title to such property.