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Glossary (click letters)

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PERCENTAGE LEASE – commonly used for large retail stores. Rent payments include a minimum or "base rent" plus a percentage of the gross sales "overage." Percentages generally vary from 1% to 6% of the gross sales depending on the type of store and sales volume.

PHASE I – an assessment and report prepared by a professional environmental consultant who reviews the property – both land and improvements – to ascertain the presence or potential presence of environmental hazards at the property, such as underground water contamination, PCB’s, abandoned disposal of paints and other chemicals, asbestos and a wide range of other potentially damaging materials. This Environmental Site Assessment (ESA) provides a review and makes a recommendation as to whether further investigation is warranted (a Phase II Environmental Site Assessment). This latter report would confirm or disavow the presence of an environmental hazard and, should one be found, will recommend additional review and/or mitigation efforts that should be undertaken.

POINTS (LOAN DISCOUNT POINTS) – each point is equal to 1% of the total amount of a mortgage.

POTENTIAL GROSS RENT – gross income of a building if fully rented.

PREPAYMENT PENALTY – fees paid by borrowers for the privilege of retiring a loan early.

PRE–LEASED % – to obtain lease commitments in a building or complex prior to its being available for occupancy.

PRIME RATE – the rate at which banks lend to their most creditworthy customers.

PRINCIPAL – 1. The amount of debt, not including interest, left on a loan. 2. The face amount of the mortgage.

PRIVATE PAY 100% – assisted living designation where senior housing residents pay 100% of the rent versus by welfare or government subsidies.

PRO FORMA – (from Latin pro forma, "according to form"). financial statements showing what is expected to occur.

PROPERTY ADMINISTRATOR – person in broker's employ who is responsible for updating and renewing a property listing, if it is different from the contact name.

PROPERTY GRADE – a stratification of property type that is indicative of the property’s ability to command rental rates.

PROPERTY SUBTYPE – a property description that provides additional information to the lender.

PROPERTY TAX – taxes based on the market value of a property. Property taxes vary from state to state.

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