| Term/Acronym |
Definition |
| Access Agreement |
An agreement for a temporary and limited use of another’s property |
| Assessed value |
The dollar value of an asset assigned by a public tax assessor for the purposes of taxation |
| Common Area |
For lease purposes, the areas of a building that are accessible for the nonexclusive use of all its tenants, such as lobbies, corridors, and parking lots |
| Deed |
A document used to convey ownership or vested interest in a property |
| Lease or Deed of Lease |
Grants a party the right to use real property for a specified use through a stated period of time, rather than transferring full ownership, which creates a leasehold interest |
| Leasehold |
The interest or estate created by a real estate lease |
| Leasehold Improvements |
This type of improvement is generally acquired or provided by the tenant, and the tenant can generally remove the improvements at the expiration of the lease (compare to tenant improvements) |
| License Agreement |
An agreement that may be granted by a party (“licensor”) to another party (“licensee”) as an element of an agreement between those parties for a limited use of another’s property. Agreements for the use of a portion of a parking lot are an example of when a license may be used. |
| Gross Lease |
A lease in which the tenant’s base rent includes an amount for current operating expenses and real estate taxes |
| Net Lease |
A lease in which the tenant pays, as additional rent, their proportionate share of building taxes, utilities, insurance, and any other services associated with the facility. This may be a partial net, where only certain operating expenses are paid by the tenant, or it may be a full net, most commonly referred to as triple net or NNN, where the tenant pays all of the operating expenses assigned to the area leased. |
| Operating Expenses |
The actual costs incurred to run a building, such as routine repairs and maintenance, janitorial expenses, and utilities for common areas. |
| Rentable Area |
The area (in square feet) quoted by building ownership when a space is offered for lease. |
| Tenant Improvements |
Tenant improvements, often referred to as TI, are modifications made to the interior of a commercial or industrial property by the owner to accommodate the needs of a tenant. Typical TI includes floor and wall coverings, ceilings, partitions, air conditioning, and security. The financial burden for the costs of the TI is a negotiated term. |
| VCU Real Estate Foundation |
The VCU Real Estate Foundation's mission is to accept, acquire, lease, sell, operate, and/or manage property in support of the educational goals of the university. |
