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Property Management Glossary
Authoritative terminology, operating frameworks, and clear definitions for modern property managers, asset managers, and real estate operators.
AB 1482 California Tenant Protection Act
California statewide legislation establishing annual rent increase caps (5% + CPI) and mandatory just cause eviction protections for residential units.
Access Control
Access control permits or denies requests to enter facilities or use information, systems and services.
Accounts Payable
Accounts payable are unpaid vendor balances for goods or services bought on credit.
Active Listening
Active listening uses focused attention, clarification and reflection to understand a speaker and check that their message was heard accurately.
ADA Title III Commercial Facility Compliance
Federal civil rights accessibility mandates ensuring places of public accommodation feature barrier-free parking, ramps, doors, and restrooms.
Additional Rent
Charges billed to a commercial or residential tenant beyond base rent, including CAM reconciliations, property taxes, insurance, and late fees.
Adverse Action Notice
A statutory disclosure required under the Fair Credit Reporting Act (FCRA) when a rental application is denied or approved conditionally based on credit reports.
Amenity Reservation Management
A digital scheduling and fee administration system managing occupant bookings for commercial conference centers, executive boardrooms, freight elevators, loading docks, and residential clubhouses.
Amortization
Loan amortization is the repayment of principal over time through scheduled payments that also cover interest.
Appreciation
Property appreciation is an increase in a property's market value over time.
Asset Management
Strategic oversight focused on financial maximization, capital allocation, risk management, and long-term asset value growth for property owners.
Asset Register
An asset register records assets and links each identifier to information such as location, condition, and supporting records.
Asset Repositioning & Adaptive Reuse
The strategic redevelopment and physical conversion of obsolete real estate into alternative commercial, residential, or mixed-use assets.
Assignment of Lease
The complete legal transfer of an existing tenant's entire leasehold rights, obligations, and physical occupancy to a new incoming tenant.
Backflow Prevention & Annual Certification
Mechanical cross-connection valves preventing contaminated water from back-siphoning into municipal drinking water, requiring annual testing.
Bad Debt Reserve & Delinquency Aging
The accounting methodology categorizing past-due receivables into 30/60/90-day aging buckets and provisioning an allowance for uncollectable rent.
Base Rent
The fixed minimum monthly rent agreed upon in a lease agreement, excluding utilities, janitorial, or shared operating expense pass-throughs.
Base Year & Gross Up Provision
A commercial lease provision adjusting variable operating expenses to reflect 95-100% occupancy to ensure equitable pass-through billings.
Bid Leveling
Bid leveling compares vendor bids on a common scope, assumptions, pricing basis, and documented evaluation criteria.
Break-Even Occupancy
An estimated occupancy threshold at which property income covers the costs included in a stated operating model.
Budget Variance
A budget variance is the difference between an approved plan and actual results for the same scope and period.
Build-to-Rent
Build-to-rent is housing constructed with the intention of renting the completed homes.
Building Rules & Regulations (Community Guidelines)
Enforceable operational standards governing common area usage, business hours, deliveries, noise curfews, and facility decorum across properties.
CAM Audit Rights & Tenant Expense Objections
Contractual clauses permitting commercial tenants to inspect landlord invoices and ledger records supporting annual CAM true-up charges.
CAM Reconciliation
The annual calculation reconciling actual shared building operating expenses against estimated monthly payments billed to commercial tenants.
Capital Expenditure (CapEx)
Long-term investment funds used to improve, replace, or add major physical property assets that are capitalized rather than expensed immediately.
Capital Expenditure Reserve Analysis
Financial modeling calculating annual cash reserves needed to fund anticipated roof, paving, and mechanical replacements over a 30-year lifecycle.
Capitalization Rate (Cap Rate)
The unleveraged rate of return on a property investment calculated by dividing annual Net Operating Income by current market asset value.
Cash Flow
Cash flow describes money moving into and out of an organization during a stated period.
Cash Management
Cash management plans and monitors cash flows and balances so funds are available when obligations fall due.
Cash-on-Cash Return
Cash-on-cash return compares annual cash flow with the cash invested in a property, expressed as a percentage.
Chart of Accounts (COA)
A multi-dimensional financial account framework organizing general ledger entries by property, physical unit, and operating expense category.
Co-Tenancy Clause
A commercial lease clause granting rent reductions or termination rights if anchor tenants vacate or center occupancy falls below agreed levels.
Commercial Property
Commercial property serves business activities or income-producing occupancy, including office, retail, industrial and multifamily uses.
Commingling
The illegal practice of mixing client or tenant trust funds—such as security deposits—with property management operational or personal business accounts.
Comparable Property
In a sales comparison, a comparable property provides market evidence through a sale of similar real estate.
Computerized Maintenance Management System
A computerized maintenance management system is software for organizing work orders, maintenance schedules, equipment records, and service history.
Concession
A rental concession is an allowance, such as a free-rent period or move-in credit, that reduces rental income.
Constructive Eviction
A legal circumstance where a landlord's failure to maintain habitable premises forces a resident to vacate, relieving them of further rent liability.
Continuous Operation Covenant
A commercial lease requirement obligating a retail tenant to keep its store open, fully stocked, and staffed during designated business hours.
Corrective Action Plan
A corrective action plan records how a verified problem cause will be addressed and how the effectiveness of the change will be checked.
Cost per Turn
The cost attributed to one rental-unit turnover, with the included spending and lost-rent categories identified.
Credit Risk
Credit risk is the possibility that a borrower or other party will fail to meet financial commitments as agreed.
Critical Dates Tracker
An automated portfolio calendar monitoring renewal windows, statutory rent increase timelines, and compliance deadlines to prevent legal forfeiture.
Data Integrity
Data integrity protects information from unauthorized changes and accidental or unauthorized destruction or loss.
Data Migration
Data migration transfers information between storage systems or computing environments, with checks that the destination data remains usable.
Days on Market
The number of days a rental listing has been marketed, using the report's stated start, end, and counting rules.
Debt Service
Debt service is the amount needed for scheduled debt payments over a stated period, including principal and interest.
Debt Service Coverage Ratio (DSCR)
A debt underwriting ratio (NOI / Annual Debt Service) measuring an asset's ability to pay mortgage principal and interest, typically targeting 1.25x+.
Debt Yield
Debt yield expresses a property's net operating income as a percentage of the loan amount.
Decision Rights
The assignment of authority and roles for making a particular decision and carrying it out.
Deferred Maintenance
Postponed physical repairs or servicing that accumulate over time, resulting in accelerated asset degradation, safety liabilities, and higher future capital costs.
Disaster Recovery Plan
A disaster recovery plan documents how information systems will be restored after a major failure or disruption.
Disposition & Asset Hold Period Modeling
Strategic analysis evaluating optimal divestment timing by comparing ongoing operational cash flows against liquidation and capital redeployment.
Economic Occupancy
Economic occupancy expresses net rental collections as a percentage of gross potential rent.
Economic Vacancy
The percentage of gross potential rent lost due to physical vacancies, non-paying occupants, commercial rent abatements, free-rent concessions, or uncollected delinquencies.
Effective Gross Income
Effective gross income is a property revenue measure for a stated operating period.
Effective Rent
Effective rent expresses lease rent on a comparable basis after accounting for concessions and scheduled rent increases.
Elevator Modernization & Maintenance Agreement
A specialized service contract governing preventive lubrication, safety inspections, 24/7 entrapment dispatch, and elevator modernization.
Emergency Maintenance Response SLA
An agreement defining responsibilities, response targets, and escalation arrangements for urgent maintenance incidents.
Emergency Preparedness
Emergency preparedness develops response capability through planning, resources, training, exercises, evaluation and improvement.
Energy Efficiency
Energy efficiency compares useful energy service with energy input; a more efficient product delivers the same service using less energy.
Equity
Property equity is the property's current value minus the mortgage debt against it.
Equity Multiple
Total cash distributions divided by total equity contributed over the stated investment period, expressed as a multiple.
Escalation Clause
A commercial lease provision specifying annual rent increases tied to a fixed percentage, stepped rates, or the Consumer Price Index (CPI).
Exclusive Use Clause
A retail lease covenant granting a tenant exclusive rights to sell specific merchandise or services within a commercial center without competition.
Executive Summary
An executive summary condenses a report's purpose, major findings, conclusions and recommendations for its decision-making audience.
Expense Cap
A commercial lease clause that limits the annual percentage increase of controllable operating expenses passed through to the tenant.
Facility Management
Facility management coordinates buildings, people, and operating processes to support the activities a facility serves.
Fair Housing Act Compliance
Operational practices ensuring non-discrimination in leasing, marketing, and property rules under Title VIII of the Civil Rights Act and local laws.
Fire & Life Safety Testing (NFPA Compliance)
Mandatory recurring inspection and certification of fire alarms, sprinklers, and emergency egress systems per NFPA and municipal safety codes.
Flex Property
Flex property is adaptable industrial space, often combining office and warehouse areas.
General Ledger
A general ledger brings together transaction totals from accounting journals and organizes them by account.
Grace Period & Default Notice
A contractual post-due-date window before financial late fees, default interest rates, or formal legal cure notices are assessed.
Gross Lease
A lease agreement where the tenant pays a fixed base rent and the landlord pays all standard property operating costs, taxes, and insurance.
Gross Potential Rent (GPR)
The maximum theoretical rental revenue an investment property would generate if 100% of units were occupied and paying full market rent.
Growth Mindset
A growth mindset treats ability as developable through learning, practice and feedback rather than as a fixed trait.
Holding Company & Property SPV Structure
A legal asset protection structure isolating each real estate property into an independent SPV LLC to ring-fence operational and legal liabilities.
Holdover Tenant
A tenant who continues occupying rental premises after lease expiration without executing a new contract or obtaining landlord consent.
Hospitality Property
Hospitality property, as used here, is real estate operated as guest lodging, including hotels, motels and inns.
HVAC Log & Maintenance Standard
A systematic record documenting scheduled filter changes, belt replacements, refrigerant pressures, and technician service to protect mechanical equipment.
Implied Warranty of Habitability
A statutory legal covenant in residential leases obligating landlords to keep rental units tenantable, contrasted with commercial leasing where maintenance obligations are strictly contractual.
In-Place Rent
Rent charged under the leases currently in effect at a property, rather than an estimate of current market rent.
Incident Report
An incident report records an event and supporting information for review or investigation, rather than establishing its cause by itself.
Incident Reporting & Crisis Management Plan
A plan for documenting critical incidents, coordinating communications, and reporting to the appropriate contacts under applicable arrangements.
Industrial Property
Industrial property supports manufacturing, research, production, storage or distribution.
Interest-Only Loan
An interest-only loan allows scheduled interest payments for a defined period without reducing principal.
Internal Rate of Return (IRR)
The annualized compounded rate of return equating the present value of all cash flows and exit disposition proceeds to the initial investment.
Internet of Things
The Internet of Things connects devices and systems that use sensors or actuators to interact with the physical world.
Inventory Control
Inventory control tracks and regulates on-hand stock, including quantities, locations, movements and replenishment needs.
Key Control & Electronic Master Access Protocol
A security protocol regulating physical master keys, access fobs, and smart locks with dual-custody logs and automated audit trails.
Key Performance Indicator
A key performance indicator is a numeric measure of progress toward a defined goal or objective.
Lead-to-Lease Conversion
The percentage of rental leads that become signed leases in a defined lead cohort.
Lease Abstraction
The formal process of distilling key legal, operational, and financial provisions from a complex lease contract into a standardized operating summary.
Lease Guaranty & Good Guy Clause
A credit enhancement guaranteeing lease obligations, often paired with a Good Guy clause releasing guarantors once keys are peacefully surrendered.
Lease Rollover
The expiration of existing leases and the resulting renewal or re-leasing exposure over a stated period.
Lease-Up
The process of leasing vacant units in a new or renovated rental property as it moves toward its stated occupancy target.
Leasing Velocity
The pace at which available units progress through the leasing process from inquiry to signed lease.
Letter of Intent (LOI) in Commercial Leasing
A preliminary commercial document outlining core deal terms—such as base rent, lease duration, TI allowances, and options—before drafting the lease.
Leverage
Financial leverage is the use of borrowed funds alongside equity to finance an asset or business.
Load Factor
Load factor relates rentable floor area to usable floor area. As a multiplier, it equals rentable area divided by usable area.
Loan Maturity
Loan maturity is the point when the final scheduled payment on a loan is due.
Loan-to-Value Ratio
Loan-to-value ratio compares the amount financed with the property's appraised value.
Loss Run
An insurance claims-history report showing claims recorded for the policyholder and policies included in its scope.
Loss to Lease
The financial variance between a property's actual contractual in-place rental income and potential revenue if all units were leased at market rates.
Maintenance Backlog
A maintenance backlog is requested maintenance that remains incomplete, including periodic maintenance past its due date.
Make-Ready Turnover Schedule
A coordinated schedule for the work needed to restore a vacant residential unit or commercial suite to move-in-ready condition.
Market Rent
Market rent estimates the rent a property could command, supported by evidence from comparable rental properties.
Master Service Agreement (MSA) for Vendors
A comprehensive umbrella contract governing recurring trade contractors with standardized insurance, indemnity, pricing, and service terms.
Mean Time to Repair
Mean time to repair is total measured repair duration divided by the number of repairs, using consistent start and end points.
Medical Office Building
A medical office building houses healthcare providers and patient services in a specialized office setting, rather than overnight inpatient care.
Mentorship
Mentorship is a formal or informal relationship that supports professional development through guidance and shared experience.
Mixed-Use Property
Mixed-use property integrates different uses within one development.
Modified Gross Lease
A hybrid commercial lease where tenant and landlord divide operating expenses according to negotiated lease terms alongside base rent.
Mold Remediation & Moisture Intrusion SOP
A procedure for addressing moisture intrusion and planning mold cleanup; drying guidance is not a guaranteed remediation completion time.
Move-In Inspection
A documented baseline inspection of property physical condition completed before move-in to safeguard both tenant and owner security deposit rights.
Move-Out Inspection & Surrender of Premises
A formal departure audit verifying trade fixture removal, restoration of alterations, condition reports, and statutory security deposit accounting.
Multifamily Property
A multifamily property contains multiple housing units in a residential building, including apartments above or below one another.
Net Operating Income (NOI)
A key real estate metric calculating property revenue minus all operating expenses, before debt service, capital improvements, and taxes.
Net Promoter Score (NPS) in Property Management
A standardized loyalty metric measuring tenant and resident satisfaction on a scale from -100 to +100 based on likelihood to recommend the property or asset management team.
Normal Wear and Tear
The natural physical deterioration from ordinary, reasonable use, legally exempted from tenant security deposit deductions and surrender penalties.
Notice of Entry
A formal notice informing tenants of lawful property entry for inspection, repairs, or tours, balancing statutory mandates with commercial lease covenants.
Notice to Cure or Quit
A statutory written notice giving a tenant a set number of days to correct a lease violation or vacate the premises before eviction proceedings begin.
Occupancy Rate
Physical occupancy rate is occupied units divided by the defined total unit inventory, expressed as a percentage.
Office Property
Office property houses administrative, professional or general business work. The use category is separate from a building's quality grade.
Open Work Order Audit
An open work order audit reviews unfinished requests, their priority and age, assigned ownership, blockers, and next action.
Operating Budget
An operating budget plans funding for routine activities and recurring costs over a defined period.
Operating Expense
An operating expense is a cost that supports an organization's activities during a reporting period.
Operating Expense Pass-Through
A commercial lease mechanism passing increases in operational costs, taxes, and insurance directly to tenants above established baselines.
Operating Expense Ratio
Operating expense ratio divides operating expenses by effective gross income for the same period.
Owner Distribution Waterfall & Management Fee Calculation
The monthly accounting procedure calculating management fees on collected revenue and disbursing net cash distributions to property owners.
Owner Statement
An owner-facing report summarizing a rental property's financial activity and owner distributions for a defined period.
Package Management & Delivery Logistics
Automated locker systems, courier protocols, and central mailroom procedures securing parcel intake and distribution across properties.
Pest Control IPM Standard
A facility maintenance standard combining structural exclusion, sanitation auditing, and targeted interventions for long-term pest eradication in commercial retail, food service, and multifamily properties.
Pet Policy & Animal Screening Standard
Standardized animal verification rules covering pet rents, breed guidelines, and legally compliant assistance animal verification.
Physical Vacancy Rate
The percentage of total units or square footage within a property portfolio that is physically unoccupied at a given point in time.
Predictive Maintenance
Predictive maintenance uses measured equipment condition to identify deterioration and plan work before failure.
Preventative Maintenance
Scheduled routine inspections and equipment servicing performed proactively to prevent equipment failure and extend asset lifespan.
Preventive Maintenance Calendar
A preventive maintenance calendar schedules recurring inspections and service, with an owner, due window, linked work order, and completion record.
Pro Forma
In property planning, a pro forma projects anticipated revenue and costs for a defined period using stated assumptions.
Procurement
Procurement covers how an organization defines needs, obtains goods or services, and manages the related supplier process.
Property Management Audit Checklist
A standardized quality assurance protocol auditing lease files, trust accounts, life safety compliance, and physical property conditions.
Property Management Software
Property management software supports rental-property records and workflows, such as leasing, communication, maintenance and reporting.
Property Tax Assessment Appeal
The formal administrative appeal challenging municipal property valuations with income and market data to lower annual tax liabilities.
Proptech
Proptech is property technology: tools and systems used across real estate operations, buildings and related business activities.
Punch List
A punch list records outstanding project defects or closeout items and tracks responsibility for their resolution.
Purchase Order
A purchase order is a buyer's document requesting specified goods or services from a supplier in return for payment.
Quality Control
Quality control checks a product, service, or completed result against specified requirements.
Quiet Enjoyment
A core lease covenant guaranteeing a tenant uninterrupted, peaceful possession of their rental premises without landlord harassment or recurring nuisance.
Reactive Maintenance
Reactive maintenance repairs or replaces equipment after it breaks or fails.
Recurring Work Order
A work order repeated on a defined schedule for maintenance or another recurring task.
Refinance
Mortgage refinancing means taking out a new loan to pay off and replace an existing mortgage.
Reforecast
A reforecast updates expected future results using current actuals, remaining work and changed assumptions.
Renewal Pipeline
A staged view of leases being considered for renewal, showing current status, responsibility, and the next action.
Renewal Rate
The percentage of leases due to expire that are renewed within a stated reporting cohort.
Rent Collection Rate
The percentage of billed rent collected for a defined period and collection cutoff.
Rent Growth
The change in a specified rent measure over a stated period, usually expressed as a percentage.
Rent Roll
A detailed operating report summarizing the occupancy, lease terms, square footage, and monthly rental revenue of every unit in a property.
Rent Roll Audit
A documented comparison of a property's rent roll with its signed leases to identify discrepancies and missing support.
Rent-Ready Standard
The documented condition and completion checks used to decide whether a rental unit is ready for its stated showing or move-in stage.
Reserve Study
A long-term engineering and financial budget report analyzing anticipated capital repair milestones to establish adequate cash replacement reserves.
Response Time Standard
A response time standard defines when a request starts the clock and which response milestone is expected. Response and resolution are measured separately.
Retail Property
Retail property provides space for displaying and selling goods, from individual stores to shopping centers.
Return on Investment
Return on investment (ROI) compares an investment's profit with the amount invested, expressed as a percentage.
Right-of-Use (ROU) Asset
A balance sheet asset required under ASC 842 representing a commercial tenant's contractual right to occupy physical real estate over a lease term.
Risk Management
Risk management identifies and evaluates risks, chooses responses, and monitors and communicates the results over time.
Roof Asset Management Plan
A proactive lifecycle management program inspecting commercial roof membranes, drainage, and flashing semi-annually to extend useful life.
Root Cause Analysis
Root cause analysis investigates the underlying causes of a problem so an improvement effort can address them.
Security Deposit Disposition
The legal accounting statement and fund return delivered to a vacating tenant outlining itemized repair deductions and net deposit refund.
Security Deposit Escrow Interest Compliance
Statutory legal compliance holding security deposits in segregated bank accounts and distributing accrued interest to tenants annually.
Self-Storage
Self-storage provides rented secure space where customers store and retrieve their own belongings or goods.
Service Request First-Time Fix Rate
An operational maintenance KPI measuring the percentage of commercial and residential work orders fully resolved on the technician's initial visit without requiring a return callback.
Service-Level Agreement
A service-level agreement defines provider and customer responsibilities, expected service performance and how results are measured or reported.
Shopping Center
A shopping center groups retail establishments in a setting that may use exterior entrances or shared interior access.
Single-Family Rental
A single-family rental is a one-unit home offered for rent; Census definitions include detached homes and qualifying attached homes.
Smart Building
A smart building uses connected monitoring, management, or control systems and operating data to support coordinated building operation.
Stabilized Occupancy
Stabilized occupancy is the occupancy level expected after a property has had a reasonable period to lease under comparable market terms.
Standard Operating Procedure (SOP) Library
A centralized repository of step-by-step procedural guides standardizing leasing, maintenance, accounting, and compliance operations.
Student Housing
Student housing is residential rental property primarily serving college or university students.
Sublease
An arrangement where an existing tenant re-rents all or a portion of their leased premises to a third party while retaining primary lease liability.
Submetering & Utility RUBS
Utility allocation methodologies billing water, gas, and electric costs to tenants using physical unit meters or mathematical RUBS formulas.
Subordination, Non-Disturbance, and Attornment Agreement (SNDA)
An agreement between tenant, landlord, and lender protecting tenant tenancy rights in foreclosure while subordinating the lease to lender liens.
Succession Planning
Succession planning prepares people and organizational roles for continuity through future staffing and leadership changes.
Sustainability
Sustainability considers present and future needs together, including environmental, social, and economic effects.
Tenancy at Will
A flexible leasehold agreement without a fixed expiration date, terminable by either landlord or tenant upon standard statutory notice.
Tenant & Resident Portal
A secure digital platform enabling commercial and residential tenants to submit electronic payments, issue work orders, upload COIs, and access lease documents.
Tenant Dispute Mediation Protocol
A structured conflict resolution procedure using objective documentation and formal conciliation conferences to settle neighbor and co-tenant grievances.
Tenant Estoppel Certificate
A legally binding document signed by a tenant confirming current lease terms, rent amounts, deposit status, and lack of landlord defaults.
Tenant Improvement Allowance (TIA)
A negotiated sum provided by a commercial landlord to contribute toward tenant interior space build-outs, alterations, or architectural finishes.
Tenant Mix
The combination and placement of retail businesses and service uses within a shopping center.
Tenant Onboarding & Move-In Orientation
A structured administrative workflow transitioning approved tenants into operational occupancy with credential handoff, facility rules, and compliance checks.
Tenant Retention Strategy
A strategic portfolio program maximizing lease renewal velocity and protecting NOI by reducing tenant churn, downtime, and turnover capital expenses.
Tenant Satisfaction Survey
A structured questionnaire that gathers residents' feedback about their experience at a rental property.
Tenant Screening & Underwriting Criteria
Standardized benchmarks evaluating creditworthiness, financial solvency, and operating track records for residential and commercial applicants.
Tenant Welcome Package & Day-One Readiness
An operational onboarding standard delivering verified access credentials, facility guides, utility verifications, and day-one move-in support.
Three-Way Trust Account Reconciliation
The mandatory fiduciary reconciliation verifying bank statement balance, general ledger cash account, and subsidiary client ledgers match to the cent.
Trailing Twelve Months
Trailing twelve months (TTM) is a reporting window covering the prior twelve months of activity.
Triple Net Lease (NNN)
A commercial lease structure where the tenant pays base rent plus property taxes, building insurance, and common area maintenance expenses.
Trust Accounting
The strict fiduciary bookkeeping practice of maintaining client and tenant funds in segregated bank accounts separate from property management operating cash.
Turn Time
The elapsed time from a resident moving out until the unit is ready for the next occupant, using stated measurement boundaries.
Turnover
The operational sequence of cleaning, repairs, and inspections required to transition a vacated unit back into rent-ready condition.
Unlawful Detainer
A legal court action filed by a property manager to regain lawful possession of real property and evict a non-compliant or holdover occupant.
Utility Expense Benchmarking (ENERGY STAR)
The systematic tracking and reporting of building energy and water consumption against national efficiency standards like EPA ENERGY STAR.
Vacancy Loss
Potential rental income not earned because rentable units are vacant, stated as a dollar amount for a defined period.
Value-Add Renovation Underwriting
Financial modeling projecting rent premiums, capital costs, and yield on cost for multifamily unit upgrades and commercial repositioning projects.
Vendor Certificate of Insurance (COI) Verification
A risk management workflow verifying contractors maintain required liability and workers' comp coverage with additional insured endorsements.
Vendor Scorecard
A vendor scorecard records a supplier's performance against defined expectations selected for the engagement.
Warehouse
A warehouse stores goods, materials or merchandise and may also support distribution or shipping.
Water Intrusion
Water intrusion is unwanted liquid water entering a building or a building assembly that should remain dry.
Weighted Average Lease Expiry (WALE)
A commercial portfolio metric measuring average remaining lease duration across all tenants, weighted by occupied square footage or rental income.
Work Order
A formal tracking record authorizing maintenance personnel or outside contractors to complete specific property repairs or service requests.
Work-Order Aging
Work-order aging groups open maintenance requests by how long they have remained unresolved.
Work-Order Cycle Time
The elapsed time for a work order to move from its defined intake or creation milestone to completion or documented closure.
Work-Order Triage
Work-order triage reviews a maintenance request, assigns its priority and routes it to the responsible person or provider.
Yield on Cost
Projected annual stabilized net operating income divided by total project cost, expressed as a percentage.