G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w9214
来源IDWorking Paper 9214
Valuing and Pricing Retail Leases with Renewal and Overage Options
Patric H. Hendershott; Charles W.R. Ward
发表日期2002-09-19
出版年2002
语种英语
摘要We consider retail leases with landlord overages options, with tenant renewal options, with both and with neither. We illustrate how the ratio of initial expected sales to the sales threshold can be manipulated to equate the value of the landlord overage options to that of the tenant renewal option at the same initial rent. As a result, not only are the values of the dual option overage plus renewal lease and no option leases are equal, but the cumulative distributions of potential IRRs on the two leases are nearly identical, suggesting that these leases are equally attractive to risk-adverse investors and thus that the same risky discount rate can be used in valuing the leases. The analysis is carried out in a risk-neutral framework, and sensitivity of the results to interest rate uncertainty, real sales volatility and growth, and the required risk premium on retail real estate is shown. The appropriate risky discount rate for the overage lease is calculated to be 75 to 160 basis points greater than that for the renewal lease.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w9214
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/566827
推荐引用方式
GB/T 7714
Patric H. Hendershott,Charles W.R. Ward. Valuing and Pricing Retail Leases with Renewal and Overage Options. 2002.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w9214.pdf(373KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Patric H. Hendershott]的文章
[Charles W.R. Ward]的文章
百度学术
百度学术中相似的文章
[Patric H. Hendershott]的文章
[Charles W.R. Ward]的文章
必应学术
必应学术中相似的文章
[Patric H. Hendershott]的文章
[Charles W.R. Ward]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w9214.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。