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Glossary

Our glossary of industry terms is one of the most visited sections of our site. We work continually to keep it current and are always adding new terms. In addition, if you ever can't find an industry word you are looking for, let us know. We'll research it and add it for you.


  • Offer

    Term used to describe a stated price or spread to sell whole loans or securities.

  • Open space

    An area of land or water dedicated for public or private use or enjoyment.

  • Open-end fund

    A commingled fund that does not have a finite life, continually accepts new investor capital and makes new property investments.

  • Operating cost escalation

    Although there are many variations of escalation clauses, all are intended to adjust rents by reference to external standards such as published indexes, negotiated wage levels, or expenses related to the ownership and operation of a building.

  • Operating expense

    The actual costs associated with operating a property, including maintenance, repairs, management, utilities, taxes and insurance.

  • Opportunistic

    A phrase generally used by advisers and managers to describe investments in underperforming and/or undermanaged assets that hold the expectation of near-term increases in cash flow and value. Total return objectives for opportunistic strategies tend to be 20 percent or higher. Opportunistic investments typically involve a high degree of leverage - typically 60 percent to 100 percent on an asset basis and 60 percent to 80 percent on a portfolio basis.

  • Opportunistic

    A phrase generally used by advisers and managers to describe investments in underperforming and/or undermanaged assets that hold the expectation of near-term increases in cash flow and value through “turnaround” strategies. These investments typically imply the assumption of more risk in exchange for a higher return. Total return objectives for opportunistic strategies tend to be 18 percent or higher. Opportunistic investments often include development-oriented or repositioning/redevelopment strategies and typically involve a high degree of leverage — 60 percent to 100 percent on an asset basis and 60 percent to 80 percent on a portfolio basis.

  • Originator

    A company that sources and underwrites commercial and/or multifamily mortgage loans.

  • Out-parcel

    Individual retail sites in a shopping center.

  • Overallotment

    A practice through which underwriters offer and sell more shares than they have agreed to buy from the issuer.