GLOSSARY 1 - B

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10-K

This term refers to a comprehensive summary report of a company's performance submitted annually to the Securities and Exchange Commission. Typically, the 10-K contains much more detail than the annual report. It includes information such as company history, organizational structure, equity, holdings, earnings per share, subsidiaries, etc.

10-K/A

This term refers to an amendment to the 10-K.

10-Q

This term refers to a comprehensive company performance report submitted quarterly by all public companies to the Securities and Exchange Commission. In the 10-Q, firms are required to disclose relevant information regarding their financial position. The form must be submitted on time and the information should be available to all interested parties.

10-Q/A

This term refers to an amendment to the 10-Q.

8-K

This term refers to a report of unscheduled material events or corporate changes at a company of possible importance to the shareholders or the Securities and Exchange Commission.

Acquisition Cost

The outlay of funds needed to purchase a property. In addition to the purchase price, it includes expenses such as closing costs, mortgage loan origination fees, legal and appraisal fees, and title insurance.

Adjusted Funds from Operations (AFFO)

This term refers to a computation made by analysts and investors to measure a real estate company's cash flow generated by operations. AFFO is usually calculated by subtracting from Funds from Operations (FFO) both (1) normalized recurring expenditures capitalized by the REIT and then amortized, but which are necessary to maintain a REIT's properties and its revenue stream (e.g., new carpeting and drapes in apartment units, leasing expenses and tenant improvement allowances) and (2) "straight-lining" of rents. This calculation also is called Cash Available for Distribution (CAD) or Funds Available for Distribution (FAD).

Amortization

This term refers to the repayment of a loan by installments or the process of decreasing or accounting for an amount over a period of time.

Annual Percentage Rate (APR)

The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an APR of 20%.

Annual Percentage Yield (APY)

The effective, or true, annual rate of return. The APY is the rate actually earned or paid in one year, taking into account the effect of compounding. The APY is calculated by taking one plus the periodic rate and raising it to the number of periods in a year. For example, a 1% per month rate has an APY of 12.68% (1.01^12).

Annual Report

This term refers to the yearly record of a publicly held company's financial condition. The report includes a description of the firm's operations, its balance sheet and income statement. SEC rules require it be distributed to all shareholders. For public reporting companies is sometimes referred to as the 10-K.

Appraisal

This term refers to a valuation of property (e.g. real estate, a business, an antique) by the estimate of an authorized person.

Articles of Incorporation

This term refers to the legal document establishing a corporation and its structure and purpose.

Asset

This term refers to any possession having value in an exchange.

Asset Classes

This term refers to categories of assets, such as stocks, bonds, real estate and foreign securities.

Asset / Equity Ratio

This term refers to the ratio of total assets to stockholder equity.

Asset-Based Financing

Methods of financing in which lenders and equity investors look principally to the cash flow from a particular asset or set of assets for a return on, and the return of, their financing.

Auditor's Report

This term refers to a section of an annual report containing the auditor's opinion about the veracity of the financial statements.

Authorized Shares

Number of shares authorized for issuance by an entity's charter.

Balance Sheet

Also called the statement of financial condition, it is a summary of the assets, liabilities, and owners' equity.

Basis Point (BPS)

A unit equal to 1/100th of 1%. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security.

Blue-Sky Laws

State laws covering the issue and trading of securities.

Book Value

Book Value is the net value of a company’s assets, less its liabilities. Book value will reflect depreciation and amortization, which are expensed for accounting purposes. A company's book value might be more or less than its market value.

Book Value per Share

The ratio of stockholder equity to the average number of common shares. Book value per share should not be thought of as an indicator of economic worth, since it reflects accounting valuation (and not necessarily market valuation).

Broker

This term refers to an individual who is paid a commission for executing customer orders.

Budget

detailed schedule of financial activity.

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