Glossary Topic: Financing

An owner-operator sells its real estate and leases it back at the same time, freeing capital while staying in place.

Subordination, Non-Disturbance and Attornment agreement — defines the relationship among lender, landlord, and tenant.

NOI divided by annual debt payments; lenders use it to judge whether income can support the loan.

Loan amount divided by property value; a measure of leverage and lender risk.

A loan secured only by the property; the lender can’t pursue the borrower’s other assets beyond standard carve-outs.