|Net Leasable Area
In a building, the floor space that may be rented to tenants or the area upon which rental payments are based. Generally excludes common areas and space devoted to the heating, cooling, and other equipment of a building.
A lease whereby, in addition to the rent, it is stipulated that the lessee (tenant) pays such expenses as taxes, insurance, and maintenance. The landlord's rent receipt is thereby "net" of those expenses.
Net Operating Income [NOI]
Income from property after all operating expenses and reserves have been deducted, except for income taxes and financing expenses (interest and principal payments).
A use that violates zoning regulations or codes but is allowed to continue because it began before the zoning restriction was enacted.
A loan with no personal liability of the Borrower. Upon default, a Lender may take the property pledged as collateral to satisfy a debt, but have no recourse to other assets of the borrower.