Appraisal Institute Commercial Data Standards - …

1 Appraisal Institute Commercial data Standards May 14, 2004 Version Appraisal Institute Commercial data Standards and Glossary of Terms Copyright Appraisal Institute 2001-2004. All rights reserved. Page 2 May 14, 2004 Version Preface This document describes the Appraisal Institute Commercial data Standards and glossary for the Appraisal Institute Commercial Database. As described further in the Introduction, this data Standard represents a significant body of prior work by the leadership of the Appraisal Institute , an extensive group of its appraiser members, and by Marshall & Swift personnel.

2 Every effort has been made to take note of other nomenclature and data Standards currently in use by the Commercial real estate industry including the following: The Dictionary of Real Estate Appraisal (fourth edition) The Appraisal of Real Estate (twelfth edition) American Hotel & Motel Association (AH&MA) American Seniors Housing Association (ASHA) Building Owners and Managers Association (BOMA) Commercial Mortgage Securities Association (CMSA) The data Consortium International Council of Shopping Centers (ICSC) Institute of Real Estate Management (IREM) Mortgage Bankers Association (MBA) National Association of Real Estate Investment Trusts (NAREIT)

3 National Council of Real Estate Investment Fiduciaries (NCREIF) National Golf Foundation Pension Real Estate Association (PREA) Urban Land Institute (ULI) Department of Housing and Urban Development (HUD) This release of this data Standard, Version should-be viewed as an incremental update to Version , which was released in May of 2001. The data Standards will continue to change and evolve as practical applications of this data standard are implemented. The first practical application of this data Standard is as the core of the comparable database operated by Marshall & Swift, the Appraisal Institute Commercial Database (AICD), a shared-repository and data cooperative designed for Appraisal Institute members.

4 The AICD ( ) was launched in January 2002. Although the Appraisal Institute Commercial data Standard is a proprietary data standard owned by the Appraisal Institute , the intent is to encourage and authorize the Commercial Appraisal industry and other elements of the mortgage lending, CMBS securitization, financial rating services, and real estate technology segments to use the data Standard for internal business purposes to facilitate common means of data storage. It is hoped that through widespread use of the data Standard, we can enable data sharing, better analysis of market trends, and other efficiencies in the real estate and financial services markets.

5 Of course, while companies could internally distribute the data Standard and incorporating their own data accordingly, they could not sell or reproduce for sale by others the data Standard without the Appraisal Institute 's written permission. Comments and questions concerning the Appraisal Institute Commercial data Standard are welcome. Please direct comments to: Appraisal Institute Commercial data Storage Standards Committee c/o Marshall & Swift 915 Wilshire Blvd Los Angeles, CA 90017 Fax: 213-683-9010 Marshall & Swift is also available for support or to answer technical issues from other groups as they study the Appraisal Institute Commercial data Standard or contemplate their own implementation.

6 Appraisal Institute Commercial data Standards and Glossary of Terms Copyright Appraisal Institute 2001-2004. All rights reserved. Page 3 May 14, 2004 Version The Appraisal Institute and Marshall & Swift believe that the Commercial real estate industry, and the Appraisal segment in particular, can benefit from the wider implementation of a standard data format and nomenclature that describes Commercial real property, and the sale, lease and operating statement transactions that form the economic basis for much of the Commercial real estate activity in the United States.

7 The sponsorship of the Appraisal Institute , the leading professional trade organization for Commercial real estate valuation, helps ensure that an impartial, professional data standard can be relied upon as an effective means to further streamline, and improve the quality of data and information for real estate transactions. Appraisal Institute Marshall & Swift 550 W. Van Buren St., Suite 1000 915 Wilshire Blvd, Suite 800 Chicago, Illinois 60607 Los Angeles, California 90017 May 14, 2004 Appraisal Institute Commercial data Standards and Glossary of Terms Copyright Appraisal Institute 2001-2004.

8 All rights reserved. Page 4 May 14, 2004 Version Table of Contents Introduction .. 6 Appraisal Institute Commercial data Storage Standards 6 Appraisal Institute Commercial data Trust Committee .. 6 Appraisal Institute Staff Liaison .. 6 Acknowledgement .. 7 I. Property Types and Sub-Types .. 8 II. Property 24 III. Property - Additional Field for Specific Property & Sub Property 29 IV. Property - Confidential Fields .. 34 V. Property - General Property & Location Descriptions .. 36 VI. Property - Building Characteristics-1 .. 38 VII. Property - Building Characteristics-2.

9 40 VIII. Property - Building Size .. 44 IX. Property - Land Related .. 45 X. Property - Ground Lease Fields .. 49 XI. Additional Property Information 49 XII. Sale Records Field Layout .. 58 XIII. Sale - Additional Fields for Specific Property Types and Sub-Types .. 61 XIV. Sale Record Field Descriptions .. 63 XV. Sale - Operating data .. 66 XVI. Sale Analysis .. 68 XVII. Sale - Adjusted Price Indices .. 71 XVIII. Sale - Additional Fields .. 72 XIX. Lease Record Field Layout .. 76 XX. Lease - Confidential Records Fields .. 78 XXI. Lease Record Field Description.

10 79 XXII. Lease - Economics .. 80 XXIII. Lease - Market Rental data .. 81 XXIV. Lease - Demised Space 82 XXV. Lease - Expense Reimbursement 82 XXVI. Income and Expense Field Layout .. 85 XXVII. Income & Expense - Confidential Record Fields .. 89 XXVIII. Income Expense Field Descriptions .. 90 XXIX. Income Fields .. 90 XXX. Lodging Income 91 XXXI. Operating Expenses .. 91 XXXII. Lodging Departmental Expenses .. 96 XXXIII. Lodging Undistributed 97 XXXIV. Net Operating 98 Appraisal Institute Commercial data Standards and Glossary of Terms Copyright Appraisal Institute 2001-2004.