Long-Term Ground Leases, the Redevelopment Option and Contract Incentives

Autor:	David Dale-Johnson
Rok vydání:	2001
Předmět:	Finance Economics and Econometrics Fee simple business.industry Option fee Leasehold estate Incentive Lease Accounting Redevelopment Economics Estate Asset (economics) business
Zdroj:	Real Estate Economics. 29:451-484
ISSN:	1540-6229 1080-8620
DOI:	10.1111/1080-8620.00018
Popis:	Ground leased property trades at a discount relative to the fee interest. We explore contractual alternatives that would be Pareto preferred by owners of the leased fee estate and the leasehold interest. The sharing of the value of the residual claim between the owner of the leased fee and the leasehold and a lease extension clause triggered by redevelopment can enhance the value of the asset to both parties. The results suggest that employing such contractual terms in ground leases in the United States would lead to outcomes more consistent with the fee simple case. Escalation clauses also have a potential impact on the timing and intensity of redevelopment.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::30d7c3f3905c2ed9a2e7cd6aa96f95a2 https://doi.org/10.1111/1080-8620.00018 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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