英语翻译The fundamental product of commercial real estate is provision of consumption/factor of production benefits to space users over time.To secure temporary property control rights,third parties (lessees) commonly enter into long-term contrac

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英语翻译The fundamental product of commercial real estate is provision of consumption/factor of production benefits to space users over time.To secure temporary property control rights,third parties (lessees) commonly enter into long-term contrac
英语翻译
The fundamental product of commercial real estate is provision of consumption/factor of production benefits to space users over time.To secure temporary property control rights,third parties (lessees) commonly enter into long-term contracts with property owners (lessors).The contract and fixed payment stream promised in return for gaining temporary control rights are commonly known as a lease and a rate of lease payment,respectively.As such,space-time consumption and leasing are the micro-foundations of commercial real estate.Given their relative importance,little is known (for example) about the institution of leasing,its impact on asset risk and return,or why certain lease maturities are commonly observed.Indeed,we would argue that a thorough understanding of real estate cycles,determinants of real estate performance or the determinants of asset financing is impossible until more is understood about the microfoundations of commercial real estate.This paper attempts to shed some light on these issues by analyzing the economics of leasing.We specifically examine the interaction of leasing risk,financing risk and capital structure decisions.To do so,we first develop a theory of the term structure of riskless lease rates.In general,term structure shapes can vary depending on the state of the local real estate market — where an upward sloping term structure corresponds to a "cold" market and a downward sloping term structure corresponds to a "hot" market.We then extend the model to accommodate tenants who may default on their lease payments.This produces a theory of the risk structure of lease rates,where lease rate risk premiums depend on the volatility of lessee profitability and the correlation between lease rate and tenant profit,among other factors.We then extend the model to examine the interaction of leasing risk and financing risk,where our specific focus is to develop a theory of optimal lease maturity in the presence of debt financing.We find that tenant risk has a significant impact on asset value and the relative cost of debt.Long-term leasing (with terms equal to or in excess of debt contracting length) may be preferred with low risk tenants,since longer-term leases reduce asset volatility to reduce the relative costs of debt.Alternatively,short-term leasing (with terms shorter than debt contracting length) may be preferred when there is significant risk of tenant default.This follows because tenant default is costly,where expected costs increase with the length of the lease term.
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