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Offer: Term used to describe a stated price or spread to sell
whole loans or securities
Open space: An area of land or water dedicated for public or private
use or enjoyment
Open-end fund: A commingled fund that does not have a finite life,
continually accepts new investor capital and makes new property investments
Operating cost escalation: Although there are many variations of
escalation clauses, all are intended to adjust rents by reference to
external standards such as published indexes, negotiated wage levels, or
expenses related to the ownership and operation of a building.
Operating expense: The actual costs associated with operating a
property, including maintenance, repairs, management, utilities, taxes and
insurance
Opportunistic: A phrase generally used by advisers and managers to
describe investments in underperforming and/or undermanaged assets that hold
the expectation of near-term increases in cash flow and value. Total return
objectives for opportunistic strategies tend to be 20 percent or higher.
Opportunistic investments typically involve a high degree of leverage -
typically 60 percent to 100 percent on an asset basis and 60 percent to 80
percent on a portfolio basis.
Originator: A company that sources and underwrites commercial and/or
multifamily mortgage loans
Out-parcel: Individual retail sites in a shopping center
Overallotment: A practice through which underwriters offer and sell
more shares than they have agreed to buy from the issuer
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