UPREIT

A REIT that does not own its properties directly, but owns a controlling interest in a limited partnership that owns the REIT's real estate. Other partners (besides the REIT itself) might include management and other private investors.

Triple Net

A type of lease that requires the tenant to pay its pro rata share of all recurring maintenance and operating costs of the property, such as utilities, property taxes, and insurance.

Total Return

A stock's dividend income plus capital appreciation, before taxes and commissions. For example, if a stock rises 6 percentin price and provides a 7 percent dividend yield during the measurement period, the investor's total return would be 13 percent.

Securitization or Equitization

The process by which the economic benefits of ownership of a tangible asset, such as real estate, are divided among numerous investors and represented in the form of publicly traded securities.

Same-Store Sales

The term used originally to analyze retail companies, meaning sales from stores open for at least one year but excluding sales from stores that have been closed and from new stores, which often have unusually high sales growth. The "same-store" concept is applied to REIT's rental revenues, operating expenses, and net operating income from those of its properties that have been owned and operated in the same fiscal period of the prior year.