Acronyms and Abbreviations
GPR
What is Gross Potential Rent?
This is the calculation for NOI
What is Total Income minus Total Operating Expenses?
This is the expense category for apartment upkeep and repairs
What is Maintenance Expense?
This monthly report lists all financial activity for a property during that time period
HVAC Repairs
Nah
NRR
What is Net Rental Revenue?
This general formula will provide your projected monthly management fee
What is Total Operating Revenue X the property management fee percentage?
This is the Expense category related to marketing and resident services
What is Rental Expense?
This term refers to money owed by a property to a vendor
What is Accounts Payable?
Insurance
Yes
DAILY DOUBLE!!!!!
NOI
What is Net Operating Income?
Adding up these two categories will provide your Total Operating Revenue
What is Net Rental Revenue and Other Income?
This is a term used when a lease is signed for a rent that is lower than the unit's Market Rent
What is Loss to Lease?
This is a list of codes used to categorize income and expenses
What is a Chart of Accounts?
Business Licenses
Yes
LTOL
What is Loss to Lease?
This is the calculation for your vacancy percentage
What is vacancy divided by GPR?
This is a fixed asset purchase recognized below-the-line
What is a Capital Expense?
This accounting term refers to money owed to property from a resident
What is Accounts Receivable?
Common Area Maintenance
Nah
OPEX
What is Operating Expenses?
This is what you get when you subtract all dollars spent from all income received in a given month
What is Net Cashflow?
This is typically the largest controllable expense category for a property in a given year
What is Salary Expense?
DAILY DOUBLE!!!!!!
Under this type of accounting, an expense is recognized when it is billed, rather than when it is paid
What is Accrual Basis Accounting?
Property Taxes
Yes!!!