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Leases with upward-only characteristics

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  • Eric Clapham

Abstract

This paper considers a class of leases with indexed rents subject to a floor. Such leases have an upward-only flavour to them, although not in exactly the same sense as in the traditional upward-only institutional lease. After deriving a general result, three empirically important cases are considered: a modified upward-only lease, the Swedish standard contract for commercial leases and the percentage lease. Analytical results and numerical examples are used to illustrate how the leases relate to other contract types.

Suggested Citation

  • Eric Clapham, 2004. "Leases with upward-only characteristics," Journal of Property Research, Taylor & Francis Journals, vol. 21(1), pages 31-49, January.
    • Handle: RePEc:taf:jpropr:v:21:y:2004:i:1:p:31-49
    DOI: 10.1080/0959991042000253174
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    Cited by:

    1. Jenny Jing Wang & Jianfu Shen & Frederik Pretorius, 2023. "Valuing options to renew at future market value: the case of commercial property leases," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-35, December.

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