Yardley was assigned to head the unit. At that point, the unit consisted of Yardley and two civilian clerks.
It absorbed the navy's Cryptanalysis functions in July After the disbandment of the U. Army cryptographic section of military intelligence, known as MI-8, in , the U. The Black Chamber was the United States' first peacetime cryptanalytic organization. Its true mission, however, was to break the communications chiefly diplomatic of other nations. Its most notable known success was at the Washington Naval Conference , during which it aided American negotiators considerably by providing them with the decrypted traffic of many of the conference delegations, most notably the Japanese.
Despite the Chamber's initial successes, it was shut down in by U. Secretary of State Henry L. Stimson , who defended his decision by stating, "Gentlemen do not read each other's mail".
Department of Defense under the command of the Joint Chiefs of Staff. Truman ordered a panel to investigate how AFSA had failed to achieve its goals. The results of the investigation led to improvements and its redesignation as the National Security Agency. Due to its ultra-secrecy the U. In the s, the NSA played a key role in expanding U. The NSA mounted a major effort to secure tactical communications among U. However a variety of technical and operational problems limited their use, allowing the North Vietnamese to exploit and intercept U.
In the aftermath of the Watergate scandal , a congressional hearing in led by Sen. Kennedy to assassinate Fidel Castro. This was designed to limit the practice of mass surveillance in the United States. In , the NSA intercepted the communications of the Libyan government during the immediate aftermath of the Berlin discotheque bombing. NSA's infrastructure deteriorated in the s as defense budget cuts resulted in maintenance deferrals. On January 24, , NSA headquarters suffered a total network outage for three days caused by an overloaded network.
Incoming traffic was successfully stored on agency servers, but it could not be directed and processed. Director Michael Hayden called the outage a "wake-up call" for the need to invest in the agency's infrastructure. Solinas' presentation on efficient Elliptic Curve Cryptography algorithms at Crypto After the terrorist attacks of 11 September , the NSA believed that it had public support for a dramatic expansion of its surveillance activities.
In the aftermath of the September 11 attacks , the NSA created new IT systems to deal with the flood of information from new technologies like the Internet and cellphones. ThinThread contained advanced data mining capabilities. It also had a "privacy mechanism"; surveillance was stored encrypted; decryption required a warrant. The research done under this program may have contributed to the technology used in later systems.
Some NSA whistleblowers complained internally about major problems surrounding Trailblazer. The project was cancelled in early Turbulence started in It was developed in small, inexpensive "test" pieces, rather than one grand plan like Trailblazer. It also included offensive cyber-warfare capabilities, like injecting malware into remote computers. Congress criticized Turbulence in for having similar bureaucratic problems as Trailblazer. The massive extent of the NSA's spying, both foreign and domestic, was revealed to the public in a series of detailed disclosures of internal NSA documents beginning in June NSA's eavesdropping mission includes radio broadcasting, both from various organizations and individuals, the Internet, telephone calls, and other intercepted forms of communication.
Its secure communications mission includes military, diplomatic, and all other sensitive, confidential or secret government communications. According to a article in The Washington Post , "[e]very day, collection systems at the National Security Agency intercept and store 1.
The NSA sorts a fraction of those into 70 separate databases. In the United States, at least since ,  there has been legal controversy over what signal intelligence can be used for and how much freedom the National Security Agency has to use signal intelligence.
Bush , the National Security Agency, in an attempt to thwart terrorism, had been tapping phone calls made to persons outside the country, without obtaining warrants from the United States Foreign Intelligence Surveillance Court , a secret court created for that purpose under the Foreign Intelligence Surveillance Act FISA.
One such surveillance program, authorized by the U. Army th Military Intelligence Brigade. NSA relayed telephone including cell phone conversations obtained from ground, airborne, and satellite monitoring stations to various U. Conversations of citizens of the U. Proponents of the surveillance program claim that the President has executive authority to order such action, arguing that laws such as FISA are overridden by the President's Constitutional powers.
Rumsfeld deprecates this view. Bush , against the George W. In that case the agency has to ask the telecom companies for the record, which will only be kept for six months. NSA was reported in to use its computing capability to analyze "transactional" data that it regularly acquires from other government agencies, which gather it under their own jurisdictional authorities.
As part of this effort, NSA now monitors huge volumes of records of domestic email data, web addresses from Internet searches, bank transfers, credit-card transactions, travel records, and telephone data, according to current and former intelligence officials interviewed by The Wall Street Journal.
The sender, recipient, and subject line of emails can be included, but the content of the messages or of phone calls are not. A advisory group for the Obama administration, seeking to reform NSA spying programs following the revelations of documents released by Edward J. Law enforcement agents were directed to conceal how the investigations began and recreate an apparently legal investigative trail by re-obtaining the same evidence by other means.
The Justice Department then took action to correct the issues and bring the program into compliance with existing laws. Polls conducted in June found divided results among Americans regarding NSA's secret data collection. On April 25, , the NSA obtained a court order requiring Verizon 's Business Network Services to provide metadata on all calls in its system to the NSA "on an ongoing daily basis" for a three-month period, as reported by The Guardian on June 6, This information includes "the numbers of both parties on a call The order relies on the so-called "business records" provision of the Patriot Act.
In August , following the Snowden leaks, new details about the NSA's data mining activity were revealed. Reportedly, the majority of emails into or out of the United States are captured at "selected communications links" and automatically analyzed for keywords or other "selectors".
Emails that do not match are deleted. The utility of such a massive metadata collection in preventing terrorist attacks is disputed. Many studies reveal the dragnet like system to be ineffective. One such report, released by the New America Foundation concluded that after an analysis of terrorism cases, the NSA "had no discernible impact on preventing acts of terrorism. Defenders of the program said that while metadata alone can't provide all the information necessary to prevent an attack, it assures the ability to "connect the dots"  between suspect foreign numbers and domestic numbers with a speed only the NSA's software is capable of.
One benefit of this is quickly being able to determine the difference between suspicious activity and real threats. Alexander mentioned at the annual Cybersecurity Summit in , that metadata analysis of domestic phone call records after the Boston Marathon bombing helped determine that rumors of a follow-up attack in New York were baseless.
In addition to doubts about its effectiveness, many people argue that the collection of metadata is an unconstitutional invasion of privacy. As of [update] , the collection process remains legal and grounded in the ruling from Smith v. A prominent opponent of the data collection and its legality is U. District Judge Richard J.
Leon , who issued a report in  in which he stated: Surely, such a program infringes on 'that degree of privacy' that the founders enshrined in the Fourth Amendment". As of May 7, , the U. Court of Appeals for the Second Circuit ruled that the interpretation of Section of the Patriot Act was wrong and that the NSA program that has been collecting Americans' phone records in bulk is illegal.
This ruling "is the first time a higher-level court in the regular judicial system has reviewed the N. Under the Upstream program, the NSA paid telecommunications companies between 9 and 95 million dollars in order to collect data from them. In a declassified document it was revealed that 17, phone lines were on an improperly permitted "alert list" from to in breach of compliance, which tagged these phone lines for daily monitoring.
Domestically, the NSA has been proven to collect and store metadata records of phone calls,  including over million US Verizon subscribers ,  as well as intercept vast amounts of communications via the internet Upstream. Federal agents are then instructed to "recreate" the investigative trail via parallel construction.
The NSA also spies on influential Muslims to obtain information that could be used to discredit them, such as their use of pornography. The targets, both domestic and abroad, are not suspected of any crime but hold religious or political views deemed "radical" by the NSA.
The newspaper said it had examined documents including emails, text messages, and online accounts that support the claim. Despite White House claims that these programs have congressional oversight, many members of Congress were unaware of the existence of these NSA programs or the secret interpretation of the Patriot Act, and have consistently been denied access to basic information about them. The NSA has "generally disregarded the special rules for disseminating United States person information" by illegally sharing its intercepts with other law enforcement agencies.
Legal opinions on the NSA's bulk collection program have differed. In mid-December , U. District Judge Richard Leon ruled that the "almost-Orwellian" program likely violates the Constitution, and wrote, "I cannot imagine a more 'indiscriminate' and 'arbitrary invasion' than this systematic and high-tech collection and retention of personal data on virtually every single citizen for purposes of querying and analyzing it without prior judicial approval.
Surely, such a program infringes on 'that degree of privacy' that the Founders enshrined in the Fourth Amendment. Indeed, I have little doubt that the author of our Constitution, James Madison, who cautioned us to beware 'the abridgement of freedom of the people by gradual and silent encroachments by those in power,' would be aghast. Later that month, U. District Judge William Pauley ruled that the NSA's collection of telephone records is legal and valuable in the fight against terrorism.
There are cases where they could inadvertently perhaps collect, but not wittingly. Clapper, in response to criticism, said, "I responded in what I thought was the most truthful, or least untruthful manner. NSA whistler-blower Edward Snowden additionally revealed the existence of XKeyscore , a top secret NSA program that allows the agency to search vast databases of "the metadata as well as the content of emails and other internet activity, such as browser history," with capability to search by "name, telephone number, IP address, keywords, the language in which the internet activity was conducted or the type of browser used.
Regarding the necessity of these NSA programs, Alexander stated on June 27 that the NSA's bulk phone and Internet intercepts had been instrumental in preventing 54 terrorist "events", including 13 in the US, and in all but one of these cases had provided the initial tip to "unravel the threat stream". An October United Nations report condemned mass surveillance by the United States and other countries as violating multiple international treaties and conventions that guarantee core privacy rights.
An exploit, EternalBlue , which is believed to have been created by the NSA, was used in the unprecedented worldwide WannaCry ransomware attack in May The exploit had been leaked online by a hacking group, The Shadow Brokers , nearly a month prior to the attack. A number of experts have pointed the finger at the NSA's non-disclosure of the underlying vulnerability, and their loss of control over the EternalBlue attack tool that exploited it.
Edward Snowden said that if the NSA had " privately disclosed the flaw used to attack hospitals when they found it, not when they lost it, [the attack] might not have happened". Its capabilities were suspected to include the ability to monitor a large proportion of the world's transmitted civilian telephone, fax and data traffic. During the early s, the first of what became more than eight large satellite communications dishes were installed at Menwith Hill.
Alleged Echelon-related activities, including its use for motives other than national security, including political and industrial espionage , received criticism from countries outside the UKUSA alliance. Those targeted had not committed any apparent crime nor were they charged with one. In order to support its facial recognition program, the NSA is intercepting "millions of images per day".
The Real Time Regional Gateway is a data collection program introduced in in Iraq by NSA during the Iraq War that consisted of gathering all electronic communication, storing it, then searching and otherwise analyzing it. It was effective in providing information about Iraqi insurgents who had eluded less comprehensive techniques. Alexander , is believed by Glenn Greenwald of The Guardian to be the model for the comprehensive worldwide mass archiving of communications which NSA is engaged in as of Initially, it was reported that some of these data reflected eavesdropping on citizens in countries like Germany, Spain and France,  but later on, it became clear that those data were collected by European agencies during military missions abroad and were subsequently shared with NSA.
XKeyscore rules as specified in a file xkeyscorerules When my oldest son was asked the same question: Then he was sort of in the legal free. He had given the right answer, everybody understood that the NSA had approached him. IBM Notes was the first widely adopted software product to use public key cryptography for client—server and server—server authentication and for encryption of data.
Until US laws regulating encryption were changed in , IBM and Lotus were prohibited from exporting versions of Notes that supported symmetric encryption keys that were longer than 40 bits.
In , Lotus negotiated an agreement with the NSA that allowed export of a version that supported stronger keys with 64 bits, but 24 of the bits were encrypted with a special key and included in the message to provide a "workload reduction factor" for the NSA. This strengthened the protection for users of Notes outside the US against private-sector industrial espionage , but not against spying by the US government. While it is assumed that foreign transmissions terminating in the U.
They intercept routers , servers and other network hardware being shipped to organizations targeted for surveillance and install covert implant firmware onto them before they are delivered. This was described by an NSA manager as "some of the most productive operations in TAO because they preposition access points into hard target networks around the world.
Computers seized by the NSA due to interdiction are often modified with a physical device known as Cottonmouth. NSA's mission, as set forth in Executive Order in , is to collect information that constitutes "foreign intelligence or counterintelligence" while not "acquiring information concerning the domestic activities of United States persons ". NSA has declared that it relies on the FBI to collect information on foreign intelligence activities within the borders of the United States, while confining its own activities within the United States to the embassies and missions of foreign nations.
NSA's domestic surveillance activities are limited by the requirements imposed by the Fourth Amendment to the U. The Foreign Intelligence Surveillance Court for example held in October , citing multiple Supreme Court precedents, that the Fourth Amendment prohibitions against unreasonable searches and seizures applies to the contents of all communications, whatever the means, because "a person's private communications are akin to personal papers.
Title 1 , 2 , and 9 specifically authorized measures that would be taken by the NSA. These titles granted enhanced domestic security against terrorism, surveillance procedures, and improved intelligence, respectively. They threatened to resign over the matter, but ultimately the NSA's programs continued. This allowed the president to be able to override laws such as the Foreign Intelligence Surveillance Act , which protected civilians from mass surveillance.
In addition to this, President Bush also signed that the measures of mass surveillance were also retroactively in place. Internet-based communication service providers: Data gathered include email, video and voice chat, videos, photos, VoIP chats such as Skype, and file transfers. Besides the more traditional ways of eavesdropping in order to collect signals intelligence, NSA is also engaged in hacking computers, smartphones and their networks. These operations are conducted by the Tailored Access Operations TAO division, which has been active since at least circa According to the Foreign Policy magazine, " In an interview with Wired magazine, Edward Snowden said the Tailored Access Operations division accidentally caused Syria 's internet blackout in Each of these directorates consisted of several groups or elements, designated by a letter.
These groups were divided in units designated by an additional number, like unit A5 for breaking Soviet codes, and G6, being the office for the Middle East, North Africa, Cuba, Central and South America. As of [update] , NSA has about a dozen directorates, which are designated by a letter, although not all of them are publicly known. The directorates are divided in divisions and units starting with the letter of the parent directorate, followed by a number for the division, the sub-unit or a sub-sub-unit.
The main elements of the organizational structure of the NSA are: The chiefs of other main NSA divisions became associate directors of the senior leadership team. After president George W. Both units were part of the Signals Intelligence Directorate. NSANet is a highly secured computer network consisting of fiber-optic and satellite communication channels which are almost completely separated from the public Internet. The network allows NSA personnel and civilian and military intelligence analysts anywhere in the world to have access to the agency's systems and databases.
This access is tightly controlled and monitored. For example, every keystroke is logged, activities are audited at random and downloading and printing of documents from NSANet are recorded. The number of NSA employees is officially classified  but there are several sources providing estimates. In , NSA had 59, military and civilian employees, which grew to 93, in , of which 19, worked at the headquarters at Fort Meade. In the early s NSA had roughly 50, military and civilian personnel.
By this number had grown again to 75,, of which 25, worked at the NSA headquarters. Between and the NSA's budget and workforce were cut by one third, which led to a substantial loss of experience. Inglis , the deputy director, said that the total number of NSA employees is "somewhere between 37, and one billion" as a joke,  and stated that the agency is "probably the biggest employer of introverts. As of about 1, system administrators work for the NSA.
Investigations by the House Un-American Activities Committee and a special subcommittee of the United States House Committee on Armed Services revealed severe cases of ignorance in personnel security regulations, prompting the former personnel director and the director of security to step down and leading to the adoption of stricter security practices. The very same day, an NSA clerk-messenger committed suicide as ongoing investigations disclosed that he had sold secret information to the Soviets on a regular basis.
The reluctance of Congressional houses to look into these affairs had prompted a journalist to write, "If a similar series of tragic blunders occurred in any ordinary agency of Government an aroused public would insist that those responsible be officially censured, demoted, or fired. Edward Snowden 's leaking of the existence of PRISM in caused the NSA to institute a " two-man rule ", where two system administrators are required to be present when one accesses certain sensitive information.
The NSA conducts polygraph tests of employees. For new employees, the tests are meant to discover enemy spies who are applying to the NSA and to uncover any information that could make an applicant pliant to coercion. In addition the NSA conducts periodic polygraph investigations in order to find spies and leakers; those who refuse to take them may receive "termination of employment", according to a memorandum from the director of NSA.
There are also "special access examination" polygraphs for employees who wish to work in highly sensitive areas, and those polygraphs cover counterintelligence questions and some questions about behavior. Between and , of the 20, job applicants who took polygraph tests, 3. In the NSA produced a video explaining its polygraph process.
After Edward Snowden revealed his identity in , the NSA began requiring polygraphing of employees once per quarter. The number of exemptions from legal requirements has been criticized. When in the Congress was hearing a bill giving the director of the NSA the power to fire at will any employee, The Washington Post wrote: It means that an employee could be discharged and disgraced on the basis of anonymous allegations without the slightest opportunity to defend himself.
When the agency was first established, its headquarters and cryptographic center were in the Naval Security Station in Washington, D. Army 's cryptographic operations.
Construction of additional buildings began after the agency occupied buildings at Ft. Meade in the late s, which they soon outgrew. NSA workers referred to the building as the "Headquarters Building" and since the NSA management occupied the top floor, workers used "Ninth Floor" to refer to their leaders. Meade , Maryland , although it is separate from other compounds and agencies that are based within this same military installation.
The Eastbound exit from the Parkway heading toward Baltimore is open to the public and provides employee access to its main campus and public access to the National Cryptology Museum.
NSA is the largest employer in the U. The main NSA headquarters and operations building is what James Bamford , author of Body of Secrets , describes as "a modern boxy structure" that appears similar to "any stylish office building. Capitol "could easily fit inside it four times over. The facility has over watchposts,  one of them being the visitor control center, a two-story area that serves as the entrance. The OPS2A building, the tallest building in the NSA complex and the location of much of the agency's operations directorate, is accessible from the visitor center.
Bamford described it as a "dark glass Rubik's Cube ". The name refers to the "red badge" which is worn by someone without a security clearance. The NSA headquarters includes a cafeteria, a credit union, ticket counters for airlines and entertainment, a barbershop, and a bank. The employees at the NSA headquarters reside in various places in the Baltimore-Washington area , including Annapolis , Baltimore, and Columbia in Maryland and the District of Columbia, including the Georgetown community.
Following a major power outage in , in and in follow-ups through , The Baltimore Sun reported that the NSA was at risk of electrical overload because of insufficient internal electrical infrastructure at Fort Meade to support the amount of equipment being installed. This problem was apparently recognized in the s but not made a priority, and "now the agency's ability to keep its operations going is threatened.
Meade in , and expected that an increase of 10 to 15 megawatts would be needed later that year. Meade was Maryland's largest consumer of power. NSA held a groundbreaking ceremony at Ft. NCSC was responsible for computer security throughout the federal government. As of , NSA collected intelligence from four geostationary satellites.
NSA had installations in several U. In , to protect its assets and access more electricity, NSA sought to decentralize and expand its existing facilities in Ft.
Meade and Menwith Hill,  the latter expansion expected to be completed by The Yakima Herald-Republic cited Bamford, saying that many of NSA's bases for its Echelon program were a legacy system , using outdated, s technology.
A NSA report indicates that the ECC is responsible for the "largest analysis and productivity in Europe" and focuses on various priorities, including Africa, Europe, the Middle East and counterterrorism operations. Thailand is a "3rd party partner" of the NSA along with nine other nations. It presumably eavesdrops on foreign embassies, governmental communications, and other targets of opportunity. Its mission was to eavesdrop on the radio traffic of Chinese army and air force units in southern China, especially in and around the city of Kunming in Yunnan Province.
Back in the late s the base consisted only of a small CDAA antenna array that was remote-controlled via satellite from the NSA listening post at Kunia, Hawaii , and a small force of civilian contractors from Bendix Field Engineering Corp. The base apparently fell into disrepair in the s as China and Vietnam became more friendly towards the US, and by archived satellite imagery showed that the PUSHER CDAA antenna had been torn down, perhaps indicating that the base had been closed.
It is likely that the NSA presence at Khon Kaen is relatively small, and that most of the work is done by civilian contractors. NSA has been involved in debates about public policy, both indirectly as a behind-the-scenes adviser to other departments, and directly during and after Vice Admiral Bobby Ray Inman 's directorship. NSA was a major player in the debates of the s regarding the export of cryptography in the United States.
Restrictions on export were reduced but not eliminated in Its secure government communications work has involved the NSA in numerous technology areas, including the design of specialized communications hardware and software, production of dedicated semiconductors at the Ft. Meade chip fabrication plant , and advanced cryptography research. For 50 years, NSA designed and built most of its computer equipment in-house, but from the s until about when the U. Congress curtailed the practice , the agency contracted with the private sector in the fields of research and equipment.
NSA was embroiled in some minor controversy concerning its involvement in the creation of the Data Encryption Standard DES , a standard and public block cipher algorithm used by the U. There was suspicion that these changes had weakened the algorithm sufficiently to enable the agency to eavesdrop if required, including speculation that a critical component—the so-called S-boxes —had been altered to insert a " backdoor " and that the reduction in key length might have made it feasible for NSA to discover DES keys using massive computing power.
It has since been observed that the S-boxes in DES are particularly resilient against differential cryptanalysis , a technique which was not publicly discovered until the late s but known to the IBM DES team. This small modification was suggested by NSA two years later, with no justification other than the fact that it provides additional security.
An attack for SHA-0 that does not apply to the revised algorithm was indeed found between and by academic cryptographers. Because of weaknesses and key length restrictions in SHA-1, NIST deprecates its use for digital signatures , and approves only the newer SHA-2 algorithms for such applications from on. A new hash standard, SHA-3 , has recently been selected through the competition concluded October 2, with the selection of Keccak as the algorithm.
The process to select SHA-3 was similar to the one held in choosing the AES, but some doubts have been cast over it,   since fundamental modifications have been made to Keccak in order to turn it into a standard. National Institute of Standards and Technology 's guidelines. This led to speculation of a backdoor which would allow NSA access to data encrypted by systems using that pseudo random number generator. This is now deemed to be plausible based on the fact that output of next iterations of PRNG can provably be determined if relation between two internal elliptic curve points is known.
Because of concerns that widespread use of strong cryptography would hamper government use of wiretaps , NSA proposed the concept of key escrow in and introduced the Clipper chip that would offer stronger protection than DES but would allow access to encrypted data by authorized law enforcement officials.
NSA has the ability to file for a patent from the U. Patent and Trademark Office under gag order. Unlike normal patents, these are not revealed to the public and do not expire. However, if the Patent Office receives an application for an identical patent from a third party, they will reveal NSA's patent and officially grant it to NSA for the full term on that date.
One of NSA's published patents describes a method of geographically locating an individual computer site in an Internet-like network, based on the latency of multiple network connections. The heraldic insignia of NSA consists of an eagle inside a circle, grasping a key in its talons. Carter USA ordered the creation of a device to represent the agency. Crews associated with NSA missions have been involved in a number of dangerous and deadly situations.
A tradition of declassifying the stories of the fallen was begun in From Wikipedia, the free encyclopedia.
Armed Forces Security Agency. Army , Director George C. Barnes , Deputy Director. Map of global NSA data collection. Watergate scandal and Church Committee. Global surveillance disclosures —present. The concept involves valuation of a continuing enterprise from which allocations, or apportionments, of overall going concern value may be made to constituents parts as they contribute to the whole, but none of the components in themselves constitutes a basis for Market Value.
In such case, the goodwill element will be extinguished upon sale of the property ; c Future economic benefits arising from assets that are not capable of being individually identified and separately recognised. The starting point used for the calculation of value using a depreciated replacement cost approach.
The GCRC is established by reference to recent construction costs of similar assets. It should include components to cover direct costs such as the costs that could be directly attributed to a work unit, indirect costs such as design and engineering, support services, field operations, project management and procurement costs, and overheads such as business services, finance, administration, support services and indirect transport costs.
One in which all operating costs on the property are included in the rental charged rather than charged as a separate amount. The landlord generally pays for all base year repairs, taxes and operating expenses incurred through ownership. It is the opposite of a net lease in which these costs are borne by the lessee. Used for calculating tenancy areas in: Used for calculating retail tenancy areas in shopping centres; commercial buildings; and, strip shops, free-standing shops, semi detached or terrace type shops in suburban streets.
In some states or territories, lease legislation might contain provisions that over-ride the Property Council approach. Total revenue collected from lessees including base rent, recovered outgoings, percentage rent and all other income. The sum total in dollars for all sales that the retailer makes during a specific period, usually in a financial year. Normally used for the purpose of percentage rent calculations. Usually a long-term lease of land with the lessee permitted to improve or build on the land and to enjoy those benefits for the term of the lease.
The net rent paid for the right of use and occupancy of a parcel of unimproved land, or that portion of the total rental paid that is considered to represent return upon the land only. Income growth rates should reflect the expectation of market rent movements. The outgoings growth rates should reflect inflation or anticipated increases.
A lease to a single entity that is intended to be the holder of subsequent leases to sublessees that will be the tenants in possession of the leased premises. Headlease is common Australian usage; master lease is North American usage. A type of investment portfolio under which the fund manager is authorised to use a number of higher risk investment techniques, including using derivatives, short selling, and borrowing funds, in order to generate a higher return.
The most probable use of a property which is physically possible, appropriately justified, legally permissible, financially feasible, and which results in the highest value of the property being valued. Where a lease term expires and the lessee remains in occupation usually on a month-to-month basis on the terms and conditions of the original lease.
An approach to value that considers income and expense data relating to the property being valued and estimates value through a capitalisation process. The indication of value derived for an income-producing property by converting its anticipated benefits cash flows and reversion into property value in one of two ways; direct capitalisation of expected income or discounting the annual cash flows for the holding period at a specified yield rate.
A basis of insurance cover for buildings and contents. The cost necessary to replace, repair or rebuild the property insured to a condition substantially the same as but not better or more extensive than its condition at the time the damage occurred, taking into consideration age, condition and remaining useful life.
Assets that usually display some or all of the following general characteristics: The discount rate that equates the present value of the net cash flows of a project with the present value of the capital investment.
The IRR reflects both the return on the invested capital and the return of the original investment, which are basic considerations of potential investors. Therefore, deriving the IRR from analysis of market transactions of similar properties having comparable income patterns is a proper method for developing market discount rates for use in valuations to arrive at Market Value.
Used in discounted cash flow analysis to find the implied or expected rate of return of the project, the IRR is the rate of return which gives a zero net present value NPV.
An asset owned by a corporation and considered extraneous to the operational requirements of the corporate owner. It is not held for use in the production or supply of goods or services or for administrative purposes, or for sale in the ordinary course of business. Property land or a building - or part of a building - or both held by the owner or by the lessee under a finance lease to earn rentals or for capital appreciation or both.
The investment banking firm, generally with the largest position in an underwriting for a new issue of securities, which handles the principal responsibilities for co-ordinating the issuance. The interest which a tenant or lessee acquires under a lease including rights of use and occupancy for a stated term under certain conditions e. Leaseholds may be of various duration such as 25 years, 60 years and 99 years etc. An amount of damages payable by the contractor as compensation for losses incurred by the principal as a result of failure to complete the works within the agreed, or extended, contract period.
Damages are payable for every unit of time specified in the contract documents day, week or month by which the agreed, or extended, practical completion date is exceeded. The obligation of a lessee at the end of their occupation to ensure that premises are returned to the same condition as at the commencement of the lease; for example, painting and restoring partitions.
Issued units of a trust or security listed on the stock exchange, multiplied by the market price of each unit or security. The exclusive right given to the lessee to name the building, in association with their occupancy of the premises.
The National Australian Built Environment Rating System is a multiple index performance-based rating tool that measures an existing building's overall environmental performance during operation. Measures the change in volume of occupied space between two survey periods and is used to determine demand. Net absorption is occupied stock at the end of the survey period, less occupied stock at beginning of the period. Total assets of a company less total liabilities. A more refined measure is net tangible assets, which does not include intangible items like goodwill.
Used to calculate tenancy areas for office tenants. The measure of the difference between the discounted revenues, or inflows, and the costs, or outflows, in a DCF analysis. In a valuation that is done to arrive at Market Value, where discounted inflows and outflows and the discount rate are market derived, the resulting present value should be indicative of the Market Value by the income approach.
The notice given by either the landlord or tenant that they want to end the rental agreement and vacate the property in compliance with the terms and conditions of the lease. A contract substituted for another with the agreement of all parties.
For example, in design and construct contracts where the design team engaged by the client becomes responsible to the head contractor under a novated contract. The total of costs incurred by a tenant to provide space for operations. It includes net rent, operating costs outgoings , capital costs, taxes, insurance and depreciation allowances.
Costs include rent, promotional levies, marketing fees, statutory costs and costs related to occupation of floor space. Also known as Rent to Turnover Ratio. May be expressed either before or after tax and is the result of operating revenue less operating expenses and does not include any abnormal adjustments. An option entitles, but does not oblige, the person having the option to make the purchase; c An option in a lease refers to a further term of tenancy.
The expenses incurred in generating income. In real estate, these expenses include but are not necessarily limited to property rates, insurance, repairs and maintenance and management fees. Operating expenses when subtracted from gross income equal net operating income. The decline in value due to the physical action of time and the elements, as well as through usage.
Deterioration through physical depreciation is normally as a result of inadequate maintenance or normal weathering and decay. See also Physical Obsolescence. Assets intended for use on a continuing basis in the activities of an entity including specialised, non-permanent buildings; machinery individual machines or collections of machines, trade fixtures, and leasehold improvements , and other categories of assets, suitably identified.
The stage reached when a project has been essentially completed and is fit for its intended purpose, except for minor omissions and defects that do not prevent its use, and with tests required under the contract having been carried out. Practical completion is marked by the issue to the contractor of a certificate of practical completion. Current value of a future amount or scheme of payments discounted at an appropriate discount rate. See also Net Present Value.
A measure of the attractiveness of a particular security or trust listed on the stock exchange — a higher price earnings ratio means investors are prepared to pay a higher price for the security or trust because of the anticipated future growth in the earnings of the investment.
It is calculated by dividing the price of a share or trust by its current earnings. Prime cost items are building components usually relating to building finishes or services, e. A sum is allowed for these items in the building contract and they are later selected by the owner.
Generally, the year Government bond rate is adopted as the benchmark for the prime rate. See also Risk Free Rate. Professional Indemnity A form of insurance against negligence by a professional adviser.
Maintenance assigned to be carried out within a specific period, such as a budgeting period, or during annual holidays. A contract for the total management of a construction project by an independent person or organisation which is responsible for all aspects of design, documentation, contractual arrangements, inspections and certification of work for payment and of completion on behalf of the proprietor. The management of a property on behalf of the owner.
For example, the leasing of space, collection of rents, selection of tenants and generally the overall maintaining and managing of real estate properties for clients. A collective investment vehicle which owns a portfolio of real property. A collective investment vehicle which owns a portfolio of real property which is not listed on the primary stock exchange. Transactions are directly with the Trust's manager, who fixes the price in relation to the established asset backing with the Trust.
Property, plant, and equipment are tangible, or physical, assets; b Tangible items that: A person who undertakes the preparation of a statement of the quantities and costs of material required for the carrying out of constructional work and related activities.
A minimum rental provision in leases, which protects the lessor from a drop in rental below an agreed lower limit in the event of a reduced market value or CPI. Has effect during rent reviews. United States business trust or corporation that is usually traded publicly and manages a portfolio of real estate to earn profits for shareholders. A market-based concept whereby a potential purchaser, and thus the Valuer, estimates the maintainable level of trade and future profitability that can be achieved by a competent operator of a business conducted on the premises, acting in an efficient manner.
The concept involves the trading potential rather than the actual level of trade under the existing ownership, so that it excludes personal goodwill. A section of the lease document, usually at the beginning, which outlines the variables in the lease. A payment made periodically by a lessee to a lessor for the use of premises. A period of occupancy where no rent is demanded, normally used as an incentive to a new tenant at the commencement of a lease and varies according to market conditions.
A periodic review of rental under a lease using a predetermined method. A valuation report by an independent valuer fixing a rent, in circumstances where a lessor and lessee have been unable to negotiate an agreement. The minimum rate of return an investment must produce in order to induce an individual to invest.
Also known as Hurdle Rate of Return. Specialist bodies exist in most Australian States and Territories to resolve disputes between landlords and residential tenants in low-cost manner, usually without the involvement of lawyers.
Specifically, these bodies include the: The estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. The net amount which the entity expects to obtain for an asset at the end of its useful life after deducting the expected costs of disposal.
The remaining value of an asset at the end of a prescribed period of time in this definition residual value is similar to scrap value. The responsible entity for a trust manages the trust. In an internal management structure the responsible entity also manages the properties held by the trust.
Where an assessment is made without undertaking a full inspection of the asset on the specific instructions of the client. The percentage or factor applied within a discounted cash flow to reflect the probability of tenants renewing or exercising options upon expiry of current leases. Internal rates of return calculated from a fixed base which assumes the sale of the investment at the end of pre-determined periods; for example, end of Year 1, end of Year 2.
A transaction whereby an existing owner sells an asset to another who then leases it back to the original owner on pre-determined terms and conditions for the mutual advantage of each party.
A deposit to assure performance usually of a lease. In the event of non-performance, the deposit will usually be fully or partially forfeited.
Describes the advantages of ownership as compared with leasing. When the term is used in connection with renting, it means the certain term a tenant can remain in occupation. Agreement between service providers and customers that establishes agreed service scope volumes and standards. Vacant office space being offered for lease by a tenant holding a head lease as opposed to an owner. An asset that is owned by an entity such as a corporation but considered superfluous to the operations of that entity.
A surplus asset is not considered necessary to the production of the good or service the entity produces. It is held for investment, development or disposal, or used as security for a loan or some other commercial purpose unrelated to the operation of the entity. The Market Value of a surplus asset is determined by its highest and best use. A form of lease, generally in an abbreviated form. It may be registered on an owner's certificate of title.
A listing of each premise in a property including tenancy name, number, area, lease commencement and expiry dates, rental, rental review date and type, outgoings and rent review mechanism. The capitalisation rate used to calculate the terminal value the value at the end of the discounted cash flow period. The geometric mean of individual period rates of return.
In attribution analysis, the total excess return over the benchmark; i. Include the total costs associated with the day-to-day operation of the facility. Such costs include inter alia, maintenance and repair costs both fixed and variable , administrative costs, management fees, labour costs, rates, land taxes, income taxes, insurances, light, power, fuel, security, cleaning and all costs associated with grounds and car parking.
See also Operating Expenses; Outgoings. Commercial Mortgage Backed Securities CMBS offerings are generally divided into rated and unrated classes, or tranches, according to seniority and risk.
Higher rated tranches allow for internal credit enhancements, while lower rated classes offer higher yields to investors. Costs associated with the purchase or sale of a property. Acquisition costs include legal fees and stamp duty, etc. There are two dates associated with a property transaction — date of contract exchange and date of settlement which is the date of legal completion and transfer of title. That intangible asset that arises as a result of property-specific name and reputation, customer patronage, location, products and similar factors, which generate economic benefits.
It is inherent to the specialised trading property, and will transfer to a new owner on sale. A fiduciary relationship, an instrument thereof, which places the legal title to, and the control of property, in the hands of a trustee for the benefit for another person or persons beneficiaries.
A trust may be temporary, conditional, or permanent. Trust Account A legislative required bank account where monies are held by an agent for or on behalf of another person, e. Per Square Metre Sales divided by the total number of square metres of rentable area. May apply to individual stores, groups of stores or total centre. Any form of lease rental arrangement in which the lessor receives a form of rental that is based upon the earnings of the lessee.
Percentage rent is an example of a turnover rent. The turnover is normally reported in two ways — for the month just completed and for the full year just completed the latter form is also known as Moving Annual Turnover.
Property free and clear of mortgages, restrictive covenants, leases, and assessments of any kind. The area, expressed in square metres, which is physically empty but otherwise occupiable. Space which is empty but unable to be occupied is not included in the calculation of vacancy and marketable stock. See also Direct Vacancy; Sublease Vacancy. The weighted average lease term remaining to expire across a portfolio, it can be weighted by rental income or square metres.
Weighted Average Return Return of a grouping of funds or properties which is weighted via the capital employed of the fund or properties.
Unlisted property investment vehicles that have been or are currently open to institutional investors, that is, superannuation funds or general funds. These funds can either be diversified or sector specific. This value will be affected by either the method of depreciation chosen and the value attributed to the asset; b The unexpired cost of an asset carried in the books of an organisation.
The value of an asset, at a point in time, after the systematic allocation of depreciation. See also Book Value. It is important to note that yields and capitalisation rates cap rates are separate and distinct concepts, although they are often discussed together. Yield is also referred to in Australia as the direct capitalisation rate, or, simply, the capitalisation rate.
The derived percentage return of a property assessed from the net income and the market value or price. It is calculated by dividing the net income by the opening market value or price. Any divisor usually expressed as a percentage that is used to convert et income into value or price. The rate at which the annual net income from an investment is capitalised to ascertain its capital value at a given date.
There are several specific yield types depending on the nature of the net income. Terms commonly used in Australia are:. The Effective Yield is the percentage return on value or price derived from the current net income after adjusting for rent incentives or impending vacancies. The Equity Yield Rate is the percentage return on the equity portion of a property investment. It is the net income after deduction of the annual debt service divided by the equity portion of the asset value.
The initial or passing yield is the percentage return on value or price derived from the current net passing income.
No allowance is made for any future rent growth. If the current income from a property is at market level, then the market yield is the same as the initial passing yield. The yield quoted is an estimate. The Reversionary Yield is the percentage return on current value or price derived when the current market rentals are payable.
This yield relates a future net income to a current value or price and it is normally quoted together with the date from which it will apply. To calculate a Reversionary Yield, one would determine those leases that are subject to a market rent review within the period of consideration and adjust the income from those leases for the effect of the reviews.
It should not be confused with the Reversion Yield see Terminal Yield. The Terminal Yield rightfully a capitalisation rate is the percentage return applied to the expected net income following a hypothetical sale at the end of the cash flow period.
It is a capitalisation rate used to determine the terminal value in a discounted cash flow exercise. The Annualised Yield is the total holding period return on the net income of a property expressed as an annual compound rate. The Equated Yield is an annualised yield that is derived from the current net income and future changes to the net income over time with specific consideration of future rental growth.
It is the rate of return over a specific time period that has been adjusted for rental growth. The Equivalent Yield is an annualised yield that is derived from the current net income and future changes to the net income over time but no allowance is made for future rental growth.
It is the rate of return of a net income stream over a specific period of time that reflects current actual rents and costs and current levels of rental values. It is recommended that other yield terms are not used in Australia without an associated definition.
The percentage rate of return paid on a fixed security such as a bond if it is bought and held to its maturity date. To calculate the yield to maturity, the investor must take into account the coupon rate, time to maturity and the market price at which the security was purchased.
Access Rights The right of ingress to and egress from a property that abuts upon an existing street or highway. Acquisition Costs The total cost of acquiring an asset. Actual Cash Value The price which property will realise on the open market, after all reasonable efforts have been made to secure a purchaser who will pay the highest price.
Ad Valorem Literally means "in proportion to value". Affected Valuation Basis The value of real estate having regard to the effect of blight or damage to the real estate for whatever reason and normally due to planning considerations e. Amortisation a The reduction in the value of an asset by prorating its cost over a period of years. Asset Management A systematic approach to the procurement, maintenance, operation, rehabilitation and disposal of one or more assets which integrates the utilisation of assets and their performance with the business requirements of asset owners or users.
Asset Register A record of items considered worthy of identification as discrete assets. Assignment Of Contract Signing over of contract. B Base Period A specific time period used as a benchmark for measuring financial or economic data. Base Year The year or date to which all future and past benefits and costs are indexed or compared to. Building Area Gross The total enclosed and unenclosed area of the building at all building floor levels measured between the normal outside face of any enclosing walls, balustrades and supports.
Capital Return The change in capital value between periods less any capital expenditures which may have occurred — it is expressed as a percentage of capital value plus a portion of capital expenditures less any partial sales and less a portion of net income.
Capital Value The capital sum which a property might in ordinary circumstances be expected to realise at the time of valuation if offered for sale on reasonable terms and conditions.
Capitalisation Rate Any divisor usually expressed as a percentage that is used to convert income into value. Capitalised Income Approach The method of valuation where a yield is applied to an income to assess a market value. Caveat A notice on title proclaiming a possible interest other than that of an owner.
Certificate Of Title A document issued by a title office under a Torrens System of Title, showing ownership and interest in a parcel of land. Certification of Value Required by some States in a prescribed format for inclusion in the valuation report. Certified Practising Valuer CPV A designation of the Australian Property Institute signifying the recipient has the required education and experience to undertake comprehensive valuations. Ceteris Paribus Latin phrase, literally translated as "with other things [being] the same," and usually rendered in English as "all other things being equal.
Circulation Space Spaces provided within a functional area to link together individual rooms or spaces, including areas occupied by internal walls. Compulsory Acquisition Where an asset is acquired by a statutory authority through legislation, irrespective of whether an owner is willing to sell or not. Conditions of Engagement A common name for the terms of contract between consultant and client. Cooling Off Period A short statutory period after the contract is made, during which the purchaser may cancel the contract unconditionally.
Counter Offer A new offer as to price, terms and conditions, made in reply to a prior unacceptable offer Normally the counter offer terminates the previous offer. Covenant An agreement between two or more parties to adhere to certain terms, conditions or restrictions regarding property, often written into a deed or other legal instrument such as a Certificate of Title.
Current Assets a Assets not intended for use on a continuing basis in the activities of the entity such as stocks, obligations owed to the entity, short-term investments, and cash in bank and in hand. Current Liabilities Liabilities that would in the ordinary course of business be due or payable within twelve months.
D Defect In Title Where the title to real estate or documents relating to that title are found to be incorrect. Defects Liability Period The specified period of time within which the contractor is required, at his or her own cost, to rectify any defects in the completed works, arising due to faulty materials or workmanship and notified in writing.
Deferred Maintenance Maintenance that is due to be carried out in the current financial year but which will not be carried out because of a shortage of funds or unavailability of parts. Demised Premises The area held under the terms of a lease... Believe it or not, NIST is". Any divisor usually expressed as a percentage that is used to convert income into value. Retrieved February 3, Approach and Examples" PDF. SSAct section 8 8 see j …in respect of a dependent child… Policy reference: A right to use the land of another not involving the taking of any part of the natural produce of that land, or any part of its soil or a right to prevent the owner of that land from using that land in a particular manner. See also Risk Free Rate.
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