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Few V
Acronym Definition
FEWV Cheyenne Warren AFB US Video
FEWV Federally Employed Women Video
FEWV Forum for the Empowerment of Women Video
FEWV Fostering Executive Women Video
FEWV Free Energie- und Wasser-Versorgung GmbH
FEWV Free European Web Version
FEWV Forum für Europäisches Wirtschafts- und Verwaltungsrecht
FEWV Free Ertragswertverfahren
FewV Few Vaticans (international automobile identification)
FewV Few Velocity or speed
FewV Few Verbs
FewV Few Visas (credit card)
FewV Few Volts
FewV Few 5 (Roman numeral)
FewV Few Gas Flow
FewV Few Vacations
FewV Few Valines (amino acid)
FewV Few Valleys
FewV Few Valors (military award medals)
FewV Few Values
FewV Few Vanadiums
FewV Few Variables
FewV Few Variants
FewV Few Varsity
FewV Few Veckas
FewV Few Vectors
FewV Few Vegans
FewV Few Vegetarians
FewV Few Vehicles
FewV Few Velocities
FewV Few Vendettas
FewV Few Ventilations
FewV Few Venturis
FewV Few Verses
FewV Few Versions
FewV Few Verso
FewV Few Versus
FewV Few Very
FewV Few Vessels
FewV Few Vetos
FewV Few Viagras
FewV Few Vices
FewV Few Victors
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FewV Few Vides
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FewV Few Virtuals
FewV Few Viscounts
FewV Few Visions
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FewV Few Visual Acuity
FewV Few Vital
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FewV Few Voltages
FewV Few Volumes
FewV Few Vowels
FewV Few VTOL/STOL (US military aircraft vehicle type designation)
FewV Few We
In human languages, including English, number is a syntactic category, along
with person and gender. The quantity is expressed by identifiers, definite and
indefinite, and quantifiers, definite and indefinite, as well as by three types
of nouns: 1. count unit nouns or countables; 2. mass nouns, uncountables,
referring to the indefinite, unidentified amounts; 3. nouns of multitude
(collective nouns). The word ‘number’ belongs to a noun of multitude standing
either for a single entity or for the individuals making the whole. An amount in
general is expressed by a special class of words called identifiers, indefinite
and definite and quantifiers, definite and indefinite. The amount may be
expressed by: singular form and plural from, ordinal numbers before a count noun
singular (first, second, third…), the demonstratives; definite and indefinite
numbers and measurements (hundred/hundreds, million/millions), or cardinal
numbers before count nouns. The set of language quantifiers covers "a few, a
great number, many, several (for count names); a bit of, a little, less, a great
deal (amount) of, much (for mass names); all, plenty of, a lot of, enough, more,
most, some, any, both, each, either, neither, every, no". For the complex case
of unidentified amounts, the parts and examples of a mass are indicated with
respect to the following: a measure of a mass (two kilos of rice and twenty
bottles of milk or ten pieces of paper); a piece or part of a mass (part,
element, atom, item, article, drop); or a shape of a container (a basket, box,
case, cup, bottle, vessel, jar).
The German income approach (German: Ertragswertverfahren, abbr. EWV) is the
standard approach used in Germany for the valuing of property that produces a
stream of future cash flows. For general information on German real estate
appraisal please look here.
Basic principles and regulations
The EWV is one of three valuation methods codified by German legislation. The
Vergleichswertverfahren (sales comparable approach) is mainly used to determine
the value of owner-occupied buildings (single family houses, condominiums) and
land. The Sachwertverfahren (cost approach) is only used for special use
properties that do not produce a measurable future cash flow. Subsequently, the
EWV is used for the vast majority of appraisals.
Even though the EWV is mostly consistent with international practice, there are
some important differences:
* Land and improvements are treated separately. German Generally Accepted
Valuation Principles (GAVP) assumes that the land can be used indefinitely, but
that buildings have a limited lifespan; This coincides with the balancing of the
assets. The value of the land is determined by the sales comparison approach in
both the income and cost approaches, using the data accumulated by the
Gutachterausschuss (local valuation committees, lit. "expert committees") which
is then added to the building value.
* In order to account for the usage of the land by the buildings occupying it,
the net operating income is reduced by the Liegenschaftszins (interest paid to
the land-owner by the owner of the building, i.e. ground rent). The
Liegenschaftszins is the product of the land value and the Liegenschaftszinssatz
(interest rate for land-use). The Liegenschaftszinssatz is the equivalent of the
yield - with some important differences - and is determined by the
Gutachterausschuss.
* Unlike the All Risks Yield (ARY) in UK practice, the Liegenschaftszinssatz (LZ)
does not include an allowance for default (not to be confused with structural
vacancy), and therefore this should be subtracted from gross operating income.
As a result, the Liegenschaftszinssatz will usually be lower than the All Risks
Yield.
* Based on the assumption that the economic life of the improvements is limited,
the yield and remaining economic life determine the building value through the
net operating income.
* It should be additionally noted that contracts in Germany generally prescribe
that the landlord bears a higher portion of maintenance and operating costs than
their counterparts in the US and UK.
Real estate appraisal in Germnay is regulated by the federal Baugesetzbuch
(abbr. BauGB, the German statutory code of building and construction) [1]. This
federal law is supported by the Wertermittlungsverordnung (abbr. WertV,
"regulation on the determination of value") [2]. The WertV defines the codified
valuation approaches and the general valuation technique. WertV's general
regulations are further supported by the Wertermittlungsrichtlinie (abbr. WertR,
"directive on the determination of value") [3]. The WertR provides templates for
calculations, tables (e. g. economic depreciation) and guidelines for the
consideration of different influences. WertV and WertR are not binding for
appraisals for nonofficial use, nonetheless they should be regarded as best
practice or German Professional Appraisal Practice (PAP).
Determination of value drivers
Building condition and useful life
The condition of the building has a direct effect on the valuation. First of all
it has to be determined whether the building has a maintenance backlog. If so,
the cost for resolving this backlog (usually referred to as capex) has to be
calculated and will later on be subtracted from the value. This calculation has
to be made under the assumption that it correlates with the assumed rental
income and also has to take into effect the building's age. Secondly, major
refurbishmens or upgradings have to be taken into account, as they can extend
the duration of the building's useful life.
German literature and the semi-official Normalherstellungskosten 2000 (abbr. NHK
2000, "Normal Production Costs") [4] provide detailed information on the useful
life span, which is generally judged to be 60-80 years for multiple dwellings
and 50-80 years for office buildings. It must to be stressed that the useful
life span needs to be applied with due regard to the economic environment,
whereas the technical life span may be indefinite. Towards the end of its useful
life, the building's value is understood to decrease sharply, as either a new
building or a major refurbishment will be necessary to generate rental income in
the long run.
Therefore a recent major refurbishment (outer shell, rentable areas, HVACR,
etc.) can significantly increase the building's remaining useful life, depending
on the scope of the refurbishment and assuming that other considerations such as
layout and energy consumption do not confound the effort.
Contaminations of the building with asbestos or other harmful materials might
also affect the total value; this is usually accounted for by subtracting the
decontamination costs from the building's value.
Land value
In order to separately determine the value of the land, an appraiser in Germany
will usually will use the information gathered by the Gutachterausschuss (GA).
Most GAs will publish market reports every two years, including
Bodenrichtwertkarten (land value guide maps). It is also possible to directly
contact the local GA and ask for land value data on a specific plot of land.
The following must be taken into account when utilising a given comparable:
* The comparable must be nearby or, when referring to a land value zone, the
subject of the valuation must be within or nearby the respective zone;
* The type of use (residential, office, retail, indsutrial, etc.) should be in
line with that of the subject of the valuation;
* The degree of utilisation - measured in gross floor area or gross volume area
- must be made comparable by use of appropriate conversion coefficients;
* The size of the parcel of land must to be taken into account.
Further on the appraiser has to check if there are additional factors that will
influence the land value. These might be site development costs, contamination,
right-of-way or other rights etc. These have to be taken into account in an
appropriate manner.
Yield
The yield, which in German valuation practice is known as the
Liegenschaftszinssatz, is a crucial value driver, as it will be used to
determine the Liegenschaftszins (a notional rent subtracted from the building's
net operating income in order to account for the usage of the economic good
"land"). Moreover, together with the residual life span, it mathematically
determines the multiplier that is used to calculate the building's value.
Again, the Gutachterausschüsse will provide information on the yield. By
empirical analysis of the purchase price data base, the GA stipulates the local
yield by type of use. Alas, a widespread problem is that some GAs in smaller
municipalities do not carry out these analyses and thus do not publish yield
data. In that case the appraiser has to fall back on a combination of nationwide
yield data, market research and experience.
During the past few years, yields for residential assets (multiple dwellings)
were usually within the range of four to five percent, depending on local market
conditions. Yields for office buildings should mostly be in the range of five to
six percent, while yields for retail and logistics buildings will be accordingly
higher.
The determined basic yield (for type of usage and municipality) should always be
analysed further, as under or above average liquidity, lay of the land or the
floor plans, should be taken into account by way of a deduction or premium of 25
or 50 basis points for each respective factor.
Gross income
Needless to say, the Rohertrag (gross income) is the most important value driver
for real estate which produces future cash flows. The EWV is basically a static
model, meaning that a sustainable income is treated as stable in the future. The
appraiser will form his (or her) opinion on the basis of the existing leases,
while also considering the market rent.
In commercial real estate such as office or retail buildings, the existing
leases usually determine the sustainable income, as long as the lease contracts
are long-term and the tenant has a good credit rating. If this is not the case,
then the appraiser must rely on his or her knowledge of the market, as well as
his experience regarding future lease contracts. Possible incentives must also
be accounted for.
In contrast to commercial real estate, residential lease contracts are highly
codified by the Bürgerliches Gesetzbuch (abbr. BGB, "German civil code"). One of
the central ideas there regarding real estate, is the Ortsübliche
Vergleichsmiete (local customary comparable rent). New leases must not be more
than 20 percent (not exactly stated by BGB, depending on the jurisdiction)
higher than the local customary comparable rent, or the rental contracts may be
nullified. Within existing lease contracts, rent increases (i) must not exceed
the local customary comparable rent, (ii) are only allowed for if the rent has
not increased for the past 15 months, and (iii) must not exceed a total increase
of 20 percent within three years [5]. To conclude, the determination of the
sustainable rent for residential assets should be made on conservative premises
and in close correlation with the current rents. Experience shows that foreign
investors have in the past tended to underestimate the effects of such
legislation.
The sustainable rent, determined as described above, will be treated as stable
and will form the basis of the irredeemable. However, it is possible to allow
for over or under rents in the short run. The difference between this and the
sustainable rent should be discounted and the resulting value should be added or
subtracted to the building value (this approach is in some ways comparable to
the hard core/layer method employed in UK practice).
A special case is the existence of struktureller Leerstand (long-term or
structural vacancy) resulting from an imbalance in the market or from
unfavourable characteristics of the subject property. If this is the case,
determination of the sustainable rent will not assume a fully rented property,
but instead will allow for a certain level of permanent vacancy.
Additional income e. g. from mobile phone antennae must also be included in the
gross income.
Expenses
German GAVP (especially the WertV) breaks down the Bewirtschaftungskosten
(operating expenses) into four types. It should be observed that contracts in
Germany generally prescribe that the landlord bears a higher portion of
maintenance and operating costs than their counterparts in the US and UK
* The Heiz-, Betriebs- und Nebenkosten ("cost of heating and running costs"):
Depending on the respective lease contracts, in commercial properties all costs
can be and usually are passed on to the tenant. This is different in residential
assets, because the Betriebskostenverordnung (abbr. BetrKV, "running costs
regulation") stipulates which costs can and which costs cannot be passed on.[6]
Whereas costs of water, heating, caretaker, etc. can be passed on (energy
companies usually bill costs for electricity directly to the tenant), other
costs such as poperty tax and insurance cannot be reimbursed. Therefore in
appraisals for residential properties a certain amount (ranging from 20 to 50
Eurocent per square metre per month) should be allowed for.
* The Verwaltungskosten ("administrative costs"): These can be passed on in
comemrcial leases, but not in residential leases. Management costs usually range
from two to five percent of the gross income for commercial properties and
between 15 to 20 Euro per month per residential unit in residential properties.
If the building is held in co-operative ownership, the administrative costs are
significantly higher.
* The Instandhaltungskosten (maintenance costs): In commercial leases these can
be reimbursed, if the contract is formulated accordingly. Most contracts however
leave the costs of maintenance of the outer shell to the owner. With residential
real estate the owner has to allow for the maintenance costs. In order to
determine the exact numbers, the appraisal should also take into consideration
how high the fluctuation is and if comsetic repairs are agreed upon. Standard
projections for maintenance costs vary widely from four to 20 Euro per square
meter per year.
* The Mietausfallwagnis (allowance for rental loss): As described in the
introduction, in German GAVP a rental loss (income from existing leases that is
lost due to poor economic situation of the tenant) is allowed for as an expense.
This might look strange in comparison to US or UK practice, but it has the
advantage that the loss can be allowed for in quite a precise manner. It is
usually calculated on the basis of existing numbers. In well-managed residential
properties it should not be higher than two percent, in commercial properties
three to four percent (depending on tenant structure).
Calculation procedures
After the determination of the value drivers, the calculation procedure itself
is rather simple.
Calculation of the value of land
The value of the land is calculated by multiplying the land value (after
adjustments) with the size of the land. Surplus land has to be looked at
separately, as this is a special case. Potential decontamination costs or other
effects influencing the value are taken into account by an appropriate premium
or deduction.
Calculation of the value of the building
The Jahresreinertrag ("net annual operating income" (NOI)) is determined by
subtracting the yearly expenses from the gross income. In a next step, the
notional ground rent is allowed for. This so called Liegenschaftszins ("rent for
land use") is determined by multiplying the land value with the yield (after
adjustments). The resulting yearly sum is subtracted from the result of the
previous step.
In order to transform the yearly NOI into the building value, the multiplier is
mathematically (or by use of tables provided by the WertR) determined from the
residual usage period and the yield (after adjustments). The product of the
multiplier and the NOI determines the building value.
This building value can be adjusted by premiums or deductions for maintenance
backlog, harmful material, over or under rent etc. The resulting figure is the
adjusted value of the building.
Consolidation
The addition of land value and building value (improvements) results in the
property value. WertV article 19 offers the possibility of making final
adjustments for any circumstances not taken into account in the previous steps.
However, any additional adjustments should be explicitly stated.
Formal aspects
A good appraisal report should be transparent and comprehensible. The
determnation of the value drivers should be well-documented and referenced, so
that an expert reader may be able to quickly assess the report's quality.
Most appraisal reports are structured as follows:
* Introduction, date of valuation, customer and purpose of the valuation;
* Documentation of land register and other legal factors;
* Description of land and improvements;
* Analysis of the market situation and rental contracts;
* Documentation of the determination of value drivers;
* Calculation and value statement;
* Appendix with photo documentation.
Conclusion
From a theoretical point of view, the German income approach contains some
interesting specifics: Even though in the determination of gross rental income
it is quite similar to the US income approach, in its apportionment of income
between land and improvements, which allows for the building's limited useful
life-span to be taken into account, it also contains elements of the discounted
cash flow approach.
German PAP generally advises to rely on existing numbers, but allows to fall
back on empirical values and experience when needed. Being highly standardised,
the Ertragswertverfahren - when applied professionally - offers the reader of
the report the opportunity to quickly examine and assess its underlying
assumptions.
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RuneScape is a virtual world which
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With the rising popularity of
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Ultima Online was one of the first
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A defining moment in internet
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