Leases with upward-only characteristics

Eric Clapham

Journal of Property Research, 2004, vol. 21, issue 1, 31-49

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.

Date: 2004
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DOI: 10.1080/0959991042000253174

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