Debenture:   A long-term bond or note issued by governments and/or corporations and not secured by a mortgage or lien on any specifi
c property Since there is no specific property securing the debenture, the ability to repay the debt is based solely on the financial strength of the
issuer.

Debt Service Coverage Ratio:   The relationship between the annual
net operating income (NOI) of a property and the annual debt service of
the mortgage loan on the property. Both Lenders and Investors calculate
this ratio to assist them in determining the likelihood of the property generating enough income to pay the mortgage payments. From the
lender's viewpoint, the higher the ratio, the better.

Debt Service:   The periodic payment (monthly, quarterly, or annually) necessary to pay the interest and principal on a loan which is being
amortized over a longer term (usually 25-30 years). 

Dedicate: To appropriate private property to public ownership for a
public use.

Deed: A legal instrument transferring title to real property from the seller
to the buyer upon the sale of such property.

Deed In Lieu Of Foreclosure: A deed given by an owner/borrower to a lender to satisfy a mortgage debt and avoid foreclosure.

Deed Of Trust: An instrument used in many states in place of a
mortgage by which real property is transferred to a trustee by the
borrower (trustor), in favor of the lender (beneficiary), to secure
repayment of a debt.

Default: The general failure to perform a legal or contractual duty or to discharge an obligation when due. Some specific examples are: 1) Failure
to make a payment of rent when due. 2) The breach or failure to perform
any of the terms of a lease agreement.

Defeasance:  In defeasance, the lender replaces the cash flows of the original loan with actual Treasury Securities.  The borrower pays the
lender enough money to buy these securities and the lender goes out in
the bond market and buys the right combination of bonds.  After this is
done, and the lender has a security interest in the treasuries, the
property is released as collateral for the loan and the treasuries become
the new loan collateral.  

Deficiency Judgment: Imposition of personal liability on a borrower for
the unpaid balance of mortgage debt after a foreclosure has failed to yield
the full amount of the debt.

Demising Walls: The partition wall that separates one tenant’s space
from another or from the building’s common area such as a public corridor.

Design/Build: A system in which a single entity is responsible for both the design and construction. The term can apply to an entire facility or to individual components of the construction to be performed by a subcontractor; also referred to as “design/construct”.

Depreciation: Spreading out the cost of a capital asset over its
estimated useful life or a decrease in the usefulness, and therefore value,
of real property improvements or other assets caused by deterioration or obsolescence.

Discount Rate:  The rate of interest charged to banks who buy money
from the Federal Reserve System. An increase in the rate not only discourages the banks from borrowing, but it also serves as a signal that interest rates are probably going to increase.  Also, a compound interest
rate used to convert expected future income into a present value income.

Distraint: The act of seizing (legally or illegally) personal property based
on the right and interest which a landlord has in the property of a tenant
in default.

Dollar Stop: An agreed dollar amount of taxes and operating expense (expressed for the building as a whole or on a square foot basis) over
which the tenant will pay its prorated share of increases. May be applied
to specific expenses (e.g., property taxes or insurance).