Parking Garage KPIs.

Parking Garage is a specialty property type in ILORA's commercial real estate taxonomy. Covered parking structure. Higher per-stall revenue than surface; longer asset life. Performance under specialty sector conventions is measured against canonical KPIs including Revenue Per Square Foot, NOI, Cap Rate, DSCR, Tenant Credit, Visits, Members, Per-Capita Spend. Public REIT comparables for benchmarking include DOC (Healthpeak), HR (Healthcare Realty), VTR (Ventas), WELL (Welltower), MPW (Medical Properties Trust). Regulatory frameworks specific to this property type include CMS Conditions of Participation (healthcare), Stark Law + AKS, HIPAA, BSL classifications (life science), IAAPA standards (theme park), ASTM amusement-ride safety, ADA Title III. Industry organizations driving standards + research include BOMA Medical Office Building Council, BIO, I2SL, IAAPA. Operating tools commonly used: Yardi Healthcare, Revista Med (medical real estate data), JLL Healthcare, Definitive Healthcare. Ilora.ai ingests sector-standard documents and benchmarks against SEC EDGAR REIT filings, surfacing where the asset under-performs comparable institutional positions and revealing the largest improvement opportunity.

11 definitions · Sector: SPECIALTY · Used by Ilora.ai specialist AI agents

NOI

Net Operating Income

Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.

NOI = Revenue − Operating Expenses

  • profitability
  • core
Cap Rate

Capitalization Rate

Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.

Cap Rate = NOI ÷ Property Value

  • valuation
  • core
DSCR

Debt Service Coverage Ratio

Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.

DSCR = NOI ÷ Annual Debt Service

  • lending
  • risk
LTV

Loan-to-Value

Loan amount divided by property value. Lower LTV = lower lender risk.

LTV = Loan Amount ÷ Property Value

  • lending
  • risk
OER

Operating Expense Ratio

Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).

OER = Operating Expenses ÷ Gross Revenue

  • efficiency
GRM

Gross Rent Multiplier

Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.

GRM = Property Value ÷ Gross Annual Rent

  • valuation
  • shortcut
IRR

Internal Rate of Return

Annualized return on investment accounting for time value of money across the full hold period.
  • return
  • underwriting
CoC

Cash-on-Cash Return

Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.

CoC = Annual Cash Flow ÷ Total Cash Invested

  • return
DCF

Discounted Cash Flow

Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
  • valuation
  • underwriting
TTM

Trailing Twelve Months

A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
  • period
  • core
Rev PSF

Revenue Per Square Foot

Revenue per leasable square foot. Universal specialty-property comparable.
  • revenue

Industry reference

How the parking garage sector operates.

Comparable public REITs / operators

  • DOC (Healthpeak)
  • HR (Healthcare Realty)
  • VTR (Ventas)
  • WELL (Welltower)
  • MPW (Medical Properties Trust)
  • ARE (Alexandria - life science)
  • MSGE (Madison Square Garden Entertainment)
  • LYV (Live Nation)
  • MCW (Mister Car Wash)
  • PLNT (Planet Fitness)
  • LTH (Life Time)

Frequently asked

Common questions about parking garage.

What is Parking Garage real estate and how is it analyzed?
Parking Garage is a specialty property type. Covered parking structure. Higher per-stall revenue than surface; longer asset life. Performance is measured under sector conventions including Revenue Per Square Foot, NOI, Cap Rate, DSCR, Tenant Credit, Visits, Members, Per-Capita Spend. Public REIT comparables: DOC (Healthpeak), HR (Healthcare Realty), VTR (Ventas), WELL (Welltower), MPW (Medical Properties Trust). Ilora.ai ingests sector-standard documents (rent rolls, lease abstracts, P&Ls, operating reports) and benchmarks against SEC EDGAR REIT filings, surfacing under-performance vs comparable institutional assets.