Unknown / Unclassified KPIs.

Unknown / Unclassified is a meta property type in ILORA's commercial real estate taxonomy. Property type not yet classified. Universal KPIs apply pending sector assignment. Performance under meta sector conventions is measured against canonical KPIs including Catchment Area, Concession Revenue, Passenger Volume, NOI, Cap Rate, Aeronautical Revenue. Public REIT comparables for benchmarking include AENA (Spain - airport, ADR), ADP (Aeroports de Paris ADR). Regulatory frameworks specific to this property type include FAA, TSA, Airport Improvement Program (AIP), FTA (Federal Transit Administration), CBP. Industry organizations driving standards + research include ACI (Airports Council International), AAAE, IATA, APTA (transit). Operating tools commonly used: Sabre AirVision, Amadeus Altea, Cirium (aviation data). Ilora.ai ingests rent rolls, P&Ls, lease abstracts, and operating reports specific to this asset class, then benchmarks every property against SEC EDGAR REIT filings and sector-specific industry data, surfacing where the asset under-performs comparable institutional positions and which operating-side levers offer the largest improvement opportunity.

11 definitions · Sector: META · 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
Catchment

Catchment Area

The geographic area from which a property draws its users (passengers, customers).
  • demand

Industry reference

How the unknown / unclassified sector operates.

Comparable public REITs / operators

  • AENA (Spain - airport, ADR)
  • ADP (Aeroports de Paris ADR)

Frequently asked

Common questions about unknown / unclassified.

What is Unknown / Unclassified real estate and how is it analyzed?
Unknown / Unclassified is a meta property type. Property type not yet classified. Universal KPIs apply pending sector assignment. Performance is measured under sector conventions including Catchment Area, Concession Revenue, Passenger Volume, NOI, Cap Rate, Aeronautical Revenue. Public REIT comparables: AENA (Spain - airport, ADR), ADP (Aeroports de Paris ADR). 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.