How Tenants Create or Destroy Value: Leasehold Valuation and its Impact on Value


If you’re involved in the valuation of commercial real estate, it’s crucial to know how the terms of a lease affect value. This seminar goes beyond methodology to explore how to measure a property rights adjustment, the theory underlying the use of a leasehold yield rate (YLH) to value the leasehold, as well as the application of a property rights adjustment in all three approaches to value.
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State Approvals

Program State Approval & Hours

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Who should Enroll

  • Commercial appraisers
  • Brokers and lenders who are involved in valuation of commercial real estate


  • Recognize how the terms of a tenant’s lease impact value—either positively or negatively.
  • Identify situations that require a valuation of a leasehold.
  • Identify methodologies in valuing a leasehold, including examples and exercises.
  • Recognize the impact of a leasehold in the valuation of property using all applicable approaches.
  • Identify challenges facing appraisers performing leasehold valuation assignments.



No Exam



Appraisal Institute CE Points

Attend: 35 AI Points

Class Time

7 hours



Program Overview

Required and/or Recommended Equipment

Additional Information

Seminar Materials Include:
  • Seminar Handbook (233 pp.)

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