Magic page: Included in the offering prospectus, the magic page is a projected growth story, describing how a new REIT will accomplish its future expectations for funds from operations or funds available for distribution.

Maker: One who creates or executes a promissory note and promises to pay the note when it becomes due

Mark to market: The process of increasing or decreasing the original investment cost or value of a property asset or portfolio to a level estimated to be the current market value

Market capitalization: One measure of the value of a company; it is calculated by multiplying the current share price by the current number of shares outstanding.

Market rental rates: The rental income that a property most likely would command in the open market, indicated by the current rents asked and paid for comparable space

Market study: A forecast of future demand for a certain type of real estate project that includes an estimate of the square footage that can be absorbed and the rents that can be charged

Market value: The highest price a property would command in a competitive and open market under all conditions requisite to a fair sale

Marketable title: A title free from encumbrances that could be readily marketed to a willing purchaser

Master lease: A primary lease that controls subsequent leases and may cover more property than subsequent leases

Master servicer: An institution that acts on behalf of a trustee for the benefit of security holders in collecting funds from a borrower, advancing funds in the event of delinquencies and, in the event of default, taking a property through foreclosure

Maturity date: The date when the total principal balance comes due

Mechanic's lien: A claim created for the purpose of securing priority of payment of the price and value of work performed and materials furnished in constructing, repairing or improving a building or other structure

Meeting space: In hotels, space made available to the public to rent for meeting, conference or banquet uses

Metes and bounds: The boundary lines of land described by listing the compass directions and distances of the boundaries. Originally, metes referred to distance and bounds referred to direction.

Mezzanine financing: Mezzanine financing is somewhere between equity and debt. It is that piece of the capital structure that has senior debt above it and equity below it. There is both equity and debt mezzanine financing, and it can be done at the asset or company level, or it could be unrated tranches of CMBS. Returns are generally in the mid- to high-teens.

Mid-rise: A building with four to eight stories above ground level. In a central business district this might extend to buildings up to 25 stories.

Mixed-use: Space within a building or project providing for more than one use

Modern portfolio theory (MPT): An approach to quantifying risk and return in a portfolio of assets. Developed in 1959 by Harry Markowitz, MPT is the foundation for present-day principles of investment diversification. It emphasizes the portfolio rather than individual assets, and how assets perform in relation to each other based on the assumption that investors can benefit from diversification when asset class returns do not move in lock step with one another.

Mortgage: A legal document by which real property is pledged as security for repayment of a loan until the debt is repaid in full

Mortgage constant: The ratio of an amortizing mortgage payment to the outstanding mortgage balance

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