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| Leased fee
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The landlord's ownership interest of a property that is under lease. |
| Leasehold
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Agreement between the lessee and lessor specifying the lessee's rights to use the leased property for a given time at a specified rental payment. As rental payments are made, rent expense is charged. When the rental is paid in advance, a Prepaid Rent account is recorded that has to be allocated into expense over the rental period. If the prepayment is for a longtime lease, however, it is recorded as a Deferred Charge and then amortized. The amortization entry for a long-term lease is to charge rent expense and credit leasehold. |
| Leasehold estate
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Possession and use of a property estate by virtue of a lease. There are four types of leasehold estates: estate for years, periodic tenancy, tenancy at will, and tenant at sufferance. |
| Leasehold improvements
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Fixtures attached to real estate that are generally acquired or installed by the tenant. Upon expiration of the lease, the tenant can generally remove them, provided such action does not damage the property or conflict with the lease. |
| Leasehold mortgage
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Mortgage collateralized by a tenant's interest, usually structural improvements, in a lease parcel of property. A leasehold mortgage is subordinate to the landlord's land lease since it is a second lien by order of priority on the property. |
| Leasehold value
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The value of a tenant's interest in a lease, especially when the rent is below market and the lease has a long remaining term. |
| Leather
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| Ledge
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A projection, ridge, or shelf. |
| Ledger
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(1) Also called a girt strip, this horizontal wooden beam is used as a floor joist support when framing is done with one-piece stud, which extend from the foundation to the roof and form the walls of all floors. (2) Book, which contains records of transactions, usually financial. |
| Leg
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A tile wall running alongside a bathtub or abutment. This term is sometimes used to describe a narrow strip of tile floor. |
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