The Circular Houses bimonthly financial report uses hospitality, accounting, and real estate investment vocabulary. If this is your first time opening it, start here: this is the full list of terms that appear in the report, each explained in everyday language and with an example taken from the project's actual figures.

Terms in the report:

• What is CAPEX?
• What are CAPEX repayment and settlement?
• What is the difference between Result before CAPEX and Adjusted Result?
• What is a claim or offset?
• What is STR or short-term rental?
• What are OTAs?
• What is an RMS or dynamic pricing system?
• What is housekeeping?
• What is GOP or gross operating profit?
• What is the reimbursement of costs and expenses?
• What is top line or gross revenue?
• What is the difference between a structural and a transitory cost?
• What is the operator's management fee (base fee)?
• What is the operator's incentive fee?
• What are accrued withholdings?
• What is output VAT?
• What is the 4×1000 tax (GMF)?
• What is the FONTUR tourism tax?
• What is the TRM exchange rate?
• What is a natural hedge?
• What is CNR (Client Net Revenue)?
• What is payback or payback period?
• What is fit-out?
• What is a workstation?
• What are shell construction and finish-out?
• What does "MM" mean in the report?
• What is double counting?

Metrics you already know from the project: the report also uses indicators we explain in other questions — ADR, RevPAR, Occupancy, ROI, break-even point, monthly profit, and appreciation.

If a figure in the report still leaves you with a question after reading this, write to us. We would rather explain it twice than leave you guessing.