GE Capital Real Estate
New Hire Welcome Guide
Welcome to GE Capital Real Estate!
We are happy you are joining us! We hope this guide helps you prepare for your first day,
week and month with us (and beyond). Inside you’ll find:
Good stuff to know
- Your first day, week and month checklists
- Important phone numbers, links and Norwalk facility information
- Senior Leadership Team and Human Resources organizational charts
Benefits
- Benefits-at-a-Glance & Benefits Highlights
- GE Health Choice Guide
- Benefits administrative information, contacts, links, etc.
- Holiday schedule
About GE
- GE Values
- GE Glossary
About GE Capital Real Estate
- Fact sheet
- GE Capital Real Estate Glossary
How To’s
- Add your phone numbers to Global Address List (GAL), create a GE email signature
and access the Human Resources Portal
Compliance
Security & Crisis Awareness
Please contact your Human Resources Manager or any other staff listed in this guide if there
is anything we can do to help. Welcome, again!
Sincerely,
Your GE Capital Real Estate Human Resources Team
Good stuff to know
Your first day, week & month
Here is a list of tasks you should complete within your first month at GE Capital Real Estate.
Before Your First Day

Shortly before your start date, you will be given access to https://www.JoinGE.com,
an Internet site where you will complete your required new hire activities. To
ensure that your pay and benefits begin in a timely manner, you must verify
important information at JoinGE.com before your start date. In addition, within
sixty-three days from your start date, you must complete other activities related to
your pay and benefits at JoinGE.com. The first time you go to www.Joinge.com,
click on 'Click here to register for this site' and follow instructions to sign up. You will
not have access until at least 48 hours after we receive acceptance of our offer of
employment. If you are having difficulty accessing the site or cannot remember
your password, please contact our Enrollment Center for assistance
(1-800-252-5259).
Your First Day

Ensure you have gone to “Badging” and received your parking pass, if applicable.

Complete the online I-9 and Employee Innovation and Proprietary Information
Agreements, which are MANDATORY for you to remain on payroll. Complete
online or return forms to your HR Manager or a designated representative.

Fill out the Self-Identification form you received with your offer letter and return it to
Katrina Tarzia at GE Capital Real Estate, 901 Main Avenue, Mail Stop 05-04,
Norwalk, CT 06851 (or for Business Property employees, Janice Shanitkvich at
GE Capital Real Estate, 635 Maryville Centre Drive, St. Louis, MO 63141).

Get a tour of the facility.

Set up SSO password; unify your other passwords.

Set up telephone and voicemail,and WebEx Connect instant messaging.

Set up email and create an email signature.

Most importantly, ensure you have met with your Hiring Manager and discussed
your goals and objectives.
Your First Week
 Meet with members of your new team.
 Review Company Information, Growth Values, Organizational Charts, etc.
 Familiarize yourself with GE Capital Real Estate’s Intranet “insideGE” (insidege.ge.com),
MyLearning (mylearning.gecompany.com) Support Central and the GAL (Global
Address List).
 Tour the Human Resources Portal at:
http://realestatehr.cre.comfin.ge.com/hrleadership/REHRportal/
 Tour the GE Capital Real Estate Global New Hire Site at:
http://supportcentral.ge.com/products/sup_products.asp?prod_id=186943
 Make your Payroll and Benefits selections.
 Verify that your personal information is accurate and update your Profile in the HR
Workspace
 Establish your Travel Profile and, if applicable, obtain your Corporate Card. If you are
a transfer employee, transfer your corporate card to GE Capital Real Estate.
 Order your Business Cards (an administrative assistant in your department can assist
you).
Your First Month
 Ensure you attend the next available New Hire Orientation. You will receive an
invitation via email to the next scheduled session. If your work location is not
Norwalk, you can attend via WebEx.
 Read the letter from Compliance at the end of this guide. It gives you an overview of
the MANDATORY compliance training you will need to complete within your first 30 to
90 days of work. Your profile on mylearning.gecompany.com will contain your
required training.
 Review important Learning and Development information on the Global Learning &
Development section of the Human Resources Portal:
http://realestatehr.cre.comfin.ge.com/hrleadership/REHRportal/
 Review corporate policies. Training will be assigned to you.
 Learn about Corporate Branding and how it applies to you.
Important phone numbers and links
Payroll
Payroll Customer Service
800-315-1082
Verification of Employment
800-367-2884
Benefits
Go to benefits.ge.com once you have completed the “JoinGE” process
Information Technology
Help Desk (helpdesk.ge.com)
800-855-8457
Telecommunications/Phones
Please contact your local facility’s Telecommunications contact.
Norwalk Facility Information
http://corp.home.ge.com/portal/site/comfinrealestate/menuitem.489ebe37c5ea92ee1c9b321038a2
1330
Benefits
2014 Holidays
New Year’s Day
January 1, 2014
Wednesday
Martin Luther King, Jr. Day
January 20, 2014
Monday
Presidents’ Day
February 17, 2014
Monday
Good Friday
April 18, 2014
Friday
Memorial Day
May 26, 2014
Monday
Independence Day
July 4, 2014
Friday
Labor Day
September 1, 2014
Monday
Veterans Day
November 11, 2014
Tuesday
Thanksgiving Day
November 27, 2014
Thursday
Day after Thanksgiving
November 28, 2014
Friday
Christmas Eve
December 24, 2014
Wednesday
Christmas Day
December 25, 2014
Thursday
Vacation Policy
Salaried Exempt Employees:
GE Service
Annual Vacation
First partial year
Pro Rata portion of 15 days based on date of hire
1 year
15 days
5 years
20 days
15 and more years
25 days
Salaried Nonexempt Employees (i.e., employees eligible for overtime):
GE Service
Annual Vacation
First partial year
Pro Rata portion of 10 days based on date of hire
1 year
10 days
5 years
15 days
15 years
20 days
20 years
25 days
30 and more years
30 days
About GE
GE’s Growth Values
GE Glossary
We’ve developed our own vocabulary over the years at GE and in GE Capital Real Estate.
Here’s a glossary for some of our terms.
For the current, complete listing of terms, go to: http://dictionary.ge.com.
360 Leadership Survey
Provides an opportunity for employees to receive feedback from six to ten of those around them
(manager, peers, direct reports or even customers or suppliers). GE businesses differ in the levels of
people they offer this facility to, and in how it is administered. Your HR department would be able to
advice on this.
6 Sigma
6 Sigma is a quality standard. It is a statistical definition, its basis is the percentage of a company’s
products and activities that are error-free. The sigma value indicates how well a process is
performing, and the higher the sigma the better. This is because the sigma measures the capability
of the process to perform error free work, where an error is anything that causes customer
dissatisfaction.
A
Accountability
To set and reach aggressive targets, recognizes and rewards progress; understands accountability
and commitment.
Action Work-Outs
A particular type of Work-Out session, which aims to solve a known problem in one quick session.
The objective is an immediate action plan that requires little or no approvals at senior manager level.
When the meeting is held, the team can create and implement a solution immediately. Provisions to
measure the impact of the changes are also implemented so that the team can assess its success.
B
Benchmarking
Collecting information about how other departments/companies carry out activities similar to those
done by your company. This information can then be used to help your company to improve its own
processes and procedures in line with its overall business objectives.
Best Practice
Inside and outside our business, people are always finding better ways of doing things. Within GE,
these ‘Best Practices’ range from a more effective way to handle customer calls to methods for
reducing waste to strategies for structuring more profitable deals. Opportunities to identify and share
Best Practices occur daily. Continually seeking the best solutions for our clients, consumers and our
bottom line is part of everyone’s job. By sharing those solutions, with all other GE companies, we
ensure that the entire organization can quickly capitalize on their value.
Blackbelt
The 6 Sigma Quality initiative is being implemented by responsible ‘Champions’, ‘Master Black Belts,
and ‘BlackBelts’, each of whom have a clearly defined role. Black Belts will act as 6 Sigma project
managers becoming actively involved in organization change and development, often through
facilitating project teams working on issues Critical To Quality.
Boca
Short for Boca Raton, Fla., the location of GE operating managers' meeting held in January of each
year and attended by the top leadership of each business.
Bottom Line
Operating margins/net income
Boundaryless Company
Where the artificial barriers and walls people build around themselves for status and security are
demolished.
Breakouts
Occur when a training course/conference is broken into smaller groups for each group to work on a
particular aspect of the topic being covered.
C
CAP - Change Acceleration Process
In many ways, leading any organization to higher levels of success is about effectively managing
change. Traditional approaches focus on the quality of the strategies and decisions driving the
change initiative. There is another, equally critical element of any successful change - the degree to
which the individuals and/or teams support the change and to what extent. Across GE teams of all
sizes have used the Change Acceleration Process (CAP) to help build this acceptance within the
organization for its most ambitious goals.
By applying the CAP tools, they have learned how to introduce the critical ‘Acceptance’ factors and
accelerate plans for managing change once restricted to the ‘Quality’ components.
The CAP tools covers the steps involved in leading a change initiative:
- Leading Change
- Creating a Need
- Shaping a vision
- Mobilizing Commitment
- Making Change Last
- Monitoring Progress
- Systems and Structures
Career Bands
Career bands are an integrated career development and compensation management system that
evaluations the employees’ overall competency levels. The framework of the system reflects the
distinct levels of competency, expertise, accountability and leadership for the different stages of
career development. There are six levels:
- Associate Professional
- Professional
- Lead Professional
- Senior Professional
- Executive Band
- Senior Executive Band
Cost Center
An alphanumeric code that identifies the business component, department within a component and
type of expense.
Crotonville
GE’s Leadership/Management Development Institute, based in Croton on Hudson, in the State of New
York. In addition to the US base at Crotonville, a team in Europe and Asia also support strategic
training initiatives.
Compliance - see Integrity
CTQ - Critical to Quality
Issues that have been identified as significant for satisfying the needs and expectations of our
customers. These factors have usually been identified via a customer/vendor survey.
Cultural Diversity
A company which is culturally diverse has employees from a wide range of cultures and background.
The company is then a mixture of various normal, values and languages that exist between the
different nationalities.
D
Defect
Any outcome that can result in waste, rework, or failing to meet a customer requirement.
Delayering
Reducing the number of numbers of levels of management etc. in a company’s organizational
structure. This is usually done to encourage empowerment and involvement of employees, and to
create a leaner, fitter business.
E
Empowerment
Tto hand over decision making to the people doing the job.
EMS
Employee Management System –GE Internal Resume and Performance Appraisal document
EOP - Effect on Payroll
The average percentage increase applied to a category of employees for a given year. The EOP
includes merit increases; compulsory increases provided for by law or by collective agreements; and
the cost of increased seniority bonuses, promotions and lump sums paid in place of an increase in
base salary, particularly to those whose salaries are already above the market average.
Excellence/Quality Mindset
Have a passion for excellence; hating bureaucracy and all the nonsense that comes with it.
Exempt Employees
Employees whose positions are exempt from the federal Fair Labor Standards Act.
F
Fairfield
GE Corporate Headquarters location: Fairfield, Connecticut.
Financial Management Program (FMP)
FMP is an intensive, two to two-and-a-half year program of on-the-job experience combined with
formal classroom training. Typically, it includes rotations approximately every six months into a new
assignment. FMPs commitment to formal education is equally strong. The program includes a series
of courses, seminars, and orientation sessions developed by business professionals.
Fiscal Calendar
The fiscal year is composed of 52 weeks, divided into four equal quarters of 13 weeks with each
quarter consisting of three fiscal months. At present, the first month of each quarter has five weeks,
the remaining two have four weeks each.
H
Human Resources Leadership Program (HRLP)
The two-year Human Resources Leadership Program is designed to provide practical, hands-on
human resources and business experience and concurrent training in business concepts and HR
techniques. The program consists of three eight-month rotational work assignments. The first
assignment will be in a position within HR. The second may be a choice of either a cross-functional
assignment outside of HR (for example in finance or operations). The third rotation will be back in an
HR position, but one different from the first rotation.
I
I-9 Form
Employment, eligibility and verification form that an employer must complete to demonstrate a new
hire has presented proof of identity and that the new hire is legally permitted to work in the United
States.
In the loop
If you keep a person ‘in the loop’ you ensure that he/she continues to be informed of any
activity/progress being made on a particular topic.
Integration
The process by which a newly acquired company links in with its new parent. The intention would be
that after a period of time, the acquired company has become a part of the parent, rather than a
unique business. This will primarily result in the business processes of the acquiring company being
adopted by the acquired company, for example accounting procedures and deadlines.
Integrity
Everyday, GE counts on every employee to perform their job with the highest integrity. The Integrity
Code of Conduct is a statement of the broad principles by which of how they do that. The Code calls
for all employees to:
- obey applicable laws and regulations governing our business conduct worldwide
- be honest, fair and trustworthy in all of our GE activities and relationships
- avoid all conflicts of interest between work and personal affairs
- foster an atmosphere in which equal opportunity extends to every member of the diverse GE
community
- strive to create a safe workplace and to protect the environment
- through leadership at all levels, sustain a culture where ethical conduct is recognized, valued and
exemplified by all employees
As Jack Welch noted: “In a boundaryless company ... there is one boundary that we continue to
maintain, strengthen and make clear to everyone; the boundary that says that no matter how hard
we compete - here and around the world - not one foot must ever step outside the line of absolute
integrity”.
K
Key Driver
The main reason or person which is taking a particular issue forward, or forcing a particular
problem/situation to be resolved.
M
Management Award
A monetary award given as part of the Reward and Recognition Process. Awarded to those
individuals who have made a significant contribution to the businesses, exhibiting teamwork,
creativity , working ‘above and beyond’ what was required, with a successful result.
Market Capitalization
One measurement to assess a company’s value. It is calculated by multiplying the number of issued
shares by the market price. In 1994 GE was the most valuable US company and the third in the world
by this measurement.
Master Blackbelt
The 6 Sigma Quality initiative is being implemented by responsible ‘Champions’, ‘Master Black Belts,
and ‘BlackBelts’, each of whom have a clearly defined role. Master Black Belts will develop an
advanced knowledge of 6 Sigma, and act as coaches for the rest of the organization in these
procedures.
MDC - Manager Development Course
4 week course, offered by Crotonville for individuals at the Senior Professional Band and Executive
Band who have been identified through the organization and staffing review process as having high
potential and a longer-term capability to play critical roles in the leadership of GE businesses or
functions.
N
Nonexempt Employee
Employees whose positions are covered by the federal Fair Labor Standards Act and are eligible for
overtime pay. Note: Check with your HR Manager for applicability.
O
Ombudsperson
An employee that acts as a liaison between employees and GE. A vehicle to report improprieties
when discussing with your manager would possibly compromise your position.
One-over-one Manager
Authorization by your Manager, and his/her Manager.
On the same page/on the same screen
Two or more people are at the same stage in progressing a particular initiative and who have the
same understanding of what that initiative means.
Outsourcing
This involves giving a task, (for which you still remain responsible), to somebody outside your
team/location or company.
Outside the box
This refers to creative thinking skills. If you can think ’outside the box’ then you do not allow your
ideas to be constrained by any knowledge you currently have of the topic.
P
Pitch
A presentation to internal or external personnel, on an aspect of the business, department or
function, in which you work. Usually must be in a pre-determined layout and format.
Process Improvement Mapping
A simple technique used to display the steps of a work process and their inter-relationships, helpful in
identifying the root cause of a problem. Usually, you begin by mapping the work process where the
problem lies. The goal is to produce solutions, which could be analyzed and displayed on a new
process map.
Productivity
Measurement of relative improvement in output from resource input
Q
QMI - Quick Market Intelligence
QMI is a way for a large business to respond to issues, competitive intelligence, new ideas and other
information as a small business would. QMI meets will be scheduled on a regular basis with
representatives from around the nation. Cross-functional team members share their insights on the
issues being presented which should relate to at least one of the following areas:
- Competition
- Pricing
- Quality Assurance
- Customer Satisfaction
- Lessons Learned
Quality Mindset
See Excellence.
R
Raise the bar
Increase the expectations on levels of performance, volumes of business, quality of work, etc.
Receptivity to Change
One of the GE Leadership Values. A leader who has this value has enormous energy and the ability to
energize and invigorate others; stimulates and relishes change and is not frightened or paralyzed by
it, seeing change as opportunity, not a threat.
Return on Equity (ROE)
The percentage earned by the business on the money that has been invested in it.
Return on Investment (ROI)
Relationship of net income to average investments. This is expressed as the percentage earned on
the total money outstanding.
Return on Sales (ROS)
Relationship of net income to sales.
Re-engineering
A radical redesign of business processes to achieve dramatic improvement in company
performance.
Rewards and Recognition
A series of things that can be organized to highlight and acknowledge a contribution made by an
employee. This covers the full spectrum of activities from a simple ‘thank you’ to attending a reward
trip.
Risk Management
For a GE Capital business, this means understanding the risks in the portfolio so as to be able to
recognize when to take action to prevent adverse surprises. For example, highlighting assets which
are worth less than were anticipated when a lease agreement set up.
S
Session ‘C’
Taking place in the spring, Session C is an annual review of the company’s human resources, which
enables senior management to take an in-depth look at employment issues and address succession
planning needs.
Stakeholder
A stakeholder is any person (or group of people) who are responsible for a particular activity, are
likely to be affected by the outcome or any tasks undertaken when a group is working on a topic, or
are in a position to prevent a decision from being implemented.
Stretch
All GE businesses work to Stretch targets. The principle behind this is that a business sets itself
reasonable, but hard targets. These are ‘stretched’ (increased), and the business then works towards
the new ‘stretch’ targets. Often, in asking a business to work towards this almost impossible target,
whilst they may not reach it, they nevertheless achieve more than the hard target they had set for
themselves in the beginning.
T
Teamwork
One of the GE Values. This means that you link goals of the team to the rest of the business - you
foster team spirit to maximize the contribution of all team members. You encourage constructive
conflict, facilitating a positive outcome. Seeking views from others within and without the team, you
ask for and provide honest feedback.
Top Line
Revenues
Turnover
The measurement of receivables and/or inventory asset cycles in a fiscal year. The term also is used
to describe the percent of employees leaving a business component in a given year.
V
Vision
One of the GE Values - Create a clear, simple, reality-based, customer-focused vision and are able to
communicate it straightforwardly to all constituencies.
W
Walking the talk
This refers to a manager’s ability to put into practice issues that he tells the company are important.
For example, if quality is important, what is management visibly doing to demonstrate its
commitment to quality.
Workout
Since 1989, GE has used, with great success, a powerful problem-solving process known as WorkOut. Though the process is constantly evolving, the key concepts with which it brings new speed,
simplicity and self-confidence to our jobs have not changed:
- Participation is any Work-Out process is determined by the nature of the problem to be solved.
Participants may be any level, any function, and from inside or outside the organization.
- Clients and suppliers often have joined Work-Out sessions to the benefit of their own businesses as
well as our own.
- All ideas are valued; everyone who participates has a stake in the outcome.
- Results, action-oriented plans and recommendations are communicated directly to business
leaders for their decisions and support.
- Follow-up is part of the process.
About GE Capital Real Estate
GE Capital Real Estate Glossary
A comprehensive list can be found on the GE Capital Real Estate (RE) Wiktionary
http://wikiterms.comfin.ge.com/mediawikiterm/index.php?title=Main_Page.
You’ll need your employee SSO (Single Sign-On) before you can access this link. For now, here
is printed version to help you get by.
ACM
Asbestos-containing materials, often found in pre-1981 US construction. Can include various
insulation products, caulking, fireproofing, plaster, floor tile, tile mastic, and ceiling tile.
Generally categorized as friable (can be crushed to powdery form by normal hand pressure)
or non-friable.
Affordability Index
Median Household Income in 5-mile radius/12 * 33%. It is an indicator of the nominal
amount of monthly rent the population in a 5-mile radius can afford (assuming 33% of
income can go to housing). Compare it to the underwriting assumption for apartments to
gauge subject affordability."
AMS
Asset Management Services
AST
Above-ground storage tank
Atlas
Intranet application for Asset Management Services (AMS).
Audit CoC (debt)
See also CoC. Audit NOI/GE (or 3rd party) debt. Include short term fundings for cap-ex,
deferred maintenance, etc. Exclude any portion of the debt which is subject to improved NOI
(earnouts, TI for future leasing, etc).
Audit CoC (total cap)
See also CoC. Audit NOI/(GE Equity + Partner Equity + Debt + other sources). Include short
term fundings for cap-ex, deferred maintenance, etc. Exclude any portion of the Debt which
is subject to improved NOI (earnouts, TI for future leasing, etc).
Audit NOI
NOI as determined by following the RE NOI Audit policy. Also known as Current NOI.
Average Rents (psf)
As an approval request metric it is the Year 0 base rental income / Year 0 occupied sf. The
metric method should be either Gross or Net consistent with the Market Rents psf metric to
allow a comparison.
Base Year Stop (BY Stop)
A lease structure whereby a tenant, in addition to base rent, pays a pro-rata share of
expenses over a certain amount, that amount being the 'base year stop'. The term is also
often used as a synonym for a semi-gross lease. At the end of the base year (first year) of the
lease the dollar amount is known and the base year stop becomes a 'dollar stop' (e.g. a 2003
stop becomes a $7.25/sf stop once applicable 2003 expenses are determined to have been
$7.25/sf).
BOD
GE Capital Board of Directors. Approval committee for deals exceeding 260 approval
authority.
Build to Yield
Term typically used with development properties. NOI after reserve upon stabilization / total
cost.
CAM
Common Area Maintenance. A pool of expenses intended to aggregate those items which
provide shared benefit to the tenants. Examples of items would be parking maintenance,
lighting, and minor repairs and maintenance. Lease structures often refer to CAM as an
expense item like insurance or taxes or utilities. CAM definitions will vary so understand the
specifics.
CAP Report/Index
CAP Index is a company which provides a report forecasting the likelihood of crime. Most
often used for apartment or retail investments. It is an index score reflecting the risk of an
individual at the given location being the victim of crime relative to national and the local
county. Order through the RE Intranet.
CAPEX
See Immediate Repairs.
Capital Reserves
Sometimes referred to Reserves or Standard Reserves. Annual amount for replacement of
capital items (structural, mechanical, appliances, etc) due to the typical life cycle of those
items. Expressed as a $/unit or $/sf. RE standard NOI is after reserves. There are minimum
reserve amounts for RE cash flow and valuation purposes which vary by property type.
CCR
Corporate Credit Research A RE team which provides tenant credit and other analysis.
Review requests can be submitted via the RE Intranet.
CEP
Corporate Environmental Programs, the Fairfield-based staff that is the GECorp counterpart
to the RE Environmental Risk staff.
CoC
Cash-on-cash. The use is inconsistent and does not correspond to the term itself. Note that it
is NOI after reserve, not cash flow. When identified as "CoC (debt)" it is property NOI / loan
amount. If "CoC (total cap)" it is NOI / total cap. If there is 3rd party debt the "CoC (debt)"
refers to NOI / 3rd party loan amount. Often the reader must interpret the metric based on
the context in which it is used.
COS
Career Opportunity System. The internal database application for GE job openings.
Credit Request
Final approval request for a debt investment it incorporates the final due diligence and
presents the underwritten returns. The term is often used for equity investment approval
requests as well (see also Equity Request).
Credit Tenant
Tenants rated BBB- or better by S&P and Baa3 or better by Moody’s, with favorable KMV
trends. See also Investment Grade Tenant.
Current NOI
See Audit NOI.
DCF
Discounted Cash Flow. The standard valuation method at RE is five year DCF.
Deal Screen
A short presentation of a proposed deal, prior to a Prelim. It is most often prepared in an
effort to get early feedback on RE's interest in an 'outside the box' investment.
Deferred Maintenance
See Immediate Repairs.
Desktop
An underwriting exercise to produce a property value, but without the site visit and with
limited market research. It is most often a preliminary review and valuation of a
property/deal as an early step to determine the likelihood of a RE investment.
DRM
Deal Review Meeting. It is the committee which reviews deals after 260 Committee, but prior
to the presentation to the Board of Directors (BOD).
DSC-UW
Year 0 Debt Service Coverage. Year 0 NOI after reserve/(Year 1 Amortization + Year 1
Interest).
Due Inquiry
Concept of investigating the circumstances of an investment without performing full Due
Diligence. Due Inquiry is to a large extent asking the right questions. Due Diligence would
follow with data-based verification of the Due Inquiry findings. (see Due Inquiry Pitch on
Underwriting Website).
EMS
Internal resume and performance appraisal document providing a summary of experience,
accomplishments, strengths, and development needs. eEMS is the intranet application for
creating and updating the EMS.
Equity Capital IRR
IRR to GE pursuant to the partnership waterfall after 3rd party debt payments, GE cost of
funds, and GE overhead. This is different than the common IRR which considers only cash
flow to RE subject to 3rd party debt and the partnership waterfall.
Equity Request
Same as Credit Request but for an equity investment.
EVT
European Valuation Team.
Executive Summary
Three-part narrative which is part of an underwriter's deliverables for a portfolio
underwriting. The sections are Asset, Market, and Execution. The sections correspond to the
sections of the Risk Rating Form (see Risk Ratings).
Exit NOI
RE projected NOI used for residual valuation. It is used in calculations such as Exit Yield/Total
Cap.
Exit Yield/Total Cap
Exit NOI/Total Cap in Exit Year. See also Exit NOI.
Eyechart
Table with many of the critical data points (location, type, occupancy, etc), for viewing a
portfolio of assets/properties.
Fairfield
Fairfield, Connecticut. The home of General Electric. Deals or issues that have to 'go to
Fairfield' are those that exceed the authority of GE Capital.
Feeder Pages
Portion of the RE economics models inserted into the respective approval request. Often the
entire model, not simply the feeder page, is submitted. The feeder pages are identified within
the models by the tab name CR Pages.
FF&E
Furniture, Fixtures, and Equipment. Term applied to hotels, it is equivalent to the reserve
typically deducted from NOI for other property types. 4%-5% of revenue is a standard
calculation.
GECRE or RE
GE Capital Real Estate
GFR
Global Finance Restructuring. A group within COMFIN focused on purchasing loan portfolios.
The scope is global and many of the loans are collateralized by real estate.
Going-in
Also known as Year Zero. See also Year Zero. It is typically used as a qualifier for NOI in
conjunction with an investment. "Going-in yield to price" or "going-in yield to value" is
referring to Year Zero NOI/price or year Zero NOI/value.
Going-in Cap
Going-in refers to Year 0. Cap refers to the total capital in a deal or property. Therefore the
term refers to the total capital in a deal/property at Year 0. This means the total capital
funded (debt + equity) upon closing. Future funding obligations, if they are based on a hurdle
or test (improved CoC, TI for future leaseup, etc) are part of the Total Cap, but not necessarily
the Going-in Cap. The Going-in Cap should include the funds required to achieve or maintain
the current performance metrics.
Going-in CoC
Inconsistently used term. Going-in is Year Zero. See CoC for various uses of Cash-on-Cash
term.
Going-in Yield to Price
Year Zero NOI/Purchase Price. This equates to a market direct cap rate.
Going-in Yield to Total Cap
Year Zero NOI / (GE Equity + Partner Equity + Debt). This will be lower than Going-in Yield to
Price due to closing costs, etc.
Going-in Yield to Value
Year Zero NOI/UW Value. This is a RE internal metric.
GPVM
Global Portfolio Valuation Model. RE excel model for generating property cash flows and
values. It is designed to handle portfolio transactions. It will generate the property cash flows
(unlike the RPM or LEQ) but it will not generate RE economics.
Gross Lease
Gross has become a generic term for recovery structures most common with office leases. It
generally refers to the recovery structure within a lease whereby the tenant pays, in addition
to base rent, some level of expense reimbursements above a certain level (that level being a
'stop'). Variations include Base Year Stop Lease, Full Service Gross, Semi-Gross, ModifiedGross. Understand the specifics of your circumstances as the terms are all used
inconsistently.
GVT
Global Valuation Team. US-based underwriting group focused on portfolio transactions.
Health Ratio
See Occupancy Cost
Holdback
A generic term for the portion of a loan commitment not distributed to the borrower in the
initial funding. This unfunded portion may be allocated to various specific categories such as
Interest Reserve, TI, or an Earnout. Holdbacks are typically conditional (i.e., some criteria
must be met for the funds to be distributed).
Hurdles
Common term for the GE/PPR market ratings established semi-annually. The ratings are
High, Medium, and Low with Low being the most desirable for RE investments.
ICOMM
Investment Committee. Used to describe both an actual committee and a product business
plan. The ICOMM is the committee which reviews and approves investment strategies (not
individual deals). An ICOMM pitch is a product specific business plan (e.g. SV-Office ICOMM).
ILR
Initial Loan Review. It is the CMBS version of the Prelim.
Immediate Repairs
Sometimes referred to as CAPEX or Deferred Maintenance. Items required to be addressed
immediately (within six months) to ensure property competitiveness and/or life and safety
issues. Funds for these repairs are expended in Year 1 and typically included in the total cap
on equity deals or held back from loan proceeds on debt deals.
Initial Funding + Untested
The portion of the RE commitment which is funded at close plus any amounts to be funded
without performance hurdles (e.g. capex).
Investment Grade Tenant
Industry standard is BBB- or better by S&P and Baa3 or better by Moody's. RE also requires
favorable KMV trends to fully qualify as "Credit." See also Credit Tenant.
KMV
A credit rating system similar to S&P or Moodys but with different drivers. There can be
significant differences in the results.
LBP
Lead-based paint, often found in pre-'79 US buildings. The US government considers children
under the age of 7 as particularly susceptible to lead poisoning, therefore assessment of LBP
typically targets materials in child-accessible areas.
LEQ
Leveraged Equity Model. The RE excel model for generating RE value from a set of cash flows
and economics for equity investments. The model will calculate the RE DCF value and sale
proceeds but the cash flows must be provided from another source. It is also the common
name for the Partner's Group which does leveraged equity deals.
Leverage
Two primary uses. First is the industry standard reference to loan-to-value ratio in
percentage terms (e.g. 75% leverage). Second is more accurately called "internal leverage"
which is the ratio of GE investor debt to GE investor equity used to fund a given GE
investment (e.g. 7.3:1).
LIHTC
Low Income Housing Tax Credit team with Specialized Industries (SI).
LTV - UW
Underwritten Loan-to-Value. Total Debt / UW Concluded Value. To the extent the projections
indicate and earnout is funded include the amount in the Total Debt.
Market Rents psf
An approval request metric it is weighted average market rent for the property. The metric
should be either Gross or Net consistent with the Average Rents psf metric to allow a direct
comparison.
MHC
Manufactured Housing Communities team within Specialized Industries (SI).
Milestone Matrix
Tool within the RESource application designed to track estimated and actual dates for
certain steps in the deal process.
Modified Gross Lease
A recovery structure most common with industrial leases, the specifics of which vary greatly
(hence the qualifier, "Modified"). Clarify the definition and recognize it will likely differ property
by property.
MSA
Metropolitan Statistical Area. It is the geographic area established by governmental
authority. MSA's serve as convenient location identifiers such that a given MSA may include
the surrounding suburbs. We generally consider an MSA to be a macro market.
MTBE
Methyl tertiary butyl ether, a US gasoline additive used since the early 1980s as an octane
booster. Generally considered a specific indicator of a gasoline release, it is very soluble in
ground water and migrates through the subsurface faster than other gasoline components.
NALI
North America Lending and Investing organization.
Net Income
Accounting/Finance term for the amount of earnings RE can recognize pursuant to
corporate and regulatory guidelines. It is not Net Operating Income (NOI) which is a propertylevel metric.
Net Lease
A lease structure most common with retail and industrial leases. The tenant pays base rent
plus 100% of their pro-rata share of certain expenses. Included expenses vary leading to
leases being considered NN (double net) or NNN (triple net), the difference being the extent to
which expenses are recoverable.
NFA Letter
No-Further-Action letter, issued by many US regulatory agencies upon completion of
prescribed remedial actions at a contaminated site. While desirable, they typically reserve
the agency's right to impose additional action requirements should new information come to
light.
NOI
Net Operating Income. This is the property revenues - property expenses - reserves. For RE
the standard is NOI AR (net operating income after reserves). This is not Net Income, which is
an accounting/finance term.
O&M Plan
Operations & Maintenance Plan, a guidance document designed to help site owners educate
and train maintenance personnel as to the presence and safe handling of potentially
hazardous materials on their property, such as asbestos or lead-based paint.
Occupancy Cost
For retail properties, ratio as a percentage, of a tenants annual base rent plus percentage
rents + plus recoverable expenses / sales. The higher the ratio, the less healthy the tenant
sales as a function of occupancy costs. Acceptable ratios vary depending on tenant's
industry.
Occupancy-UW
Year 0 underwriting occupancy as presented in the credit request metrics section. It is often
used in conversation to describe the underwritten stabilized occupancy.
Op Plan
The official plan of record for each operating business within GE. It is published and
approved during the 1st quarter of the year and details both P&L and Balance Sheet
expectations for the coming 12 month period.
Pari Passu
Literally, "on equal footing." Indicates one equity investor will have equal rights as another
equity investor, subject to their invested shares. Example: GE invests 80% and a partner 20%
of the required equity with cash flow to be returned pari passu. Therefore GE will receive
80% of the cash flow and the partner 20%.
PCBs
Poly-chlorinated biphenyls, formerly used as additives in transformer oil and lighting ballasts
due to their superior insulating properties. Now banned as a probable carcinogen.
PCE
Perchloroethylene (also called tetrachloroethylene), used as an industrial degreaser and
commonly as dry cleaning solvent.
PEM
Portfolio Economics Model. A RE excel model for generating RE economics, typically used in
conjunction with the GPVM.
Percentage Rents
For retail tenants, a percentage of sales due the landlord, typically in addition to base rent.
Normally this is in addition to base rent and only after sales reach a certain threshold (called
the breakpoint).
PPR
Portfolio & Property Research. A 3rd party provider of market information and various
econometric forecasts accessible via the RE Intranet.
Pref
Short form of Preferred Return. It is the percentage return, on an annual basis, to the equity
contributions made by the respective partners in an investment. If not paid when earned it
typically accrues. Often paired with a promote such that the pref (current and accrued) must
be paid prior to any promote being paid.
Prelim
Preliminary Credit Request. Deal presentation prior to full due diligence and underwriting. It
outline the findings from Due Inquiry and the proposed deal structure and preliminary
returns. See also Due Inquiry.
Promote
The difference between the residual capital ratios and initial capital ratios. Used to denote
how the capital interest of the partner in a deal is increased to a greater extent in the
residual. Example: of the initial equity, RE is 80% and the partner is 20%. At the sale of the
property the partner receives 50% of the gain. This is a 30% promote (50% residual share 20% initial contribution). Typically there is a preferred return hurdle prior to a promote (see
Pref).
RCA
Real Capital Analytics. A 3rd party data provider of US sale comp information accessible via
the RE Intranet.
REBoardroom
Intranet application for tracking deal flow and deal comments for transactions which go to
292 Committee or higher. The application operates in conjunction with the RESource
program.
REIS
US market info provider accessible via the RE Intranet.
Replacement Cost
Several meanings. Engineering consultants provide a Replacement Cost for Insurance
Purposes, which it typically limited to the construction costs excluding ground and
foundation. This Replacement Cost is used in the RE Earthquake Insurance matrix. In the
Credit/Equity Request and in discussions regarding UW Value, Replacement Cost is the
estimated current cost to replicate the property. This would include comparable land and
the total development budget to build a comparable property.
Residual Ratios
Ratio of how the cash flow after a preferred return (see pref) and residual proceeds are split
by partners. RE number is always first with the second number the partner's share (e.g.
60/40 means 60% to RE, 40% to partner).
RESource
Intranet application for deal flow management. It tracks status, comments, and metrics. It
also serves as a pipeline application and a due diligence document repository.
Ring Study
Demographic and Economic survey based on concentric rings from a specified location. It
provides information of particular interest for Multi-Family and Retail investments.
Mapscape.com is the approved provider and is available via the RE Intranet.
Risk Ratings
Three section form to be completed by the underwriter. The sections are Asset, Market, and
Execution and each is given a rating of 1 (best) to 5 (worst) based on several criteria within
each section. When input into a RE model the ratings establish the discount rate via a matrix
unique to the property-type.
RM
Relationship Manager. Another term for Originator. Sometimes also used as acronym for Risk
Manager.
ROE
Return on GE Equity as calculated by RE models, it equates to GE Net Income (after tax,
depreciation, reserves, overhead) / GE average equity investment (accounting for internal
leverage). It can refer to either annual (running ROE) or cumulative (deal ROE). See also
Leverage.
ROI
Return on Investment as calculated by RE models, it equates to GE Net Income (after tax,
depreciation, reserves, overhead)/GE average investment. It can refer to annual (running ROI)
or cumulative (deal ROI).
Rollup
Consolidation of property cash flows and values for a portfolio. Typically requires
underwriters to submit their individual models to the analyst who then 'rolls up' a
consolidated model.
RPM
Risk-based Pricing Model. The RE excel model for generating RE value from a set of cash
flows and economics for debt investments. The model will calculate the RE DCF value and
sale proceeds but the cash flows must be provided from another source.
Semi-gross Lease
A recovery structure most common with office leases. Typically it means a tenant will pay
base rent plus the amount recoverable property expenses, as determined by the specific
lease, exceed a predetermined amount (known as the base year stop). See also Base Year
Stop and Gross.
Session C
Annual review of GE's human resources, which enables senior management to take an indepth look at employment issues and address succession planning needs. It is the
culmination of the EMS process.
SI (S1)
Say it "session one." The strategic plan for each operating business within GE. It is the annual
spring plan and covers the current year as well as the next 3-year period. This plan focuses
on strategy and the strategic changes each business believes is required to remain
competitive.
SII (S2)
Say it "session two." The final plan of the current year and first look at the upcoming year. It
is the annual fall plan and covers the remaining quarter of the current year, and the 4
quarters of the following year. It is the first time each business will commit to targets for the
upcoming year.
Six Amigos
Property valuation review for portfolios or deal review for single transactions. The meeting
includes the due diligence team and originations. For portfolios the intent is to focus on
property underwriting and valuation. For singles it would additionally include a deal review
(structure, customer, etc).
Star Report
3rd party provided report which provides a competitive analysis of the subject hotel versus a
collection of direct competitors. Includes performance metrics.
Stop
An amount above which a tenant will reimburse the landlord for expenses. It might be a
specific expense (such as a tax stop) or a pool of expenses. See also Base Year Stop.
SVOC
Semi-volatile organic compounds, which include a wide range of chemicals typically
associated with industrial operations and auto maintenance operations.
Tightness Test
A pressure or vacuum test of a tank system (usually USTs) to check for leakage. Although a
successful tightness test does not guarantee that a tank system has not leaked, it is a good
indicator that a catastrophic release has not occurred.
Total Cap/Value
(GE Equity Commitment + Partner Equity Commitment + Debt)/UW Concluded Value.
Expressed as a percentage. Don't 'double count' capital. If you've valued the property using a
DCF you've modeled the major capital items as property cash flow (thereby impacting the
DCF). Don't also include those same capital dollars in the Total Cap for related metrics as
that would mean you've funded it twice: at close (as part of the Total Cap) and from property
cash flow.
TRM
Territory Risk Manager. Another term for Risk Manager.
Underwriting (UW)
Along with the standard usage of the term (the exercise or group doing the valuation/due
diligence) it is an adjective equivalent to "Year 0" when referring to NOI or Occupancy.
Underwriting NOI
Also known as Year Zero NOI. Audit NOI adjusted for RE underwriting standards to make a
prudent investment decision. It is the NOI 'in-place' when the RE investment is made, with
various adjustments from RE underwriting. The intention is to present an in-place NOI
without the risk of execution (such as lease up).
Underwriting Occupancy
Also known as Occ-UW. Year 0 underwriting occupancy as presented in the credit request
metrics section. It is not stabilized occupancy, although in conversation it will often be used
that way.
USRA
US Realty Advisors, a joint venture within Strategic Ventures targeting investments in singletenant real estate.
UST
Underground storage tank, as typically used to store fuels. UST "systems" may include
multiple USTs and the distribution piping.
VOC
Volatile organic compound, one of many constituents typically targeted by ground water
and soil analyses where fuels or liquid chemicals have been used or stored. Also, Voice-ofthe-Customer.
Year Zero
Generic term for in-place circumstances to be 'counted on' by RE. Typically it is used in
conjunction with either NOI or Occupancy (e.g. "Year Zero NOI is xxx..."). It is the
circumstances RE will recognize based on standard RE underwriting adjustments. See
Underwriting White Papers on the RE Underwriting website.
Year Zero NOI
See Underwriting NOI.
Year Zero Occupancy
See Underwriting Occupancy.
Yield to Equity
Cash flow after debt service divided by total outstanding joint venture investment (GE and
Partner), excluding 3rd party debt. Often presented as a year-by-year figure.
How To’s
How to access the Human Resources Portal
1. Go to the insideGE Real Estate home page and select the Human Resources Community. Click on
RE Communities and then on Human Resources.
2. Review the site to learn more about your new business,
How to add a number to the GE Global Address
List (GAL)
The following screen shots are examples only (your data screens will look different – with
different phone numbers):
1. Go to the insideGE Real Estate Home Page
2. Click on the HR & Career tab (see below)
3. In the HR Workspace screen, go to the right and click on Update my Work Contact (see
circled area below):
4. Click on the area shown below
5. Make phone number entries, and then click on Next
Use the
format
shown
6. Confirm phone number entries, and then click on Submit
How to create your email signature
Email Signatures
Our global email signature format is designed to provide customers and other recipients with the
essential contact information required to conduct business with us.
In an effort to be simple and clear, marketing messages, logos, and other text and graphics should
not appear in your email signature.
To help ensure visual consistency across the globe and for those outside GE, the signature should
always appear in Arial.
Please follow your business's go-to-market brand architecture strategy when constructing your
email signature.
To create your signature in the proper format, we recommend our Email Signature Tool.
If you would like to review detailed guidance on our email signature format, including proper use of
approved social media links as well as things to avoid, please download our guidelines.
Recommended Signature:
Mobile Devices
In addition to the standard approach, we also have a short format for mobile devices.
Recommended
Alternate
Visit GE Brand Central at
https://gebrandcentral.monigle2.net/idm.asp?cid=0&home=true&passedfine for more guidelines.
Compliance
Security & Crisis Awareness
Compliance
As a new employee in our business, it is important for you to complete a series of activities designed
to help you understand and observe the Company's compliance policies and procedures. Those
requirements must be completed within a specified time frame, described below. Your manager and
your Compliance Officer are responsible for ensuring that you complete the Spirit & Letter training
requirements.
Spirit & Letter training (S&L CeL) -- Level I:
Composed of online training and an electronic Conflicts of Interest declaration form, all
employees must complete this requirement within the first 30 days from date of hire. Estimated
time = 4-5 hours total.




14 Compliance S&L components
Real Estate Specific Policies (annually)
Personal Commitment (annually)
Online Conflicts of Interest (every 18 months)). To access the Conflict of Interest
Tool, go to https://coidisclosure.corporate.ge.com/COIHome
Please note that if you are a transferring employee from another GE business and you did not
complete any of the courses in Level I, which are required courses across GE businesses, these
courses will show up delinquent in your Learning Plan and you will need to complete these
courses ASAP.

Additional Spirit & Letter training -- Level II & Level III:
This training is assigned based on your specific job function and is due 90 days from your date of
hire. Additional courses you may be required to take include IT Security, Document Creation,
Record Management, Competition Law II, Know your Customer, etc. While you will receive an
email reminder approximately one month before the due date, you are encouraged to begin
these modules promptly, as they are more in-depth than Level I and take additional time to
complete. Estimated time = 30 minutes/course.
To access the training, go to https://mylearning-ge.plateau.com and use your SSO Number
(Single Sign On) and password to login. Your Compliance Training requirements will be assigned
and waiting in your Learning Plan.

FOR EMPLOYEES DESIGNATED AS Transaction Restricted Employee (TRE):
Every GE employee is subject to GE’s Insider Trading and Stock Tipping Policy which can be found
in The Spirit & Letter booklet. Certain businesses, such as GE Capital Real Estate, have potential to
access non-public information about a publicly traded company. Due to the nature of your
position, you have been designated a TRE.
TREs are designated GE employees whose positions introduce a heightened risk of exposure to
material non-public information (“inside information”) about securities of public companies with
whom GE does or may do business. As a TRE, you and family members sharing your household
will need to pre-clear the trading of securities at the following link:
https://ptaconnect.corporate.ge.com/pta/pages/index.jsp.
The Transaction Control Authority (TCA) administers the pre-clearance procedures and
supplements GE’s Insider Trading and Stock Tipping Policy. The PTA is the system that you will use
to acknowledge your understanding of the policy, pre-clear your trades and record your
brokerage accounts. Within your first few days at GE Capital Real Estate, you will receive detailed
instructions on how to complete this requirement.
Please consider the following:
Accounts subject to the designated broker requirement: brokerage accounts that invest in
publicly traded securities (stocks and/or bonds); this includes employee-related accounts held
by a spouse or by family members living in your household.
Accounts NOT subject to the designated broker requirement but requiring an exemption:
Discretionary accounts (blind trusts, managed accounts); accounts that invest exclusively in
exempt securities under the TCA Policy provided that you do not have material non-public
information (GE securities, index funds, closed end funds, government securities); accounts
held by a spouse who is employed with a broker dealer. You will be able to download a form
from the PTA to notify the TCA of this exemption.
Accounts NOT subject to the designated broker requirement: Accounts identified as
proprietary mutual fund accounts that can only invest in open ended mutual funds do not
require disclosure to the TCA.
Approved Brokers: In the event that you or family members sharing your household
currently maintain securities accounts with non-approved brokers, you will need to transfer
such accounts. Please review the list below. The receiving firm will complete the account
transfer process on your behalf.
List of Approved Brokers:







Ameriprise
Ameritrade
Baird
Bank of America
Charles Schwab
Citigroup
ETrade







Fidelity
Goldman Sachs
Interactive Brokers
Merrill Lynch
Morgan Stanley
Northwestern
Option Express





Scottrade
UBS
USAA
Vanguard
Wachovia
For more information about training and our compliance and ethics program, please visit the Sections below
of the GE Capital Real Estate Compliance Portal at http://compliance.cre.comfin.ge.com:



Infrastructure – Compliance Officer and Ombuds network
Protecting GE Assets or Compliance Resources - TRE Information
Training – Compliance Training
Please allow sufficient time to complete your training prior to the due date. This deadline is part of the
Compliance Metrics GE Capital Real Estate reports to GE Capital and GE Corporate.
If you have questions or concerns regarding any of these requirements or the respective due dates, please
notify Toni Harrigan, Chief Compliance Officer, at 203-750-3060 or toni.harrigan@ge.com.
GE Capital
Real Estate
Security and Crisis Awareness
1. Memorize the Crisis Information line. In North America it’s: 203 585 0203 / *705 0203.
2. Enter your Emergency Contact information at the My Information website:
http://re.home.ge.com/insideGE/jsp/mydata/WelcomeBottom.html.
3. Know the evacuation process and procedures for your building.
4. Familiarize yourself with the GE Security & Crisis Management Policy: http://scm.cre.comfin.ge.com.
5. Know your onsite crisis management contact.
6. Be aware and alert in your surroundings. Report suspicious behavior, visitors, packages and vehicles
to your onsite security immediately.
7. Protect your ID’s and passwords (do not write them down) and ALWAYS activate the screensaver
when you leave your PC (ALT+CTRL+DEL then K).
8. Lock up sensitive information and materials when you are done for the day (in a desk drawer, file
cabinet). Keep your laptop computer locked-up at all times; take it home every night if necessary.
9. Do not forward suspicious email (jokes, chain letters, virus, unknown sender). Do not install software
on your PC without IT representative approval.
10. Immediately refer all media calls to corporate communications
Employee safety and well-being is EVERYONE’S responsibility!
Visit RE’s Security & Crisis Awareness website or talk with your manager to learn more.