Abandonment involves the voluntary and intentional surrender of property or rights to property without naming a successor as owner or tenant. The property will typically revert to someone with a prior interest or, if no owner is apparent, to the state.
Long-term liabilities are financial obligations of a company that are due more than one year in the future. Examples include bonds payable, long-term loans, and lease obligations.
A synthetic lease is a rental agreement that shifts all obligations, risks, and costs of the property to the tenant while the owner receives an absolute fixed rent. It is also known as a credit-tenant lease.
