Abstract
Leasing as a source of financing is used not only in the purchase of movable goods, but also machinery, equipment or constructions that are component parts of a real estate. Depending on the kind of leasing, it might be recognized differently from a tax or accounting perspective. The separate legal status of leased components of a real estate in relation to its main part poses a problem in valuation. As an example, one may mention a fuel station, the storage tanks, fuel dispensers or marketing visualization of which are often leased. The problem of proper leasing recognition has not yet been solved in both the theory and practice of real estate valuation. There are different regulations regarding leasing in every country, which makes it even more difficult to provide universal valuation guidelines. The authors of this article reviewed literature and practical studies on the mentioned subject and conducted a comparison of different types of lease agreements applied for fuel stations along with a qualitative analysis of their impact on the market value of such assets. Using a case study as the research tool, the article is an attempt to present the problem in a quantitative manner. In conclusion, the authors proposed their own solution to the described problem, based on the conducted scientific research. The topic may gain importance due to the recent popularization of the circular economy concept, which assumes leasing of durable component parts of buildings or constructions and their multiple use instead of one-off utilization and disposal. It sheds new light on real estate management and may influence its valuation methodology.