Because Palmer and longtime partner Ed Seay didn't do typical resort golf at Turtle Bay Resort; they built a tournament course. It is no wonder that the golf course, one of two 18-hole layouts at the resort, is the current host of the LPGA's SBS Open and former site of a Champions Tour event.
A temporary difference is one that will reverse at some point in the future (i.e., depreciation when accelerated depr. is used for tax and straight line for books; most reserve items). A permanent difference will never turn around (i.e., meals and entertainment is an expense for books but can only be deducted up to 50% for tax). A temporary difference is one that will reverse at some point in the future (i.e., depreciation when accelerated depr. is used for tax and straight line for books; most reserve items).
Because economic vacancy goes beyond physical vacancy and adds in income reducing items on occupied units, economic vacancy will never be lower than physical vacancy. The best economic vacancy can achieve is parity with physical vacancy. However, that situation is rare with commercial multifamily real estate. When physical vacancy and economic vacancy are low and converging (like 5% physical vacancy and 8% economic vacancy for example) then the investor can be confident that they are in a strong market and or have a strong property management firm working for them.