Anchors:
Are
stores and other uses that occupy the largest
tenant spaces in a shopping center and are
the primary traffic generators in a center.
|
Average:
The
average of a range of values is computed by
adding all the values in the range and dividing
the sum by the number of values.
|
Common
area:
Is
the total area within the shopping center
that is not designed for rental to tenants
but that is available for common use by all
tenants or groups of tenants, their invites,
and adjacent stores. Parking and its appurtenance,
malls, sidewalks, landscaped areas, public
toilets, truck and service facilities, and
the like included in the common area.
|
Community
center:
Provides
a wider range of soft lines (wearing apparel
for men, women and children) and hard lines
(hardware and appliances). Many centers are
built around a junior department store, variety
store, it may have a strong specialty store
or stores. Its typical size is about 150,000
square feet of gross leasable space.
return
to top
|
Department
stores:
Are
a subset of anchors and include only full-line
department stores.
return
to top
|
Enclosed
mall:
Is
managed as a coordinated entity, and has enclosed
interior common areas. It may be a component
of a larger mixed-use development.
return to top
|
Food
courts:
Is
a collection of small eating establishments
within a shopping center, under common or
separate management, with a common eating
area.
return
to top
|
Gross
leasable area (GLA):
Is
the total floor area designed for tenant's
occupancy and exclusive use, including any
basements, mezzanines, or upper floors, expressed
in square feet and measured from the centerline
of joint partitions and from outside walls.
return
to top
|
Income
from sale of utilities:
Is
the amounts collected from tenants for utility
services provided by the center.
return
to top
|
Insurance:
Is
income collected from tenants to offset the
cost of all insurance, including insurance
on structures (fire and other damage, plate
glass, etc.), public liability and rental
value (use and occupancy), equipment, etc.
return
to top
|
Lower
decile:
The
value less than that reported by 90 percent
of the tenants represents the lower decile.
return to top
|
Maintenance
& housekeeping expenses:
Are
the subtotal of the following four categories.
1.
Parking lot, mall, and other common area:
Include maintenance, repair, and striping
of parking lots; utilities, including lighting
and power used for maintenance of signs that
are the landlord's responsibility; security;
heating, ventilation, and air conditioning
(HVAC) of an enclosed mall; snow and trash
removal; maintenance of landscaping of grounds;
maintenance of elevators and escalators; and
so on.
2.
Building maintenance: includes roof repair
and such items as painting, repairs, and alterations
to structures (not capitalized), etc.
3.
Central utility systems: include all costs
of operating a central utility plant or total
energy system in the center.
4.
Other office area services: include the janitorial
services, lighting, and the like of the office
areas occupied by tenants.
return
to top
|
Median:
The
value of the item midway in a series represents
the median. Half of the individual values
in the series are above the median, and half
of the values are below the median.
return to top
|
Neighborhood
center:
Provides
for the sale of convenience goods (foods,
drugs, and sundries) and personal services
(laundry and dry cleaning, barbering, shoe
repairing, etc.) for the day-to-day living
needs of the immediate neighborhood. It is
built around a supermarket as the principal
tenant and typically contains a gross leasable
area of about 60,000 square feet. In practice,
it may range in size from 30,000 to 100,000
square feet.
return to top
|
Net
operating balance:
Is the same as the operating balance, or that
part of total income remaining after operating
expenses are taken out but before deductions
are made for depreciation, debt service, income
taxes, and the return of equity.
return
to top
|
Outparcels:
Stores,
restaurants, gas stations, and other uses,
such as banks, that are managed as part of
the center but are not physically attached
to the main building. Freestanding anchors
are reported as anchors and not as outparcels.
return to top
|
Parking
area:
Is
the space devoted to car parking, including
on-site roadways, aisles, stalls, islands,
and all other features incidental to parking.
return
to top
|
Percentage
rent:
A
lease, in which the rent is calculated as
a percentage of sales. There is usually a
minimum or "base" rent in the event
of poor sales.
return
to top
|
Power
center:
Is a type of community center. It contains
at least four category specific, off price
anchors of 20,000 square feet or ore. These
anchors tend to be narrowly focused but deeply
merchandised "category killers"
together with the more broadly merchandised,
price-oriented warehouse club and discount
department stores. Anchors in power centers
typically occupy 85 percent or more of the
total GLA.
return
to top
|
Property
taxes:
Include
income collected from tenants to offset charges
for real estate taxes levied against the land
and structures constituting the shopping center.
return
to top
|
Regional
center:
Provides
for general merchandise, apparel, furniture,
and home furnishings in depth and variety,
as well as a range of services and recreational
facilities. It is built around three or more
full-line department stores generally of not
less than 75,000 square feet each. The typical
size of a super regional center is about 1,000,000
square feet of gross leasable area, In practice,
the size ranges from about 500,000 to more
than 1,500,000 square feet.
return
to top
|
Strip
shopping center:
Has
a minimum of three stores, is managed as a
coordinated entity, and does not have any
enclosed interior common areas.
return to top
|
Top
10 percent:
The
value greater than that reported by 90 percent
of the tenants represents the top 10 percent.
return
to top
|
Total
advertising and promotion:
Include
contributions in kind, such as salaries, expenses,
and other services (for example cost of furnishing
a meeting place for public use, net of any
reimbursements). This category includes costs
for advertising, promotions/special events,
Christmas décor/events, marketing administration,
and cash contributions to the merchants association.
return
to top
|
Total
common area charge:
Include
income collected from tenants for operating
and maintenance items pertaining to the common
areas.
return
to top
|
Total
floor space:
Comprises
all areas held by the center owner and any
areas that are independently managed or owned
buy that are physically a part of the center.
It in includes GLA and all other enclosed
space in the shopping center, as well as outparcels.
return
to top
|
Total
general and administrative expenses:
Include
management agent fees (fees paid to an outside
agent for managing the center's operations);
leasing agent fees (fees paid to an outside
agent for leasing tenant space); bad debt
allowance; on-site payroll and benefits; professional
services; and so on.
return to top
|
Total
insurance:
Includes
public liability, property, special (e.g.,
earthquake/fire), and other such as rental
value (use and occupancy) insurance.
return to top
|
Total
miscellaneous income:
Includes
income from facilities like pay telephones,
pay toilets, and vending machines.
return
to top
|
Total
operating expenses:
Include
all the items involved with managing and maintaining
the center through payments for services such
as marketing, advertising, and promotions/special
events.
return to top
|
Total
operating receipts:
Include
the total income received by the owner of
the shopping center - all the money received
from rentals, common area charges, and other
income.
return
to top
|
Total
other charges:
Include
property taxes, insurance, other escalation
charges, and income from the sale of utilities.
return
to top
|
Total
real estate taxes:
Is
self-explanatory.
return
to top
|
Total
rent:
Is
the income received from tenants as rent for
the leased space, including the minimum guaranteed
yearly rent, straight percentage rent (no
minimum guarantee), and average rent for the
year.
return
to top
|
Upper
decile:
This
is the same as the top 10 percent.
return
to top
|
