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.
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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.
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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.
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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.
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Department
stores:
Are
a subset of anchors and
include only full-line
department stores.
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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.
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Food
courts:
Is
a collection of small eating establishments within a shopping
center, under common or separate management, with a common
eating area.
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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.
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Income
from sale of utilities:
Is
the amounts collected from tenants for utility services provided
by the center.
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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.
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Lower
decile:
The
value less than that reported by 90 percent of the tenants
represents the lower decile.
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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.
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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.
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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.
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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.
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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.
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Parking
area:
Is
the space devoted to car
parking, including on-site
roadways, aisles, stalls,
islands, and all other
features incidental to
parking.
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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.
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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.
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Property
taxes:
Include
income collected from tenants
to offset charges for real
estate taxes levied against
the land and structures
constituting the shopping
center.
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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.
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Strip
shopping center:
Has
a minimum of three stores, is managed as a coordinated entity,
and does not have any enclosed interior common areas.
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Top
10 percent:
The value
greater than that reported
by 90 percent of the tenants
represents the top 10 percent.
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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.
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Total
common area charge:
Include
income collected from tenants
for operating and maintenance
items pertaining to the
common areas.
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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.
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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.
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Total
insurance:
Includes
public liability, property, special (e.g., earthquake/fire),
and other such as rental value (use and occupancy) insurance.
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Total
miscellaneous income:
Includes
income from facilities
like pay telephones, pay
toilets, and vending machines.
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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.
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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.
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Total
other charges:
Include
property taxes, insurance,
other escalation charges,
and income from the sale
of utilities.
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Total
real estate taxes:
Is
self-explanatory.
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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.
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Upper
decile:
This
is the same as the top 10 percent.
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