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as a range of services and recreational faCilfties. •h >g bunk
<br />around one or two fug-line department stores of gensrall~r
<br />not less than 50,000 square fast, although there are exoop•
<br />bons in small communities. Its typical size is about 500,000
<br />square feet of gross leasable area; in practfoe, It tray range
<br />from 250,000 to more than t;f00,000 square feet. The regbn-
<br />alcenter provides services typical of a business dlshiot yeE
<br />not as extensive as those of the super regional center.
<br />A super rsglonal rrenter offers extensive var),sty in gen-
<br />eral merchandiise, apparel, furniture, and home fumiehings,
<br />as welt as a variety of services and recreational hcNitlea. It
<br />is built around three ar more full-fns department stores gen-
<br />erally of not less than 78,000 square feet each, although
<br />there are exceptions in email communities. The typical sire
<br />of.a super regional center !s about 1,000,000 square Test
<br />of gross leasable area. In practice, the size ranges from
<br />about 600,000 to more than 1,800,000 square feet.
<br />Ali centero typically include within the sits area (the
<br />gross land area -within the property lines} rtn area of autfi-
<br />cient eke to provide customer and employee parking in
<br />relatkui to the gross leasable area as determined by the
<br />accepted standard for the parking indear (sea "parking;
<br />Chapter 11 ~.
<br />Fcamats of ~topp~r~ Centers
<br />All types of stropptrtg amtaro dtsoussed above:fafl Into one
<br />of the two genera! formats Identified by ICSC M The Score.
<br />An open air center candsts of an attadiad row of at
<br />feast throe rsRaB stores, managed as a cansront rgtaN entity,
<br />with parking typicauy in front of the stores. Entry to each
<br />store ie directly from outside. An open air center maybe
<br />configured In a straight Ilne,, an `L," a "!l' or variations of
<br />these bhapes. .
<br />An enclosed ahopptng centw has a walkway or mall
<br />that b enclosed, heated and cooled, insulated a-id lighted.
<br />The walkway or maq is flanked on orre or both Aides by
<br />storefronts and entranoea The oon}tguratlon.ot the center
<br />may vary, but on-site• partdng la usually providod 'around the
<br />perimeter of the center.
<br />r~~
<br />flrwa iiasabk area (OLA) is the totstl floor area designed
<br />for tenevlle' oxupancy and exduahw use, including any
<br />baaernertte, rrnee, or upper floors, expressed kt square
<br />bet and mesaured from the rxmterltne of joint partitlate and
<br />from outside waq faces. Because QLA lends itself n~ly to
<br />measurement, the shopping center industry flew adopted h
<br />as the atartdard ibr atat~Cal comparison.
<br />Totai floor space comprises all areas held by the can"
<br />ter owner and any areas that are lndependeritly managed
<br />or owned but that ors physically a part of the center. It
<br />Includes aLA and all other enoloaed apace in the shopping
<br />center,;as wail as outparcels.
<br />Ali ftgurea In this report, unless otherwise stated, are in
<br />terms of dofiars and cents per square loot of t3LA on an
<br />annual,baeis.
<br />Common area is the total area within the shopping cen-
<br />ter that• is not designed for rental to tenants but, that b evali-
<br />able for comnwn use by all tsnan~ or groups of tenar>ta,
<br />tl Definitions
<br />their irnitess, and adjacent stores. Parking and its appurte-
<br />nances, malls, ekiewalks, landscaped areas, publ~ toilets,
<br />buck and service faoflitfes, and the like are included in the
<br />common area.
<br />parking area Is the space devoted to car parking, in-
<br />cluding on-site roadways, aisles, stalls, islands, and all
<br />other featut~es inddental to parking,
<br />Partdng index IS the number of car peaking spaces made
<br />available per 1,000 square feet of aLA. Parking Index Is
<br />the standard oomparieon used to indicate the relationship
<br />between the number of parking spaces and the gross
<br />leasable area.
<br />Operating R~Ip~s
<br />Tohl rent is the income received from tenants as rent for
<br />the leased space, including the minimum guaranteed year-
<br />ly rent, straight percentage rent (no minimum guarantee},
<br />and overage rent for the year.
<br />Total oommOn area ohaeges include income collected
<br />from tenants for operating and maintenance Items pertain-
<br />ing to the common areas. Shopping center leases usually
<br />contain a clause raqutring the tenant to pay its share of
<br />operatlon and maintenance of common areas and defining
<br />the basis on which charges are made and the type of cost
<br />Items allocable to maintenance of the common area. Of the
<br />ways to prorate the •oharges among tenants, the most com-
<br />mon are (1) a proreted charge based on a tenants leased
<br />area as a portion of the center's total leasable area or on
<br />fffi Nnear exposure in store frontage, (2) a fixed charge for
<br />a stated period, and (3) d variable charge based on a pew
<br />centagA of salsa. t3ome centers include acost-of•Iiving
<br />increase in the common area charges.
<br />Tohl other ohatges include property taxes, insurance,
<br />other eaaalation charges, security, markefing/promotbn
<br />fund, common area utiNdea and HVAV energy, and income
<br />from the sale of utl{Hlsa.
<br />Property taxes include income collected from tenants to
<br />offset charges' for real estate taxes levied against the land
<br />and structures oonatHutfng the shopping center.
<br />insurance Is Income ooitected from tenants to otbet the
<br />cost of all Irlsunsnce, Including Insurance on structures (fire
<br />and otfter damage, plate glass, etc.), public (lability and
<br />rental value (use and occupancy), squfpment, etc.
<br />t3eourlty rawnw is the amount collected from tenants
<br />to recover the cost of security services.
<br />MarJceting/promotforad fund revenue is the amount
<br />collected for g fund that is used at the discretion of center
<br />management for promotional purposes only. (This does
<br />not include any amount collected for a merohants associ-
<br />ation ()eQaUae lbs funds are used at the discretion or the
<br />aseoclatlon).
<br />Commor- area HVAC and utllitiss incarns is the
<br />amount colected from tenants for common area HVAC
<br />and utlNty expenses.
<br />Income from Bale of HVAC and utilities is the amount
<br />collected from teriar>ts for HVAC and utility serv~ea provid-
<br />ed by the crenter.
<br />Total mtsallaneoue Income includes income from
<br />facilities like •psy telephones, pay toilets, and vending
<br />machines.
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