4. Tax Equalization board convenes

A. Cenrd~rwide.Rperating Results and Otlur eta: All Cutters The super regional shopping center provides an exten- sive variety of goods comparable to those found in the cen- tral business distric# of a major metropolitan area, including a wide selection of general merchandise, apparel, and home furnishings, as well as a variety of services and recreational facilities. The major occupants of a super regional center include at least three full-11ne department stores. Each full- line department store generally occupies an area of not less than 75,000 square feet, although there are excep- tions in small communities. In many Instances, the depart- ment stores physically are part of the center but are inde- pendently owned. For reporting purposes, data on the 148 U.S, super regional centers shown in Table 3-1 are separated into three groups: center size, center sales, and operating results. The figures do not represent industry averages; however, the participating centers are a representative group, and the results provide benchmarks that can be valuable in analyzing shopping center operations. Table 3-1 presents average, median, and docile amounts. The average is the arithmetic mean of the values presented. The median is the value at which an equal number of val- ues fall below and above in an ascending series of values. The lower and upper deciles are the values between which t30 percent of all values fail. Cent' ~ Center size data include information pertaining to the over- all size of the centers as follows: • Total floor space-total GLA and all other areas of the center, including any areas that are independently owned or managed. • Owned floor space--Gl~4 and ail other areas of the center that are owned by the primary shopping center management. • Unowned floor space-GLA and ail other areas of the center that are independently owned. • Tradklonal department stores (owned and unowned}-selling area of the center occupied by traditional department stores, including stores that are independently owned. • Dlscount department stores (owned and unowned}-- selling area of the center occupied by discount depart- ment stores, including stores that are independently owned. • Ali other owned gross leasable area (GLA}-GlA owned by the primary shopping center management, excluding traditional and discount department stores. • All other unowned gross leasable area (GLA)--GLA that is independently owned, excluding traditional and dis- count department stores. Center Sales Center sales data Include: • Tradklonal department store sales--sales per square foot for alt traditional department stores, including those that era independently owned, that reported sales in this survey. • Dlscount department store sales-sales per square foot for all discount department stores, including GLA that is independently owned, that reported sales in this survey. • All other tenant sales-sales per square foot of ail non-department store GLA, including GLA that is inde- pendently owned, for tenants that reported sales in this survey. • Total sales-sales per square foot of all GLA, including department stores and GLA that are independently owned, for tenants that reported sales in this survey. ~leraallg Resa~llts The last group, operating results, comprises operating receipts, operating expenses, and net operating balance. The computation of dollars per square foot is designed to enable the reader to analyze results for the owned GLA of a super regional shopping center, which means that receipts and expenses attributable to department stores and unowned areas must be evaluated separately. For a more detailed description of the uses of the tables, see Chapter 2, ''rise of Operating Reports: Methodology and Formats:' The data on the owned GLA should permit a more useful comparison of the results of an individual center with results from the participating centers. • Operating Receipts Shopping center income is divided into four major categories: • Total rent, comprising minimum and overage rents{ income. • Common area charges. 32 U.S. Super Regional Shopping Centers Shopping Centers