4. Tax Equalization board convenes

~,-.~~mpnsing property taxes, insur- !w +~•-U~,n charges, security, marketing/ -.i , ~m,mun area utilities and HVAC sw ~,n-e Irm sale of utilities. in~.orne. Ir:ne for these income categories begin noes n~penses are divided into flue major and housekeeping expenses, com- ~lisrk~nn lot, mall, and other common area txn~rbng maintenance and repair; tenant yAMMy hystems; and office area services. tng end promotion expenses, including ad- promotions/special events, Christmas deco- htw~vsnts, marketing administration, and the cen- ~r~nlrita-tion to the merchants association. ~~~thtg ih~u~ts by Geographic Area ~~s presented on the map below correspond to ~-7 through 3-5, which provide centerwide size, ~, snd operational results for each of the country's ~opraphlc regions. ws ti Hawaii V ~~ ~'''---__ -- - --- -~ -- •y _ _•--- -- --- .; IST r ~ - '___.I ~ ; I i -.. • Real estate taxes expenses. • Insurance expenses, including liability, property, ter- rorism, and special and other insurance. • General and administratlve expenses, including management and leasing agent fees, bad debt allow- ance, on-site payroll benefits, legal and audit expenses, other professional services, and other general and administrative expenses. Detailed definitions for these expense categories begin on page 5. • Net Operating Balance The net operating balance is the operating receipts less operating expenses before figuring in depreciation, amortization, taxes, and deferred costs. MI~WES~ ~- --- ~ E ~- __ _r__._ ____ _ .~_ SOUTH'S ~ ... -, , _._ _ __ _ Puerto Rico ^~-~/~~~ Virgin Islands U S 5unar lianfnne~ cti,.....,..., n__.___ .~