Base Rent -
Income derived strictly from leased space, i.e., not including Percentage Rents (contingent rents), which is a separate data field.
Contingent Rent or Percentage Rent -
Income received as a percentage of the gross or net income to a tenant. Most often applied in retail property leases.
Income from Reimbursements -
Any payment made by tenants to reimburse the landlord. Generally these are reimbursements for expenses that have occurred which the landlord initially paid and is being reimbursed for.
Other Income -
All other income going into the Net Operating Income calculation that is not otherwise categorized.
Total Income or Operating Revenue -
Total Income is the sum of base rent, Contingent Rent, Income from Reimbursements and other income
Utility Expense -
All utility costs, including water, sewer, power, fuel oil, etc.
Property Tax Expense -
Property Tax includes Real Estate Taxes as well as personal property taxes on the investment.
Insurance Expense -
Premiums paid to insure the property.
Repairs and Maintenance -
All expenses associated with the daily upkeep of the property including materials and labor, maintenance salaries, cleaning and janitorial, engineering costs. This category does not include major capital expenses including building improvements, building expansions and other capital improvements (see description).
Marketing/Advertising -
Marketing costs, including salaries, advertising, and promotions.
Property Management Fees -
Fees paid to an external property manager, along with uncapitalized leasing agent fees.
General and Administrative Expenses -
Office expenses, licenses, legal, travel, audit. Excludes amounts allocated to Repairs and Maintenance, Marketing/Advertising, or Property Management Fees, which are separate expense fields, as noted above.
Other Expenses -
All other expenses accrued during the quarter going into the Net Operating Income calculation that is not otherwise categorized.
NOI (Net Operating Income) -
NOI or Net Operating Income is the sum of the income on the property less the sum of the expenses (excluding capital expenses).
Tenant Improvement -
Tenant Improvements include costs to construct (or reconstruct) space for tenant occupancy after the Certificate of Occupancy has been issued. Demolition costs (even when a tenant is not under lease), are also included in this category.
Leasing Commissions -
Leasing commissions are fees paid for the procurement of tenants after the Certificate of Occupancy Date for the property?