Retail Leasing: The Determinants of Shopping Center Rents
Retail Leasing: The Determinants of Shopping Center Rents
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零售租赁：购物中心租金的决定因素
DOI：
10.1111/1540-6229.00524
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发表时间：
1990
影响因子：
2.2
通讯作者：
C. Sirmans
中科院分区：
文献类型：
--
作者：
John D. Benjamin;G. Boyle;C. Sirmans
租赁租金的决定因素对房地产研究人员和从业者来说是至关重要的。零售租约的独特之处在于，它们通常包括两个租金组成部分：基本租金和相当于租户总销售额超过某个门槛水平的百分比的“超龄”租金。在本文中，我们建立并检验了一个简单的零售租赁估价现金流模型，该模型预测基础租金较低，租金百分比较高，销售门槛水平较高，基本租金较高。使用购物中心租赁的样本，回归分析表明，这些权衡是在市场上观察到的。
The determinants of lease rentals are of fundamental importance to real estate researchers and practitioners. Retail leases are unique in that they typically have two rental components: a base rent and an “overage” rent equal to a percentage of the tenant's gross sales above some threshold level. In this paper, we develop and test a simple cash flow model of retail lease valuation that predicts that base rents are lower with higher percentage rent rates and are higher with greater threshold levels of sales. Using a sample of shopping center leases, regression analysis indicates that these tradeoffs are observed in the market.