Senior Vice President
Rent which would normally be agreed upon by a landlord and tenant consummating an arm's length transaction for a property taking into consideration the property characteristics and local market conditions.
A concession granted by a landlord to a tenant whereby the tenant is excused from paying rent for a stated period during the lease term.
An all-inclusive rental rate that includes operating expenses and real estate taxes for the first year. The tenant is generally still responsible for any increase in operating expenses over the base year amount.
A lease in which the tenant pays a flat sum for rent out of which the landlord must pay all expenses such as taxes, insurance, maintenance, utilities, etc.
An adjustment made to operating expenses to account for the occupancy level in a building. Operating expenses are usually "grossed up" when a building has a below average occupancy rate. In many cases, operating expenses will be adjusted to reflect the expenses would be with an occupancy rate of 90% to 95%.