Shopping Centre Leasing: Base Rent, Turnover Rent & Breakpoints, Service Charge Recoveries, Occupancy Cost Ratios & Centre NOI
Analyse a retail centre unit by unit. You will compute base rent and turnover rent above natural and fixed breakpoints, recover service charges with caps and anchor exclusions, test whether tenants can afford their occupancy costs, model vacancy and re-letting, and roll it all up to centre NOI and value, with every cell checked as you go.
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About this course
In this course you analyse a fictional shopping centre unit by unit. You total the contracted rent of a rent roll with SUMPRODUCT, measure occupancy by area and the anchors' share, and calculate turnover rent above natural and fixed breakpoints with MAX. You compare tenants by sales per m² with SUMIFS, find the weakest units with SMALL and INDEX/MATCH, and test affordability with occupancy cost ratios and IFS bands. You apportion a service charge with anchor contributions, caps and vacancy, model downtime, rent-free months and net effective rent, build centre NOI and value at a yield, and compare remerchandising options with a chart.
Lessons
- The Rent Roll: Units, Areas, Anchors and Occupancy Pro
- Turnover Rent: Natural and Fixed Breakpoints Pro
- Tenant Sales Health: Sales per m², Trends and the Weakest Units Pro
- Occupancy Cost Ratios: Can the Tenants Afford Their Space? Pro
- Service Charge Recoveries: Pro-Rata Shares, Caps and Anchor Exclusions Pro
- Vacancy and Re-Letting: Downtime, Incentives and Net Effective Rent Pro
- Centre NOI: Income, Non-Recoverable Costs and Value at a Yield Pro
- Remerchandising: Replacing Weak Units and the Value Impact Pro