Retail Leasing: The Determinants of Shopping Center Rents
研究了零售租赁中基础租金与超额租金（按销售额百分比收取）之间的权衡关系，通过购物中心租赁样本的回归分析验证了理论模型。
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.