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2003GDP140992386.9425874(ShoppingCenter)1907206020902003145,02518,0006,000111.1996502211.2.3.——322199922431=3.305770%200053541.700010~205~10101002.1300020~100305003.1.5~7100201000~50004.7150~2003~55050005.SHOPPINGMALL10250~7003~6100001989SHOPPINGMALLMALLofAmerica4,2003661.FaneilHallMarketplace2.Pier173.4.770%70%587951.(RealEstateInvestmentTrusts:REIT)2.(RealEstateLimitedPartnership:RELP)3.(RealEstateMutualFunds:REMF)1-11-120REITS1SimonPropertyGroup238156.42GeneralGrowthProperties11091.83UrbanShoppingCenters11167.54TheRouseCompany5844.05TheMacerichCompany5940.46DevelopersDiversifiedRealtyCorp.15038.77KIMCORealtyCorporation27137.08TaubmanCompanyCenters3032.49GlimcherRealty10832.310CBL&AssociatesProperties,Inc.12730.611WestfieldAmerica3227.912CorporatePropertyInvestors12327.613WeingartenRealtyInvestors17421.814TheMillsCorporation2121.515NewPlanRealtyTrust12619.516VornadoRealtyInvestmentTrust6216.417CrownAmericaRealtyTrust2915.018FederalRealtyInvestmentTrust6214.019ColonialPropertiesTrust5012.920Ramco-GershensonPropertiesTrust5112.820REITs1,892760.5REITs3,1931,001.320REITs59%76%1SimonPropertyGroup520023710ShoppingCenterDevelopmentHandbook,ThirdEd.Managemention,1999,p.20.198019906(ManagementAgreement)(ManagementFee)(TheAssetManager)(TheShoppingCenterManager)(TheMarketingandPromotionsDirector)76InternationCouncilofShoppingCentres,ShoppingCenterManagement,ICSCPublishing,2002.,P55.7Alexander,AlanA,andRichardF.Muhlebach,OperatingSmallShoppingCenters,ICSCPubilishing,1992,P.22.11m(MerchantsAssociation)(MarketingFund)81-21-2(n1=219)(n=138)(n=352)(n=251)14%14%72%83%25%24%13%5%55%52%14%10%6%10%1%1%100%100%100%100%1nDollars&CentsofShoppingCenter2002928.Vernor,JamesD.andJosephRabianski,ShoppingCentreAppraisalAndAnalysis,AppraisalInstitute.1993,P.46.122-11-12001511-1131-31-3()14,+×10%25,00040,000×5%199913715(MinimumRent)(Graceperiod)1.(FlatRent)30/2.(Step-upRent)20/25/30/3.(Step-downRent)SARS1,000,0005%11.54%1.522.5%21%4.(PercentageRentOnly)5.(“0”Rent)166.(PercentageRent)91200,000100,0002%15%(CommonAreaMaintenance:CAMCharges)1.(Aisle)2.(Hallways)9.“ICSCKeytoshoppingcentermanagementseries”199990173.(Atriums)4.(CenterCourts)5.(ParkingLots)6.(Restrooms)1.(ProRate)2.(FlatOrFixedRates)3.(ProRataShare)100,00050,0005,000CAM5,000/100,000=5%CAM5,000/50,000=10%1080%10.181.2.20046302%1-51-5168k,2113641.6521.66207483921061967201112,1-610%~20%25%14%~20%25%~28%15%~20%25%~30%15%~25%25%~31%11199767121989902118%~22%26%~30%20%~25%26%~32%22%~25%28%22%~32%28%~30%23%~25%30%23%~32%30%~32%3%~5%10%222-12-1186+25%2625%3620%6-8/4158//546-8//6610//74.310//812.55//91620%10//10320%,,231.415245---29/2515~453-39.4%~13.35%20%~25%2-2US$SCSCSCSC2339688670110()3,3782,9883,7852,006(US$)316.35317.38193.41372.296%6%5%6%(/)26.0026.0014.2615.907.919.591.992.413.333.121.391.130.250.240.180.1442.7840.6018.0420.1013.35%13.15%9.41%11.34%,UrbanLandInstitute,Dollars&CentsofShoppingCentres:2002,ULI-theUrbanLandInstitute,1999,p.105.262-3272-31.2.3.4.1.2.283.4.131.2.6%“”12%3.4.5.VIPPOS6.7.113UrbanLandInstitute,ShoppingCentreDevelopmentHandbook,3rded.,ULI-theUrbanLandInstitute,1999452923POS45645~75213012123134341REITs234325675126%12%3VIPPOS46POS3315%~18%18%~21%()3%~5%5-29//34123456123451352310010050010%~15%5%~10%362-42-4AB666505200060500/%5%~10%10%~15%/40%/60%1%/99%/%18%~21%15%~18%CAM291050%99%POS20%~25%15%~20%30%5~291%5%3745~752-52-5//CAM/()20%~25%CAM@123%~5%()20%~25%CAM1%()20%~25%CAM@293%~5%25%CAM@105%~7%()20%~25%CAM291%~3%3810%~15%5%~10%395.1%~6.5%40143-1(/)--2002:US$SCSCSCSCSC36.0823.1610.1310.614.582.720.951.101.080.560.030.032.231.321.120.880.250.200.130.1531.841.200.620.69SC10.476.113.133.08/5.1%5.2%6.1%6.5%1,2CAM3DollarsCentsofShoppingCenters20029814UrbanLandInstitute,Dollars&CentsofShoppingCentres:2002,ULI-theUrbanLandInstitute,1999,P98.413-13-142,,REITs200371,43·1515FrancisFukuyama1998111445~8//15//SARS4546600501.2.3.4.5.6.7.8.9.10.4748