Shopping Center Industry Shows Net Income Gains
August 07, 2012
The National Council of Real Estate Investment Fiduciaries (NCREIF) and the International Council of Shopping Centers (ICSC) have released their quarterly shopping center benchmarking report. The report is based on NCREIF’s proprietary database of U.S. property operating information, collected from investment managers for approximately 1,000 shopping center properties. During the second quarter of 2012, total operating income of all shopping centers (on a sq. ft. basis rose 4.9 percent from the same quarter last year, while operating expenses rose by a larger 5.8 percent. Despite expenses outpacing income gains, net operating income (NOI) per sq. ft. improved by a solid 4.5 percent in the quarter, compared to the second quarter of 2011.