Editor’s Note: Review copies and graphs and charts available to media on request; contact Sharon Peters (312.329.6067). For major metropolitan area and regional breakout information, contact Matt O’Hara (312.329.6025).

General Information
2009  Income/Expense Analysis: Shopping Centers, Institute of Real Estate Management, 210 pages, soft cover, charts/graphs, $419.95 (plus $15.50 shipping and applicable state sales tax);IREM Members $209.95 (plus shipping and tax). In addition to the traditional printed format, the new 2009 Edition is available online at www.irem.org.  The data is easily downloadable in both Excel and PDF file formats, and is completely customizable in Excel.

(CHICAGO, IL, Sept. 18, 2009) Median income for open shopping centers across the country in 2008, based on average actual occupancy (AAO), increased to $15.87 per square foot from $15.10 the prior year.  Similarly, open center operating costs rose to $4.84 per square foot from $4.55 in 2007. 

These are among the key findings reported in the 2009 edition of the Income/Expense Analysis®: Shopping Centers, a new benchmarking study published by the Institute of Real Estate Management (IREM®). Conducted by IREM® since 1991, this annual study analyzes the previous year’s operating data for 414 open shopping centers throughout the United States. It is designed to provide real estate professionals and investors with current financial data for evaluating the performance of their properties and for preparing appraisals, budgets, loan requests and sales proposals.

Broken out regionally, median income for open centers in 2008 ranged from $14.18 to $22.62 per square foot versus a range of from $11.86 to $20.30 per square foot in 2007.  The combined Northeast and Mid-Atlantic regions reported the highest income while the Southeast region reported the lowest.

Regional results also revealed that the Southeast had the lowest median operating cost for open centers last year at $3.41 per square foot, whereas the combined Northeast and Mid-Atlantic regions had the highest at $7.19 per square foot.

Insurance and taxes accounted nationally for 44.2 percent of the typical open center’s total operating costs in 2008. Contracted services – such as landscaping, security and trash removal – accounted for 15.7 percent of operating costs, whereas maintenance/repair and utilities accounted for 9.5 percent and 7.9 percent of operating costs, respectively. The percentage breakdown for major expenses this past year is quite similar to those for 2007.

Finally, the study reported a national occupancy level for open shopping centers in 2008 of 93 percent, as compared to 96 percent the prior year.

MORE STUDY SPECIFICS
The IREM® Income/Expense Analysis® study breaks down open shopping center operating data into several categories, including property size, age, type of anchor, type of lease, average actual occupancy (AAO) and gross leasable area (GLA). The study includes national, regional and metropolitan statistics, along with several special reports including leasing fees, expansion, tenant turnover, type of ownership and gross sales analysis.

PRICE AND ORDERING INFORMATION
The 210-page Income/Expense Analysis®: Shopping Centers is available for $419.95 (plus $15.50 shipping and applicable state sales tax).  The IREM member price is $209.95 (plus shipping and tax). To order, contact IREM’s Customer Service Department at 430 N. Michigan Ave., Chicago, IL 60611-4090 or call toll-free at (800) 837-0706, ext. 4650. Credit card orders (VISA, MasterCard, Discover or American Express) can be faxed toll-free to (800) 338-4736 or e-mailed to custserv@irem.org. Internet users can order the study in soft cover or in a downloadable format by accessing the Publications section of the IREM website at www.irem.org.
 

FOUR OTHER 2009 I/E ANALYSIS BENCHMARKING STUDIES AVAILABLE
IREM® also has just published new 2009 editions of its four other annual Income/Expense Analysis® studies: Conventional Apartments ($419.95); Office Buildings ($419.95); Condominiums, Cooperatives & Planned Unit Developments ($374.95); and Federally Assisted Apartments ($374.95). IREM members receive a 50 percent discount on each study; member and non-member purchasers of all five studies receive a 15 percent discount on their total order.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM^®) is celebrating its 75th anniversary in 2008.  Major sponsors of the year-long celebration areYardi Systems, a leading provider of high-performance software solutions for the real estate industry, and the REALTORS^® Commercial Alliance (RCA), the collective commercial constituency within the National Association of REALTORS^®.

For more than seven decades, IREM has been the source for education, resources, information, and membership for real estate management professionals. An affiliate of the National Association of Realtors^®, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 80 U.S. chapters, eight international chapters, and several other partnerships around the globe, IREM is an international organization that also serves as an advocate on issues affecting the real estate management industry.

Membership includes more than 18,000 individual members and 500 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager® (CPM®) designation, the Accredited Residential Manager® (ARM®) certification, the ACoMcertification, and the Accredited Management Organization® (AMO®) accreditation. These esteemed credentials certify competence and professionalism for those engaged in real estate management. In addition, IREM offers Associate, Student and Academic memberships.

Collectively, IREM CPM® Members in the United States manage over $1.5 trillion in real estate assets, including 8.4 million residential units and 8.4 billion net square feet of commercial space. An additional 977,400 residential units are managed by IREM ARM® Members. IREM Members are employed by some of the most prestigious real estate firms in the world and nearly 70% hold upper-level management positions. Due to their professionalism and vast experience, property owners and investors worldwide continually seek out the management services of IREM Members.

To learn more about the Institute of Real Estate Management and its chapter network, call (800) 837-0706, Ext. 4650 (outside the U.S. call (312) 329-6000) or visit www.irem.org.