. The data in Exhibit 1 suggest that the operating expenses are passed on to the tenant; the sum of Property Management Fees and Other Operating Expenses equal the Expense Reimbursement Revenue.

问题如下：

1. Which of the following is most likely accurate regarding Property #2 described in Exhibit 1?

选项：

Operating expense risk is borne by the owner.

The lease term for the largest tenant is greater than three years.

There is a significant amount of percentage rent linked to sales levels.

解释：

The lease term for the anchor tenant is typically longer than the usual 3 to 5 year term for smaller tenants. The data in Exhibit 1 suggest that the operating expenses are passed on to the tenant; the sum of Property Management Fees and Other Operating Expenses equal the Expense Reimbursement Revenue. Also, Other Income is only $15,000 suggesting that there is a minimal amount of percentage rent linked to sales thresholds.