For the purposes of this Agreement, "Gross Annual Income" means the total potential income from the Property averaged over the initial term of a Lease (that is, excluding any period of renewal or extension of the Lease). It includes
- the rent payable under the Lease (including fixed rent reviews)
- any other amount payable under the Lease instead of or in addition to the rent; that is, any Property outgoings, including statutory charges such as Land Tax, Goods and Services Tax, Council Rates, Water Rates etc., and any other expenses payable by a tenant under the Lease
- the value of any discount or inducement to lease
- additional payments by the Landlord under the Lease for fitouts, fittings, furniture etc.
- any other payment required to be made by the tenant under the Lease.