What does operating income data typically not include?

Operating income data is primarily concerned with the income generated from the operation of a property, which includes factors such as rental income, operating expenses, vacancy rates, and lease terms. The focus is on how well a property performs in generating income and managing costs.

The reason reproduction cost is typically not included in operating income is that it refers to the cost to construct a replica of the property at current prices, which is a measure of value rather than an operating metric. Reproduction cost relates to the physical aspects and market value of the property rather than its income-producing ability.

In contrast, vacancy rate impacts the calculation of potential income by affecting the actual income received. Operating expenses directly reduce the net operating income by representing the costs necessary to maintain the property. Lease terms are critical to understanding income stability and potential changes in revenue. Therefore, these elements are integral to the operational analysis, reinforcing why reproduction cost is an outlier in the context of operating income data.