Which of the following is not a component of operating income data?

Operating income data is primarily concerned with income generated from property operations, and it encompasses several vital components that affect the profitability of a property.

Lease terms are indicative of the agreements made between the landlord and the tenant, but they do not directly contribute to the measurement of operating income. Instead, lease terms provide structural information about revenue generation, such as length, rental rates, and escalations, rather than operating income itself.

Utilities provided by the owner represent expenses associated with maintaining the property and are typically classified as operating expenses rather than income data. They directly impact the net operating income calculation by reducing the amount available from total rental income.

The vacancy rate is an essential factor in understanding operating income because it represents the portion of the property that is not rented out. It directly affects the effective gross income, showing how vacancy can diminish total income.

Operating expenses are critical to determining net operating income, as they encompass all costs associated with running the property. This includes property management costs, maintenance, and utilities, making them an integral component of operating income calculations.

By recognizing the unique role each of these components plays, it becomes clear why lease terms, while informative about the rental process, do not belong in the category of operating income data itself.