base period - a time period used as a benchmark against which events occurring in other periods are measured. For example, the first year of a commercial lease might be designated the base year and assigned a value of 100%. Increases in the cost components of the lease, such as rent, utilities, taxes, etc., would be compared to the base year and assigned values such as 104%, 112%, 110%, etc. Rent in the base year is $1,000. If rent increases to $1100 in year 2, its value is 110% of the base year.

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