Which of the following constitutes a disregard in a rent review clause?

In a rent review clause, the focus is typically on factors that are relevant to determining the fair market rent of a property. Goodwill from business operations on the property is often considered a separate consideration from the physical property itself. It represents a subjective value created by the tenant's business activities, which may not be directly related to the rental value of the property in terms of the lease agreement.

The rationale for this is that rent review clauses typically aim to assess the property’s market value based on its characteristics and comparable properties rather than the specific business operations or goodwill that may affect a tenant's individual situation. As such, goodwill is seen as a factor that does not conform to the standard parameters for assessing rent increases or adjustments based on property value alone.

In contrast, considerations like physical improvements made without consent (which could directly affect the condition and value of the property), the tenant’s age and experience (which relates more to tenant qualifications than property value), and previous rental payments (which might influence assessments but are grounded in the lease history) do not fall under the same disregard when examining the clauses meant to establish appropriate rent levels in a lease.