Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

Intelligent people will argue

I have mentioned in prior blogs that one of the things I love about lease administration is that everything you need to know about the lease is right there in 40-50 pages of the lease (sometimes as few as 2-3 pages, but sometimes as many as 500+). But, unless there are outside rules specifically addressed… Continue reading Intelligent people will argue

Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

Poof! A $40m value swing because of lease language.

In prior posts, we have addressed why there are excluded areas defined for purposes of calculating prorata shares of taxes or CAM. In a nutshell, if a part of a property is not paying a full prorata share of expenses, any shortfall has to be absorbed by the landlord. For example, we have a fully… Continue reading Poof! A $40m value swing because of lease language.

Malls · Retail leases · Shopping Center · Uncategorized

Excluded Areas – Premises vs. Occupants

There is a subtle difference in prorate share definitions that you might miss if you are not looking for it. But, believe me, sophisticated national and regional tenants are looking for it. In defining excluded areas, a lease will often read: “the tenant will pays its prorate share of the charges based upon the gross… Continue reading Excluded Areas – Premises vs. Occupants

Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

Hurricane Harvey, flooding and your lease obligations

A friend emailed me a suggested topic for this coming Sunday’s blog post. “So with the events in Houston, is it time for a blog on Rent Abatements in Damage and Destruction clauses?” Clearly, it is. And, as landlords and tenants are not going to wait to start paperwork for claims until Sunday, it is… Continue reading Hurricane Harvey, flooding and your lease obligations

Malls · Retail leases · Shopping Center · Uncategorized

Realizing the intended benefit of a tax abatement

It is not uncommon for a municipality to work with a property owner to them achieve some mutually beneficial goal – usually because the project might not otherwise be feasible without some sort of public assistance. Among the reasons a municipality may be considering the inventive,, they may be doing it to bring new jobs,… Continue reading Realizing the intended benefit of a tax abatement

Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

Don’t overcomplicate the lease language

Every few weeks, someone in the office will let out a scream of frustration. The frustration comes from reading lease language that is so involved, but could have been accomplished with incredibly simple lease language. For example, it is fairly common to see Consumer Price Index (CPI) increases applied to rents, or used as caps… Continue reading Don’t overcomplicate the lease language

Malls · Office Properties · Retail leases · Shopping Center · Uncategorized

Negotiate your leases wisely!

In any given year, we (my company, Meridian Realty Consultants) will read and abstract 8-10,000 leases. We get to see what landlords and tenants spend their time negotiating. It is not uncommon for someone in the office to say, “Can you believe someone took the time to negotiate this?” It might be something as simple… Continue reading Negotiate your leases wisely!