Last week, I read an article about a nineteen year old who used one email address and an Excel spreadsheet to get free food every day of the year. He gave a different birthday to every restaurant that he could find that would give free food for your birthday, and then used his spreadsheet to… Continue reading Lease language food hack?
You may be thinking this is clickbait. It’s not. This past week, we had a truly “throwaway” lease clause that had cost the owner more than $10m in value on the property. Not one clause in every lease at the property, but one clause in one lease. The clause – “The tenant may offset percentage… Continue reading The throwaway lease clause that cost more than $10m in value
With the number of rent relief amendments we have been processing over the last few months, it is clear that many landlords are trying to work with their tenants so that they can make it through these COVID-impacted times. The most well-respected retail landlords have always considered the tenant mix of their properties. The right… Continue reading Stop – before you grant rent relief! Consider this!
Hopefully, in the next few weeks, we will be slowly but steadily getting back to a new normal. We will all be faced with the question of minimum rents during this period from both the landlord and tenant perspective. But there will be other issues we will all have to consider as we come out… Continue reading Looking to the future – dealing with lease related issues
I was born in 1965. As much as I loved Space Port (an arcade) at Oxford Valley Mall and the wall of history dioramas at Neshaminy Mall (which I understand are still on display), I did not discover my favorite thing about 1970s retail real estate until I started reading department store leases and shopping… Continue reading Bring back my favorite retail real estate memory of the 70s!
When we are verifying rents at a property, we do all of our calculations – prorata shares, caps, breakpoints, CPI calculations, lease year language applications and so on – prior to looking at what the current landlord has done. I don’t know about you, but I can be fairly easily led by what someone else… Continue reading An approach to lease administration and due diligence
I have the honor of serving on our city’s development authority. It is a recent appointment, so I cannot take any credit for the great things that have been done already. As part of the appointment, I was required to take a class that included a couple of hours on tax incentives and bond financings.… Continue reading Considering the proper treatment of tax abatements and incentives in your leases
There’s no doubt that prorata CAM, tax and insurance calculations can be tricky. You have to make sure the shopping center definition is correct, the expenses are correct, the method of calculating the leasable area is correct, the method of calculating vacancies is correct, the definition of excluded area is correct, the treatment of excluded… Continue reading Be explicit – even fixed CAM can be tricky
Last week we addressed a few of the issues to consider related to excluded area contributions, but two properties that we worked on this week made me realize I missed discussing two very significant issues – refunds/credits and recaptures as they relate to excluded area tenants. At one of the properties, an excluded area tenant… Continue reading A few more issues related to excluded area contributions