Real Property / Leases / Suite Analysis

Define Leases task (Smart Client)

The Define Leases task enables you to develop your lease data from the Smart Client using grid views. Grid views provide an efficient way to bulk update your lease data. You can further develop your lease data using the Portfolio Edit Wizard task, which includes more extensive data and a wizard interface. See Portfolio Edit Wizard - Define Lease.

To define leases:

1. Select Define Leases.
2. Enter the following required data:

   Lease Code: Enter the unique identifier for the lease.

   Building Code: Select the unique identifier for the building from the list of your buildings.

3. If are using the Lease Indexing feature, you must select the following check box:

   Index Cost?: By selecting this check box, indexing is enabled for a lease. If this check box is not selected, the application does not perform indexing calculations for a lease, even if a Lease Indexing Profile is added for the lease.

4. Enter the following optional fields:

   Floor Description: Describes the floor, floors, or portions of a floor, that the lease covers.

   Landlord/Tenant: Select whether this lease is one for which you are the landlord, the tenant or both (for example, when you are subleasing a space that you rent).

   Space Owned? Select Yes or Not to indicate whether or not you own the space.

   Lease Type: Select one of the predefined financial lease types.

• N/A This lease has not been categorized.
• GROSS The landlord is responsible for paying all operating expenses such as insurance, maintenance, utilities, and taxes.
• NET The tenant pays operating expenses in addition to the rent. In some net leases the landlord may pay some of the expenses.
• PERCENTAGE Rent is paid based on a percentage of sales made on the leased space. This is used primarily for retail tenants.
• TRIPLE NET The tenant pays all operating expenses in addition to rent.

Lease/Sublease: Indicate whether this is a lease or a sublease.Use N/A if you are not distinguishing between leases and subleases. In Web Central, the Lease/Sublease field is used to provide breakdowns for the area used by your tenants and the area available to your organization in the key performance indicator charts for portfolio items by their availability.

Parent Lease: If the Lease/Sublease field specifies that the record describes a sublease, select the Lease Code of the parent lease using this field's Select Value button.

Lease Signed?: By default, this is set to Yes. This field must be set to Yes in order for the lease to be considered active,but select No if the lease transaction is not yet completed. If set to No, from Web Central's Lease Portfolio process, the area for this lease is included in pipeline breakdowns when availability is shown in charts.

Landlord Name/Landlord Contact: Enter this information for leases for which you are the tenant.

Tenant Name/Tenant Contact: Enter this information for leases for which you are the landlord

Comments: Enter any additional details you want to record about the lease.

Date Start and Date End: Enter the start and end date for the lease. These dates are used to determine the lease expiration date. In Web Central, these dates are used with the Assume Renewal for KPI Calculations field to determine whether the area associated with the lease's suites is included in key performance indicator charts that aggregate estimated area for specific time frames. They are also used to determine when to issue alerts that the lease is up for renewal.

Date Move In: This date is used for scheduling purposes.

Space Use: An enumeration field with values such as N/A, COMMERCIAL, HOSPICE, HOSPITAL, and HOTEL. This field is useful for reporting and comparing lease statistics with other leases that have the same space use

Occupancy - Lease: Enter an estimate of the number of people that the lease covers.

Account Code: Complete this field if you wish to organize leases by account. Validated by the Accounts table.

Amount - Security Dep.: Enter the security deposit the lease requires.

Area - Neg. Rentable: Complete this field with the agreed-upon rentable negotiated area that is specified in the lease document. From a legal and financial standpoint, this is the area of the lease. During lease renegotiation, you may wish to compare this value against the lease's Area - Measured Rentable value.

Scanned Doc 1/2/3: Use these fields to hold the name of files containing scanned images of appropriate parts of the lease document, such as the title sheet showing the revision number and the date, or the final page of the document showing the signatures.

Highlight Pattern - Acad: Select the highlight used for this lease in drawings. To compete the AutoCAD highlight pattern field, double-click on the field and define the highlight pattern using the dialog box. Dee Defining Highlight Patterns.

Note that the following field is calculated from asset symbols:

Area - Meas. Rentable: The rentable area covered by the lease. Depending on your specified Lease Area Method, this area will be summed from suites, groups, or rooms.

5. To save your entries, click outside the row.