REoptimizer® Blog

What You Should Know About Commercial Lease Abstractions

Posted by Don Catalano on Aug 22, 2018 8:32:00 AM


When you have multiple commercial leases in your portfolio, it can be difficult to track all the fine details. Compiling lease abstractions can provide your company with easy points of reference and make it easier to manage and evaluate your portfolio. Read on to learn more about these important commercial real estate documents.

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Topics: Lease Abstraction

A Tenant's Guide to Improving Lease Management with Lease Abstraction

Posted by Michael Sweeney on Aug 28, 2013 9:40:00 AM

If your company has multiple locations in buildings of different types with different landlords, you're probably dealing with a mishmash of lease formats that are hard to use or compare. Some landlords sprinkle the lease's business terms in the document, while others put them in an addendum or special section at the beginning or end. Some are short and some are long, while others have been in force so long that you need to look at the fifth addendum to understand what the current terms are. Hiring a lease abstraction service to create standardized summaries of all of your leases can help you to organize the mess and better manage your spaces.

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Topics: Lease Abstraction

5 Ways to Save Time as You Close Out 2012

Posted by Jordan Slater on Dec 14, 2012 11:16:00 AM

With the end of the year looming, you probably have a lot of work to do to close out 2012 and finish your beginning-of-year planning and organization. Here are five things that will make a real difference and save you some time in this busy season.

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Topics: Lease Abstraction, portfolio management software

5 Tips for Effective CRE Lease Abstraction

Posted by Don Catalano on Jun 22, 2012 11:44:00 AM

Lease abstraction is an important task for effective lease administration, especially when one manages multiple commercial leases. By creating an abstract of the lease, you can quickly reference information when required rather than reading the entire lease each time something comes up. The abstract allows you to quickly reference information, and easily find full details within the lease if necessary.

It is best to come up with a format you will follow for all of your leases, and use it religiously. Make sure you include all the information you may need for your purpose, and follow the tips below for an effective lease abstract that will serve you well for some time.

 

1.  Be certain that you abstract the important “dates and dollars” of the lease.

This includes the commencement of the lease, expiration or renewal date, option dates, and other important dates and figures. You should also reference the square footage and the amount of money to be exchanged for the lease.

2.  Keep your abstract to one to three pages.

Any longer than that and it defeats the purpose of having an abstract. Double space, at least between references, to make the information easily scanned by the eye.

3.  Before abstracting the lease, make sure that the lease and file are in order.

You should also consider your purpose behind lease abstraction, and keep that purpose in mind as you plan what will be included in the abstract. Read through the entire lease and take notes of what you may want to reference. This will help you decide what to include in the abstract.


4.  Reference the page and section number of the lease in which the full information can be found for any given abstracted item.

This will allow you to quickly look up the full details for any situation that requires them. You should include such a reference for every point that you make in the abstract.

5.  Effective lease administration requires a large amount of organization.

As you abstract the leases, assign each a number you can easily reference. This will make tracking leases much simpler.



Other Commercial Lease Abstraction articles:

Strategies for Commercial Lease Abstraction

5 Tips for Commercial Lease Abstraction

Importance of Commercial Lease Abstraction

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Topics: CRE Lease Abstraction, Lease Abstraction, Commercial Lease, commercial real estate, CRE, Lease Administration

Cloud Computing - The Killer App For Corporate Real Estate

Posted by Don Catalano on Oct 26, 2011 10:50:00 AM

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Topics: Lease Abstraction, Real Estate Software, web based property management, corporate real estate