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Real Estate Common Area Fundamentals

Learn how to control costs associated with your real estate common area.

You probably know that real estate can be one of a company's biggest expenses. But did you know that up to 70% of lease costs can represent building or center operating costs, taxes and utilities? Obligations for these items are often buried in complex lease language under headings such as Common Area Maintenance Charges, Operating Expense Escalations, Building Expense Obligations, Pass-Through Charges, etc. This topic will focus on how commercial leases are structured, where these financial obligations live and how they operate in the real world. It will demystify the difference between gross and net leases, and the variations in these types of clauses. It will show how and why landlords and tenants often misinterpret lease language and how this often leads to errors in tenant charges. It will provide guidance on how to manage these charges and keep them under control.

Runtime: 87 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Gross vs. Net Leases

  • Purpose of Distinction
  • Typical Use in Office, Retail and Industrial Settings

Operative Lease Language

  • Inclusions vs. Exclusions
  • Share of Expenses
  • Operating Expenses vs. CAM

Capital Expenditures

  • What Is Capital?
  • Typically Allowed Capital
  • GAAP Definition Driven by "Repair"

Grossing up of Operating Expenses

  • Purpose
  • Methodology
  • Caveats

Lease Audit Rights

  • Origin
  • Time Restrictions
  • Party and Fee Restrictions

Lease Audits as a Way to Control Costs

  • Scope
  • Process
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on August 10, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Marc E. Betesh, Esq., MCR.h

Marc E. Betesh, Esq., MCR.h

Visual Lease

  • Founder and President, Visual Lease -KBA Lease Services, a consulting company that pioneered and leads the field of auditing real estate leases for commercial tenants
  • Founder and President, Visual Lease, SaaS technology company focused on lease administration and lease accounting
  • Member of CoreNet, ICSC, Association of the Bar of the City of New York, New York State and American Bar Associations
  • Consistently ranked among the Top-Rated Faculty at CoreNet Global Learning
  • Frequent lecturer on lease topics at New York University‚Äôs Real Estate Institute, Practicing Law Institute, Association of the Bar of the City of New York, ACREL, Lorman Education, New York State Society of CPAs, National Retail Tenants Association, ICSC and the Institute of Internal Auditors
  • Author of numerous articles regarding commercial leases, operating expense/CAM clauses and lease accounting
  • Contributor and authority on the FASB changes to lease accounting
  • J.D. degree, Georgetown University Law Center; B.A. degree, Temple University
  • Can be contacted at 732-596-8111, [email protected], or www.visuallease.com
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 397579
Published 2016
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