RENT ROLL (Commercial)

Rent Roll Section & Tabs

Keyboard shortcut: Ctrl + Alt + R

The Rent Roll section is where a user can:

• Manage rent roll records for existing (contractual) and potential (speculative) leases at a property
• Manage the following named items: Market Leases, Named Recoveries, Recovery Groups, and Tenant Groups

Article contents:

• Rent Roll
  • Tenant Cash Flow Report
  • Show/Hide Columns
  • Sort
  • Rent Roll Columns
  • Area Roll-Up Summary
  • Rent Roll Cash Flow Report Pane
• Market Lease
• Named Recoveries
• Recovery Groups
• Tenant Groups

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Rent Roll

Ctrl + Alt displays the numeric keyboard shortcut (1).

The Rent Roll tab is used to model:

• Lease terms for existing (contractual) and potential (speculative) leases for a property
• Assumptions to be used for each tenant record at lease expiration

Tenant Cash Flow Report

Located on the Rent Roll Tab Tools Menu, click on the icon to generate the Tenant Cash Flow Report in Excel for all tenants and rollover leases. Note the property must be fully calculated to run this report. For more information regarding the Tenant Cash Flow report, see the Reports (Commercial) section of the Knowledge Base. 

Show/Hide Columns

Located on the Rent Roll Tab Tools Menu, Show/Hide Columns allows a user to select which columns on the Rent Roll tab are visible or in-use. The primary usage is to make Rent Roll screen navigation more efficient by hiding the columns that are not in use for a property.

1. On the Tab Tools Menu, click ; the "Show/Hide Columns" window opens.
2. Select the columns that will be visible by clicking the check boxes.
3. Click the "X" in the upper right corner to apply the changes and to exit the pop-up window.

Show/Hide Columns

Sort

The Rent Roll tab can be sorted by the following columns: Suite, Name and Area.

Click the up and down arrows next to the column header to sort in ascending and descending order, respectively.

Rent Roll Columns

The Rent Roll screen includes the following columns:

• Suite
• Name
• Status
• Type
• Begin Date
• End Date
• Area
• Rent
• Free Rent
• Recovery
• Miscellaneous Revenue
• Tenant Improvements
• Leasing Commissions
• Other Capital
• Sales
• Breakpoint
• Overage
• Renewal Type
• Market Lease
• Available Date
• Overrides
• Notes

Suite

Suite (required) identifies the suite name/number.

Name

Name (required) identifies the contractual tenant or provides a descriptive name for the potential lease with a 40 character maximum (more than 40 characters are accepted but are truncated at 40 for reports).

Status

Status (required) allows for the classification of data associated with a lease record as follows:

• Contractual classifies all lease attributes and calculations as contractual from the Begin Date through the End Date of the record. A status of Contractual is typically used for tenants with contractual lease agreements in place. It is the default unless another is assigned in the Property section on the Defaults tab.
• Mo-To-Mo indicates that the tenant's term can be canceled at any month. Lease attributes and calculations associated with this classification will be treated as contractual. For month-to-month tenants, an assumption needs to be made for the End Date of the lease.
• Speculative classifies all lease attributes and calculations as speculative from the Begin Date through the End Date of the record. A status of Speculative is typically used for assumptive tenants (i.e., lease-up of vacant space) where no contractual lease agreement exists.

Note: Market Lease assumptions assigned to a lease record upon expiration will always be classified as Speculative.

Type

Type (required) is a drop-down menu of Lease Types created and defined in the Property section on the Property Settings tab. Whether the square footage associated with a Lease Type impacts occupancy is determined based upon how such Lease Type is defined. The default is assigned in the Property section on the Defaults tab.

Note: Area Measures may be calculated based upon Lease Type (both total and occupied square footage).

Begin Date & End Date

Begin Date & End Date (required) reflect commencement and expiration dates of the lease term.

• For Begin Date, enter an absolute date, i.e., MM/DD/YYYY, or a relative date reflecting the number of months (#) relative to the Analysis Begin date (e.g., 13 would indicate the first month of the second year of the analysis).
• For End Date, enter an absolute date or a relative date reflecting the number of months (#) relative to the Begin Date (e.g., 60 would indicate a record term of 60 months).

Area

Area (required) is used to define the area measure of the suite, and may be entered in one of two carousel states:

Basic Area

Basic Area is the default and is used when the suite area measure remains static for the entire analysis term (or through the End Date if the Renewal Type is set to "None").

Basic Area

Detailed Area

Detailed Area is used when the suite area measure changes during the analysis term (or through the End Date if the Renewal Type is set to "None").

Date the area measure commences. Enter absolute (A - MM/DD/YYYY) or relative (R - #) dates. Relative dates are relative to the current lease record Begin Date. For example, if the record term is 60 months, the screenshot below illustrates a change in area the first day after the term ends.

• If there is only a base lease record, i.e., no options, and relative dates are used, all area measures entered are relative to the Begin Date of the base lease record. However, if option records are created and relative dates are used, all area measures entered are relative to the Begin Date of the option record.
• When absolute dates are used, all area measures are abased off of the Begin Date for the lease record.

Area is the area measure, i.e., square footage, as of the corresponding date.

 adds a row beneath the current row,  deletes the current row.

Detailed Area with Relative Dates

Rent

Rent is used to define the base rent and may be entered in one of three carousel states.

Basic Rent

Basic Rent is the default and is used to enter a single amount of current rent with optional named Increases.

Amt is the amount of rent as of the later of the lease record Begin Date on the Rent Roll tab or the Analysis Begin date as set in the Property section on the Property Settings tab. For example, if the Analysis Begin date is 1/1/2024 and a contractual deal is entered with a Begin Date prior to 1/1/2024, Amt is the rent amount as of 1/1/2014, not as of the lease Begin Date.

Amount Type interprets the Amt value. Options include:

• /Mo is the monthly Amt.
• /Yr is the annual Amt.
• /Area/Mo is the monthly Amt per area.
• /Area/Yr is the annual Amt per area. /Area/Yr is the default unless another Amount Type is assigned in the Property section on the Defaults tab.
• % of Market sets rent to a percentage of market using (i) a percentage as entered in the Amt field and (ii) market rent as defined in the Market Lease attached to the lease record.

Example: A tenant leasing 10,000 square feet and paying $120,000/Yr. in base rent would enter the rent as either:

• $120,000/Yr
• $10,000/Mo
• $12.00/Area/Yr
• $1.00/Area/Mo

Increase is a drop-down menu of named item expedites created and defined in the Tenant Market section on the Increase tab. Upon initial entry, "*None" is the default (no increase), unless another Increase is assigned in the Property section on the Defaults tab. If an Increase has been selected and you want to change the data entry so that there is no increase, select "*None" from the drop-down menu. The increase will be effective based upon the entry in the Effective field on the Increase tab.

• Historical deals will not start increasing until after the Analysis Begin date based upon the entry in the Effective field on the Increase tab. For example, Analysis Begin date = 1/1/2024 and lease Begin Date = 2/1/2022; the first increase would occur:
  • 2/1/2024 if Effective field on the increase tab is set to "Lease Year"
  • 1/1/2025 if Effective field on the increase tab is set to "Calendar Year"
  • 7/1/2024 if Effective field on the increase tab is set to "July"

Basic Rent

Named Item Rent

Named Item Rent allows for the use of Rent and Increase named item expedites, typically used for lease-up of vacant space versus contractual leases.

Rent is a drop-down menu of named item expedites created and defined in the Tenant Market section on the Rent tab.

Increase is a drop-down menu of named item expedites created and defined in the Tenant Market section on the Increase tab.

Warning: If a Named Item Rent is used for a contractual lease record with a Begin Date prior to the Analysis Begin date, only available rents as of the Analysis Begin date will be used (since, by default, named item entries begin as of the Analysis Begin date).

Named Item Rent

Detailed Rent

Detailed Rent is used when there are multiple amounts and input types associated with complex and/or irregular rent structures, i.e., user specified input over time.

Date the rent charge commences. Enter absolute (A - MM/DD/YYYY) or relative (R - #) dates. Relative dates are relative to the current lease record Begin Date.

• If there is only a base lease record (i.e., no options) and relative dates are used, all rents entered are relative to the Begin Date of the base lease record (even if Begin Date is prior to the Analysis Begin date). However, if option records are created and relative dates are used, all rents entered are relative to the Begin Date of the option record.
• Renewal Type of Option creates a new lease record which requires rent to be re-entered. When an option lease record is created, the rents from the base lease or most recent option record, as applicable, do not copy into the new option record and must be re-entered.
• When absolute dates are used, all rents are based off of the absolute dates regardless of the Begin Date for the lease record.

Amt is either (i) the amount or amount/area of rent or (ii) a percentage value for percent amount types.

Amount Type interprets the Amt value. Options include:

• % Increase is a one-time percentage value increase on the corresponding Date.
• % Increase Annually is an annual percentage increase commencing on the corresponding Date and on each annual anniversary thereafter throughout the lease term.
• % of Market is a re-set of rent to the percentage of market rent as entered in the Amt field on the corresponding Date (market rent is defined in the Market Lease attached to the lease record).
• % of Market Annually is an annual re-set of rent to the percentage of market rent as entered in the Amt field commencing on the corresponding Date and each annual anniversary thereafter throughout the lease term (market rent is defined in the Market Lease attached to the lease record).
• /Area/Mo is a re-set of rent to the monthly Amt per Area on the corresponding Date.
• /Area/Yr is a re-set of rent to the annual Amt per Area on the corresponding Date.
• /Area/Yr Annually is an annual Amt per Area/Yr increase commencing on the corresponding Date and on each annual anniversary thereafter throughout the lease term.
• /Mo is a re-set of rent to the monthly Amt on the corresponding Date.
• /Yr is a re-set of rent to the annual Amt on the corresponding Date.

 adds a row beneath the current row,  deletes the current row.

Detailed Rent with Relative Dates

Amount Type real world use cases:

• % Increase: Major retail tenant where lease with a 10-year term provides an initial rent that increases by 10% in month 61.
• % Increase Annually: Tenant where lease with a 5-year term provides an initial rent that increases by 3% per annum.
• % Market: Large industrial tenant where lease with a 20-year term provides an initial rent and a re-set to 90% of market in month 121.
• /Area/Yr: Office tenant where lease with a 5-year term provides for rent of $10.00/sf in Yr. 1, $10.15/sf in Yr. 2, $10.35/sf in Yr. 3, $10.60/sf in Yr. 4, and $10.90/sf in Yr. 5.
• /Area/Yr/Annually: Office tenant where lease with a 5-year term provides an initial rent that increases by $0.50/sf/annum.
• /Mo: Office tenant where lease with a 5-year term provides for rent of $1,000/Mo. in Yr. 1, $1,100/Mo. in Yr. 2, $1,200/Mo. in Yr. 3, $1,300/Mo. in Yr. 4, and $1,400/Mo. in Yr. 5.

Free Rent

Free Rent is tenant revenue (i.e., base rent, recoveries and/or other), that is forgiven for a given time period or up to a stated amount, and may be entered in one of three carousel states.

Basic Free Rent

Basic Free Rent allows for abatement periods in terms of months from the start of the lease (Mos) or from the start of each lease year (Mos/Yr).

Amt is the amount value of free rent in terms of months. Fractional months are allowed.

Amount Type interprets the Amt value. Options include:

• Mos is the number of months the abatement will take place, taken from the lease Begin Date. Mos is the default unless another is assigned in the Property section on the Defaults tab.
  • Note: If the lease Begin Date is prior to the Analysis Begin date and the number of abated months have all occurred prior to the Analysis Begin date, there will be no abatement.
• Mos/Yr is the number of months the abatement will take place, taken from the start of each lease year commencing with the lease Begin Date. Mid month starts or partial free months will calculate correctly.
• % of Market sets free rent to a percentage of market using (i) a percentage as entered in the Amt field and (ii) market free rent as defined in the Market Lease attached to the lease record.

Revenue reflects the component(s) of tenant revenue that will be abated (defaults to "N/A" if the Amount Type is "% of Market"). Choices are:

• Rent - Base Rent only
• Rent + Recovery - Base Rent and Expense Recoveries
• All Revenues - Base Rent, Expense Recoveries, Percentage Rent, and Miscellaneous Revenue (as entered on the Rent Roll)
• Recovery - Recoveries only

Basic Free Rent

Detailed Free Rent

Detailed Free Rent allows for multiple, varying dates and amounts, as well as a greater selection of amount types for more complex abatement structures than allowed by Basic Free Rent (e.g., monthly percentage values).

Amount Type interprets the Amount value. Options include:

• Mos is the number of months the abatement will take place as entered in the Amt field as of the corresponding date (e.g., .5 for one-half month, 2 for two months, etc). Mos is the default unless another is assigned in the Property section on the Defaults tab.
• Amt/Mo is a $ amount per month.
• Amt/Yr is a $ amount per annum.
• Amt/Area/Mo is a $ amount per leased area per month.
• Amt/Area/Yr is a $ amount per leased area per annum.

For all "Amt" Amount Types, the application assumes that the abatement will commence on the corresponding date and will continue until it is "stopped;" i.e., the last line should reflect the month that the abatement is no longer applicable with an Amount entry = 0. If the Amount Type is Mos, it is not necessary to "stop" the abatement as the abatement will end automatically after the last month.

Revenue options are the same as Basic Free Rent: Rent, Rent + Recovery, All Revenues, Recovery (see description of Basic Free Rent above for details).

• For all "Amt" Amount Types (as described above) a Revenue Type selection of All Revenues will result in the application of the abatement in the following order:
  1. Rent
  2. Misc Income
  3. % Rent
  4. Recoveries

Date the free rent commences. Enter absolute (A - MM/DD/YYYY) or relative (R -#) dates. Relative dates are relative to the current lease record Begin Date.

• If there is only a base lease record (i.e., no options) and relative dates are used, all free rents entered are relative to the Begin Date of the base lease record (even if Begin Date is prior to Analysis Begin date). However, if option records are created and relative dates are used, all free rents entered are relative to the Begin Date of the option record.
• When absolute dates are used, all free rents are based off of the absolute dates regardless of the Begin Date for the lease record.

Amt is the value of free rent for a given period.

When (Amount Type) = Amt/Mo, Amt/Yr, Amt/Area/Mo, or Amt/Area/Yr, enter a $ value.

Note: When (Amount Type) = Mos, enter the number of months the abatement will take place as of the corresponding date (e.g., ".5" for one-half month, "2" for two months, etc).

 adds a row beneath the current row,  deletes the current row.

Detailed Free Rent with Relative Dates

Named Item Free Rent

Named Item Free Rent is a drop-down menu of named item expedites created and defined in the Tenant Market section on the Free Rent tab, and is typically used for lease-up of vacant space versus contractual leases.

Named Item Free Rent

Related info: Entering Irregular Rent Abatements

Recovery

Recoveries are the methodology by which a tenant shares the property’s operating expenses with the landlord.

Note: Users may enter as many recovery records as required by the lease (the number of recovery records entered for a lease record is displayed when the recovery field is not active as the "Recovery Count"). Additionally, if common recovery mechanics exist that are shared by many tenants, both Named Recoveries and Recovery Groups may be used to expedite data input.

Tip: Understanding how often certain recoveries are used prior to commencement of recovery modeling is beneficial to expedite the recovery modeling process. To read more about recoveries, see the Recoveries section and/or the How to Set Up Retail Recoveries with Major Contributions article.

To add the first recovery record, press the "Enter" key to activate the recovery carousel and then navigate to the appropriate tab based upon the recovery type being entered; there is a separate tab for each of the six available recovery types as described below:

• Named Recoveries allows for the selection of one or more previously created named recovery expedites. Named Recoveries are typically used when multiple rent roll or market lease records share the same recovery structure. Selections are either system defined (*Base Year or *NNN) or manually created and defined on the Named Recoveries tab, accessible from either the Rent Roll or Recoveries sections.
• Recovery Groups allow for the selection of one or more previously created Recovery Groups representing multiple Named Recoveries. Selections are manually created and defined on the Recovery Groups tab, accessible from either the Rent Roll or Recoveries sections.
• Pro Rata is used when the tenant pays a pro-rata share of specified operating expenses on either a net basis or over a defined stop.
• Amt is used when the tenant pays a fixed amount that is either flat for the entire lease term or subject to annual, consistent (% or amount/area) increases.
• Detailed Amt allows for exact dates and hard-coded amounts.
• Tenant Mgmt Fee is used when the tenant pays a % of their Rent, Rent + Recoveries or All Revenues as a replacement of pro rata share of property level management fee (typically seen in industrial buildings).

The number of records for each of the six available recovery types will display in parenthesis to the right of the recovery type name.

Named Recoveries

Named Recoveries allow for the selection of one or more previously created named recovery expedites. Selections are either system defined (*Base Year or *NNN) or manually created and defined on the Named Recoveries tab, accessible from either the Rent Roll or Recoveries sections.

• Check the boxes to include the Named Recoveries applicable to the tenant record.
• Uncheck the boxes to exclude specific Named Recoveries. 
• Select all Named Recoveries by checking the box to the left of the Search field.
• Deselect all Named Recoveries by unchecking the box to the left of the Search field.
• To view all Named Recoveries available for selection, uncheck the "Show Selected" box.
• To view only selected Named Recoveries, check the "Show Selected" box.
• To sort the list alphabetically in ascending order, click the double arrows (the double arrow icon will change to a single arrow pointing downward); to re-sort the list alphabetically in descending order, click the single arrow pointing downward (the single arrow pointing downward icon will change to a single arrow pointing upward).

Named Recovery

Recovery Groups

Recovery Groups allow for the selection of one or more previously created Recovery Groups representing multiple Named Recoveries. Selections are manually created and defined on the Recovery Groups tab, accessible from either the Rent Roll or Recoveries sections.

• Check the boxes to include the Recovery Groups applicable to the tenant record.
• Uncheck the boxes to exclude specific Recovery Groups. 
• Select all Recovery Groups by checking the box to the left of the Search field.
• Deselect all Recovery Groups by unchecking the box to the left of the Search field.
• To view all Recovery Groups available for selection, uncheck the "Show Selected" box.
• To view only selected Recovery Groups, check the "Show Selected" box.
• To sort the list alphabetically in ascending order, click the double arrows (the double arrow icon will change to a single arrow pointing downward); to re-sort the list alphabetically in descending order, click the single arrow pointing downward (the single arrow pointing downward icon will change to a single arrow pointing upward).

Recovery Groups

Note: Named Recoveries and Recovery Groups are property based and may be reused. The remaining four types presented below are Rent Roll based and are only applicable to the lease record for which they were created.

Pro Rata

Pro Rata Recovery is used when the tenant pays a pro-rata share of specified operating expenses on either a net basis or over a defined stop.

Recovery Pool is a drop-down menu of named items created and defined in the Recoveries section on the Recovery Pools tab. The Recovery Pool provides the definition of Operating Expenses subject to recovery.

Pro rata Type defines the method by which tenant's pro-rata share will be determined. Options include:

• Natural uses the tenant's natural area; i.e., 100% of tenant Area divided by a user-defined Denominator (Area Measure). Natural is the default setting.
• Specified % allows the user to hard-code a percentage in the Pro Rata % field.

Denominator is a drop-down menu of all Area Measures that is only available if Pro Rata Type is set to "Natural". Area Measures are created and defined on the Area Measures tab, accessible from both the Property and Recoveries sections.

Pro rata % is the hard-coded pro-rata share percentage that is only available if Pro Rata Type is set to "Specified %".

Stop Type defines how the expense stop; i.e., the amount that must be exceeded by the Recovery Pool before the tenant pays recoveries, is entered and how the entry in the Stop field, if required, is interpreted.

• None: the expense stop is $0 and the recovery will act as "net" (no data entry required in the Stop field).
• Amt: the expense stop will equal the $ amount entered in the Stop field.
• Amt/Area: the expense stop will equal the $ amount/area entered in the Stop field. If the Pro rata Type is set to (i) Natural, the Amt/Area will be multiplied by the Denominator to determine the stop; (ii) Specified %, the Amt/Area will be divided by the Pro rata % and then multiplied by the leased Area to determine the stop.
• Occupancy Yr: the expense stop will equal the calculated amount of the Recovery Pool for the later of the Analysis Begin year or the year of the lease record Begin Date (no data entry is required in the Stop field).
  • Note: If the year of the lease record Begin Date is prior to the Analysis Begin year, the stop amount will be set to the calculated amount of the Recovery Pool for the Analysis Begin year.
  • Note: The occupancy year will be determined based upon the Recovery Effective Month setting in the Property section Property Settings tab.
  • Example: Analysis Begin date is 1/1/2024, Recovery Effective Month is July and lease record Begin Date is 9/1/2024 with an Occupancy Year stop: The stop will equal the calculated amount of the Recovery Pool for the period 7/1/2024 - 6/30/2025.
  • Example: Analysis Begin date is 1/1/2024, Recovery Effective Month is July and lease record Begin Date is 4/1/2023 (prior to Analysis Begin), with an Occupancy Year stop: The stop will equal the calculated amount of the Recovery Pool for the period 7/1/2024 - 6/30/2025.

• Occupancy Yr+1: same as "Occupancy Yr" except the expense stop will equal the calculated amount of the Recovery Pool for the later of the Analysis Begin year or the year of the lease record Begin Date plus 1 year (no data entry is required in the Stop field).
• Occupancy Yr-1: same as "Occupancy Yr" except the expense stop will equal the calculated amount of the Recovery Pool for the later of the Analysis Begin year or the year of the lease record Begin Date minus 1 year (no data entry is required in the Stop field).
• Specified Yr: the expense stop will equal the calculated amount of the Recovery Pool for the year entered in the Stop field.
  • Note: If the year entered in the Stop field is prior to the Analysis Begin year, the stop amount will be set to $0 and the recovery will be treated as "net."
  • Note: If the Recovery Effective Month settings on the Property Settings tab in the Property section is set to a fiscal recovery (i.e., anything other than a January Recovery Effective Month), the Specified Yr entered in the Stop field will be interpreted as the fiscal year end.
  • Example: Analysis Begin date is 1/1/2024, Recovery Effective Month is July and lease Begin Date is 7/1/2025 with a 2025 stop year: The stop will equal the calculated amount of the Recovery Pool for the period 7/1/2024 - 6/30/2025.

• Est. Base Yr: used when a lease record Begin Date is prior to the Analysis Begin Date and the recovery pool amount is unknown and needs to be estimated. The Recovery Pool amount is estimated by taking the pool amount in the first year of the analysis and deflating it back to the year of the lease record Begin Date. The percentage used to deflate the pool amount is entered in the Stop field.

Stop is the amount of the stop (if the Stop Type is set to Amt or Amt/Area), the year (if the Stop Type is set to Specified Yr) or the deflation percent (if the Stop Type is set to Est. Base Yr, entered as a whole number [i.e., 3% is entered as "3", not ".03"]). The excess of the Recovery Pool over the Stop amount will be subject to pro rata calculations.

Report Tag (optional) is a drop-down menu of named item expedites created in the Recoveries section on the Report Tags tab. Report Tags are used for classification of the recovery for reporting purposes (recoveries with the same Report Tag can be consolidated on one line item for cash flow reporting purposes) or retail tenant contributions (recoveries with the same Report Tag for tenants belonging to the same Tenant Group can be consolidated and used as a Major Contribution reduction to Recovery Pools).

If a Report Tag has been referenced within the recovery record, the tag may be cleared by clicking on the black "X" that appears within the Report Tag field:

Cap is the maximum amount of recovery. To enter a cap, click the Create button:

A dot appears on the button and the name changes to "Edit" if a cap has been entered:

When the Create button has been clicked, the following fields appear in a pop-up screen:

A. Cap options include "Pool" or "Recovery", of which only one may be selected:

• Pool is used to cap the dollar amount of the Recovery Pool; i.e., a building level cap, prior to the calculation of the tenant’s share.
• Recovery is used to cap the calculated amount of the recovery paid by the tenant; i.e., a tenant level cap.

B. When the Cap field is set to "Pool," the Cap Type, Amt, and % Increase fields are used in accordance with the following table:

Cap Type	Amt	% Increase
Percent	Enter the % by which increases in capped expenses in the calculated Recovery Pool are capped.	N/A
/Area/Yr	Enter the annual amount per area of the capped expenses in the Recovery pool. If Pro Rata Type is set to (i) Natural, the Amt will be multiplied by the Denominator to determine the cap; (ii) Specified %, the Amt will be divided by the Pro rata % and then multiplied by the leased Area to determine the cap. The Amt entered is always the cap for the year commencing with the Analysis Begin date.	Enter the % by which the cap will increase on an annual basis.
/Yr	Enter the annual amount of the capped expenses in the Recovery Pool. The Amt entered is always the cap for the year commencing with the Analysis Begin date.	Enter the % by which the cap will increase on an annual basis.
Prior Yr	Enter the annual amount of the capped expenses in the Recovery Pool for the year prior to the year commencing with the Analysis Begin date (this is used primarily when source documents are provided for contractual tenants whereby the cap for the prior year has been established).	Enter the % by which the cap will increase on an annual basis.
Detailed /Yr & Detailed Area/Yr (see below)	N/A	N/A

Detailed/Yr - Used to enter the annual amount of capped expenses in the Recovery Pool when dates and/or amounts of increases in the cap are irregular. Dates may be entered as:

• Absolute - Caps will always be based off of the dates entered.
• Relative - Dates entered are always relative to the Analysis Begin date.

Detailed Area/Yr - Used to enter the annual amount per area of capped expenses in the Recovery Pool when dates and/or amounts of increases in the cap are irregular. Dates may be entered as Absolute or Relative and behave in the same manner as described above for "Detailed/Yr." Regarding the amount per area, if the Pro Rata Type is set to (i) Natural, the Amt will be multiplied by the Denominator to determine the cap; (ii) Specified %, the Amt will be divided by the Pro rata % and then multiplied by the leased Area to determine the cap.

C. When the Cap On field is set to "Recovery," the Cap Type, Amt, and % Increase fields are used in accordance with the following table:

Cap Type	Amt	% Increase
Percent	Enter the % by which tenant's calculated recoveries for the prior year are capped.	N/A
/Area/Yr	Enter the annual amount per area by which tenant's calculated recoveries are capped. The Amt entered will be multiplied by the leased Area to determine the cap. The Amt entered is always the cap for then year commencing with the Analysis Begin date.	Enter the % by which the cap will increase on an annual basis.
/Yr	Enter the annual amount by which tenant's calculated recoveries are capped. The Amt entered is always the cap for the year commencing with the Analysis Begin date.	Enter the % by which the cap will increase on an annual basis.
Prior Yr	Enter the annual amount by which tenant's recoveries for the year prior to the year commencing with the Analysis Begin date are capped (this is used primarily when source documents are provided for contractual tenants whereby the cap on the amount paid by tenant for the prior year has been established).	Enter the % by which the cap will increase on an annual basis.
Detailed /Yr & Detailed Area/Yr (see below)	N/A	N/A

Detailed /Yr - Used to enter the annual amount by which tenant's calculated recoveries are capped when dates and/or amounts of increases in the cap are irregular. Dates may be entered as:

• Absolute - Caps will always be based off of the dates entered.
• Relative - Dates entered are always relative to the Analysis Begin date.

Detailed Area/Yr - Used to enter the annual amount per area by which tenant's calculated recoveries are capped when dates and/or amounts of increases in the cap are irregular. The Amt(s) entered will be multiplied by the leased Area to determine the cap. Dates may be entered as Absolute or Relative and behave in the same manner as described above for "Detailed /Yr."

Notes Regarding Caps with a Cap on "Recovery"

• Cap On "Recovery" with a Cap Type of "Percent" is typically not used for leases with base year expense stops. In the most extreme example, if a tenant does not pay recoveries in the first lease year due to the stop, the cap amount will apply to the first non-$0 recovery amount.
• When the cap is on "Recovery" rather than "Pool," the expenses subject to cap in the Recovery Pool definition (as identified by a check in the "Cap?" check box on the Recovery Pools screen) are ignored. Rather, the cap is applied to the entire amount of tenant's calculated recovery payment.

If a cap was previously entered and needs to be removed, click the red "Clear" button in the upper right hand corner of the Cap screen:

adds a Pro-Rata recovery record beneath the current record, deletes the current Pro-Rata recovery record.

Pro Rata Recovery

Amt

Amt is used when the tenant pays a fixed amount that is either flat for the entire lease term or subject to annual, consistent (% or amount/area) increases.

Name is used for provide a descriptive name for the Amt recovery (e.g., "Fixed CAM 3%").

Amt is the amount of recovery as of the later of the lease record Begin Date on the Rent Roll tab or the Analysis Begin date as set in the Property section on the Property Settings tab. For example, if the Analysis Begin date is 1/1/2024 and a contractual deal is entered with a Begin Date prior to 1/1/2024, Amt is the recovery amount as of 1/1/2024, not as of the lease Begin Date.

Amount Type interprets the Amt value. Options include:

• /Mo is the monthly Amt.
• /Yr is the annual Amt.
• /Area/Mo is the monthly Amt per Area.
• /Area/Yr is the annual Amt per Area.

Example: A tenant leasing 10,000 square feet and paying $60,000/Yr in fixed recoveries would be entered as either:

• $60,000/Yr
• $5,000/Mo
• $6.00/Area/Yr
• $0.50/Area/Mo

Increase is a drop-down menu of named item expedites created and defined in the Tenant Market section on the Increase tab. Upon initial entry, null is the default (no increase). If an Increase has been selected and you want to change the data entry so there is no increase, select "*None" from the drop-down menu. The increase will be effective based upon the entry in the Effective field on the Increase tab.

• Historical deals will not start increasing until after the Analysis Begin date based upon the entry in the Effective field on the Increase tab. For example, if the Analysis Begin date = 1/1/2024 and the lease Begin Date = 2/1/2023, the first increase would occur on:
  
  • 2/1/2024 if the Effective field on the Increase tab was set to "Lease Year"
  • 1/1/2025 if the Effective field on the Increase tab was set to "Calendar Year"
  • 7/1/2024 if the Effective field on the Increase tab was set to "July"

Report Tag (optional) is a drop-down menu of named item expedites created in the Recoveries section on the Report Tags tab. Report Tags are used for classification of the recovery for reporting purposes (recoveries with the same Report Tag can be consolidated on one line item for cash flow reporting purposes) or retail tenant contributions (recoveries with the same Report Tag for tenants belonging to the same Tenant Group can be consolidated and used as a Major Contribution reduction to Recovery Pools).

If a Report Tag has been referenced within the recovery record, the tag may be cleared by clicking on the black "X" that appears within the Report Tag field:

adds an Amt recovery record beneath the current record, deletes the current Amt recovery record.

Amt Recovery

Note: Using Amt with Option Records

When an option record is added to a lease record that has a recovery type of "Amt," an exact copy of the Amt recovery is created in the option record and the entry in the "Amt" field will reflect the amount paid by the tenant as of the Start Date of the option term. In other words, if the base lease record has an Amt recovery with increases, the Amt recovery for the option period will re-set (and likely decrease) upon commencement of the option term. To avoid this behavior, set up the Amt recovery as a Named Recovery and apply the Named Recovery to both the base and option leases. In doing so, the amount entered will be as of the Analysis Begin date and all increases will be based off of the Analysis Begin date, without re-set.

Detailed Amt

Detailed Amt is used when the tenant pays fixed amounts that change on irregular; i.e., non-annual, dates and/or by inconsistent amounts.

Name is used to provide a descriptive name for the Detailed Amt recovery (e.g., "ABC Tenant CAM").

Amount Type interprets the Amt value entries. Options include:

• /Mo is the monthly Amt.
• /Yr is the annual Amt.
• /Area/Mo is the monthly Amt per Area.
• /Area/Yr is the annual Amt per Area.

Report Tag (optional) is a drop-down menu of named item expedites created in the Recoveries section on the Report Tags tab. Report Tags used for classification of the recovery for reporting purposes (recoveries with the same Report Tag can be consolidated on one line item for cash flow reporting purposes) or retail tenant contributions (recoveries with the same Report Tag for tenants belonging to the same Tenant Group can be consolidated and used as a Major Contribution reduction to Recovery Pools).

If a Report Tag has been referenced within the recovery record, the tag may be cleared by clicking on the black "X" that appears within the Report Tag field:

adds another Detailed Amt record beneath the current record, deletes the current Detailed Amt record.

Date the fixed recovery amount changes. Enter absolute (A - MM/DD/YYYY) or relative (R -#) dates. Relative dates are relative to the current lease record Begin Date.

• If there is only a base lease record (i.e., no options) and relative dates are used, all recoveries entered are relative to the Begin Date of the base lease record (even if Begin Date is prior to Analysis Begin date). However, if option records are created and relative dates are used, all recoveries entered are relative to the Begin Date of the option record.
• When absolute dates are used, all recoveries are based off of the absolute dates regardless of the Begin Date for the lease record.

Amt is the amount, as interpreted by the entry in the Amt Type field

adds another Date/Amount row for the active Detailed Amt record, deletes the Date/Amount row for the active Detailed Amt record.

Click the red "Clear" button in the upper right hand corner of the screen to delete all Date/Amount entries.

Detailed Amt Recovery

Tenant Mgmt Fee

Tenant Mgmt Fee is used when the tenant pays a % of their Rent, Rent + Recoveries or All Revenues as a replacement of pro rata share of property level management fee (typically seen in industrial buildings).

Percent is the percentage value that will be multiplied by tenant's revenue as determined by the Amt Type selection.

Amt Type reflects the component(s) of tenant revenue used to calculate the tenant the management fee. Choices are:

• Rent - Base Rent only
• Rent + Recovery - Base Rent and Expense Recoveries
• All Revenues - Base Rent, Expense Recoveries, Percentage Rent, and Miscellaneous Revenue (as entered on the Rent Roll).

Report Tag (optional) is a drop-down menu of named item expedites created in the Recoveries section on the Report Tags tab. Report Tags are used for classification of the recovery for reporting purposes (recoveries with the same Report Tag can be consolidated on one line item for cash flow reporting purposes) or retail tenant contributions (recoveries with the same Report Tag for tenants belonging to the same Tenant Group can be consolidated and used as a Major Contribution reduction to Recovery Pools).

If a Report Tag has been referenced within the recovery record, the tag may be cleared by clicking on the black "X" that appears within the Report Tag field:

adds a Tenant Mgmt Fee recovery record beneath the current record, deletes the current Tenant Mgmt Fee recovery record.

Tenant Mgmt Fee Recovery

Misc Revenue

Miscellaneous Revenue is used to account for any tenant revenue that does not fit within the categories of Base Rent, Recoveries, or Percentage Rent (e.g., parking).

Basic Miscellaneous Revenue

Basic Miscellaneous Revenue is the default and is used to enter a single amount of current revenue with optional named Inflation.

Amt is the amount of revenue as of the later of the lease record Begin Date on the Rent Roll tab or the Analysis Begin date as set in the Property section on the Property Settings tab. For example, if the Analysis Begin Date is 1/1/2024 and a contractual deal is entered with a Begin Date prior to 1/1/2024, Amt is the revenue amount as of 1/1/2024, not as of the lease Begin Date.

Amount Type interprets the Amt value. Options include:

• /Mo is the monthly amount.
• /Yr is the annual amount.
• /Area/Mo is the monthly amount per area.
• /Area/Yr is the annual amount per area. /Area/Yr is the default unless another Amount Type is assigned in the Property section on the Defaults tab.

Inflation is a drop-down menu of named item expedites created and defined in the Property Market section on the Inflation tab. Upon initial entry, null is the default (no inflation). If an inflation has been selected and you want to change the data entry so there is no inflation, select "*None" from the drop-down menu.

Effective sets the month within each lease year that the selected inflation will occur. Options include:

• Calendar Year - Inflation is effective on January 1 during each lease year.
• Lease Year - Inflation is effective on the anniversary of the lease Begin Date during each lease year.
• Named Month (Feb. - Dec.) - Inflation is effective on the 1st of the selected month during each lease year.

Basic Miscellaneous Revenue

Detailed Miscellaneous Revenue

Detailed Miscellaneous Revenue is used when there are multiple dates and amounts associated with irregular revenue structures; i.e., user specified inputs over time.

Amount Type interprets the Amount value. Options include:

• /Mo is a one-time re-set of revenue to the monthly Amount on the corresponding Date.
• /Yr is a one-time re-set of revenue to the annual Amount on the corresponding Date.
• /Area/Mo is a one-time re-set of revenue to the monthly Amount per Area on the corresponding Date.
• /Area/Yr is a one-time re-set of revenue to the annual Amount per Area on the corresponding Date.

Date the revenue amount commences. Enter absolute (A - MM/DD/YYYY) or relative (R - #) dates. Relative dates are relative to the current lease record Begin Date.

Amt is the amount or amount/area of revenue as of the corresponding Date.

 adds a row beneath the current row,  deletes the current row.

Detailed Miscellaneous Revenue with Absolute Dates

• If there is only a base lease record (i.e., no options) and relative dates are used, all revenues entered are relative to the Begin Date of the base lease record (even if the Begin Date is prior to the Analysis Begin date). However, if options records are created and relative dates are used, all revenues entered are relative to the Begin Date of the option record.
• When absolute dates are used, all revenues are based off of the absolute dates regardless of the Begin Date for the lease record.

TI, LC, & Other Capital

These capital types are used to input costs incurred by the landlord associated with the leasing of space by tenants.

Note: Each capital type column, TI, LC, and Other Capital, operates in the same manner and has the same input selection options.

Basic TI, LC & Other Capital

Basic TI, LC & Other Capital is the default and is used to record a single outlay.

Amt is the amount, amount/area, or percentage as interpreted by the entry in the Amount Type field. Percentages are entered as whole numbers (e.g., for 3% enter "3", not "0.03").

Amount Type interprets the Amt value. Options include:

• Amt is the exact amount paid out in whole dollars.
• Amt/Area is the exact amount paid out expressed on a per Area basis.
• % of Rent is the percentage entered in the Amt field multiplied by the entire amount of Base Rent paid by the tenant during the lease term, net of Free Rent (i.e., Rent + Rent Increases - Free Rent).
• % of Rent + Recovery is the percentage entered in the Amt field multiplied by the entire amount of Base Rent plus Recoveries paid by the tenant during the lease term, net of Free Rent and Free Recoveries (i.e., Rent + Rent Increases - Free Rent + Recoveries - Free Recoveries).
• % of Rent: Ignore Free is the percentage entered in the Amt field multiplied by the entire amount of Base Rent paid by tenant during the lease term with no reduction for Free Rent (i.e., Rent + Rent Increases).
• % of Rent + Recovery: Ignore Free is the percentage entered in the Amt field multiplied by the entire amount of Base Rent plus Recoveries paid by tenant during the lease term with no reduction for Free Rent or Free Recoveries (i.e., Rent + Rent Increases + Recoveries).
• % of All Revenues is the percentage entered in the Amt field multiplied by the entire amount of Base Rent plus Recoveries plus Misc Revenue plus Percentage Rent paid by tenant during the lease term net of all Free Rent (i.e., Rent + Rent Increases - Free Rent + Recoveries - Free Recoveries + Misc Revenue - Free Misc Revenue + % Rent - Free % Rent).
• % of Market sets the tenant improvement, leasing commission or other capital to a percentage of market using (i) a percentage as entered in the Amt field and (ii) market tenant improvements, leasing commissions or other capital as defined in the Market Lease attached to the lease record.

Payout is a drop-down menu named items created and defined in the Tenant Market section on the Payout tab. Payout determines when the tenant capital amount is paid in relation to the lease Begin Date. The default is *CashedOut, indicating the amounts will be paid out on the lease record Begin Date. Payout is unavailable if the Amount Type is "% of Market", as the payout methodology is defined within the market lease.

Amount Type of "Amt/Area" for TI and Other Capital and "% of Rent" for LC and Payout of "Cashed Out" are the defaults unless another Amount Type and/or Payout is assigned in the Property section on the Defaults tab.

Basic TI, LC & Other Capital

Named Item TI, LC & Other Capital

Named Item Capital allows for the selection of a named item expedite created and defined in the Tenant Market section on the corresponding TI, LC, or Other Capital tab.

Named Item TI, LC & Other Capital

Tip: If “within lease term” commissions are required (e.g., 10% yr 1, 2% thereafter), these must be set-up as a LC named item in the Tenant Market section with Input Type set to Within Lease.

Detailed TI, LC & Other Capital

Detailed Capital is used when there are multiple dates and amounts associated with irregular tenant capital structures (i.e., user specified input over time).

Amount Type interprets the Amt value. Options are the same as Basic (see "Basic TI, LC & Other Capital" above), except that "% of market" is not available for Detailed Capital.

Date of capital item payment. Enter absolute (A - MM/DD/YYYY) or relative (R - #) dates. Relative dates are relative to the current lease record Begin Date.

Amt is the amount, amount/area, or percentage as interpreted by the entry in the Amount Type field. Percentages are entered as whole numbers (e.g., 3% is entered as "3", not "0.03".

 adds a row beneath the current row,  deletes the current row.

Detailed TI, LC & Other Capital with Absolute Dates

Percentage Rent

Percentage Rent is a form of rent typically paid by retail tenants, expressed as a % of sales (the "overage" %) in excess of a specified amount called a breakpoint. The three components in the computation of percentage rent are:

• Sales
• Breakpoint
• Overage %

Sales

Reflects the current amount of sales achieved by the tenant and projections of future sales growth.

Basic Sales

Basic Sales is the default and used to enter a single amount of current sales with optional named inflation.

Amt is the amount of sales as of later of lease record Begin Date on the Rent Roll tab or the Analysis Begin date as set in the Property section on the Property Settings tab. For example, if the Analysis Begin date is 1/1/2024 and a contractual deal is entered with a Begin Date prior to 1/1/2024, Amt is the sales amount as of 1/1/2024, not as of the lease Begin Date.

Amount Type interprets the Amt value. Options include:

• /Mo is the monthly Amt.
• /Yr is the annual Amt. "/Yr" is the default unless another Amount Type is assigned in the Property section on the Defaults tab.
• /Area/Mo is the monthly Amt per area.
• /Area/Yr is the annual Amt per area.

Inflation is a drop-down menu of named item expedites created and defined in the Property Market section on the Inflation tab. "*Sales" is the default unless another Inflation is assigned in the Property section on the Defaults tab. Sales inflation will occur based off of the Effective Month as defined on the Inflation tab.

Percentage Rent Basic Sales

Detailed Sales

Detailed Sales allows for annual sales amounts to be entered for multiple years before inflation is applied.

Amount Type interprets the Amt value. Options are the same as for Basic sales: /Mo, /Yr, /Area/Mo, /Area/Yr. "/Yr" is the default unless another Amount Type is assigned in the Property section on the Defaults tab.

Inflation is a drop-down menu of named item expedites created and defined in the Property Market section on the Inflation tab. The default is "*Sales" unless another Inflation is assigned in the Property section on the Defaults tab. Sales inflation will occur beginning in the year subsequent to the last year entered in the detailed sales screen using the Effective Month as defined on the Inflation tab.

Year is auto-incremented by one year for each additional year added. Year 1 is the first lease year relative to the current lease record Begin Date.

Amt is the amount or amount/area as interpreted by the entry in the Amount Type field.

 adds a row beneath the current row,  deletes the current row.

Percentage Rent Detailed Sales

Note: If the Renewal Type is set to "Option," Sales for the option period defaults to "Inherit," which means that the Sales definition for the base lease period continues during the option term.

Breakpoint

Breakpoint reflects the amount that sales must exceed before overage rent is due from the tenant.

Natural Breakpoint

The basic state defaults to a Natural Breakpoint (the check box is checked by default). A Natural breakpoint is auto-calculated as Base Rent divided by the Overage percentage.

Percentage Rent Natural Breakpoint

Amount Breakpoint

Amount Breakpoint is used when there is one non-natural breakpoint for the entire lease term (i.e., the breakpoint does not change).

Amt is the amount of the breakpoint for the entire lease term. The value entered is interpreted by the Amount Type.

Amount Type interprets the Amt value. Options include:

• /Mo is the monthly Amt.
• /Yr is the annual Amt. "/Yr" is the default unless another Amount Type is assigned in the Property section on the Defaults tab.
• /Area/Mo is the monthly Amt per area.
• /Area/Yr is the annual Amt per area.

Percentage Rent Amount Breakpoint

Detailed Breakpoint

Detailed Breakpoint allows for multiple breakpoints to be entered with specified dates of change.

Amount Type interprets the Amt value. Options are the same as for Amount breakpoints: /Mo, /Yr, /Area/Mo, /Area/Yr.

Date on which the breakpoint amount in the Amt field changes. Enter absolute (A - MM/DD/YYYY) or relative (R - #) dates. Relative dates are relative to the current lease record Begin Date.

Amt is the amount or amount/area of the breakpoint as of the corresponding date entered in the Date field. The value entered is interpreted by the Amount Type.

 adds a row beneath the current row,  deletes the current row.

Percentage Rent Detailed Breakpoint with Relative Dates

Overage

Overage reflects that percentage of sales in excess of the breakpoint that is paid by the tenant.

Basic Overage

Basic Overage is a single percentage that will be applied throughout the lease term.

Percentage Rent Basic Overage

Tiered Overage

Tiered Overage allows for multiple overage percentages to be entered based upon differing breakpoint thresholds.

Amount Type interprets the Threshold value. Options include:

• /Mo is the monthly Threshold amount.
• /Yr is the annual Threshold amount. "/Yr" is the default unless another Amount Type is assigned in the Property section on the Defaults tab.
• /Area/Mo is the monthly Threshold amount per area.
• /Area/Yr is the annual Threshold amount per area.

Percent is the percentage applied to sales up to the Threshold amount. For the first row, the tenant pays the percent of sales in excess of the breakpoint up to the threshold. For each additional row, the tenant pays the percent of sales in excess of the prior threshold up to the threshold as defined on the current row.

Threshold is the maximum level of sales for which the overage percentage applies. If no value is entered for the threshold, there is no maximum level of sales for the defined overage percentage. The amount entered here will be interpreted based upon the entry in the Amount Type field.

 adds a row beneath the current row,  deletes the current row.

Percentage Rent Detailed Overage

Renewal Type

Renewal Type determines the treatment of a lease record at the End Date. Options include:

• Weighted: Used when it is not known if the tenant will renew. Renewal Probability will be applied to entries in the New and Renew fields within the Market Lease to determine the leasing assumptions subsequent to the End Date of the base lease. "Weighted" is the default unless another Renewal Type is assigned in the Property section on the Defaults tab.
• Option: Used when it is assumed the tenant will exercise a renewal option and specific lease terms need to be entered for the option period (typically associated with contractual renewal options contained within a tenant's lease). An additional record is inserted on the Rent Roll starting the day after the base lease (or prior option) expiration (End Date). Users can enter details in all fields other than Start Date and Sales; Sales "Inherits" the mechanics as defined in the base lease (sales continue to grow by the defined Inflation).
• Renew: Used when it is assumed tenant will renew upon base lease expiration at market terms. Renew assumptions from the Market Lease will be used after no downtime.
• Vacate: Used when it is assumed tenant will vacate upon base lease expiration and space will be re-leased at market terms. New assumptions from the Market Lease will be used after full downtime.
• None: Used to stop all calculations for the lease record subsequent to the End Date, i.e., reabsorb. Typically, a new lease record will be set-up to account for the space subsequent to the End Date. Note: This new lease record should have an Available Date entered equal to the day following the End Date of the "stopped" lease record in order for Potential Revenues to calculate correctly (typically required for a proper calculation of the Vacancy Allowance).

Note: When the Renewal Type is Renew or Vacate, the second rollover of the lease will go to a Weighted renewal. To continue with a market renewal assumption, set the market lease Renewal Probability to 100%. To continue with a market vacate assumption, set the market lease Renewal Probability to 0%. 

The graphic below, from the Beginner Guide, depicts the impact on lease rollover timing for each Renewal Type. 

Market Lease

Market Leases define the components of a theoretical lease at market terms for a given suite. Components are weighted between new lease and renewing leases based on the probability that an existing tenant will renew or vacate.

When the Renewal Type is:

• Weighted, the Renewal Probability percentage defined for the Market Lease will determine the weighting.
• Renew, the probability is automatically 100% renew.
• Vacate, the probability is automatically 0% renew.

Market Lease is a drop-down menu of market leases that are created and defined on the Market Lease tab, accessible from both the Rent Roll and Property Market sections.

Available Date

The Available Date determines the earliest the unit is included in inventory for (i) occupancy calculations and (ii) Potential Revenue calculations. If null, the Available date defaults to the Analysis Begin date.

If the Renewal Type is set to "None" for a given lease record (i.e., the record is "stopped") and another lease record has subsequently been added to replace the stopped record, the Available Date field must be completed for the replacement record with a date that is typically the day after the End Date of the stopped record. This will insure that Potential Revenue calculations for the (i) stopped record will terminate on the End Date and (ii) replacement record will commence on the day after such End Date.

Note: The Available Date field should also be used if new units come online after the Analysis Begin date (e.g., due to new construction).

Market Lease Overrides

Market Lease Overrides are used to override certain terms of the Market Lease assumptions on a one-time basis (first market lease term only) or for every market lease term. Press the Enter key to open the Market Lease Override pop-up window.

Override Type

• None is the default, whereby no overrides will occur (if this field is blank, it is interpreted as none).
• First Term overrides are used only for the first rollover period then revert to the Market Lease terms for each rollover thereafter.
• All Terms overrides are used for the first rollover period and for each rollover thereafter.

Note: Regardless of whether the Override Type is First Term or All Terms, any overridden amounts are as of the Analysis Begin date, and if applicable, will inherit the Amount Type and Inflation inputs from the Market Lease attached to the lease record.

One or more of the following Market Lease assumptions may be overridden by entering a value in the corresponding Market Lease Override field:

• Rent
• T.I. (Tenant Improvements)
• L.C. (Leasing Commissions)
• O.C. (Other Capital)
• Renewal Probability
• Downtime

When an override has been entered, the Rent Roll will display the Override Type with a blue dot:

Note: The Downtime override value should reflect the full number of months of downtime assuming the tenant vacates, and will be weighted based upon 1 minus the Renewal Probability percentage (if Renewal Probability has not been overridden, the percentage from the attached Market Lease will be used; if overridden, the percentage from the Renewal Probability override field will be used).

Market Lease Override

Notes

A note can be entered for each record on the Rent Roll tab.

Click the the "Notes" button to open the pop-up modal window. The Notes window displays the Suite and Name.

Enter text and click the "X" button to close the window and save the note. A blue dot appears on the Notes button when a note exists.

To remove an existing Note, click the "Clear" button located in the upper right hand side of the screen.

Area Roll-Up Summary

Located at the bottom of the Rent Roll tab, the area roll-up summary provides area statistics that may be used to verify that all area in the building has been properly accounted for within the Rent Roll.

• Total Area displays the area entered in the *Total Area field on the Property section Area Measures tab.
• Input displays the sum of all suite areas from the Rent Roll tab for only those Lease Types that affect occupancy.
• Renewal Type - None displays the sum of suite areas whose Renewal Type is set to None for only those Lease Types that affect occupancy.
• Input Less None is the sum of all suite areas less the suite areas whose Renewal Type is set to None.
• Variance displays the difference between the *TotalArea and Input Less None.
• Future Available Date displays the sum of suite areas that have an Available Date entered for only those Lease Types that affect occupancy.
• Does Not Affect Occupancy displays the sum of suite areas for only those Lease Types that do not affect occupancy. Whether or not a Lease Type affects occupancy is defined in the Property Section on the Property Settings tab.

As a general rule (although not always true), if area has been properly accounted for within the Rent Roll:

• The "Variance" should equal 0.
• The "Renewal Type - None" should equal the "Future Available Date".

Rent Roll Cash Flow Report Pane

Located at the bottom of the Rent Roll tab above the Area Roll-up Summary, the Rent Roll Cash Flow report presents tenant cash flow data for the currently active tenant record. Report data will update as the tenant record is updated.

Double click on the Report pane to open the Rent Roll Cash Flow. The pane is resizable and can be expanded or collapsed by double clicking on the “Reports” tab. The size of the pane can be adjusted by clicking on the pane border and dragging it up or down.

The displayed time series can be modified by selecting a different periodicity. Periodicity options:

• Monthly displays the selected tenant's monthly cash flow from the later of the analysis begin date or the lease begin date.
• Annual (Lease Year) displays the selected tenant's annual cash flow from the later of the analysis begin date or the lease begin date. If the lease is in place at the beginning of the analysis, the Year 1 column will begin on the analysis begin date through the lease anniversary date for the first analysis year. For example, in the screenshot above, Kenwood Partners lease begin date is 2/1/2024. The analysis begin date is 1/1/2025. Year 1 in the rent roll cash flow is 1/1/2025 – 1/31/2025. Annual (Lease Year) is the default Periodicity for the report.
• Annual (Calendar Year) displays the selected tenant's annual cash flow on a calendar year basis (January through December) beginning with the first calendar year that the lease is in place.

Note: Report Begin Date located on the Property Settings tab is currently not considered in the Rent Roll Cash Flow. As noted above, the Rent Roll Cash Flow begin dates are anchored to the later of the analysis begin date or the lease begin date.

Each tenant record on the Rent Roll tab, will display a cash flow in the Report pane as follows:

• Market rollover leases will appear in the cash flow with the original tenant. Market rollover tenants are defined as those autogenerated based on a Renewal Type equal to Weighted, Renew, or Vacate.
• Leases with Options - The cash flow for leases with Renewal Type equal to Option will end at the expiration date of the parent record. The option record will have a separate cash flow beginning on the option begin date.
• Leases with Begin Date after the analysis period will not display a cash flow. For example, if the analysis term is 10 years beginning January 2025, and a tenant has a modeled option that begins on June 1, 2036, the option record will not show data in the Rent Roll Cash Flow

Note: Recovery data shown in the Rent Roll Cash Flow is an estimate based on the last full property calculation. To see full results for recoveries, a full property calculation is recommended. You will receive a notification if the recoveries have not been calculated for the tenant and, therefore, require a full property calculation to display.

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Market Lease

Ctrl + Alt displays the numeric keyboard shortcut.

Accessible from both the Rent Roll and Property Market sections, the Market Lease tab is used to manage named MLA (market lease assumptions) records for a property. Market Leases consist of the components of a lease at Market. They are used in the Rent Roll in conjunction with Renewal Type (Rent Roll tab column) to determine what happens to a lease at lease end.

Read more: Market Leases in the Property Market section

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Named Recoveries

Ctrl + Alt displays the numeric keyboard shortcut.

Accessible from both the Rent Roll and Recoveries sections, the Named Recoveries tab is used to manage common reusable recovery mechanics for a property. There are also two system defined Named Recoveries: *Base Year and *NNN.

Named Recoveries are named items that can be used multiple times within the Rent Roll tab and/or Market Lease tab. They are beneficial if multiple tenants or market leases use the same recovery structure/definition (e.g., net leases that use the same Recovery Pool and Denominator for calculation of the pro-rata share).

Tip: If multiple Named Recoveries apply to a lease and/or Market Lease record, they can be grouped together into a Recovery Group as an expedite.

Read more: Named Recoveries in the Recoveries section

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Recovery Groups

Ctrl + Alt displays the numeric keyboard shortcut.

Accessible from both the Rent Roll and Recoveries sections, the Recovery Groups tab is used to manage expedites for the combination of Named Recoveries.

A Recovery Group allows for the combination of multiple Named Recoveries to expedite the expense recovery input process. A Recovery Group can then be referenced within the Rent Roll and Market Lease tabs when adding recoveries.

Example: A common example would be a Modified Gross Rental market; expenses over a base year stop where the stop is separate for Real Estate Taxes and CAM. Simply create two Named Recoveries, one for Taxes and one for CAM, which could then be combined as a Recovery Group and subsequently referenced as a single item.

Read more: Recovery Groups in the Recoveries section

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Tenant Groups:

Ctrl + Alt displays the numeric keyboard shortcut.

Accessible from both the Rent Roll and Recoveries sections, the Tenant Groups tab is where tenants may be grouped together for the following purposes:

• Creation of Area Measures to be used (i) as the denominator in the calculation of pro-rata shares for recoveries; and (ii) in the creation of Line Items (typically for variable expenses or revenues based upon only a subset of tenants within a building).
• Identification of (i) tenants for which a different vacancy and/or credit loss assumption may apply; and (ii) anchor/major tenants whose recoveries need to be grouped together for the purpose of reducing the recovery pools of non-anchor/major tenants.

Tenant Groups are utilized in the following areas of the app (the Tenant Group Code is displayed for selection purposes):

• Property and Recoveries sections > Area Measure(s) tab > Tenant Group Input Type carousel state
• Property Market section > Vacancy Loss and Credit Loss tabs > Detailed carousel state > Percentage Overrides section > Tenant Group drop-down menu
• Recoveries section > Tenant Contributions tab > Tenant Group w/ Report Tag field

To set up a Tenant Group, add a new Tenant Group record, provide a Code and Name for the group and then open the "Input Type" pop-up by clicking (or pressing Enter) on the word "Detailed":

• Check the boxes to include individual tenants within the Tenant Group.
• Uncheck the boxes to exclude specific individual tenants within the Tenant Group. 
• Select all tenants by checking the box to the left of the Search field.
• Deselect all tenants by unchecking the box to the left of the Search field.
• To view all tenants available for selection, uncheck the "Show Selected" box.
• To view only selected tenants, check the "Show Selected" box.
• To sort the list alphabetically in ascending order, click the double arrows (the double arrow icon will change to a single arrow pointing downward); to re-sort the list alphabetically in descending order, click the single arrow pointing downward (the single arrow pointing downward icon will change to a single arrow pointing upward).

NOTE: If a tenant on the Rent Roll has one or more options, only the base lease record will be available for selection. The option records will automatically be included in the Tenant Group along with the base lease record.