Detailed lease for store space within a shopping center, with an option for rent as a percentage of gross sales.
Illinois Shopping Center Lease Agreement - percentage rent option
State:
Multi-State
Control #:
US-808LT
Format:
Word;
Rich Text
Instant download
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How to fill out Shopping Center Lease Agreement - Percentage Rent Option?
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FAQ
A percentage rent provision provides that if the tenant achieves a certain amount of gross sales in a given year, they will pay a percentage of such gross sales to the landlord as additional rent.
A percentage lease is a type of lease where the tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises.
The formula is (Gross Sales Artificial Break Point x % = Percentage Rent). If tenant's Gross Sales are $3,000,000, then the tenant would pay landlord 6% of $1,750,000 ($3,000,000 (Gross Sales) $1,250,000 (Artificial Breakpoint) = $1,750,000 x 6% = $105,000 (Percentage Rent for Year 1).
What is a lease-option-to-buy? A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.
The natural breakpoint is the point where the base rent equals the percentage rent. To calculate it, divide the base rent by the percentage.
Here's how to calculate the leased percentage: current number of units occupied + (number of units with signed leases yet to move in) / total number of units 100%.
A percentage rent provision provides that if the tenant achieves a certain amount of gross sales in a given year, they will pay a percentage of such gross sales to the landlord as additional rent.
A common method for determining percentage rent is to use a natural breakpoint. A natural breakpoint is calculated by dividing the base rent by an agreed percentage. The percentage rent payable by a tenant will then be equal to this percentage multiplied by the amount by which gross sales exceeds the breakpoint.
Percentage of Sales Taken For example, a percentage lease might require a tenant to pay 7% of all sales that exceed more than $25,000 in sales in any given month. Seven percent is a common percentage lease figure, so if a landlord wants to charge you 10% or 12%, be leery.