This office lease clause is used to respond to various changes that might occur within the tenant's office building or shopping center.
Montana Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share
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FAQ
Tenant's Proportionate Share of Real Estate Taxes means a percentage factor, determined by dividing the net rentable square footage contained in the Premises by the net rentable square footage contained in the office and retail portions of the Building, or one and 58/100 percent (1.58%).
Also known as tenant's pro rata share. The portion of a building occupied by the tenant expressed as a percentage. When a tenant is responsible for paying its proportionate share of the landlord's costs for the building, such as operating expenses and real estate taxes, the tenant pays this amount over a base year.
The pro-rata share is the percentage of expenses shared by the tenant for the shopping center or office building. In most leases, the pro-rata share is calculated as a fraction of the tenant's demised square footage divided by the total square footage of the shopping center or the building.
In basic terms, a tenant's pro rata share is calculated by dividing the tenant's rentable square footage by the total rentable square footage of a building or property. Alternatively, the pro rata share may be a deemed or stated percentage in the lease.
Proportionate Share of Operating Expenses means a fraction equal to the total Gross Rentable Area of the Premises divided by the total Gross Rentable Area of the Building.
Tenant's Share may also be referred to as Tenant's Proportionate Share, Pro Rata Share or simply PRS. It represents the percentage of the Defined Area that is occupied by a particular tenant.
In general, the tenant's proportionate share is determined by taking the building's rentable square footage and dividing it by the tenant's rentable square footage. Local industry customs usually provide the landlord with the guiding principles for: Measuring the building.
