This office lease clause is used to respond to various changes that might occur within the tenant's office building or shopping center.
Puerto Rico Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share
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FAQ
Simply put, the rule states that operating expenses are equal to ½ of the gross annual rental income. So, if a property generates a rental income of $18,000 per year, operating expenses should be about $9,000 per year, excluding the mortgage payment and capital expenses.
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.
Lessee's Proportion means the proportion that the net lettable are of the Premises bears to the net lettable area of the Building, being the percentage in item 16 of the Reference Schedule (or any other corrected or recalculated percentage notified in writing by the Lessor to the Lessee from time to time).
Tenant's Share of Expenses means the product obtained by multiplying the sum of the amount of Operating Expenses plus the amount of the Property Taxes, in each case due and payable during the period in question, by the Tenant's Share of Expenses Percentage.
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.
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.