This office lease clause is used to respond to various changes that might occur within the tenant's office building or shopping center.
Measurement Representations and Proportionate Share Adjustment of Tenants Proportionate Tax Share
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FAQ
An Annual Increase is a clause in a lease which provides for the base rent amount or operating expenses to be increased and/or to reflect changes in expenses paid by the landlord such as real estate taxes, insurance and operating expenses.
AR usually indicates arrears (behind in rent). Base Rent AR seems to indicate 2 months' of rent in arrears. Retro may mean rent previous to the current month (money owed previously). This could be late fees or other fees owed.
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.
Gross Lease/Full Service Lease In a gross lease, the tenant's rent covers all property operating expenses. These expenses can include, but aren't limited to, property taxes, utilities, maintenance, etc. The landlord pays these expenses using the tenant's rent to offset the costs.
The Base Year is a year that is tied to the actual amount of expenses for property taxes, insurance and operating expenses (sometimes called CAM) to run the property in a specified year. In a new lease, the Base Year is most often the year the lease is executed or the year in which the lease commences.
When prices rise, the landlord can raise monthly lease payments. A reappraisal clause. A lease agreement may also contain a reappraisal clause which allows for a hike in rent following an annual appraisal of the property. Again, this is likely only to result in an increase in rent.
A modified gross lease is a type of real estate rental agreement where the tenant pays base rent at the lease's inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
The amount of rent that gets paid as operating costs might be called additional rent or TMI (taxes, maintenance and insurance).