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Lease Audits Reduce Operating Costs
Date:3/8/2010

ven a tenant with a net-lease signed in 2009, while these don’t typically have a base year dollar amount, should consider an audit to verify they are only being charged for permitted expenses.

2.    Landlords of mixed-use properties routinely overcharge tenants for operating expenses and real estate taxes, because the landlord allocates expenses to the various components of the complex using methods which don’t reflect the actual usage of services by each component. Substantial operating expense increases often signals that a landlord has improperly calculated the expenses. A tenant should look at specific line items of expense when reviewing the year-to-year increases.

3.    Buildings in which landlords have expended major capital on building systems, exteriors or common areas certainly should be considered as an audit target. The lease should dictate if such capital expenditures are permissible.

4.    The gross-up of expenses is addressed in most leases and if applied properly is fair to both the tenant and the landlord. When a building has high vacancy, a landlord can make significant errors when applying this gross-up adjustment which negatively impacts a tenant’s share of the annual operating expenses, resulting in the tenant paying too much.

Paul Stevens, ITRA’s lease audit specialist stated, “tenants should protect themselves by hiring a professional lease auditor to review their lease and operating expenses to determine if they are being fairly charged. Many tenants have found, by being proactive, they have been able to save thousands of dollars over the term of their lease.”

ITRA is a leading regional, national and international corporate real estate advisory firm exclusively serving the
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