TRI Lease Administration (Tenant Side) - Scope of Services
Whether your business has 3 locations or 300, managing your commercial lease agreements is a complicated process fraught with hidden risks. Think about the time your staff spends managing lease details instead of focusing on your core business. Worse yet, think about the details that may have slipped through the cracks and dollars you leave on the table in the form of miscalculated fees and charges.
Lease Language is notoriously complex, convoluted and inconsistent. Is your real estate strategy supported by a clear and comprehensive view of critical lease dates, events and terms? Are you equipped to actively tracklandlord charges and ensure they line up with agreed-upon rates and expenses?
TRI's Corporate Services Group offers a full suite of lease management services, customizable to fit your specific needs. We deliver detailed analysis and reporting to free up your team for more critical tasks and meet the new reporting standards and provide guidance for FASB compliance.
Many landlord prepared estimates and reconciliations of shared operating costs are inaccurate. An annual audit to identify errors and avoid future overcharges often results in significant savings.
In 2016, the Financial Accounitng Standards Board (FASB) and the International Accounting Standards Board (IASB) updated accounting regulations and reporting of equipment and real estate leases. The new standards require the lessees to report the rights and obligations of a lease as assets and liabilities. They also modify the method of determining expense recognition.
As a result, leases will be subject to a series of complex calculations at inception and the resulting value will change year by year.