The Rent Details Page is where you can view and update your tenant's most critical Lease Information. To navigate there click the Properties link on the Top Menu. Then select a property in the left table, and then the tenant in the right table. Lastly, click Rent Details in the Actions Menu.
Notice the three sections this page. Let's go through them:
This section contains important Lease dates such as Lease Start (start of the Lease) Lease End (End of the Lease), Possession Date (date when tenant received possession of the space) and Rent Start (date when Rent commences). Pro-Rata share is the Tenant's share as indicated in the Lease. Taxes/Cam/Insurance indicates Tenant's obligation as it relates to their NNN charges. Admin and Late Fee charges, if any, as indicated in their lease. Rent Due on and Late Fee after days. Security Deposit, and whether or not its adjustable. And, tenant's liability Insurance expiration date for tracking purposes. Fields indicated with an asterisk are required fields. All others are optional.
In the example illustrated below, the Lease started on March 1, 2007. It ends on February 28, 2022. Tenant Took possession of the space on August 1, 2007. Rent Commenced on September 1, 2007 (tenant had one free month of rent). Tenant's Pro-Rata Share is 14.5%. Tenant is also responsible for Taxes over Base Year (base year amount being $12,925), Pro Rata Share of Common Area Maintenance Charges and Pro Rata Share of Insurance Charges. There are no Admin fees. Tenant's Late fee is 7% of the unpaid amount. Rent is due on the Fifth of the month and Late fee gets applied after the 5th of the month. The Security Deposit is $11,500 which adjusts as rent is increased based on the terms of the lease. Tenant's liability insurance, which Tenant requires to carry as part of their lease, expires on August 8, 2020.
CAM Configuration button in the Lease Terms section covers the exclusions as well as limits of what is and is not included in Tenant's CAM. This topic is covered in the CAM Reconciliation Article.
Tenant's Rent is listed on the Rent Breakdown section. Most commercial leases are long term and do have fixed escalations. This section contains the monthly base rent schedule for the tenant.
In the example below, Tenant's rent includes an annual increase of 3% commencing November 1, 2008.
To add, modify or delete to the rent schedule, Click on the buttons at the bottom of the table. Some commercial leases provide for Tenant's to have rental option periods. You can indicate if the rental period is an option period by checking off the Option checkbox while providing the Option Number and Tenant's notice to exercise the said option by.
In the example below, the period from March 1, 2002 through February 28, 2023 is the First Option period whereby the tenant must notify within 120 days of its intent to exercise the option.
If Tenant's lease calls for any other recurring charges then they should be included in the Additional Charges Section / Table. The charges have a Start and End Date, Occurrence (Once, Monthly or Yearly), Charge Description, Amount and Category.
In the example below. The Tenant has two monthly recurring charges starting March 1, 2007 through February 28, 2022 for Common Area Charges - $530.45 (CAM) and Real Estate Taxes - $128.30 (Taxes). The tenant also had a one time charge on November 1st, 2016 for CAM Reconciliation Charge.
Keep in mind all of Tenant's billing is driven by the information set on this page. Double check your rent schedule / breakdown, NNN Settings, additional charges and other information for accuracy to ensure proper billing.