Lease Administration Services
Peace of mind, for all your leases
Keeping Tabs on Your Critical Lease Obligations
A company’s real estate commitments represent one of its largest expenses. While internal staff might be able to handle one or two sites, it can become a significant burden and drain on resources to manage a company’s real estate as the portfolio grows. A well-executed lease administration program can provide key management personnel the strategic advantage of understanding the real estate portfolio and its impact on your business.
Hughes Marino’s Lease Administration Service allows companies to outsource this important function to our team of experts, who can help save resources and avoid costly oversights. Our experienced professionals act as an extension of our client’s own team, keeping tabs on the many details of their leases so they can focus on core business objectives. From banking institutions to industrial manufacturers, companies throughout the United States and around the world are benefiting from the knowledge and resources offered by Hughes Marino.
– Our team reviews and abstracts every lease to ensure valuable rights are identified and costly traps are avoided.
Rent Invoice Processing
– We encourage our clients to have invoices sent directly to us, so we can review and highlight any nonstandard charges and provide a comprehensive rent report that details all lease related payments that need to be scheduled.
– Our experts assist with budgeting annual rent and unpredictable operating expenses well in advance of when landlords provide their statements, allowing our clients to save time and avoid costly budgeting mistakes.
CAM/Operating Expenses Reviews
– We review annual Operating-Expense Reconciliations and Budgets provided by landlords throughout the year to look for red flags. Each year, we help our clients recover millions of dollars in erroneous charges.
– We provide monthly reports that highlight everything you need to know about your real estate portfolio which can be customized to meet your specific needs.
– We provide monthly rent reports that highlight recurring charges, expense changes and any one-time expense. Our experts will work with your accounting team for seamless integration into your accounts payable process.
– Clients consider our team a trustworthy ongoing resource for reviewing critical lease documents including Estoppel certificates requested by landlords over the lease term, as well as due diligence for potential new lease acquisition.
– We store all critical lease data and documents in a secure, cloud-based system, making them accessible to clients 24-hours a day from anywhere in the world.
At Hughes Marino, our clients have a direct relationship with senior professionals who have years of experience working with commercial leases on both the landlord and tenant side of the table. Commercial real estate leases are complicated, and the obligations of a tenant aren’t always clearly spelled out. Our clients know they can reach out to us at any time and think of us as our in-house experts.
Commercial Lease Insights
Deadline Quickly Approaching for Private Companies to Adopt the New Lease Accounting Standard, ASC 842
We are now in the final stretch for private companies to meet the deadline for the implementation of the new accounting standard, ASC 842. Issued by the Financial Accounting Standards Board (FASB) in 2016, ASC 842 goes into effect in January 2021 for private companies, and requires businesses to record lease obligations that are longer than one year on the balance sheet as a liability and asset. Prior to the change, these obligations were only recorded on the income statement.Read More
Private Companies Prepare for Upcoming Lease Accounting Changes
In less than a year, private companies will need to implement a new accounting standard for the reporting of lease obligations. The new standard, ASC 842, was issued by the Financial Accounting Standards Board (FASB) in 2016 and goes into effect in January 2020 for private companies. ASC 842 now requires lessees to record lease obligations that are longer than one year on the company’s balance sheet as a Lease Liability and a Right-of-Use Asset. Prior to the change, these obligations were only recorded on the income statement.Read More