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Cornell UniversityHADM 42806. Leases (1)

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I’m going to assume you know the basics of lease mechanics, so I’m going to go over them very quickly  If you are a bit rusty, then they are covered in these notes  What we are going to spend our time on are the ...

I’m going to assume you know the basics of lease mechanics, so I’m going to go over them very quickly  If you are a bit rusty, then they are covered in these notes  What we are going to spend our time on are the things you likely didn’t see in Principles:  Legal stuff (defaults, SNDAs, subordination, bankruptcy etc.)  Practical gremlins (building size, NRA, REBNY v BOMA)  High end mechanics (gross ups, caps)Overview  Leases are the basic building blocks of cash flows in real estate.  Leases drive cash flow, cash flow drives value – that is why you care!  The final terms of the lease are the result of a negotiation between the Lessor (Landlord) and Lessee (Tenant).  There is no legal form or wording required for a lease to exist (what you need are the essentials of a written contract)  There is no one lease that fits all parties.  All leases however have similar content (see Poorvu Ch 7)  Each party will try and add clauses that protect their interests or give them maximum flexibility.  e.g. the tenant wants a 10 year lease with a 2 year option whereas the landlord would rather a 12 year lease.  Always remember that nothing is free.Caution  Leases are probably the most boring, but also mechanically the most critical part of real estate valuation  No one ever got excited talking about escalation clauses!  When valuing a property you will typically get the leases (90 pages of fun), lease abstracts (2 page highlights), and finally lease estopells (tenant saying that the lease is what you think it is)  You will model out a property lease by lease and each lease will be different (base rents, steps, reimbursements, abatements…)  You will then make assumptions regarding these leases when they expire  This is all very mechanical and very tedious to do – but if you plan on working in real estate you d to know mechanically how leases work andOverview  Big Picture Issues  Parties  Tenant Mix  Building Envelope  Defaults & Bankruptcy  Small Picture Issues  Lease Types  Reimbursements  Concessions and Allowances  Rent Escalations  Gross ups  Caps

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