Lease Abstracting

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A lease abstract summarizes specific, key information from a lengthy lease document and makes it available for users to monitor, review and update easily. The abstract should summarize selected information from the lease, and show the reader where to look for further information. Additionally, all the financial terms of the lease deal are documented in the abstract, which makes it useful for property investors or lenders and the process of the lease abstract is known as Lease Abstraction.

iLease Lease Abstraction

We summarize key financial and non-financial information in iLeasePro’s standard template or the client provided template. We can abstract directly in lease software such as iLeasePro, Yardi, JDE, MRI, etc. Our standard template provides key financial and non-financial information such as tenant information, SF details, lease terms, renewal options, current & future base rent streams, percentage rent (retail only), other income (promotional charges, etc.,), utilities reimbursement, taxes reimbursement, insurance reimbursement, cam reimbursement, parking information, co-tenancy, go-dark, other termination options, tenant improvement allowance, right of first offer, right of first refusal, relocation, kiosk restriction and other notes includes discrepancy comments based on lease vs rent roll.

Proposal Process
• iLease Management works with you ("Client") to understand high level requirements of proposed abstracting project
• Key information captured will be: Number of Leases (Real Estate / Equipment), key data to abstract, format required of deliverables and due date timeline
• iLease Management provides Client a proposal Statement of Work leveraging its 4-Step Lease Abstracting Process

iLeasePro 4-Step Lease Abstraction Process

1. Requirements Definition
• iLease Management works with Client to define custom requirements
• Key information captured will be: Number of Leases (Real Estate / Equipment), key data to abstract, format required of deliverables and due date timeline
• Client is assigned a Lease Abstraction Project Lead to work through the 4-Step process
• Client provides a point of contact ("POC")
• Agree to schedule of progress update meetings through the duration of the project
• Project Plan outlining deliverables and milestones delivered to client POC

2. Acquire Lease Information to Abstract
• Client provides lease documents, rent roll, and additional information by uploading to the iLeasePro portal or providing document access through their own secured shared drives Dropbox or, saved on a compact disc (CD) or hard copy version and mailed directly to iLease Management LLC

3. Lease Abstracting
• Lease documents are reviewed in detail by the iLease Management abstracting experts
• Missing document report is shared with the client, if needed
• Sample abstract is shared with the client
• Key data is summarized in clear and concise abstracting language into final deliverable format
• Progress update meetings to review Project Plan between the iLease Project Lead and Client POC occur throughout the duration of the project

4. Final Deliverables
• Abstracts are delivered in the format as defined during Requirements Definition
• Final abstract deliverables directly entered in iLeasePro, lease management solution of client choice or delivered in a Microsoft Word/Excel document or in an Access database
• iLease Lease Abstraction Project Lead will followup with Client to ensure project completeness

Begin the Abstracting 4-Step ProcessContact iLease Management Now

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