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Beyond the Basics: Leasing and Operational Audit Issues
Whether you work for a national retail chain or a local retail tenant, you should consider periodically performing lease audits to determine what type of short-term and long-term strategies to implement in an effort to keep your business viable. A lease audit that reviews and identifies risks and liabilities will assist you in developing and/or fine-tuning a business strategy that benefits your company.
What Type of Issues Should You Review?
Generally, there are two categories to review: leasing issues and operational issues. There are a vast array of topics in both categories to consider; however, the initial topics for lease considerations would include, but are not limited to, review of: opening co-tenancies, operating co-tenancies, stipulated termination rights, assignment and subletting rights, operating covenants and hours of operation. Operational considerations would include, but are not limited to: review of current and past gross sales statements to spot positive or negative trends in gross sales, review of the level of percentage rent payments over the term of the lease, review of current and past late payments in base rent and/or additional rent, as well as a review of current and past defaults.
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