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© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
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Welcome to
Facing the Challenges of Lease Administration
Today and in the Future
Facing the Challenges of Lease Administration Today and in the Future
Kelly Kepley | Vice President, Lease Services, CoStar Group
Facing the Challenges of
Lease Administration
Today and in the Future
Kelly KepleyVice President, Lease Services
CoStar Group
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
Kelly Kepley is celebrating her 29th year in the
Commercial Real Estate industry. Her professional
focus in the areas of asset management, lease
administration and industry technology has provided
her a vast understanding of the industry, and she is
considered a subject matter expert in her field.
Ms. Kepley is the Vice President of Lease Services at CoStar Real Estate Manager, where
she oversees the project coordination of teams of attorneys, paralegals, and real estate
professionals assigned to perform data abstraction, data analysis, document management,
due diligence assistance and data auditing services for numerous global retail, corporate and
industrial clients.
Personal Bio
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
How Lease Administration evolved• Technology
• Moving from paper to reporting
• REIT’s
• Massive Lease holds
• Faster paced due diligence
• National Portfolios
• Tenant’s expanding Lease holds
• Complex financial terms
• Unique skillset required
• Legal, Finance, Leasing, Real Estate, Facilities
The Creation of Lease Administration
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
• Document Management
• Lease Abstraction
• Lease Interpretation
• Payment processing
• Rent escalations - CPI/FMV
• Desk top auditing
• Percentage rent calculations
• Repairs and maintenance
• SNDA and Estoppel preparation
• Monitor occupancy and co-tenancy
Today’s Common Lease Administration Tasks
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
• No consistent processes
• No systems or too many systems
• Going global
• New lease accounting requirements
• Training
• Resource constrained
• No corporate recognition
Today’s Challenges
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
What are some of your challenges? ( Will be conducted
from GoToWebinar )
• No consistent processes
• No systems or too many systems
• Going global
• New lease accounting requirements
• Training
• Resource constrained
• No corporate recognition
Poll…
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
Create a process review team
• Include other divisions
List out each process under review
• Document management
• Data management
• Quality control
• Payments
Evaluate for redundancy and gaps
• Challenge the current process
• Ask “Why”
• Ask “How”
No Consistent Process
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
Document the workflow for each process
• Leverage compliance (Sarbanes Oxley)
• Include instructions for tasks
Train
• Record/video sessions
• Convert workflows and instructions into training material
Continued Assessment
• Setup quarterly/Semi Annual process review
No Consistent Process
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
• Create a review team
• Include other divisions
• List out all applicable systems
• Lease data
• Financial data
• Project management (Construction)
• Work orders (Facilities)
• Document repository
• EXCEL
• Data Warehouse
• Evaluate for redundancy
• Identify the system(s) of record
• Engage vendors for updates, training, new functionality
• Ensure technology is current and advancing
• Continued Assessment
• Track system renewals
Choosing Systems
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
Translation Services
• Full Lease Translation
• Ensure the vendor has real estate knowledge
• Network with other companies for recommendations
• Leverage the Broker
• Template Translation
• Identify critical lease information required (with Format)
• Train the data provider
• Require LOI in English
Meet the Provider
• Skype/Video Conference
• Ongoing communication
Going Global
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
Non-real estate leases
• Creating an Inventory
• Understanding critical Data requirements
• Data collection and input
Additional Data requirements – Real Estate
• Option details
• Direct costs
• Rent escalations
Process changes
• Project plan for timing
• Implementation and training
New Lease Accounting Requirements
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
Subject Matter Expert
• Process workflows
• Systems
Detailed documentation
• Webinars
• Video’s
Scheduled Lunch and Learn events
Networking
• NRTA
• BOMA
• Vendors and Service Providers
Training
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
Prove your value to the organization!
• Desk top audit savings
• Successful date management
• Detailed job descriptions and required skills
• Samples of complex Lease terms
• Corporate financial reporting
• Scary Stories!
Resource Constrained | No Corporate Recognition
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
• In store E-commerce
• Virtual office
• Machine learning technology
• Outsourcing
• ASC 842
The Future Challenges…
Thank you for attending
Facing the Challenges of
Lease Administration
Today and in the FutureTo Conclude….
Please make sure you answer the post-webinar survey coming shortly
You will be emailed a copy of the recording within 48 hours
© Copyright CoStar Realty Information, Inc. All Rights Reserved.
888.823.3209 | costarmanager.com
On a Scale of 1 to 5, with 5 completely meeting your expectation, what did you think of this webinar?
Did this webinar meet your expectation? If not, what else could we have added?
Post-Webinar Survey