When we onboard a new lease administration client, identifying erroneous charges is standard practice. The result is an immediate return on the investment clients make in partnering with National Lease Advisors. We recently had a client with fast-growing retail portfolio hire NLA, and following a smooth transition, we dug into the leases to ensure charges were appropriate for expense and income leases.
When confirming the commencement date for the client, we noticed the date was one month after the commencement date estimated in the lease. However, rent was paid beginning on the estimated commencement date. The lease stated that the rent commencement date was September 1st unless the landlord delayed in delivering the premises. NLA dug deeper with the client and landlord to confirm when the landlord delivered the premises. We confirmed that the delivery was delayed one month, but neither the landlord nor our client adjusted the commencement date to October. We reached out to the landlord to have them correct the dates, execute a commencement memorandum, and credit the $20,000 overpayment to the following month’s rent.