White Papers

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Our experience is that landlords routinely over bill tenants in ways that cannot be detected by the best desktop review of invoices. Landlords often fail to test and/or report co-tenancy and conditional payment formulas you may have diligently negotiated. Additionally, they typically use a universal definition of GLA when calculating the tenant’s pro rata portion of common area expense, irrespective of negotiated inclusions. REIT Industry practice is to bill standardized charges and settle when audited. We estimate that leading retailers have negotiated over $200 million in settlements in recent years.

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In advising our clients, it is clear there is no “one size fits all” strategy of how to organize a landlord audit process. But there are some common themes and best practices. The number one best practice is to simply do landlord audits.

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