Helping Tenants Optimize Their Leased Portfolios and Stay Compliant
In Commercial Real Estate, lease administration has evolved to become a critical foundation for cost savings initiatives, risk mitigation and strategic portfolio optimization. Scribcor Global’s lease administration services proactively identify savings and cost avoidance opportunities, enable strategic planning and portfolio optimization and support real estate compliance with financial reporting requirements.
Ensuring Accuracy and Completeness of Lease Terms and Conditions
Lease abstraction is the process that summarizes key information from your lease documents and makes it readily accessible for you to monitor, review and update.
Many companies struggle with data accuracy and consistency resulting in a lack of critical real-time information to produce meaningful portfolio analysis and make effective strategic decisions. A thorough lease abstraction program will eliminate meaningless, redundant and disjointed data, increasing overall lease data accuracy and improving the quality of reporting and decision making.
Helping with Changes in Lease Accounting and Reporting
In 2016, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued new accounting standards that affect how companies will report on their obligations for leased assets. The change affects all assets covered by a lease agreement, whether they are real estate assets or equipment assets. Everything from office space to copy machines must be accounted for at an asset level except in very limited circumstances.
Improving Equipment Portfolio Oversight
Lease administration for non-real estate assets is unique and different. The more diverse your operations, the more complex the situation becomes. New quarterly and annual lease accounting calculations cannot be completed without data from this important activity.