Pro Rata share of CAM charges should be based on “rentable” or “useable” square feet as opposed to “rented” or “used” square feet. Pro Rata share can change based on the expense. A tenant’s Pro Rata share should be equitable and be based on such tenant’s usage of, and/or benefit from, the item triggering the pass through. Operating expenses are typically grossed up to reflect at least a 95% occupancy level. The grossed up charges should be those that vary by occupancy. A gross up mechanism is needed due to tenant’s pro-rata share typically being a set percentage.
In this 19-minute video our speaker, Marc. H. Goldsmith, reviews different types of leases, such as net leases, gross leases, and modified gross leases. He also discusses the most common lease, triple net lease, where the tenant pays maintenance costs, taxes, and insurance. This is very common for retail space.
Marc H. Goldsmith, Counsel with McGuireWoods LLP’s Los Angeles, CA office. His practice focuses on commercial leasing and commercial real property purchase and sale transactions, as well as condominium law. He is responsible for negotiating, drafting and reviewing various real estate contracts for retail, office and industrial uses, including leases, purchase/sale agreements, easements, licenses, deeds of trust, subordination agreements, and amendments. Mr. Goldsmith serves as general corporate counsel to numerous nonprofit homeowners associations, business and mixed-use condominium associations, timeshare associations, and for profit entities.
Agenda
Faculty
Marc H. Goldsmith
The Law Offices of Marc H. Goldsmith
- Partner at The Law Offices of Marc H. Goldsmith
- Specializes in representing condo associations and commercial leasing
- President of The Summit on Sixth Homeowners Association and former Board President of the Greater Los Angeles Chapter of the Community Association Institute
- Member of the California State Bar and California Lawyers Association
- Awarded the Hall of Merit Award by the Greater Los Angeles Chapter of the Community Association Institute
- Volunteer Attorney, Bet Tzedek small business program
- Certified Mediator from Asian Pacific American Dispute Resolution Center
- J.D. degree, University of Minnesota Law; M.P.S. degree, University of Minnesota
- Can be contacted at (213) 375-7658 or [email protected]
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