Office Property Lease and Rent Roll Review in Alberta

1. Preserve the executed lease record

Collect leases, amendments, renewals, assignments, guarantees, notices, waivers and material side agreements. Index parties, premises, dates, signatures and document relationships, and preserve missing or unsigned items as exceptions.

Do not overwrite the source with an old abstract. Keep the executed documents available for counsel and update the summary only through a controlled, dated process.

• Executed leases
• Amendments and renewals
• Assignments and subleases
• Guarantees and security
• Notices and waivers
• Exception log

2. Reconcile premises, area and occupancy

Match tenant, suite, floor, rentable area, usable area, storage, parking and other premises rights to lease exhibits, plans and current occupancy. Identify expansion, contraction, swing-space, shared and landlord-use areas separately.

State the measurement source and convention. Contractual billed area can remain relevant even when another physical measurement produces a different result; the discrepancy should be visible rather than silently resolved.

3. Tie base rent and escalations to billing

Schedule base rent, steps, commencement, fixturing, free-rent periods and other abatements from the executed documents. Reconcile billed and collected amounts to tenant ledgers and accounting evidence.

Identify delayed commencement, holdover, early occupancy, disputed rent, credits and payment arrangements. Keep contractual, billed, collected and projected amounts in separate columns.

4. Reconcile operating-cost structures

Abstract each tenant's additional-rent structure, including proportionate share, base year, expense stop, caps, exclusions, gross-up, management, utilities, after-hours services and annual reconciliation rights. Tie estimates and actual charges to property statements and invoices.

Separate recoverable, non-recoverable, disputed and unreconciled amounts. A current budget is not a final reconciliation and a gross-up assumption should remain visible.

5. Schedule parking, storage and building services

Reconcile reserved and unreserved parking, stalls, rates, validation, storage, signage, access hours, security and after-hours HVAC or service charges to the governing documents and billing.

Identify rights that are shared, separately licensed, terminable or subject to availability. Do not present a service or stall count as permanently committed without the source.

6. Capture options and flexibility rights

Schedule renewal, expansion, contraction, termination, first-offer, first-refusal, assignment, sublease and relocation provisions with notice windows, conditions and source sections. Record whether notices have actually been delivered.

Counsel should interpret enforceability, conflicts and conditions. A rent roll should flag these provisions for review rather than making a legal conclusion.

7. Quantify vacancy and future leasing capital

Create a suite-level schedule for physical vacancy, committed space, lease expiry, known notices and active negotiations. Model downtime, free rent, tenant-improvement allowances, landlord work, leasing commissions, legal fees and restoration separately.

Market-rent, renewal-probability and lease-up assumptions are scenarios, not lease facts. Identify source, date, market segment and preparer for each assumption.

8. Reconcile security, arrears and landlord commitments

Organize deposits, letters of credit, guarantees and other security with custody, expiry and transfer requirements. Tie arrears, credits, abatements and disputes to the tenant ledger and correspondence.

Schedule outstanding allowances, improvement work, delivery obligations and repair commitments with supporting contracts, invoices, permits and source lease sections. Separate completed, committed, disputed and estimated items.

9. Protect tenant and personal information

Stage tenant financials, guarantor data, banking details, contacts, access records and sensitive correspondence according to purpose and buyer qualification. Alberta's PIPA should inform reasonable collection, use, disclosure, safeguards and retention.

Use coded or redacted initial schedules where they provide the required economics. Confidentiality agreements do not eliminate the need for proportionate disclosure.

10. Produce a reconciled exception schedule

The output should show contractual term, billed amount, collected amount, source, verification status, owner adjustment and unresolved issue for each tenant and vacant suite. Preserve questions for counsel, accounting, building operations and buyer diligence.

This guide is educational and is not lease interpretation, legal advice, an audit, tax conclusion, privacy assessment, appraisal or guarantee of occupancy, tenant payment or renewal.