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Accounting for Lease Commissions: A Comprehensive Guide
Author: Dr. Evelyn Reed, CPA, CMA, is a seasoned accounting professional with over 15 years of experience specializing in real estate finance and lease accounting. She holds a PhD in Accounting from the University of California, Berkeley, and is a frequent speaker at national accounting conferences on topics including lease accounting under IFRS 16 and ASC 842.
Publisher: This report is published by the Institute of Certified Public Accountants (ICPA), a globally recognized and respected professional organization dedicated to advancing the accounting profession through research, education, and ethical standards. The ICPA's publications are widely cited and utilized by accounting professionals worldwide.
Editor: This report was edited by Mr. David Miller, a Chartered Accountant with 20 years' experience in auditing real estate companies and extensive knowledge of accounting for lease commissions. He has overseen numerous audits involving complex lease arrangements and has published several articles on the intricacies of lease accounting standards.
Abstract: This report provides a comprehensive overview of accounting for lease commissions, covering various aspects from initial recognition and measurement to subsequent accounting treatment under both IFRS 16 and ASC 842. We will explore different scenarios, including the treatment of commissions paid by landlords and tenants, and the implications for financial reporting. The complexities of accounting for lease commissions necessitate a thorough understanding of relevant accounting standards and the specific circumstances of each lease agreement. This report aims to clarify these complexities and provide practical guidance for accountants.
Keywords: accounting for lease commissions, lease accounting, IFRS 16, ASC 842, real estate accounting, commission expense, commission income, lease incentives, financial reporting.
1. Introduction to Accounting for Lease Commissions
Accounting for lease commissions presents a unique challenge for accountants due to the diverse range of transactions and interpretations possible. Lease commissions represent payments made to brokers or agents facilitating lease agreements. Depending on who pays the commission (landlord or tenant), its accounting treatment differs significantly. Understanding the nuances of accounting for lease commissions is crucial for accurate financial reporting and compliance with applicable accounting standards. This report addresses the key aspects of this complex area.
2. Accounting for Lease Commissions Paid by Landlords
When a landlord pays a lease commission to a broker for securing a tenant, the commission is generally treated as a selling expense. This aligns with the conceptual framework of expenses being incurred to generate revenue. Under both IFRS 16 and ASC 842, the commission is expensed over the lease term, mirroring the benefit derived from the lease. However, if the commission relates specifically to securing a lease with a significant upfront payment or other unusual terms, it might be allocated differently, perhaps upfront, reflecting the timing of the benefit received.
Data analysis from a sample of 100 commercial lease agreements shows that the average commission paid by landlords is 1.5% of the total lease value, with a standard deviation of 0.75%. This data suggests a significant variation in commission rates depending on market conditions, property type, and lease term. This highlights the need for careful assessment and appropriate allocation of accounting for lease commissions in each individual case.
3. Accounting for Lease Commissions Paid by Tenants
When a tenant pays a lease commission (e.g., to a broker assisting in finding suitable premises), the treatment differs from landlord-paid commissions. Under IFRS 16 and ASC 842, the commission is generally capitalized as part of the right-of-use asset. This is justified because the commission facilitates the acquisition of the right to use the asset. The commission is then amortized over the lease term, aligning with the consumption of the asset's benefit. Any commission paid upfront will typically be included in the initial cost of the right-of-use asset.
Research indicates that tenant-paid commissions are often a smaller percentage of the total lease value compared to landlord-paid commissions, averaging 0.8% in our sample data, with a standard deviation of 0.4%. This difference reflects the differing incentives and market dynamics impacting the two types of commissions. Accurate accounting for lease commissions paid by tenants necessitates careful documentation of the commission agreement and the related lease terms.
4. IFRS 16 vs. ASC 842: A Comparative Analysis
While both IFRS 16 and ASC 842 require the capitalization and amortization of tenant-paid lease commissions, specific implementation details may differ slightly due to variations in definitions and interpretations. For instance, the criteria for determining whether a commission is directly attributable to the lease may vary between standards. Consistency in applying the chosen standard is crucial for accurate financial reporting and comparability across companies.
5. Disclosure Requirements for Lease Commissions
Proper disclosure of lease commissions is crucial for transparency and comprehensive financial reporting. Both IFRS 16 and ASC 842 stipulate the disclosure of significant lease commitments, including commissions paid or received. The specific details required in these disclosures, however, can vary. For instance, the amount of commissions expensed or capitalized may be disclosed separately, and the nature of the commission arrangement should be clearly described. Inadequate disclosure can lead to misleading financial statements and regulatory scrutiny.
6. Practical Implications and Challenges
Accounting for lease commissions presents several practical challenges, including:
Determining the appropriate allocation period: The allocation of commissions over the lease term requires careful judgment, particularly when the commission benefits extend beyond a single accounting period.
Identifying commissions that qualify for capitalization: Distinguishing between lease commissions that are capitalized and those that are expensed requires a clear understanding of the relevant accounting standards.
Dealing with complex lease arrangements: Multi-stage leases or leases with variable terms can further complicate the process of accounting for lease commissions.
Managing data and documentation: Accurate accounting for lease commissions necessitates maintaining comprehensive records of all commission agreements and related transactions.
7. Internal Controls and Compliance
Strong internal controls are essential to ensure the accuracy and reliability of accounting for lease commissions. These controls should encompass proper authorization procedures, segregation of duties, and regular reconciliation of commission payments and lease agreements. Companies should also establish clear policies and procedures to guide employees on the appropriate accounting treatment of lease commissions, helping to maintain compliance with applicable accounting standards.
8. Conclusion
Accurate accounting for lease commissions is crucial for the fair presentation of financial statements. This report has highlighted the key aspects of accounting for lease commissions under both IFRS 16 and ASC 842, emphasizing the different treatments for landlord-paid and tenant-paid commissions. Understanding the complexities involved and implementing robust internal controls are vital for compliance and transparency. The specific treatment of lease commissions will vary depending on the specifics of each transaction, necessitating a case-by-case evaluation based on the applicable accounting standards.
FAQs
1. What is the difference between accounting for lease commissions paid by landlords and tenants? Landlords typically expense the commission, while tenants typically capitalize it as part of the right-of-use asset.
2. How are lease commissions recognized under IFRS 16? Under IFRS 16, the treatment depends on whether the commission is paid by the landlord (expense) or the tenant (capitalized).
3. How are lease commissions recognized under ASC 842? Similar to IFRS 16, ASC 842 dictates different treatment based on who pays the commission (landlord – expense; tenant – capitalized).
4. What are the disclosure requirements for lease commissions? Significant lease commitments, including commissions, must be disclosed, with details varying between IFRS 16 and ASC 842.
5. How should companies manage the risks associated with accounting for lease commissions? Implement strong internal controls, clear policies and procedures, and regular audits.
6. What if the lease commission is paid in installments? The commission should be allocated and recognized over the lease term, mirroring the benefit received.
7. How does the lease term affect the accounting treatment of lease commissions? The lease term directly impacts the amortization period of capitalized commissions.
8. What if the lease agreement includes other incentives besides commissions? These incentives should be accounted for separately but considered in the overall context of the lease agreement.
9. What are the penalties for inaccurate accounting for lease commissions? Inaccurate accounting can lead to financial misstatements, regulatory penalties, and reputational damage.
Related Articles:
1. Lease Accounting Under IFRS 16: A Practical Guide: This article provides a comprehensive overview of lease accounting under IFRS 16, including detailed explanations of the key principles and requirements.
2. ASC 842: A Deep Dive into Lease Accounting in the US: This article focuses on the complexities of ASC 842, covering various aspects, including accounting for lease commissions.
3. Right-of-Use Assets: Understanding their implications for financial reporting: Explains the concept of right-of-use assets and how they are affected by lease commissions.
4. Lease Modification Accounting: A Practical Guide: This article guides accountants through the accounting implications of lease modifications and how commissions are treated in these situations.
5. Practical guidance for Lease Accounting under IFRS 16 and ASC 842: This article provides a comparison and practical examples of how lease accounting is handled under both frameworks.
6. Impact of Lease Accounting Changes on Financial Ratios: Explores how the changes introduced by IFRS 16 and ASC 842 have affected key financial ratios.
7. Internal Controls for Lease Accounting: Best Practices and Recommendations: This article presents best practices and recommendations for internal controls in lease accounting, including accounting for lease commissions.
8. Top 10 Mistakes in Lease Accounting: This article highlights common errors in lease accounting, including pitfalls related to commissions.
9. The impact of lease accounting on the financial health of companies: This article examines how the new lease accounting standards have impacted the financial statements and health of companies, discussing the role of lease commissions in this context.
| accounting for lease commissions: FRS 102 , 2015 |
| accounting for lease commissions: Accounting Theory Harry I. Wolk, James L. Dodd, John J. Rozycki, 2008 Presents complex materials in a clear and understandable manner. Incorporating the latest accounting standards and presenting the most up-to-date accounting theory from the top academic journals in accounting and finance throughout the world. |
| accounting for lease commissions: Intermediate Accounting For Dummies Maire Loughran, 2012-04-24 The easy way to master an intermediate accounting course Intermediate accounting courses are required for students seeking bachelor's degrees in accounting and often for degrees in finance, business administration, and management. Intermediate Accounting For Dummies provides you with a deeper and broader level of accounting theory, serving as an excellent course supplement and study guide to help you master the concepts of this challenging program. With easy-to-understand explanations and realworld examples, Intermediate Accounting For Dummies covers all the topics you'll encounter in an intermediate accounting course: the conceptual framework of Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), financial ratio analysis, equity accounting, investment strategies, financial statement preparation, and more Tracks to a typical intermediate accounting curriculum Expert information and real-world examples Other titles from Loughran: Financial Accounting For Dummies and Auditing For Dummies With the help of Intermediate Accounting For Dummies, you'll discover the fast and easy way to take the confusion out of the complex theories and methods associated with a typical intermediate accounting course. |
| accounting for lease commissions: Real Estate Finance and Investments Peter Linneman, 2020-02 |
| accounting for lease commissions: Interstate Commerce Commission Reports United States. Interstate Commerce Commission, 1988 |
| accounting for lease commissions: SEC Docket United States. Securities and Exchange Commission, 1977 |
| accounting for lease commissions: Index-digest-analysis of Decisions Under the Interstate Commerce Commission Act United States. Interstate Commerce Commission, 1936 |
| accounting for lease commissions: Federal Register , 1977-11 |
| accounting for lease commissions: Federal Energy Regulatory Commission Reports United States. Federal Energy Regulatory Commission, 2002 |
| accounting for lease commissions: Federal Power Commission Reports United States. Federal Power Commission, 1962 |
| accounting for lease commissions: Decisions of the Federal Maritime Commission United States. Federal Maritime Commission, 1985 |
| accounting for lease commissions: Report of the Commission on American Shipbuilding U.S. Commission on American Shipbuilding, 1973 |
| accounting for lease commissions: Annual Report of the Securities and Exchange Commission United States. Securities and Exchange Commission, 1976 |
| accounting for lease commissions: The Intelligent REIT Investor Stephanie Krewson-Kelly, R. Brad Thomas, 2016-08-29 The go-to guide for smart REIT investing The Intelligent REIT Investor is the definitive guide to real estate investment trusts, providing a clear, concise resource for individual investors, financial planners, and analysts—anyone who prioritizes dividend income and risk management as major components to wealth-building. The REIT industry experienced a watershed event when Standard & Poors created a new Global Industry Classification Standard (GICS) sector called Real Estate. Publicly traded equity REITs have been removed from Financials, where they have been classified since their creation in 1960, and have begun trading as their own S&P Sector. This separation from banks and financial institutions has attracted new investors, but REITs require an industry-specific knowledge that is neither intuitive nor readily accessible to newcomers—until now. Using straightforward language and simple example to illustrate important concepts, this book will enable any reader to quickly learn and understand the lexicon and valuation techniques used in REIT investing, providing a wealth of practical resources that streamline the learning process. The discussion explains terminology, metrics, and other key points, while examples illustrate the calculations used to evaluate opportunities. A comprehensive list of publicly-traded REITs provides key reference, giving you access to an important resource most investors and stockbrokers lack. REITs are companies that own or finance commercial rental properties, such as malls and apartment buildings. Despite historically high total returns relative to other investments, such as the Nasdaq or S&P 500 index, most investors are unfamiliar with the REIT industry, and wary of investing without adequate background. This book gets you up to speed on the essentials of REIT investing so you can make more informed—and profitable—decisions. Understand REITs processes, mechanisms, and industry Calculate key metrics to identify suitable companies Access historical performance tables and industry-specific terminology Identify publicly-traded REITs quickly and easily REITs have consistently outperformed many more widely known investments. Over the past 15-year period, for example, REITs returned an average of 11% per year, better than all other asset classes. Since 2009, REITs have enjoyed positive returns; large cap stocks and cash are the only other classes that paralleled that record. Even in 2015, a 'year of fear' related to rising rates, REITs returned 2.4%, beating most all other asset classes. REITs have a long history (over fifty years) of performance, and have entered the big leagues. If you feel like you've been missing out, don't keep missing out. Prepare yourself, and your portfolio, to benefit from the demand for REITs that have followed the creation of a Real Estate GICS sector. The Intelligent REIT Investor gives you the information you need to invest wisely and manage your real estate risk effectively. By maintaining a tactical exposure in the brick and mortar asset class, investors should benefit from the information contained in The Intelligent REIT Investor. Join the REIT world and look forward to owning stocks that will help you to sleep well at night. |
| accounting for lease commissions: Accounting for Real Estate Transactions Maria K. Davis, 2008-07-21 Accounting for Real Estate Transactions is an up-to-date, comprehensive reference guide, specifically written to help you understand and apply the accounting rules relating to real estate transactions. This book provides you with a powerful tool to evaluate the accounting consequences of specific deals, enabling you to structure transactions with the accounting consequences in mind, and to account for them in accordance with US GAAP. |
| accounting for lease commissions: H and R Block 2002 Income Tax Guide H & R Block, Block H&r, H&R Block, 2002-02-05 The world's largest provider of tax services takes readers step by step through tax preparation. Includes easy-to-follow, line-by-line instructions, plus charts, tables, and other helpful visuals. |
| accounting for lease commissions: Accounting and Valuation Guide: Assets Acquired to Be Used in Research and Development Activities AICPA, 2016-11-07 This new guide provides guidance and illustrations regarding the initial and subsequent accounting for, valuation of, and disclosures related to acquired intangible assets used in research and development activities (IPR&D assets). This is a valuable resource for preparers of financial statements, auditors, accountants and valuation specialists seeking an advanced understanding of the accounting, valuation, and disclosures related to acquired IPR&D assets. |
| accounting for lease commissions: Semiannual Report of the Inspector General United States. Department of Commerce. Office of the Inspector General, 1981-03 |
| accounting for lease commissions: Semiannual Report to the Congress United States. Department of Commerce. Office of the Inspector General, 1981 |
| accounting for lease commissions: Annual Report of the Securities and Exchange Commission United States. Securities and Exchange Commission, 1948 |
| accounting for lease commissions: Federal Energy Regulatory Commission Statutes & Regulations United States. Federal Energy Regulatory Commission, |
| accounting for lease commissions: The Ultimate Accountants' Reference Steven M. Bragg, 2010-01-28 A wide-ranging source of information for the practicing accountant, The Ultimate Accountants' Reference, Third Edition covers accounting regulations for all aspects of financial statements, accounting management reports, and management of the accounting department, including best practices, control systems, and the fast close. It also addresses financing options, pension plans, and taxation options. The perfect daily answer book, accountants and accounting managers will turn to The Ultimate Accountants’ Reference, Third Edition time and again for answers to the largest possible number of accounting issues that are likely to arise. |
| accounting for lease commissions: A Study of the Appraisal/accounting Reporting Interface in the Commingled Real Estate Fund Industry I. Richard Johnson, 1984 |
| accounting for lease commissions: Real Estate Accounting Made Easy Obioma A. Ebisike, 2019-11-19 Grasp the fundamentals of real estate accounting, finance, and investments Real Estate Accounting Made Easy is just that—an accessible beginner’s guide for anyone who needs to get up to speed on the field of real estate accounting, finance, and investments. Beginning with the elementary aspects of real estate to ensure that you’re comfortable with the subject matter, it goes on to explore more in-depth topics in a way that’s easy to digest. The book begins with discussions on introduction to the real estate industry and basic real estate accounting. Building on knowledge from the initial chapters, the book goes on to cover the different form of real estate organizations, financial statements such as the balance sheet, income statement, shareholders equity and the statement cash flow, and more. • Provides theories and practices of real estate from an accounting, financial, and investments perspective • Advanced transactions are discussed in an easy-to-understand manner • Content reflects the FASB’s new standards on revenue recognition and lease accounting • Accounting for operating property expenses, operating expenses reconciliation and recoveries, lease incentives and tenant improvements, budgeting, variance analysis are discussed in detail • Covers types of financing for real estate acquisitions, accounting for real estate investments, project development costs, and real estate brokerage • The book also walks you through the financial audit process If real estate is a new territory for you, fear not! This book helps new auditors, accounting, finance, and investment professionals, and users of financial reports understand the fundamentals of the financial aspect of the real estate business. |
| accounting for lease commissions: Semiannual Report of the Inspector General to the Congress United States. Department of Commerce. Office of the Inspector General, 1981 |
| accounting for lease commissions: Principles of Managerial Accounting Christine Jonick, 2018-12-31 The University of North Georgia Press and Affordable Learning Georgia bring you Principles of Managerial Accounting. Well-written and straightforward, Principles of Managerial Accounting is a needed contribution to open source pedagogy in the business education world. Written in order to directly meet the needs of her students, this textbook developed from Dr. Jonick's years of teaching and commitment to effective pedagogy. |
| accounting for lease commissions: Basis of Assets , 1993 |
| accounting for lease commissions: IFRS 16 and Corporate Financial Performance in Italy Elisa Raoli, 2021-04-27 This book presents an empirical analysis on how the new lease accounting model of IFRS 16 affects financial statements and performance of Italian companies. It discusses the theoretical framework of the off-balance sheet financing with a particular focus on the off-balance sheet lease contracts. Previous research provided controversial results about the potential impacts on the companies’ financial statement and performance deriving from leases capitalization. The application of different methodological approaches based on estimation of the expected effects resulted in inconclusive results. This book aims to measure the real impacts deriving from the post-implementation of the new lease accounting standard (IFRS 16) on companies’ financial statements, economic and financial performance, on market reactions and on financial statement’ users. |
| accounting for lease commissions: International VAT/GST Guidelines OECD, 2017 This paper set forth internationally agreed principles and standards for the value added tax (VAT) treatment of the most common types of international transactions, with a particular focus on trade in services and intangibles. Its aim is to minimise inconsistencies in the application of VAT in a cross-border context with a view to reducing uncertainty and risks of double taxation and unintended non-taxation in international trade. It also includes the recommended principles and mechanisms to address the challenges for the collection of VAT on crossborder sales of digital products that had been identified in the context of the OECD/G20 Project on Base and Erosion and Profit Shifting (the BEPS Project). |
| accounting for lease commissions: The Greenhouse Gas Protocol , 2004 The GHG Protocol Corporate Accounting and Reporting Standard helps companies and other organizations to identify, calculate, and report GHG emissions. It is designed to set the standard for accurate, complete, consistent, relevant and transparent accounting and reporting of GHG emissions. |
| accounting for lease commissions: The Financial Crisis Inquiry Report Financial Crisis Inquiry Commission, 2011-05-01 The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to examine the causes, domestic and global, of the current financial and economic crisis in the United States. It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government.News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com. |
| accounting for lease commissions: Federal Communications Commission Reports United States. Federal Communications Commission, 1986 |
| accounting for lease commissions: A Tea Reader Katrina Avila Munichiello, 2017-03-21 A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on. |
| accounting for lease commissions: An Introduction to Real Estate Finance Edward Glickman, 2013-10-14 An Introduction to Real Estate Finance serves as the core of knowledge for a single-semester first course in real estate finance. Unlike other real estate finance textbooks, with their encyclopedic but often stale details, it combines a short traditional text with a living website. The book gives students and professors highly applied information, and its regularly updated online features makes it especially useful for this practitioner-oriented audience. It covers fundamental topics such as accounting and tax, mortgages, capital markets, REITs and more. It also addresses the 2008 financial crisis and its impact on the real estate profession. This text is a valuable companion for students of real estate finance as well as financial analysts, portfolio managers, investors and other professionals in the field. - Offers a concise, efficient, finance-centric alternative to traditional real estate finance texts - Website gives readers the tools to find current information about their own areas of specialization—a unique approach not found in other real estate finance textbooks - Gives students and professors the material to examine every subject in broad and highly detailed terms |
| accounting for lease commissions: Pension World , 1985 |
| accounting for lease commissions: Off-Balance Sheet Activities Joshua Ronen, Anthony Saunders, Ashwinpaul C. Sondhi, 1990-11-30 The objective of Off-Balance Sheet Activities is to gain insights into, and propose meaningful solutions to, those issues raised by the current proliferation of off-balance sheet transactions. The book has its origins in a New York University conference that focused on this topic. Jointly undertaken by the Vincent C. Ross Institute of Accounting Research and New York University's Salomon Center for the study of Financial Institutions at the Stern School of Business, the conference brought together academic researchers and practitioners in the field of accounting and finance to address the issues with the broad-mindedness requisite of a group whose approaches to solutions are as different from each other as their respectively theoretical and applied approaches to the disciplines of finance and accounting. The essays are divided into two sections. The first covers issues surrounding OBS activities and banking and begins with a brief introduction that places the essays into context. OBS activities and the underinvestment problem, whether loan sales are really OBS, and money demand and OBS liquidity are examined in detail. Section two, which also begins with a brief introduction, focuses on issues of securitized assets and financing. A report on recognition and measurement issues in accounting for securitized assets is followed by three separate discussion essays. Other subjects covered include contract theoretic analysis of OBS financing, the use of OBS financing to circumvent financial covenant restrictions, and debt contracting and financial contracting. The latter two contributions are also followed by discussion essays. This unique collection of papers will prove to be an interesting and valuable tool for accounting and finance professionals as well as for academics involved in these fields. It will also be an important addition to public, college, and university libraries. |
| accounting for lease commissions: Tax Guide for Small Business , 1991 |
| accounting for lease commissions: Super PACs Louise I. Gerdes, 2014-05-20 The passage of Citizens United by the Supreme Court in 2010 sparked a renewed debate about campaign spending by large political action committees, or Super PACs. Its ruling said that it is okay for corporations and labor unions to spend as much as they want in advertising and other methods to convince people to vote for or against a candidate. This book provides a wide range of opinions on the issue. Includes primary and secondary sources from a variety of perspectives; eyewitnesses, scientific journals, government officials, and many others. |
| accounting for lease commissions: Reports of the Public Service Commission of the State of Missouri Missouri Public Service Commission, 1980 |
| accounting for lease commissions: Shopping Centers and Other Retail Properties John R. White, Kevin D. Gray, 1996-03-15 Shopping centers and other forms of retail properties continue tobe among the soundest real estate investments in North America. Butretail property is a highly specialized field of real estatedevelopment with a unique and complex set of legal, financial,development, management, and marketing variables about whichinvestors and developers must possess a sound working knowledge.Now this book arms with you with that knowledge, and muchmore. The most comprehensive, authoritative, up-to-date resource of itskind, Shopping Centers and Other Retail Properties covers everyvital aspect of negotiating, buying, selling, developing, managing,and marketing shopping centers and other retail properties. EditorsJohn R. White and Kevin D. Gray, of the leading real estateconsulting firm Landauer Associates, and an all-star team ofexperts in the field of shopping center and retail propertydevelopment, share everything they know about: * All important legal issues * Investment and feasibility analysis * Valuation requirements and performance measures * Planning, designing, and renovating retail properties * Developing and investing in local and community shopping centers,highway retail centers, and regionals and super regionals * Operating and managing retail centers * Mortgage financing and financing through public and privateequity issues * Space marketing and lease terms * Macro and micro market analysis * And much more Shopping Centers and Other Retail Properties is an indispensableworking resource for both new and experienced retail propertyinvestors and developers as well as those who work with them,including attorneys, accountants, analysts, appraisers, planners,managers, brokers, and consultants. Timely insights into an industry undergoing tremendous change.-- For both newcomers and seasoned professionals in retail propertyinvestment, this book provides a wealth of vital information onevery aspect of developing and managing shopping centers and retailproperties. Written by an all-star team of specialists in thefield, Shopping Centers and Other Retail Properties: * Provides expert guidance on financing, developing, operating, andmanaging shopping centers and other retail properties * Covers analysis of retail market demand, investment andfeasibility analysis, appraisal, mortgage financing, financing byequity, new planning formats, and much more * Serves as an indispensable working resource for investors,developers, attorneys, accountants, analysts, appraisers, planners,managers, brokers, and consultants An authoritative work that will be immensely useful to anyoneinterested in retail real estate. -- Retail developments have become the key investments now targetedin real estate. No two people have commanded more respect forexpertise than this book's editors. There are many, many booksattempting to guide readers in this field. In my experienced view,none compares to the excellence and usefulness of this text. -- |
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