Argus Expense Recoveries Question
Hello,
I hope everyone is having a great Labor Day. I am using mine to get a bit of work done.
I am trying to figure something out in Argus, and I am hoping that someone can let me know if I am going about this in a needlessly complicated way.
I am modeling out a multi-tenanted retail property, and I need to calculate real estate tax reimbursements for each tenant, each of which has their own percentage share and base year. Moreover, for each tenant space, I need to enter in market leasing assumptions which reset the base year.
Does this mean that for each individual tenant space, I need to make two separate expense recovery profiles under tenants>recoveries? For example, for tenant space 1, I'd create a tax reimbursement profile that reimburses x% of taxes over y amount and link that to the current tenant, and then create a separate reimbursement profile that reimburses x% of taxes of the base year for a new lease, and then link that to the market leasing assumptions that are linked to that tenant space. Then I'd repeat for every individual tenant space.
Is there a simpler or less tedious way to do this, or is this the only way?
Thanks for any help.
You should be able to create an expense recovery that takes a percentage share of that expense over their individual base year. You have a real estate tax expense line item in your recovery structure, then use whatever stop amount that tenant uses in their respective base year, then change the Recovery Allocation to fixed percentage or pro-rata area if that's the structure.
You only need to create one recovery structure for your market leasing assumptions, which will likely just be the pro rata area of a generic base year stop. You do need to create each tenant's recovery structure based on their base year stop amount.
Hopefully that answers your question.
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