Increasingly I am seeing in addition to base rents in a residential rent roll, there is separate charge called amenity rents. When you calculate GPR or total rent for leased units, should you include the amenity rents in addition to the base rents? My concern is that if I include it in the GPR but if it’s also included as other income in the T12, then we might end up double counting it. Thank you!
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I just ran into this myself. The charge codes on the RR are just there to illustrate what each tenant is being charged in addition to base rent. In my example, amenity income was included in the T12 other income and it required me to speak with prop mgmt company to dig into the income and find it. Hope this helps...
Interesting because in my example it appears that amenity rent is not included in any of the other income line items in the T12. So looks like I will have to include it in my GPR.
I would get the property manager on the horn if you can.
Double check if it’s included in Other Income in T12. The amounts should line up with the total amenity charges in the RR if so. Definitely don’t want to double count and I’ve found the best brokers typically catch this and strip it out in a “consolidated RR” or highlight within the OM, but others won’t and are thereby inflating the GPR in their pro forma.
Sometimes the T12 will include the amenity rent in your rents before concessions. But yes amenity rent should be included with rent as it accounts for “premiums, view premiums, etc”. Make sure not to include amenity fee as it is different.
What does the GPR on the P&L look like? Should match up. Also charge codes on RR = other income on P&L.
I’ve almost always seen it included in GPR. The number on the actual lease they signed will be the base rent plus the amenity rent. But yeah important to make sure you’re not double counting
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