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Lease Expense Review

Confidential - Government

CLIENT

Confidential - Government

SPACE

N/A

INDUSTRY

Government

CRESA TEAM

Maria Nenciu

CRESA OFFICE

Toronto, ON

SERVICES PROVIDED

Lease Expense Review

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CLIENT OBJECTIVES & RESULTS

CLIENT OBJECTIVES
    - This Ontario government client initially assigned the Cresa Toronto team with 17 of 29 files to review.

    - Given the team’s immediate successes, six months into the assignment Cresa Toronto was asked to review their entire portfolio of files.
RESULTS
    - Following a thorough review of both current years and past years’ reconciliations, the team identified errors in areas such as:
    o Recovery of excluded items (i.e. construction fees, interest on undepreciated capital costs, etc.)
    o Historic tax appeal credits not refunded at the time
    o Excessive office tenants' specific costs allocation
    o Management fee higher than allowed in the lease
    o Inaccurate proportionate share calculation
    o Inaccurate rent payment credit
    o Incorrect length of depreciation
    o Capital costs recovered in the then current year versus being amortized over its economic useful life
    o Inaccurate reconciliation altogether
    o Rent charged beyond the agreed upon term

    - Overall, Cresa Toronto’s client recovered $250,000 in overcharges for the previous 4 years.

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