Real Lease Extraction Case Studies

Newton, MA

This lease is a sixth amendment to an existing agreement, meaning the document contains no standalone lease terms - only changes to prior provisions. Extracting base rent requires reconciling escalation steps across multiple document layers. The amendment-only format confuses tools that expect a full lease document.

Boston, MA

This expansion amendment doubles the tenant's footprint from 4,600 to 9,300 RSF. Extracting the correct square footage requires distinguishing between the original premises, the expansion space, and the combined total. Rent is stated per-square-foot for the expansion space only, requiring calculation of the blended total rent.

Salt Lake City, UT

This file contains three consecutive amendments plus a landlord assignment document. Extracting the current lease terms requires reconciling changes across four documents, with each amendment superseding portions of the prior agreement. The landlord was also assigned (from original owner to Kilroy Realty), requiring verification that all lease obligations transferred correctly.

Boca Raton, FL

Single-tenant NNN office leases are common in net lease REIT portfolios but require careful extraction of the full NNN expense obligation alongside standard office lease terms. At 58,000 RSF on a 10-year term, this lease represents significant credit tenant exposure and includes a corporate guarantee structure typical of Vereit portfolio leases.

Santa Clara, CA

Sublease abstractions require extracting two sets of obligations: the sublease terms between sublandlord and subtenant, and the master lease terms that continue to bind the sublandlord. The subtenant's rights are limited by both the sublease and the master lease, and the consent requirements of the master landlord must be tracked.

Toronto, ON, Canada

This non-US lease is governed by Ontario, Canada law and references Canadian dollar amounts, provincial tax provisions, and Canadian landlord-tenant regulations that differ substantially from US commercial lease norms. Cross-border extraction must correctly handle currency, legal references, and province-specific provisions.

Milpitas, CA

This NNN lease includes a 3-month rent abatement at lease commencement and a pro rata share calculation based on a multi-tenant industrial park. The abatement period and pro rata methodology must be extracted accurately for rent roll verification and cash flow modeling.

Fontana, CA

At 106,000 RSF, this is the largest warehouse in the extraction corpus by area. The lease contains multiple rent escalation schedules tied to CPI with a fixed floor and ceiling, and a complex early termination right exercisable in year 4 with a substantial termination fee formula.

South San Francisco, CA

Sutro Biopharma occupies what is classified as industrial space but operates a biologics manufacturing facility, making this a hybrid industrial/life sciences lease. The escalating rent schedule runs through 7 years with annual 3% bumps. The use clause requires specialized hazardous materials handling provisions that interact with the NNN expense structure.

Broken Arrow, OK

Large-scale marijuana cultivation facilities occupy industrial buildings but require specialized infrastructure (grow lighting, HVAC, water systems) that creates unusual TI provisions and utility cost structures. Oklahoma's medical marijuana program creates state-specific licensing provisions that differ from Colorado and California cannabis leases.

Cleveland, OH

At 69,000 RSF on a 10-year modified gross lease, this hospital lease contains extensive operating expense provisions, base year calculations, and exclusions typical of large institutional tenants. The document is over 80 pages with complex exhibit structures defining the base year stop and expense escalation methodology.

South San Francisco, CA

This 100,000 RSF lab lease requires a $1.4 million letter of credit as a security deposit - one of the largest in the corpus - and includes a burn-down provision that reduces the LOC amount annually based on tenant performance milestones. Extracting the LOC burn-down schedule and performance triggers is essential for cash management planning.

Denver, CO

Cannabis retail leases contain use clauses, local licensing references, and cash-only payment provisions that are unique to the industry. The federal illegality of cannabis creates unusual provisions around landlord liability, assignment restrictions, and lender consent requirements that are absent from standard retail leases.

Multiple US locations

This is a REIT master lease covering a portfolio of service properties at $52 million annual rent on a 20-year absolute net structure. Master leases require extracting portfolio-level terms while flagging that individual property details are not embedded - a fundamentally different structure from single-tenant leases.

Ashburn, VA

Datacenter leases are priced per kilowatt of power capacity, not per square foot, and delivered in phases as power infrastructure is built out. Extracting the correct rent requires understanding the power-based pricing model and the phased delivery schedule where rent escalates as each phase goes live.