Transcript: Seismic Assessments and Solutions Measure and rate energy performance of office buildings Base building Tenancy Whole building Based on Australian Building Environmental Rating System EECA, run in collaboration with NZGBC Valuation Services NABERSNZ Architecture and Design Preparation of fire safety reports for new or existing buildings Fire safety assessments of existing building against the new fire safety regulations Investigations on fire system malfunctions Full design service office Commercial and retail fit outs Contract administration Seismic upgrades Bulk and location Quantity Surveying Our Services Questions? Full spectrum of commercial valuation services Pre-purchase and pre-sale valuations Rent reviews New lease and lease renewal valuations Insurance valuations Compensation valuations Asset and chattel valuations Redevelopment feasibility assessments Specialist valuations Going concern valuations Commercial Property Development monitoring Client representative Contract administration Cost, time and quality management Maintenance management planning Fire Engineering Regulations NABERSNZ Sean Marshall, Director, MRICS Seismic assessments and solutions Cathy Thomas, CPEng Fire Engineering Vitali Prylepski, Senior Fire Engineer, MIPENZ Architecture and Design Andrea Boon, Architectural Designer Project Management and Quantity Surveying Mark Mabey, PM Team Manager, MRICS Valuations Gordon Edginton, Director, Registered Valuer Project Management IEP's and DEE's what are they? The Process Upgrade solutions Overview Initial budgets and comparative cost advice Cost planning and control Investment appraisals Procurement management Forensic Reinstatement estimate for insurance New fire safety regulations, (from April 2013) New Protection Policy issued by Auckland Council A presentation to
Transcript: Net Leases Net Lease Asset Management Third party fee based Management Commercial Property Management requires you to use your tools and skills, combined with what the client has to get what the client wants. Commercial Property Management Florida law Commercial Property Management Aaron Bosshardt, CPM Bosshardt Property Management, AMO Asset Management is managing and evaluating the asset as a series of cash flows in accordance with the owners stated goals and objectives In Commercial Security Deposits are governed by the lease. Every lease can be different, so we have the need for lease abstracts. Property Taxes Sales Tax on commercial leases. See RPAC! Office Buildings Retail/Shopping Centers Industrial Medical Mixed use Associations Conventional Apartments Senior Housing Federal assisted Housing Student Housing Multi Tenant Office Lease Non Residential Tenancy (Chapter 83 Part 1 ) vs. Residential Tenancy (Chapter 83 part 2) Common Area Maintenance is one of the most confusing and often misunderstood term in commercial property management Florida Law Before Tax Cash Flow Anchor Strip Center (Retail) Commercial Leases are complicated so we must have a way to analyze them consistently. Reducing them to Net Present Value is the way. What is a triple net lease? Simply put its a lease that the tenant pays rent net of Insurance, CAM, and Taxes
Transcript: Machines Physical asset Workforce Warehousse Definition of Fraud Penalties Business law I) Definition II) Business assets III) Type of property The cancelation of the contract Prison Financial fines Receivership A statut made for merchants after registration RSE Governed by the decree N°53-960, 30 Septembre 1953 The commercial lease give the right to exploit the goodwill It takes shape with the commercial lease Part of the private law Commercial proprety Type of assets I) Definition II) Different type of fraud III) Penalties What do you need know before selling a business asset ? Definition of commercial proprety Different type of fraud Patterns Software Notoriety Goodwilll Equipment purchased only for primarily for business use Whatever is the king of business assets, are listed on a company balance sheet They are usually depreciated over the time The business assets are actually an investment and a risk for the company Tangible Intangible Madlyne - Tony A false statement on a material state, it's called a "dol" A fraud can be a tax evasion from companies which don’t want to pay taxes Counterfeiting is also consired as a Fraud Money laundering, corruption, scam, undeclared work… all of them are also fraud In most of cases the state is not earning any money from those activities ! Business asset Governed by the article 1116 of the Civil Code A fraud is characterized by a behaviour which aims to obtain an financial or a moral advantage from not excecuting laws The fraud is characterized by the omission of informations It's a practice that is out of law Fraud
Transcript: Outgoings Building services, who repairs? who replaces clarified Premise condition report Light bulbs and power points? Weatherproof Insurance Emergency Access Summary Lease Exit Tenant Pays Legal costs New ADLS Commercial Lease Landlord full replacement or Indemnity Rent review No access period Legal Costs Building Act and Earthquake issues No-improvements Rent Access for Repairs/ disruption No Access period Clause 6.1 amended, costs to be met by each party Insurance Maintenance Building Act and Earthquake Issues CPI rent review added Appointment of independant Valuer Time of payment Interim Rent Rent Review Cost of commercial insurance Increase 20-300% Q & A Outgoings and Maintenance Tenant to remove chattels and fitout before expiry of lease.
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Transcript: Martin Inc. can either use the incremental monthly borrowing rate of .447% or the implicit monthly interest rate of .46%. Which one is the appropriate one to use? GAAP states that if the implicit rate is known, to use the lower rate of the two. So under GAAP, Martin would use the .447% rate. IFRS wants the the implicit rate to be used if it is known. So under IFRS, Martin, Inc. would use the .46% rate. What rate should Martin, Inc. use to find the present value (PV) of minimum lease payments? What is the PV of minimum lease payments? Would this lease be an operating lease or capital lease? What journal entries are necessary on the commencement date of the lease? What balance sheet accounts will be affected at year end? What changes are coming with the new lease standards? ASC 840-10-25-31 IAS 17:20 $1.25 Friday, April 22, 2016 GAAP IFRS Reduction of $87,549 in the Lease Asset account IAS 17:27 Reduction of $75,027 in the Lease Liability account IAS 17:25 Reduction of cash in the amount of $108,000 What changes are coming with the new lease standards issued by FASB and IFRS? Martin, Inc. 1) Is there a transfer of ownerships? NO 2) Is there a bargain purchase that is "significantly" lower than fair value? NO 3) Is the lease term for a "major part of the economic life"? NO 4) Are the PV of the lease payments "at least substantially all of the fair value of the underlying asset"? 88% YES (per our professional judgment) 5) The asset is such that the only the lessee can use it without substantial modification. NO Kristen Hartman-Bueche & Sara Sharpe GAAP: ASC 840-20-25-1 requires the following entry: Machine Rent Expense 12,000 Cash 12,000 IFRS: IAS 17:20 and 17:25 require the following entries: Leased Equipment 934,000 Lease Liability 934,000 Lease Liability 12,000 Cash 12,000 IFRS Questions? Vol XCIII, No. 311 GAAP Martin's cash would have decreased by $108,000 because of this lease. They must disclose future minimum rental payments as of the date of the latest balance sheet. ASC 840-20-50-2 ASC 842-10-65-1 IFRS 16 GAAP & IFRS What Constitutes a Capital Lease? 1) Is there a transfer of ownership? NO 2) Is there a Bargain Purchase Option? NO We have exercised our judgment and decided this does not constitute a bargain purchase. 3) Is the lease term equal to or more than 75% of the estimated economic life? 8/11=72.7% NO 4) Does the PV of minimum lease payments equal of exceed 90% of the FV at inception? $939,200<$945,000 NO ASC 840-10-25-1 This makes the PV of minimum lease payments $939,200 under GAAP and $933,863 under IFRS! US GAAP (a) Transfer of ownership (b) Bargain purchase option (c) Lease term equal to 75% or more of estimated economic life of the leased property (d) PV of the minimum lease payments, is equal or greater than 90% of the excess of the fair value of the leased property at the lease inception. (ASC 840-10-25-1) Key Facts in the Case Lease term 8 years, economic life 11 years Purchase option exercise price of 17% fair value (FV) at inception FV at inception is $1.05 million Monthly payments of $12,000 Residual value is expected to be 20% of FV at date of inception Incremental monthly borrowing rate is .447% Implicit interest rate is .46% Journal Entries at Lease Inception Date IMPLICIT INTEREST RATE VS. INCREMENTAL BORROWING RATE ASC 840-10-25-30 Which rate to use when finding the PV of minimum lease payments OPERATING LEASE How to Account for Leases IFRS (a) Transfer of ownership (b) Bargain purchase option “sufficiently lower than fair value” (c) Lease term is for the “major part of the economic life of the underlying asset” (d) PV of the lease payments amounts to “at least substantially all of the fair value of the underlying asset” at the inception date,and (e) the asset is such that only the lessee can use it without substantial modification (IAS 17:10) ALL THINGS ACCOUNTING CAPITAL LEASE Balance Sheet Effects at Year End
Transcript: SME d) Employer's Liability Insurance Protect against the liability law to pay cost, compensation and expenses to your employees that caused accidental e) Fire Insurance f) Product Liability Insurance Claims for the first made during the currency of the policy period g) Professional Indemnity Insurance All claim that made during the period of insurance a) Fire Insurance Covers the damage or loss of residential or commercial building, fixtures, furniture and fitting that caused by danger Premium - calculate due to standard fire tariff by Persatuan Insurans Am Malaysia (PIAM) b) Fire Consequential Loss Insurance Cost of working, wages, gross profit that gives business interruption to the business premises from fire. Premium - based on Fire Material Damage policy rate c) Industrial All Risk Insurance Any physical accidental loss to the property that been insured to business premises Premium - based on special rate of PAIM CRMERS g) Fidelity Insurance Cover losses of money or other property due to fraud or dishonesty h) Public Liability Claims due to the third party bodily injury or property i) SmartBusiness for Beauty & Wellness Protection to business in the beauty and wellness sector THANK YOU h) Equipment All Risk Insurance i) Money Insurance j) Burglary Insurance k) Plate Glass Insurance Coverage for accidental damage by the broken glass through the thickness of the glass Premium - based on the the thickness of the plate glass and the location of the building h) Fidelity Insurance Coverage employer against any direct pecuniary loss that you may sustain acts of fraud or dishonesty commit by employees. design by Dóri Sirály for Prezi Axa Affin General Insurance American International Group Importance of having commercial property insurance for SME d) Professional Indemnity Insurance Legal costs, negligence professional that done by him or his predecessors to control business activities e) Product Liability Insurance All costs and expenses of litigation that insurer incurred with the written consent and recovered any claimant f) Public Liability Insurance All sum of insured on legal liability that caused the careless of his employees or the insured. g) Machine and Equipment Insurance Coverage for all type of non-mobile equipment from the damages or losses that caused by accidental damage, fire and violent entry from the premises Premium - according to several factors. The sum of insured is not on the loans remaining balance but on the market value Commercial Property Insurance (CPI) a) All Risk Insurance Covers on loss or damage that expose to danger unless that danger are specifically excluded from the policy that caused by the fire, other accident or theft b) Burglary Insurance Protection against the incidents of theft to your property c) Electronic Shield Insurance Protection against the damage to equipment that are dominant electronically d) Accidental Damage to Fixed Glass and Signboards Coverage to fixed glass and signboards against accidental damage e) Public Liability Insurance Protection against legal liability for accidental bodily injury or illness to third party or accidental loss of or damage to third party property arising out of operation in business Premium - based on the companies that buy the insurance It is an essential safeguard that ensures company can continue operating in the face of disaster. It can protect the business from minor hiccup to a major financial loss. Many bad things can be happen at workplace. It can be happen to the employees and the company it self. Examples: Employers liability & Public liability e) Packaged Property Insurance Protection flexible insurance packaged that can be tailor-made to suit your insurance needs as a business owner Premium - depends on type of business and sum insured by company f) Energy Insurance Protection in specialist insurance g) Fire Consequential Loss Coverage loss that gives business interruption of fire or other extended perils a) Fire Insurance Protection against loss or damage to property that caused by fire and lightning. Premium - sum insured < RM50 000, the excess reduce to 1% of sum insured but minimum subject RM100. b) Burglary and Robbery Insurance Protection against loss of stock-in-trade, furniture, fixture and equipment insured premises by robbery or burglar. c) Loss of Money and Securities Protection against loss of money and securities by robbery An ABC boutique situated at a shop of CIA construction would like to insured its stocks for RM100 000 for Section I - Fire and select the Standard Plan for Section II - IV. The free rate is 0.254% of total sum insured and the premium for Standard Plan is RM570.00. The total premium that you have to pay is calculated as follows : Small and Medium Enterprises (SME) A contract between the insurer and the business owner. To minimize the owner’s risks against losses. To protect the businesses from losses due to damage to the equipments, any physical space and as a result of theft. To
Transcript: Sources: http://www.property-guide.reita.org/subsection.php?ss_id=4 Be ready to negotiate Understand your lease completley Get everything in writing Be prepared to walk away Considerations When Signing What is a commercial lease? A commercial lease is a written agreement between a landlord and a business tenant. This legally binding contract allows you, as the tenant, to use the commercial premises for your business activity for a specified period of time by promising to pay an agreed-upon rate to the landlord. Lessor vs. Lessee Cost is higher for commercial Guarantee of success (location) Higher life span for commercial Tenant and landlord relationship differs Coverage for repairs Income for the lessor - greater in commercial Keep this in mind! Commercial Leases Business Presentation: Semester 5 Haley Nowlan Commercial vs. Residential Lease http://entreprisescanada.ca/eng/page/3430/ Rent - different forms (taxes, percentages, flat rates) Spaces and Services - square footage (what does the lease include; bathrooms, waiting rooms) Business types for that premises Lessor - a person who leases or lets a property to another; a landlord Lessee - a person who holds the lease of a property; a tenant Considerations Cont. Repairs Lease Improvements - installation of new equipment Taxes and Utilities Refusal - upon a new space being open Signage Escape clause - unable to run business
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