FP History
Founders of Forness Properties
Drew & Cynthia Forness
Two management services offered
Physical Management and Accounting
Preliminary agreement between Landlord and Tenant
LOI - Letter of Intent
Two primary methods of accounting we use
Cash & Accrual
Money paid at lease signing held on the account
Security Deposit
Year Forness Properties was founded
2010
Number of properties currently managed
56
2 standard types of leases we typically use
Gross & NNN
Report that shows NOI
Income Statement
Date tenant starts paying rent
Rent Commencement Date
Two branches of Forness Properties
Leasing and Management
3 types of properties managed
Retail
Office
POA
How many SF of properties currently listing
2 Million + SF
Report that shows assets, liabilities and equity
Balance Sheeet
Gives the tenant the right to extend their lease for a specific period of time
Option Term
Number of properties managed when Forness Properties was founded
7
Biggest full service management client
Crow
Top 3 ways people find Forness Properties
Signs
LoopNet
E-blast
An estimate of income and expenses for a future period of time
Budget
Money paid to the tenant to help pay for renovations to leased space
Tenant Improvement Allowance
First Client
Michael Collard Properties
Total square feet of management
2,736,866
Biggest leasing client
Brazilians
Process of comparing estimated expenses to actual expenses for a set period of time
CAM Reconciliation
Percentage of expenses shared by tenant for the shopping center
Pro Rata Share