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Real Estate Portfolio Management / Lease Administration / Lease Portfolio

Changing Ownership Type for a Portfolio Item (Add/Edit Wizard)

When you enter portfolio items, you enter the Ownership type to indicate whether you lease or own the item. Occasionally, you need to change the ownership type.

For example, if you exercise an option to purchase a leased space, the ownership type needs to be changed from 'Leased' to 'Owned.' When you change the ownership type, to maintain the integrity of your data, you need to ensure that you have indicated that the record for the previous ownership type is no longer current. The following procedures provide the steps to ensure that there is only one current record for the portfolio item.

To change the ownership type from Leased to Owned

1. On the Action and Type tab, select
   1. Edit Exiting
   2. Lease in... and An Existing Building/Structure/Land.
   3. Click Select Building/Structure/Land and use the dialog to select the building/structure/land.
   4. Click Continue.

The Leases tab appears.

2. Click Edit in the row for the lease.

   The Edit Lease dialog appears.

3. End all leases associated with this portfolio item by updating the lease as follows:

   1. Enter the End Date on the Leases tab.

   2. Ensure that the Assume Renewal for KPI Calculations field is set to No.

   3. Click Save on the Edit Lease dialog.

4. To unassign all suites associated with these leases:
   1. On the Leases tab, select the check box for the lease and then click Continue.

      The Suites tab appears.

   2. On the Suites tab, unassign all suites associated with the lease by clicking the Unassign button for the suite in the Suites Assigned to the Selected Lease/Sublease section.
   3. Click Finish.
5. To change the Ownership Type for the building/structure/land,on the Action and Type tab, select Edit Existing, and then select the building/structure/land, whose ownership type has changed.

   The Building/Structure/Land tab appears.

6. Use the Back button to navigate to the Ownership tab.
7. Change the Ownership Type on the Ownership tab to 'Owned'.
8. Click Continue.

   A message appears confirming the steps required to make this change, and asking you to confirm that you want to continue.

9. Click Yes.

   The Building/Structure/Land tab appears.

10. Define ownership information for this portfolio item on the Building/Structure/Land tab in the Ownership Information section.
11. Click Save.

To change the ownership type from Owned to Leased

1. On the Action and Type tab, select Edit Existing, and then select the building, structure or land whose ownership type has changed.

2. Click Continue.

   The Building, Structure, or Land tab appears.

3. Change the Transaction Status of this portfolio item to ‘Disposed’ on the Building/Structure/Land tab. Enter the Date Sold.
4. Click Save.
5. Use the Back button to navigate to the Ownership tab.
6. Change the Ownership Type on the Ownership tab to 'Leased'.
7. Click Continue.

   The Building/Structure/Land tab appears.

8. Click Finish.
9. To define the lease for the building/structure/land:
   1. On the Action and Type tab, select Add New, Lease in..., An Existing Building/Structure/Land, and then select the building/structure/land.
   2. Click Continue.

      The Leases tab appears.

   3. Define a lease for this portfolio item on the Leases tab.
   4. Click Save and Finish.

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Add/Edit Wizard Overview