Square Footage Adjustment Form (SFA Form)

Transcription

1 Square Footage Adjustment Form (SFA Form) Overview: The communication and accuracy of each building s square footage is an integral part to the business of real estate. As a building owner and building manager, various groups inside and outside of Kilroy Realty rely on the accuracy of those numbers, therefore it is imperative all teams understand the importance of delivering accurate, complete, and timely numbers. A thorough review has been completed regarding the current UIF process and it was determined that a simpler, more functional form was needed. The Square Footage Adjustment Form was created to allow users to run a report as of a specific date that provided the square footage for a building. Purpose: The purpose of this form is to facilitate the process of updating a building s square footage in Yardi. This form should be completed and submitted when setting up a new lease (if unit square footage is different from the square footage set up in Yardi Voyager), a new building, building remeasurement or processing one of the following: 1. An expansion of square footage. 2. A reduction of square footage. 3. A change in a vacant unit s information (either combining units to create a new unit or splitting a unit into smaller units). Responsibilities: Asset Management: Completing the SFA Form in a timely manner and delivering to Revenue Accounting within 48 hours of a lease commencing. Ensuring the square footage for their buildings are accurate and complete at all times. Revenue Accounting: Ensuring that the information provided by Asset Management is inputted into Yardi within 48 hours of receipt if accurate, complete and with required support. Square Footage Adjustment Form Instructions: All Asset Management teams should start the Square Footage Adjustment Form BEFORE the lease is executed. If it is known that the square footage of a unit, floor, or building is changing due to a lease being executed, this should initiate the start of preparing the form. How to Run the Yardi Report: 1. Yardi Report Square Footage Adjustment Form (KRC) a. In Yardi select Reports Properties Square Footage Adjustment Form (KRC) Updated: 10/10/16 Page 1

2 2. Report Specifications a. Enter the property number b. Enter the as of date i. The as of date should be the date the square footages changes should go into effect 1. For example, if you have a lease commencing 10/1/16 and the unit is being split into two units, the report would be run as of 10/1/16 (the date the units effectively split) c. Select output type as excel d. Select Generate to run report e. Saving the report i. Select Save As ii. Leave the name to what it defaults to (in the below image it defaults to SFAdjForm_462.xlsm ) Updated: 10/10/16 Page 2

3 iii. The file will open and you will need to click Enable Content iv. Now you can make your normal changes to the file. However, once you close the file the backend code will auto-change the file name to be like the below image. The naming convention is: SFAdjForm + BuildingID + Username + Run Date 3. Report Details a. The report includes the following columns: i. Unit Unit or Floor Number ii. Date Date of last change to the unit or floor iii. Rentable Square Footage - Actual rentable square footage as reflected on the Stevenson System s report. This is the usable square footage plus the load factor. Enter whole numbers; no decimals. This is the square footage used for Kilroy s reporting purposes. This square footage may not match the rentable square footage specified in the lease due to remeasurements, etc. Please refer to the Stevenson Systems report or contact supervisor to obtain measurement calculations for building. If the RSF for the building changes, a Vice President or Senior Vice President must approve the Square Footage Adjustment Form. iv. Usable Square Footage - Specified in the Stevenson Systems report or other building measurement report. The usable square footage is the actual usable space of a unit plus a corridor extension. Enter whole numbers; no decimals. Please confirm the usable square footage matches the Stevenson Systems report for building. The Stevenson Systems usable number should be used if the number is different in the lease. v. Leased Square Footage - Rentable square footage specified in lease. Enter whole numbers; no decimals. If this number is different than the Rentable, the Lease Square Footage will be changed automatically by Revenue Accounting to the Rentable Square Footage when the space becomes Updated: 10/10/16 Page 3

4 vacant in the future. If the total number changes, a Vice President/Senior Vice President does not need to approve the form. vi. Unit Status Specifies if the unit is occupied or vacant as of the date report is ran. vii. Notes Entered by the Revenue Accounting department when a unit s SF is changed. Please add any additional notes if necessary. viii. Stevenson Plan Attached Yes or No. The Stevenson plan should always be attached when changing the RSF or USF as this support can be provided for auditing purposes. If the size of a unit is changing, the space plan must be sent to Stevenson Systems to obtain a preliminary measurement. The rentable & usable numbers in the lease should be based on Stevenson s preliminary measurement, NOT the architect. Do not stipulate the square footage number in a lease if the space is proposed to change size. This is important so that when construction is completed, the architect can update the as-builts and send them to the Construction department for close out of the project. It will be the responsibility of the Asset Management team to send the final as-builts to Stevenson for a final measurement within 3 days of receiving the final as-built from the architect. If this measurement is different than the lease, an amendment should be drafted as soon as possible. Updating the Report for Changes: The changes should be made to the report for the following reasons: new building, building remeasurement, new lease, expansion of a unit, contraction of a unit, unit split, etc. All changes to the building must be made on this report and highlighted in YELLOW. 1. Enter the effective date of the change in the Date column and highlight in yellow. 2. Update the square footage columns and highlight in yellow the number that changed (DO NOT highlight the whole row if only 1 square footage type has changed). 3. Enter any notes that will assist the Revenue Accounting team in making changes and highlight in yellow. *Notes about Changes: When a unit is changed, the floor and building corresponding to that unit will also automatically update. It is REQUIRED that any floor total or building total that has changed needs to be highlighted in yellow. This is a great check to make sure the change made to the unit is correct and the floor and overall building total changed correctly. If a unit needs to be removed, enter the date and 0 for the SF. Highlight all changes in yellow. If a unit or floor needs to be added, insert a row and make sure all cells with calculations are updated. Highlight all changes in yellow. Always enter whole numbers. Stevenson may include decimals but Yardi only takes whole numbers. Updated: 10/10/16 Page 4

5 Submitting the Changes: Before the report is submitted to Revenue Accounting, all supporting documentation must be attached. The package submitted to Revenue Accounting should include the following: 1. Excel version of Square Footage Adjustment Form 2. Copy of executed lease page showing the square footage support 3. Stevenson Report with tenant listing and square footage for the changes being made Not all forms will require the approval of the Vice President or Senior Vice President, only those forms where the total building s rentable square footage is changing. An approval via is sufficient. Send final form with support (1 excel attachment and 1 support attachment) and necessary approvals to RevenueAccounting@kilroyrealty.com. The Subject line of the must be formatted as follows: SFA - [Name of Tenant] - [Building Address]. Revenue Accounting has a 48 hour turn-around time period to either respond with questions or enter the information into Yardi. Additional Updates: Revenue Accounting will make the following change in Yardi without the need of a Square Footage Adjustment Form: 1. Revenue Accounting is authorized to set up units relating to telecom or roof leases where the square footage is 0. Updated: 10/10/16 Page 5