Several people have asked whether I would be at the Chicago ICSC Deal Making conference tomorrow and Friday. I'm going to pass on this one, but will probably be at one or more in the future. I am also skipping the legal conference this year as it is in Florida, but I do plan to attend next year's law conference as it will probably be somewhere in the west, where I prefer to travel. I also have some personal and business commitments that would limit my ability to be there anyway.The ICSC conferences are great. I love meeting people with whom I have been in touch, be they lawyers,...
Filling in the GAAPs?
Let me preface this post by saying I am NOT a CPA or tax lawyer (see the Disclamer for that) and no expert on matters pertaining to accounting. But that said, I run across issues related to accounting all the time. Many times in leases or loan agreements or other real estate documents you will encounter language requiring that financial matters be prepared in accordance with generally accepted accounting principles, or GAAP.Some of my clients hate this language. Why? Because they believe that while they are often close to GAAP reporting, it isn't "quite" GAAP and it rarely is...
Capital Expenses, Laws and Cost Savings
When I saw a piece captioned "Building Owners Toss Equipment for New Technology" it reminded me of a lease I negotiated recently.When negotiating a net lease, tenants will often request that a building's operating expenses will not include capital expenditures. That makes sense. But when I am representing the landlord and that is the business deal, I try to add two carveouts. The first is legal compliance costs. If you are saying, "Huh?" let me explain. Say a new law comes into effect after the lease is signed requiring landlord to install a widget in the building and that...
An Interesting Poll
I'd be very interested in having all my readers participate in this poll at NREI Online:What outcome in the midterm elections Nov. 2 would be best for the U.S. commercial real estate industry and the economy? A GOP takeover of the House and SenateDemocrats retain control of both the House and the SenateA GOP takeover of the House, while Democrats retain control of the SenateA purge of ineffective incumbents, Democrat or RepublicanThis is all a sideshow. Only time will heal the ailing real estate market and economy.Take a minute and answer the question at their website. If you have...
On the CRE Podcast
I had a great time with Jason Sandquist and Duke Long yesterday recording the CRE Podcast with some thoughts on legal issues and real estate in Chicago. You can find the podcast here. Enjo...
The October 7, 2010 Post Lacking a Title
Creative, huh?Lots going on but I will just touch on a couple quick items for now. If there are ever any topics about which you'd like me to write, just let me know.There has been a lot of commentary lately about the new GGP board(s). It is a good bunch of people; almost a Who's Who. And what about no Bucksbaums on the board -- is that fair in that they still own 7% of the company? It isn't shocking in light of the turn of events that occurred. That said, however, the company did turn out doing better in bankruptcy than many pundits expected and -- perhaps...