IN THE WORKS

Property Works Will provide comprehensive lease management to Ruby Tuesday

For the second straight year, Property Works is taking part in the Best Buddies Georgia Champion of the year fundraiser. The goal of the fundraiser is to raise enough money to open a Best Buddies Georgia office and hire full-time staff.

As multi-unit operators around the world are scrambling to make business-critical decisions about their lease portfolio, it seems relevant to share how our clients are getting the most out of their outsourced lease management solution during the Pandemic. When our team of lease and OC experts shared the positive feedback received from our clients, 5 benefits repeatedly came up.

Most professionals are diligent about posting meetings and conferences on their calendars. Beyond options and expirations, however, few people have a systematic method for tracking and managing timely lease-related action items.

Imagine you’re about to open a new retail location. You’re excited because you landed the perfect spot, and the landlord is thrilled because the first rent check just cleared the bank. But in the moment, no one is thinking about memorializing the first dates and milestones. And why would you because everyone is aware of the dates…they’re in the email! But years from now when the email can’t be found and your lease options hinge upon key commencement dates, the mad scramble beings to identify those long-lost details.

Bojangles’ Famous Chicken ‘n Biscuits, an American regional chain of 750 restaurants in 11 states, closed on its first whole-business securitization in October 2020. Bojangles, legal counsel Paul Wiess, and Barclays engaged Property Works to obtain all necessary consents from Bojangles’ landlords. Despite the disruption of the Pandemic, Property Works was able to obtain all required consents for the refinancing to move forward.

  Do you know what to do? It’s not too often that something rocks the world of lease administration.   But the new lease accounting standards recently published by FASB did just that.   It was a long time coming but it’s here, it can’t be ignored, and things are about to change – big time.         Click here to watch a video from FASB about the reasoning behind the changes. We’ve been talking with retail and restaurant companies off and on for nearly 8 years about the“looming lease accounting changes”.  Some have been anxious about this for years while others