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