The CRE Almanac
A working glossary of the documents and clauses commercial real estate operators live in — estoppels and SNDAs, CAM and co-tenancy, the terms that decide who pays for what and who may do what. Plain English first, written by the team behind Sevrel. Each entry says what the term means, who asks for it, and what varies in the wild.
The Almanac is general reference material, not legal advice — the operative answer is always in the specific documents.
Lease economics
- Gross Lease vs. NNN Lease
Who pays taxes, insurance, and maintenance under each structure — and why the label alone misleads.
- Base Year & Expense Stop
How full-service leases pass rising operating costs through to the tenant.
- CAM Reconciliation
The annual true-up between estimated and actual operating charges.
- Percentage Rent
Rent that scales with tenant sales, and the breakpoint math behind it.
- TI Allowance
The landlord's contribution to building out the tenant's space — and the strings attached.
- Rent Commencement Date
The day rent actually starts, which is not always the day the lease is signed.
- Security Deposit vs. Letter of Credit
Two forms of credit support for the same obligations, with different mechanics.
Clauses & rights
- Co-Tenancy Clause
The retail tenant's remedy when anchors leave or the center empties out.
- Exclusive Use Clause
One tenant's protected line of business — and every other lease's constraint.
- Kick-Out Clause
A negotiated early exit, usually tied to a sales threshold.
- Recapture Clause
The landlord's right to take space back, often triggered by a transfer request.
- Right of First Refusal (ROFR)
The right to match a real offer before the landlord can accept it.
- Assignment vs. Sublease
Two ways a tenant hands off space, with different chains of liability.
- Holdover Tenancy
What happens — and what it costs — when a tenant stays past the end of the term.
Documents & deal papers
- LOI vs. Lease
Where the business deal is sketched, and where it becomes binding.
- Estoppel Certificate
The tenant's signed snapshot of the lease that sales and refinancings depend on.
- SNDA (Subordination, Non-Disturbance, and Attornment)
How tenant, landlord, and lender agree on who survives a foreclosure.
- Certificate of Insurance (COI)
Proof of the coverage the lease requires — a document that expires.