3 Ways Lease Accounting Automatic Remeasurements are Easier with CoStar
Lease accounting automatic remeasurements are made easy with CoStar.
The world’s largest shipping and logistics company manages a complex array of operations and facilities in more than 200 countries and territories worldwide.
Problem
This global leader’s real estate department must maintain all the property-specific deadlines, clauses, financial transactions and vendor relationships that are ongoing around the world. Because real estate information was stored in two disparate systems, it was difficult for remote access or to combine information for reports that offered a full portfolio perspective. Real estate managers needed better visibility into real estate data and needed a single platform for ready access to global real estate information from different business units and geographies.
Solution
The company implemented CoStar’s lease administration software to consolidate property information and improve the ability for some 50 field real estate managers worldwide to quickly resolve issues and make effective business decisions. Complete information access across the portfolio helps reduce occupancy costs and speed disposal of surplus real estate assets. The system has automated the company’s lease administration process, facilitating renewals and payment for rent, insurance, taxes and common area maintenance. Ad-hoc reporting capabilities enable users around the globe to easily query and retrieve the real estate information required for their unique situation.
Results
Centralized, accessible online access has prompted more informed and timely decisions. Reports can now be provided to management many months prior to a lease deadline along with the asset information needed to facilitate better business decisions to ensure optimization of the entire portfolio. The web-based system provides real-time, secure access for traveling staff as well as read-only control to share information for effective collaboration with users from other functions, such as legal, plant maintenance or planning. The company’s real estate decisions today optimize information about the entire property portfolio to position for tomorrow’s capacity needs and growth.
