A certified rent roll is a documented summary of rental income, tenant details, and lease terms for a property or portfolio, usually verified by an accountant or property manager. It serves as an essential tool for property owners and investors, providing an accurate representation of income streams and tenant occupancy.
The Mortgage Assets Village at Eastpointe, SkyGarden, Serrano North & South, and Colony Inn were not closed as of the date of this report. Therefore, we were not provided with the Loan Agreement, Promissory Note, Deed of Trust, Cash Management Agreement, Title Policy, LIBOR Cap Confirmation, Management Agreement, Settlement Statement, Servicer Report, Insurance Certificate, Opinion of Counsel, Guaranties, Appraisal Report, Engineering Report, Seismic Report, Environmental Report, Insurance Certificate, Non Consolidation Opinion, Certified Rent Roll and Underwritten Rent Roll for these unclosed Mortgage Assets and Mortgaged Properties. We were instructed by the Company to assume the attribute is accurate and not perform any procedure for the Compared Attributes affected by the aforementioned Source Documents.
(d) Certified Rent Roll. A certified rent roll executed by Contributor certified to be true and correct as of the Closing Date (the “Certified Rent Roll”);
(e) The information in the executed Tenant Estoppel Certificate and on the Certified Rent Roll will not materially vary from the information included on Schedule 9.
Rent Rolls; Operating Histories. The Seller has obtained a rent roll (each, a “Certified Rent Roll”) other than with respect to hospitality properties certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mortgage Loan. The Seller has obtained operating histories (the “Certified Operating Histories”) with respect to each Mortgaged Property certified by the related Mortgagor or the related guarantor(s) as accurate and complete in all material respects as of a date within 180 days of the date of origination of the related Mortgage Loan.
Lease Estoppels. With respect to each Mortgage Loan predominantly secured by a retail, office or industrial property leased to a single tenant, the Seller reviewed such estoppel obtained from such tenant no earlier than 90 days prior to the origination date of the related Mortgage Loan, and to the Seller’s knowledge based solely on the related estoppel certificate, the related lease is in full force and effect or if not in full force and effect, the related space was underwritten as vacant, subject to customary reservations of tenant’s rights, such as, without limitation, with respect to common area maintenance (“CAM”) and pass-through audits and verification of landlord’s compliance with co-tenancy provisions. With respect to each Mortgage Loan predominantly secured by a retail, office or industrial property, the Seller has received lease estoppels executed within 90 days of the origination date of the related Mortgage Loan that collectively account for at least 65% of the in-place base rent for the Mortgaged Property or set of cross-collateralized properties that secure a Mortgage Loan that is represented on the Certified Rent Roll. To the Seller’s knowledge, each lease represented on the Certified Rent Roll is in full force and effect, subject to customary reservations of tenant’s rights, such as with respect to CAM and pass-through audits and verification of landlord’s compliance with co-tenancy provisions.
Additionally, within five (5) Business Days of the Effective Date, Seller shall provide Purchaser with a certified rent roll for the Related Party Leases and Leases to Third Parties, which shall contain the name of each landlord and tenant, the address for the leased property, the term, the amount of rent paid, the amount of any prepaid rent or security deposit, the amount of any additional rent, the beginning date and ending date of the rental period, and the existence and terms of any options to renew (collectively, “Rent Roll”).
Property Occupancy: The Property shall maintain occupancy of at least 80% to be measured annually using a Certified Rent Roll from the Property Management Company, Dodson Property Management. Occupancy percentage shall be determined by taking the total occupied square footage and dividing it y the total leasable square forage of the Property.
A Certified Rent Roll is a comprehensive document that details the rental income generated by a property. It includes information such as tenant names, rental amounts, lease terms, and any arrears or outstanding payments. What distinguishes a certified rent roll from a standard rent roll is the validation or certification by a qualified professional—such as a property manager or a certified public accountant—to ensure its accuracy and reliability.
You should use a certified rent roll in scenarios where verified and authentic data is necessary, such as:
Writing a certified rent roll involves several steps:
Example:
| Tenant Name | Unit Number | Monthly Rent | Lease Start | Lease End | Payment Status | |-------------|-------------|--------------|-------------|-----------|----------------| | John Doe | 101 | $1,200 | 01/01/2023 | 12/31/2023| Current | | Jane Smith | 102 | $1,350 | 03/01/2023 | 02/28/2024| 2 Weeks Late |
Certified rent rolls are typically found as components in the following contracts:
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