CoStar’s Lease Data Services team provides management solutions to address data gaps and achieve confidence in the quality and accuracy of critical lease information.
The new lease accounting standards are compelling organizations to examine their lease management practices and address data gaps that may exist due to incomplete or inconsistent lease information. Now more than ever, organizations must get a handle on real estate and equipment lease data in order to:
- Make correct calculations for financial reporting
- Comply with new ASC 842 and IFRS 16 lease accounting guidance
- Ensure lease terms are accurate and current
- Verify correct payments are made or received
- Avoid missing critical dates that result in costly mistakes
- Fulfill aspects of Sarbanes-Oxley
Our in-house team of attorneys, paralegals and lease administration professionals helps companies achieve confidence in the quality and accuracy of critical lease data by providing management solutions for key financial and legal information.
Lease Data Services Capabilities
- Data Validation – Gap analysis and audit of missing or inaccurate data
- Lease Abstracting – Lease abstraction and summation of key financial, business and legal information including any unusual lease provisions, financial obligations or other issues
- Document Imaging – High resolution imaging and storage of legal documents for real estate and equipment leases
- Due Diligence Support – For the acquisition and disposition of assets
- Best Practices Workshops – Training for lease administration, new lease accounting compliance, data workflows and process reviews
CASE STUDY: Fortune 500 Healthcare Provider Expands Points of Care with Better Lease Management
CoStar’s Lease Services team reviewed approximately 2,700 leases and found more than 1,400 data discrepancies. In doing so, CoStar helped this Fortune 500 company realize thousands of dollars in savings by rectifying over-payments in scheduled rent obligations.
Why Choose Lease Data Services from CoStar?
- Our highly-trained, in-house team is led by industry veterans with more than 20 years of experience
- Service team members include full-time attorneys, paralegals and lease administration professionals as well as a senior quality control analyst and project manager to lead every initiative
- Quick deployment of team resources that may work on-site at customer locations or at our corporate headquarters, but never off-shore
“With the new lease accounting guidance, there’s a significant increase in the amount of data and details that must be captured. Our team helps get this data populated, validated and or abstracted as needed for financial reporting under the new standards.”
— Kelly Kepley, Vice President of Lease Services
New Lease Accounting Data Assessment Workshop
Ask about our New Lease Accounting Data Assessment Workshop that help companies test for data integrity, improve workflows and streamline reporting for the new ASC 842 and IFRS 16 guidance.