How to Input a Lease Extension/Amendment Into STRATAFOLIO

Last modified: January 30, 2024
Estimated reading time: 3 min

You have a lease extension executed, how do you input that extension/amendment into STRATAFOLIO? 

Let’s learn

Keeping track of expiration dates and lease escalations in STRATAFOLIO is imperative to keeping an updated portfolio. The lease already entered has the security deposit, the lease options to renew, and copies of the original lease. There is no need to start over and re-enter all of that. Here are the steps to Extending a lease. 

  1. If the Lease Expiration has passed or the type of lease has changed, Change the Lease Status 
  2. Extend the Lease Expiration Date 
  3. Add Lease Rate Escalations
  4. Extend or Add the Operational Expense period if needed
  5. Add Contract to Files 

Instead of inputting a new lease, we want to extend the current lease for historical purposes. The only reason why we would suggest expiring the old lease and adding a new lease is if lease terms drastically changed or for a tenant acquiring someone else’s lease.

Changing the Lease Status: 

When the expiration date passes, STRATAFOLIO automatically marks a lease as Expired. Locate the lease under Left Hand Navigation > Operations > Leases > i

Note: The Leases table will display all leases, current, future, and expired, inputted into STRATAFOLIO. Expired leases will not show under the Building or Unit views if a newer lease has been entered. They will also not show on the Rent Roll if they have expired. 

After you have chosen the proper lease, under the Lease Abstract select the Edit Lease button. 

Modify the Lease Status drop-down to the appropriate status.

Change Expiration Date: 

Modify the Lease End Date to the new end date on the amendment or extension.

If the tenant has executed an option, update the Lease Renewal options with (option # executed) so it is clear how many options remain. Then press Save.

Add Lease Rate Escalations: 

Now that the lease end date is extended, the Lease Rates can be modified. The Lease Term or End Date must be extended to be able to enter the new escalations. You cannot add Lease Rates past the end of the Lease Term.

Click on the Lease Rates Tab, then Add a Lease Rate.

STRATAFOLIO will automatically calculate the dates for the next year and populate them. Modify dates as needed. 

Enter the new Lease rate amount, type, and whether the lease rate is confirmed or not. In the lease rate notes, STRATAFOLIO’s Onboarding team enters the document where the lease rate is located. Please use the note section for whatever notes you need for this specific lease rate period. The Late Fees and Due Date should pull through from previous rates. The Income Item should also pull through – but be sure it is the correct Income Item you would like to utilize for invoicing. Press Save or click the Add Another function to continue adding escalations. 

NOTE: These dates must be within the dates entered for the Lease Term. The Lease Rate end date can not go past the lease’s end date or before the lease’s start date.

Extend Operational Expenses if Needed:

Click on the Op-Exp tab and the pencil button next to the appropriate year – extend the period expiration if needed. You can only extend this period until the end of the Lease Term. 

Note: STRATAFOLIO Onboarding recommends utilizing a new Operating Expense period each year. At the end of this year, you can utilize our cloning feature to copy over the same sub-categories you have used. Find directions for that feature at How to Clone Operating Expenses or CAM in STRATAFOLIO. After cloning, you can update the invoice amounts for the next year as needed.

Add Contract to Files: 

Select the Files tab. Click the Upload button.

Upload up to 10 files at a time by dragging and dropping or clicking on the button to browse and find the file. 

Choose the file type and write a description if needed. You can choose whether the tenant can access this file if you have an active tenant portal. For more information, check out this Knowledge Base article about Lease File Upload Options.

Now that you have updated the lease with the new expiration date, new escalations, new operating expenses, and new files, it’s important to use the current lease to maintain complete historical data on each tenant. This will save you from having to re-enter data that has already been entered. To ensure that the escalations are correct, run the Rent Roll.

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