RA-03 — Lease / Tenancy
A lease over a real-estate asset (RA-01) — the contract between the investor as landlord and a tenant that produces the asset’s income. One record per lease; the set of leases over an asset is its tenancy schedule.
Purpose
For a real-estate asset, the leases are the income. The value of a let building is the value of its tenancy schedule — the contracted rent, its duration, its review pattern, the credit of the tenants. An appraisal (RA-05) of a commercial property reads the leases directly; the operating record’s (RA-02) gross income is the sum of the rent the leases produce. Modelling the lease explicitly is what lets the income be traced to its contractual source rather than asserted as a number.
The lease is the real-estate analogue of the private-markets pack’s Fund Terms (PM-10): a contract whose economic content — rent, escalation, reviews, breaks — drives the asset’s cash flow and must be held as queryable data, not buried in a document.
Attribute schema
| Column | Type | Definition |
|---|---|---|
lease_id | varchar | Primary key. |
real_asset_id | varchar (FK → RA-01) | The asset the lease is over. |
tenant_entity_id | varchar (FK → E-01) | The tenant, as a Legal Entity in the counterparty / tenant role. |
demised_area | decimal | The area let under the lease, in the asset’s size_unit. |
lease_start | date | The lease commencement date. |
lease_expiry | date | The contractual expiry date. |
break_date | date | The earliest tenant or landlord break date, where the lease has a break option; null otherwise. |
passing_rent | decimal | The current contractual rent payable under the lease. |
currency | char | The currency the rent is expressed in. |
rent_review_basis | varchar | How the rent changes at review — open_market / indexed / fixed_uplift / turnover / none. |
next_review_date | date | The date of the next rent review. |
lease_type | varchar | The repairing-and-insuring basis — FRI (full repairing and insuring) / gross / net / ground_lease. |
tenant_covenant | varchar | An indicator of the tenant’s credit strength — the covenant the income rests on. |
lease_status | varchar | active / holding_over / expired / surrendered. |
source | varchar | The source document the lease was abstracted from. |
Notes
- The tenancy schedule of an asset yields the weighted-average unexpired lease term (WALT) — the duration of contracted income, a primary value driver computed by weighting
lease_expiry(orbreak_date) bypassing_rentacross the asset’s leases. WALT is derived, not stored: it is a property of the lease set. rent_review_basisandnext_review_datecarry the reversionary potential — the gap between passing rent and open-market rent that an appraisal capitalises into a reversionary value.- A lease is the income side of a real-estate asset; an infrastructure asset’s income is contractual in a different form — a concession or an offtake agreement — carried on RA-04 and RA-02 rather than here. RA-03 is real-estate-specific.
Out of scope
- The asset the lease is over — that is RA-01 Direct Real Asset, referenced through
real_asset_id. - The realised period income a tenancy schedule produces — that is RA-02 Asset Operating Record; RA-03 is the contractual source, RA-02 the observed result.
- An infrastructure asset’s contracted income — a concession or offtake agreement — that is RA-04 Development Project and RA-02; RA-03 is real-estate-specific.
- The settled rent-review history as an event sub-entity — named as an open extension; the entity carries
passing_rentand the next-review attributes only.
Owned and consumed by
- Owned by: SD-04.10 Direct Real-Asset Management — the lease-as-data entity is the economic content of the lease (rent, reviews, breaks, tenancy status), and SD-04.10 is the function that sets and maintains that content: letting, lease renewals, rent reviews and tenant management are write operations on this record. The authoritative source for a data entity is the function that authors its substance, and the lease’s substance is exactly these economic terms. SD-14.9 holds the executed document — legal custody, a thinner relation, recorded as a consume below — but it does not author the rent, the review pattern or the break terms. The shape echoes the private-markets pack’s Fund Terms (PM-10): the economic terms held as queryable data, the executed document held by the legal function as a document source rather than as the term authority.
- Populated via: SD-13.11 Document & Content Management (the lease is abstracted from the executed document).
- Consumed by: SD-14.9 Legal & Contract Management (legal custody of the executed lease as a document, and the contractual-obligation register over it — the legal-document relation, not authorship of the economic terms), SD-08.3 Private-Asset Valuation (the tenancy schedule is the income-approach input for real estate), SD-07.2 Credit & Counterparty Risk Management (tenant covenant), SD-09.7 Private-Markets Cash-Flow Forecasting.
Open extensions
- The rent-review event sub-entity — the history of settled reviews, so passing rent is traceable through its review chain.
- Lease incentives — rent-free periods, capital contributions, fit-out — modelled as data alongside the headline rent.
- Service-charge and recoverable-expense modelling, linking the lease to the operating record’s expense lines.