AI for lease administration
Ultramarine Work abstracts each lease with its full amendment chain, ties the rent roll to billing, tests CAM reconciliations against the exclusions and builds the ASC 842 schedules. It reads the lease files already in the folder.
Critical-dates-register.xlsxExampleCritical dates, next 180 days
- 1201 Bay St, Fl 4–6Renewal option, 5 yearsNotice by Mar 31, 2027Flagged
Amendment 3 moved notice to 9 months before expiry, so the Apr 30 date in the system is wrong.
- Riverpoint, Suite 300Termination optionNotice by Jan 15, 2027Waiting
The $212,400 termination fee went to the business unit, which owes its decision by Dec 15.
- Route 9 DistributionFixed rent stepEffective Jan 1, 2027Ready
Base rent rises 3% to $41,715 a month, and the payment schedule already reflects it.
- Calder Plaza, Unit 12Lease expirationExpires Apr 30, 2027Flagged
No renewal option remains, and holdover at 150% of rent starts May 1 without a signed extension.
How it works
- 1
Put the lease files in the folder
Drop in the leases with every amendment and side letter, commencement memos, COIs, the rent roll, GL and CAM statement exports from Yardi or MRI, and your abstract template. Keep the file names you already use.
- 2
Name the deliverable you need
You ask for the abstract, the critical dates register, the CAM audit workpaper or the 842 schedule and get back a finished Excel file with live formulas and the clause cited for each term.
- 3
Review it like an abstractor would
Every field points to the section, page and amendment it came from, and anything that does not reconcile is flagged for you to resolve. You check the citations and decide what goes into the system of record.
Inside the Lease Administration mode
Lease abstracts and rent rolls
Rent steps, options, recoveries and non-rent obligations land on your abstract template, and the rent roll ties out to billing with the arrears itemized.
Leasing and renewals
You get net effective rent after free rent, TI and commissions, plus every renewal or termination option with its notice window.
CAM reconciliation
Tests a landlord’s reconciliation against the lease’s exclusions, caps, gross-up and base year, and runs the same checks over yours before it goes to tenants.
Certificate of insurance tracking
Checks each ACORD 25 and its endorsements, flags every requirement the lease’s insurance article leaves unmet and tracks expirations for renewal.
Fixed asset and lease accounting
Builds the 842 lease schedule, straight-line rent and entries for the close. Every figure traces back to the executed lease.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
Ask it for
“Abstract the 1201 Bay Street office lease, its three amendments and the side letter, and flag every term a later document changed.”
1201-Bay-abstract.xlsx“Build a critical dates register from every lease and amendment in the folder, with each option’s notice window and the day the notice has to go out.”
Critical-dates-register.xlsx“Compare net effective rent on Halloran’s Riverpoint renewal offer with the Route 9 alternative, after 4 months free, $18.50 psf of TI and a 5% commission.”
Riverpoint-NER-comparison.xlsx“Test the landlord’s 2025 CAM reconciliation against the lease’s exclusions, 95% gross-up and 8% cumulative cap, and list each overbilled line with its clause.”
CAM-audit-2025.xlsx“Check the ACORD 25 and endorsements for Calder Building Services against the lease’s insurance article for additional insured and waiver of subrogation gaps.”
Calder-COI-review.docx“Measure the new distribution center lease under ASC 842, build the ROU asset and liability schedules, and draft the first month’s entries.”
842-DC-lease-schedule.xlsx
Who it’s for
Lease administrators and analysts in corporate real estate departments, landlords, REITs and outsourced lease administration firms.
Questions
What happens to a term that a later amendment changed?
It abstracts the lease and every amendment, reads them in date order and shows the operative term, so the abstract does not describe a lease that no longer exists. Before anyone relies on it, confirm the folder holds the whole chain, original lease through the last amendment and any side letters. A missing amendment is the one error that makes every later number wrong.
Will we still have to check every field?
Yes, you review every file it touched before an abstract or schedule is used. We will not quote a single accuracy number, and a vendor who does should explain the denominator. Every value cites the clause it came from, and anything the abstraction could not find or reconcile is flagged, not papered over. Spend the checking time on the document set first, then on co-tenancy triggers, kick-outs, gross-up language and amendment chains, where an error costs the most.
Can it build the ASC 842 schedules, and does it pick the discount rate?
Yes, it builds the payment schedule, the lease liability amortization schedule and the ROU asset depreciation schedule, and drafts the entries, but the judgment calls stay with the accountant. Choosing the incremental borrowing rate, deciding which renewal options are reasonably certain and classifying the lease are your decisions, and the auditors will ask who made them.
Can we rely on it alone for critical dates?
No, the register is an aid, not a substitute for your own tickler and review, because a missed notice window is rarely curable and can mean the option is forfeited. Check every window against the clause rather than a summary, because a paraphrase of "twelve to fifteen months before expiration" can hide the outer limit and change the deadline. Log who confirmed each date and keep your own reminders. You decide whether to exercise, renegotiate or let the option go.
Where do our leases go, and will the model train on them?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Our security and compliance details are on our compliance page, and training questions belong there too.