NetLease - Lease expansion option
Overview
The Lease Expansion Options report is a saved search that lists every expansion option recorded in NetLease, across all leases, with one line per expansion option. Each line shows the lease, the contract reference, the option dates and whether the option is likely to be or has been exercised, so expansion rights across the lease portfolio can be reviewed in one place instead of opening each lease.
The report has no filters. It always returns every expansion option in the account, sorted by lease. To narrow the results, export them to Excel or save a copy of the search with your own filters (see the FAQ below).
Expansion options are recorded on the lease as a NetLease Contract Provision child record with the Contract Provision Type field set to Lease Expansion Option. The report only shows expansion options entered this way. See NetLease - Capturing Contract Provisions for how to add a contract provision.
Report details
| Report type | Saved search (bundled with NetLease, not a scripted report) |
| Saved search | NetLease Expansion Option Listing Template |
| Filters | None - returns every expansion option in the account |
| Category | Disclosure reports |
| Data source | NetLease Contract Provision records with a Contract Provision Type of Lease Expansion Option |
| Standard | Supports the qualitative "nature of leases" disclosure in ASC 842-20-50-3(a) |
When to use this report
- Quarter-end and year-end reporting - to draft the narrative footnote describing the terms and conditions of the lease portfolio, where expansion rights are significant.
- Audit requests - when auditors ask for a listing of leases with expansion options and the related contract terms.
- Space and facilities planning - to see which locations have a contractual right to add space, and when that right becomes available.
- Modification readiness - to identify leases where an exercised expansion may need to be recorded in NetLease.
Prerequisites
- A role that can run NetLease disclosure reports and view NetLease Contract Provision records.
- Expansion options are entered as NetLease Contract Provision records on each lease, with the Contract Provision Type set to Lease Expansion Option. See NetLease - Capturing Contract Provisions.
Running the report
- Navigate to NetLease > Reports > Disclosure Reports > Lease Expansion Options > Run.
- The results open straight away. There are no filters to set. The Style dropdown only changes the page layout.
- To download the results, click the Excel or CSV export icon above the results.
Results
The report shows one line per expansion option contract provision, sorted by lease. If a lease has more than one expansion option recorded, each appears on its own line. The total number of expansion options is shown at the top right of the results.
| Column | Description |
|---|---|
| Lease | The lease ID the expansion option belongs to. |
| Name | The lease name. |
| Contract Paragraph / Reference | The section of the lease contract where the expansion option is described. |
| Clause Details/Notes | Any additional information about the clause. |
| Option Available Date | The earliest date the option can be exercised. |
| Exercise By Date | The date shown on the contract provision as the deadline to exercise the option. |
| Likely to Exercise | Whether the option is marked as likely to be exercised. |
| Exercised Date | The date the option was exercised, if it has been. |
| Exercise Notes | Notes recorded when the option was exercised. |
Audits, disclosures and footnotes
Under ASC 842-20-50-3(a), a lessee discloses qualitative information about the nature of its leases, including the terms and conditions of its lease arrangements. Expansion options are one of the primary contract provisions NetLease groups for disclosure reporting. This report provides the lease-by-lease listing to support that narrative where expansion rights are relevant.
| Disclosure requirement | Where to find it |
|---|---|
| Expansion options - existence and terms | This report |
| Options to extend (renewal options) | NetLease - Lease renewal option |
| Purchase options | NetLease - Lease purchase options |
| Residual value guarantees | NetLease - Lease residual guarantees |
Tips for audit support
- Export the results to Excel to give auditors the full listing. The report always includes every expansion option, so no filter setup is needed.
- Agree a sample of lines back to the lease contract, using the contract paragraph / reference captured on each contract provision.
- Keep the export with your quarter-end or year-end workpapers.
Frequently asked questions
Is this report a saved search? Can I edit its columns?
Yes. It is a saved search, so after running it the Edit this Search button is available. Before changing it, give the search a new title and click Save As to save a copy. Edits made directly to the bundled search can revert to the Netgain version on a future bundle update. See NetLease - Editing Reports in NetLease for the full steps, including creating a copy of the report that points to your new search.
Why is a lease with an expansion option missing from the report?
The report reads contract provision records. If the expansion option was never entered as a NetLease Contract Provision with the Contract Provision Type set to Lease Expansion Option, the lease will not appear.
Can I filter the report by subsidiary, lease or lease type?
Not in the bundled version, which has no filters. Either export the results to Excel and filter there, or save your own copy of the search: click Edit this Search, give it a new title, click Save As, then add the filters you need on the Available Filters subtab of the copy. See NetLease - Editing Reports in NetLease to point a copy of the report at your new search.
How do I record when an expansion option becomes available or is exercised?
On the contract provision, use Option Available Date for the earliest date the option can be exercised. When the option is exercised, complete Provision Exercised Date and Provision Exercised Notes. See NetLease - Capturing Contract Provisions for the full field list.
Does exercising an expansion option update the lease schedule?
No. The contract provision record is for disclosure reporting and tracking, and checking Likely to Exercise does not adjust the lease's term or dates. Changes to the lease during its term are made with the Modify button on the lease record.
Can I get the results emailed to me on a schedule?
Yes. Because it is a saved search, email alerts and scheduled emails can be set up on the search. See NetLease - Set Up Email Reminders.
Troubleshooting
- No results - open a lease that should appear and check its Contract Provisions subtab for a contract provision with the Contract Provision Type set to Lease Expansion Option. If none exists, add one. See NetLease - Capturing Contract Provisions.
- A lease is missing - open the lease and confirm its expansion option is saved as a contract provision with the Contract Provision Type set to Lease Expansion Option, not as an Other Contract Provision.
- Columns differ from this article - the search may have been customized in your account. Compare it to the bundled version or a saved copy.
