In one sentence
A structured summary of a lease's business terms: parties, premises, term, rent, escalations, options, and the clauses a lender cares about.
The longer version
Underwriting and servicing cannot re-read full leases every time a question comes up, so abstracts compress each lease into the fields that drive value and risk: rent steps, co-tenancy, termination options, exclusives, and assignment rights.
Abstracts pair with the rent roll: the roll is the snapshot, the abstract is the why behind each line. On retail and office deals, lease review is a meaningful share of total diligence hours.
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