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Expense Stop Calculator

In a modified gross lease, the landlord covers operating expenses up to a per-SF expense stop and the tenant pays only the over-stop excess. The clause shifts inflation risk to the tenant while protecting the landlord's NOI margin. This calculator computes year-1 over-stop billing and projects future-year billing as opex inflates past the stop.

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$

Year-1 opex baseline

%

Year-1 over-stop billing

$16,000

Year-1 over-stop / SF

$2.00

Future opex / SF

$13.33

Future-year billing

$30,653

How the math works

Modified gross leases use an expense stop — the landlord covers opex up to a per-SF threshold; tenant pays everything above. Tenants benefit when opex stays flat; landlords win when inflation pushes opex past the stop year over year.

A $9.50 stop with $11.50 actual opex bills the tenant $2/SF over-stop = $16K on 8,000 SF. After 5 years of 3% inflation, opex is $13.33/SF and tenant billing rises to $30,640.

How to Use

  1. Enter current per-SF opex and the contractual expense stop.
  2. Enter tenant SF, annual opex inflation, and the projection horizon.
  3. Read year-1 and future-year over-stop billing.

Frequently Asked Questions

How is the stop set?

Usually the landlord's first-year opex run-rate, calibrated so year-1 has zero over-stop billing. Tenant negotiation focuses on what's included in opex and how the stop is grossed up.

Net vs base year stop?

Base-year stop locks in a specific dollar number for the lease term. Net (or 'expense stop') uses an actual figure that resets each year.

Capped opex inflation?

Tenants negotiate annual opex caps (typically 5%) on top of the stop to protect from runaway operator expense growth.

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