Real Estate Office. 451 Donhowe Building

Transcription

1 Real Estate Office 451 Donhowe Building th Avenue SE, Minneapolis, MN Phone: Fax: Land O'Lakes Center for Excellence Photo Credit: Landolakes.umn.edu Lease Report Fiscal Year 2017

2 Real Estate Office 451 Donhowe Building th Avenue S.E. Minneapolis, MN Office: Fax: February 2018 This University of Minnesota Fiscal Year Lease Report documents the University's real estate leasing activity during Fiscal Year 2017 (July 1, 2016 June 30, 2017). Approximately 4,075 leases and easements involving the University as landlord or tenant, including the PUF leases, were in existence during the fiscal year and are included in this report. During Fiscal Year 2017, the total cost of 376 long-term leases, providing for the University s use of 772,479 square feet (SF) of building space plus numerous apartments which are not measured, and 2,299 acres of land, air-rights and subsurface rights, plus 425 short-term use agreements, was approximately $20.3 million. This compares to 408 long-term leases and 490 shortterm use agreements in existence during Fiscal Year 2016 covering 806,143 SF and 2,657 acres at an approximate total cost of $21 million. The University s total leased building space in Fiscal Year 2017 was relatively unchanged from the previous year as there were no significant new lease transactions that occurred. However, the Leased space in Minneapolis shows a decrease of approximately 34,000 SF from the previous fiscal year. This is primarily attributed the termination of a 21,000 SF lease at the Murphy Warehouse Facility which is now a University owned facility. The number of leases, short term agreements and easements involving the use of University real estate by others during Fiscal Year 2017 totaled 3,308. This compares to 4,008 in Fiscal Year Funds 1000, 1026 and , except 1030, (General Operations and Maintenance, Miscellaneous, Other-Unrestricted), provided approximately $15.4 million, or 85%, of the University s $18.1 million total cost for long-term rental facilities during Fiscal Year Funds (Sponsored Research-Restricted) provided $277,924 for leased real estate during Fiscal Year 2017, or 1.5%. Other-Restricted funds provided $2.4 million or 13% of the total expended for the University s use of real estate owned by others during the past fiscal year. This Fiscal Year 2017 lease report reflects the number of square feet leased as of June 30, 2017, or as of the termination date if the lease terminated during the fiscal year prior to June 30, The rents reported in this document reflect rents paid (leases and other agreements involving the University as tenant) and rents received (leases and other agreements involving the University as landlord) attributable to Fiscal Year Occupants identified are those housed in the leased premises at the end of the fiscal year (or at the end of the lease if the lease terminated during the fiscal year). Occupants of certain leased facilities may have changed since June 30, Several internal leases for the University s use of University space that are managed through the Real Estate Office are included in this report. Questions and comments concerning this document are welcome and should be directed to me at 612/ or jrdostal@umn.edu. Sincerely, Jon Dostal Assistant Director Leasing & Facility Management

3 Lease Report Fiscal Year 2017 Table of Contents Overview Long Term Leases for Space to the University o Minneapolis/Hennepin County o St. Paul/Ramsey County o Outstate Subleased Space with University Leased Space Long Term Leases for Land to the University o Minneapolis/Hennepin County o St. Paul/Ramsey County o Outstate Short Term Leases for Space to the University Short Term Leases for Land to the University University Owned Real Estate Long Term Leases University Owned Real Estate Short Term Leases University Owned Real Estate Oil and Gas Leases University Owned Real Estate Easements Permanent University Fund Lands Leases Internal University Leases Spreadsheets and Footnotes

4 Overview

5 LEASE OVERVIEW Fiscal Year 2017 NUMBER OF LEASES - LONG TERM LEASES TO THE UNIVERSITY Total Number of Leases 376 Total Square Footage Leased: * 772,479 Total Acres Leased: ** 2,299 Total Cost of Facilities: $18,166,803 SHORT TERM SPACE LEASED TO THE UNIVERSITY Total Number of Leases 425 Total Cost of Facilities $2,149,050 NUMBER OF LEASES - UNIVERSITY OWNED REAL ESTATE Total Number of Long Term Leases: 421 Total Number of Short Term Leases: 2,203 UNIVERSITY OIL AND GAS LEASES Total Number of Leases: 14 UNIVERSITY EASEMENTS Total Number of Easements: 567 UNIVERSITY PUF LEASES Total Number of PUF Leases: 103 * Excludes area for those leases which do not specify number of square feet in the leased premises (apartments, etc.) ** Excludes area for those leases which do not specify number of acres in the leased premises (and area for air rights, sub-surface, etc.) Prepared by University of Minnesota Real Estate Office

6 REAL ESTATE LEASED TO THE UNIVERSITY BY GEOGRAPHIC AREA Fiscal Year 2017 BUILDINGS: No. of Leases Square Footage Leased* Rent Paid Minneapolis: ,916 $10,395,498 St. Paul: 13 30,502 $510,465 Greater Minnesota: ,061 $6,973,705 (Coordinate Campuses & other) Total ,479 $17,879,670 LAND (AND AIR RIGHTS, SUB-SURFACE, ETC): No. of Leases Acres Leased ** Rent Paid Minneapolis: $32,880 St. Paul: $77,407 Greater Minnesota: 65 2, $231,076 (Coordinate Campuses & other) Total 202 2, $341,363 * Excludes area for those leases which do not specify number of square feet in the leased premises (apartments, etc.) ** Excludes area for those which do not specify number of acres in the leased premises (and area for air rights, sub-surface, etc.) Prepared by University of Minnesota Real Estate Office

7 BUILDINGS AND LAND LEASED TO THE UNIVERSITY - LONG TERM SOURCE OF FUNDS FOR LEASED FACILITIES Fiscal Year General Operation & Maintenance Funds - Unrestricted $8,797, Miscellaneous - Unrestricted $1,013, Other - Unrestricted $5,647,360 (excludes 1026 & 1030) Sponsored Research - Restricted $277, , Other - Restricted $2,398, Agency Funds $29, Miscellaneous (unidentified sources of funds) $2,558 Total funds spent on long term rent for FY17 $18,166,803 Prepared by University of Minnesota Real Estate Office

8 RENTAL COSTS FOR LEASES WITH UNIVERSITY AS TENANT LONG TERM Fiscal Year 2007 through Fiscal Year ,000,000 18,000,000 18,315,915 18,407,333 18,292,766 17,496,156 17,937,507 18,166,794 16,000,000 14,000,000 13,477,105 13,841,673 14,182,942 14,577,643 12,000,000 11,374,255 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

9 FUNDING SOURCE FOR LEASES WITH UNIVERSITY AS TENANT Fiscal Year 2007 through Fiscal Year ,000,000 9,000,000 8,000,000 7,000,000 6,000,000 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 General Operating & Maintenance Funds Other - Unrestricted Misc - Unrestricted Other - Restricted Sponsored Research - Restricted Miscellaneous - Unidentified Source of Funds Agency Funds NOTE: Miscellaneous column show rents for which sources of funds were not provided

10 NUMBER OF LONG TERM LEASES WITH UNIVERSITY AS LANDLORD Fiscal Year 2007 through Fiscal Year FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

11 NUMBER OF LEASES WITH UNIVERSITY AS TENANT BUILDINGS AND LAND - LONG TERM LEASES Fiscal Year 2007 through Fiscal Year Buildings Land FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17