Active
Operating Lease
HQ Office - 500 Michigan Ave, Chicago
Lease ID: L-2022-001 • 25,000 sq ft
ROU Asset
$1,156,420
Initial: $1,284,500
Lease Liability
$1,089,240
Current: $245,800 | LT: $843,440
Monthly Payment
$24,500
Next increase: Aug 2025
Remaining Term
42 mo
Expires: Jul 31, 2028
📋 Lease Information
LessorMichigan Avenue Properties LLC
ClassificationOperating Lease
CommencementAugust 1, 2022
ExpirationJuly 31, 2028
Total Term72 months (6 years)
Discount Rate5.25% (IBR)
Escalation3% annually
Renewal OptionTwo 5-year options
💰 Financial Summary
Initial ROU Asset$1,284,500
Accumulated Amortization$128,080
Current ROU Asset$1,156,420
Initial Lease Liability$1,284,500
Principal Paid$195,260
Current Liability$1,089,240
Total Interest (Life)$478,200
YTD Lease Expense$23,760
📊 Amortization Schedule
| Period | Payment | Interest | Principal | Liability Bal | ROU Amort | ROU Bal | Expense |
|---|---|---|---|---|---|---|---|
| Jan 2025 | $24,500 | $4,765 | $19,735 | $1,069,505 | $19,760 | $1,136,660 | $23,760 |
| Feb 2025 | $24,500 | $4,679 | $19,821 | $1,049,684 | $19,760 | $1,116,900 | $23,760 |
| Mar 2025 | $24,500 | $4,592 | $19,908 | $1,029,776 | $19,760 | $1,097,140 | $23,760 |
| Apr 2025 | $24,500 | $4,505 | $19,995 | $1,009,781 | $19,760 | $1,077,380 | $23,760 |
| May 2025 | $24,500 | $4,418 | $20,082 | $989,699 | $19,760 | $1,057,620 | $23,760 |
| Jun 2025 | $24,500 | $4,330 | $20,170 | $969,529 | $19,760 | $1,037,860 | $23,760 |
📒 Monthly Journal Entries
January 2025
Lease Payment
January 1, 2025
| Lease Liability - Operating | $24,500 | — |
| Cash | — | $24,500 |
Lease Expense Recognition
January 31, 2025
| Lease Expense | $23,760 | — |
| ROU Asset - Operating | — | $19,760 |
| Lease Liability - Operating | — | $4,000 |