The accounting department is an integral part of the management team: collecting rent income and paying service bills in a timely manner, reporting to our investors, and much more.
Rent Payment Procedures - Because we do not render monthly invoices, please keep in mind that your rent is due on the first day of every month. Inquiries regarding your account may be made to your Project Accountant.
All payments should be made payable and sent to the following address:
1025 Vermont Venture Owner, LLC
601 13th Street, NW
Suite 300 North
Washington, DC 20005
Attn: Joy Barney
If you would prefer to electronically process this payment, please contact your Project Accountant and she will be happy to assist you in providing specific instructions.
Estimated Annual Rent Increases - Each November, after completing our operating plan for the upcoming year, our Accounting Department will forward information to your organization regarding your annual rent to become effective on January 1 of the upcoming year. As we prepare the annual operating plan, we consider the Washington Metropolitan market place and the building’s position within it, the general building conditions, as well as the overall satisfaction of our Clients. We make every effort to keep expenses as low as possible while maintaining quality building services.
Depending upon the terms of your Lease, your rent will be based upon our estimate of your pro-rated share of the increases in real estate taxes, operating expenses and/or a predetermined percentage increase amount. For additional information regarding these calculations, please contact your Project Accountant.
We understand that many organizations begin their annual budget preparations and require this information prior to November. If so, you can contact your Project Accountant. She will be happy to assist you.
Annual Rent Settlements - Each April, our Accounting Department forwards information, also known as a settlement, regarding expenses from the previous calendar year and its impact on your rental amount. We put forth every effort to maintain expenses within the year's budget to avoid any further charges to you. Fortunately, in some cases with these efforts, expenses may be less than expected and you may receive a refund.
This settlement will be based upon your pro rata share of the actual increases in real estate taxes and operating expenses for the prior year and the final adjustment of your rent based upon the Consumer Price Index.
It is our objective to minimize annual rent settlements. Our professional staff is very conscientious in trying to provide estimates close to actual expenses. However, our estimates sometimes are too low and may result in an invoice for additional rent. Again, we understand that your organization may be sensitive to unanticipated expenses so we encourage you to contact your Project Accountant if you desire a "best guess" estimate of this settlement for your annual budget preparations.
Other Charges - From time to time you may receive invoices for additional services such as after-hours heating and air conditioning. Assistance in processing these invoices for payment within thirty days is greatly appreciated.
If you have any questions regarding an invoice or believe there is an error on an invoice, please contact any member of our accounting team at 202.638.3000, or your Property Manager.
As you know, there are specifics that are outlined in your lease regarding the financial aspects of your tenancy. We invite you to review these and call one of these professionals if you have any questions. They will be happy to assist you.