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In addition to Mark Manner's busy corporate legal practice, he has established himself as a respected and avid astronomer. Read more>

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Experience

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Experience Spotlight

On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Thought Leadership

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Thought Leadership Spotlight

Blueprint for an IPO

Companies go public to raise capital to fuel growth, pay down debt and provide liquidity to shareholders. Although all issuers and offerings are different, the basic process of going public remains relatively constant. Blueprint for an IPO identifies the key players, details the process and identifies the obligations companies will face after going public.

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Richard Spore Authors Article on Benefits and Risks of Triple Net Leases

Development

Publications

June 6, 2017

In an article published by Development magazine, Bass, Berry & Sims attorney Richard Spore provided insight on the benefits and risks associated with real estate projects in which landlords operate on a triple net lease model. While the gross rent model requires a landlord to pay 100 percent of operating expenses, the triple net lease model requires tenants to pay all operating expenses either directly or through reimbursement to the landlord. Building operators must rely on a multitude of factors in determining which lease structure works best for their particular situation, and those factors largely boil down to how to allocate certain economic risks between the landlord and tenant. Under the gross rent model, landlords bear the risk that actual operating expenses may exceed projections, but tenants risk overpaying the landlord if the actual operating expenses are lower than projected. 

"That risk can be reduced or eliminated with the triple net model, under which all operating expenses are shifted to tenants, although those expenses are sometimes subject to negotiated limitations," Richard said. Of course, there are risks to both parties under a triple net lease, such as balancing expenses and liability between the landlord and tenant(s) as it relates to building operation and repairs.

The full article, "The Benefits and Risks of Triple Net Leases," was published in the Summer 2017 issue of Development magazine, the official NAIOP.


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