An offering memorandum (OM) is the listing’s marketing package, summarizing the lease, tenant, location, and financials.
An OM is a sales document prepared by the listing broker, and it presents the property in the best light. It typically includes the lease summary, tenant overview, photos, market data, and the financial analysis. Buyers should treat it as a starting point and verify the details against the lease, estoppel, and financial statements. Pay attention to how the cap rate is calculated, whether rent figures are current or projected, and what the summary leaves out.