Net lease glossary
REA (Reciprocal Easement Agreement)
A recorded agreement among parcel owners in a shopping center governing shared access, parking, signage, use restrictions, and common area costs.
A reciprocal easement agreement, sometimes called an OEA or ECR, is a recorded document that binds separately owned parcels within a shopping center or development. It establishes cross-access and parking easements, signage rights, building restrictions, use restrictions, and how shared maintenance costs are allocated. For an outparcel or pad site buyer, the REA can restrict what future tenants can operate there and add costs that the lease may or may not pass through.