Tenants
How this desk reads a tenant.
National tenant reports publish cap-rate tables and credit opinions from their own files. This page is the checklist. The asking-cap table is computed on the market page from this tape only.
Open the tenant directory · This tape, counted · Asking-cap report · Compare two files
01
Who signs
The store name on the building is not the obligor. The desk names a guarantor only when the lease or a guarantee in the file names one. A franchisee and the public parent are different credits.
02
Term left
Years remaining, options, and who holds them. An option the tenant can skip is not term.
03
Bumps
The rent schedule in the lease: percent, fixed dollar, or CPI, and how often. A flyer line is not the schedule.
04
What you still pay
NNN, double net, and absolute net are different. Roof, structure, parking, and HVAC decide whether the cap is the rent or the rent minus a bill you still own.
05
Sales, if disclosed
Rent as a share of store sales is useful only when the tenant or the offering actually reports sales. No report, no coverage ratio.
06
Credit print
A rating is printed only when the licensed agency record is in the file, with the agency and the date. The desk does not assign a rating.