Tenant Sales and Occupancy Cost
A tenant that cannot carry its rent eventually stops paying it. This sheet shows the strain early.
- Type
- Excel model
- Version
- v1.0
- Updated
- Jun 2022
- Stage
- Lease, hold and sell, Underwrite the project
- File
- Excel workbook (.xlsx), 21 KB
- Works in
- Microsoft Excel 2013 or newer, desktop
What it answers
- Can this tenant afford the rent we are asking?
- What share of the tenant's sales goes to rent, taxes, insurance and common area charges?
- Which tenants in the center are under strain?
What goes in
- Tenant sales, annual or per square foot
- Base rent
- Taxes, insurance and common area charges passed through
- Percentage rent, where the lease has it
What comes out
- Sales per square foot by tenant
- Occupancy cost as a share of sales
- Comparison across the rent roll
How we use it
We run it before we sign a shop tenant, and again each year when sales reports come in.
Before you open it
- Use the desktop version of Excel. Excel for the web and other spreadsheet apps cannot run the parts of a model that use macros.
- On Windows, Excel blocks macros in any file downloaded from the internet and shows a red bar. Close the file, right-click it, choose Properties, tick Unblock and press OK, then open it again. If it came inside a zip, unblock the zip before you extract it.
- Read the Version tab first. It records the model's history and its authors. Leave it in place, unchanged, if you share the file.
Use and sharing
Free to use, adapt and share with anyone, as long as it stays free and its Version tab and credits stay in the file. Provided as is, for education. It is not investment, legal or tax advice, not an appraisal, and not an offer of any security. Any project figures in it are illustrative. Full terms, including credits, are in our Terms of Service.
Tenant-Sales-and-Occupancy-Cost-v1.0.xlsx · SHA-256 6896441f26704c6151b36ccec3277e057a986c4c9d7704ae395cce37436487bf
Who it is for
Each of these has its own way to work with us.
Where it fits in our work
Often used with
Corporate occupiers & expanding operators
Define a Requirement
A build-to-suit is an operating decision before it is a real estate decision. Tell us what the operation needs and we will take it from site selection through delivery as one accountable party.