01 / Understand
The financing decision
Can diversified leases and collections support debt after tenant turnover and fit-out costs?
Prepare the rent roll as an operating map rather than a tenant count. Group suites by controlling business, payment source and common exposure, then connect each bay to its build-out and replacement cost. This makes a multi-tenant property easier to explain when many small leases conceal shared customers, related owners or concentrated renewal dates.
Describe what the space actually is
Plymouth Industrial REIT’s June 2025 supplemental separates property types and includes flex within its small-bay reporting. Those are that issuer’s definitions. Record your actual office percentage, doors, clearances and utility arrangements instead of applying a market label to every suite.
Compare contracts with cash
Plymouth’s reported annualized base rent excludes rent abatements. Use that disclosure as a reminder to label metrics precisely: a contracted run rate is not collected cash. Your tenant ledger should show free rent, arrears, recoveries and concessions independently.
Tie replacement demand to physical utility
The OCC’s industrial discussion identifies building characteristics and adaptability as underwriting considerations. Prepare a suite-specific replacement plan: which users could occupy the bay, what work would be needed and who pays before rent starts?
A hypothetical decision
Hypothetical: diversified names, shared exposure
A small-bay property has several tenant entities whose sales depend on the same regional construction contractor.
Group their collections and lease maturities into one stress case. Compare the resulting vacancy cash need with the sponsor’s available liquidity and separately cost any suite reconfiguration.
The takeaway: Tenant diversity is an evidence question; the number of lease signatures alone does not answer it.
Dedicated to small-bay industrial and flex
Download your niche underwriting package.
Use this dedicated Excel workbook with its lender guide and document checklist. Read the workbook instructions, replace illustrative assumptions with your evidence, and keep the guide beside your analysis.
Model scope and limitations
Area rolls from opening leases through move-outs and new leases. New leased area is capped by vacancy; leasing costs apply only to accepted new area. Midmonth turnover determines average rent-producing and vacant area.
Annual rent is a weighted cash base-rent assumption for the occupied bays. Reflect free rent in the rent or collection input once. This aggregate schedule does not reproduce individual lease steps or options.
- All numerical values are illustrative; no market facts or lender approval are asserted.
- The twelve-month operating model omits taxes on investor returns and future refinancing costs except expressly entered items.
- Legal, licensing, environmental, engineering and lender-specific recognition require actual diligence.
Excel .xlsx · PDF .pdf · No email required. Preparation materials do not constitute a loan offer or a lender’s document requirements.
Package reviewed by Jason Taken ·
Next: gather your lender documents ↓Related core asset model
Compare the existing core workbook.
The scope below describes the related core asset workbook. The dedicated niche package above has its own instructions and limitations.
The existing Industrial underwriting model provides the lease-cash-flow starting point.
Model scope and additional analysis
Its property-level inputs do not automatically reveal tenant affiliations, flex build-out differences or correlated rollover.
Prepare an additional schedule: Add a bay ledger and tenant-group stress schedule, then reconcile their totals to the workbook.
Test property-level loan sizing · Check post-closing liquidity
Questions to prepare for a lender
Use these questions to organize a financing discussion. A lender sets its own credit requirements and determines which evidence applies to your transaction.
How diversified are the actual payment sources?
Map related entities, common guarantors and connected businesses, alongside each tenant’s share of collected rent and outstanding receivables.
What happens when adjacent bays become vacant together?
Prepare a dated rollover schedule with alternative downtime, subdivision or combination costs, commissions and unrecovered common expenses.
Are flex improvements reusable?
Provide floor plans and a condition review identifying office build-out, HVAC, electrical service and loading features that the next user can use.
03 / Prepare
Build your document checklist.
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Continue the learning path.
Small-bay industrial tenant concentration and collections
Group small-bay tenants by payment obligor and shared business dependencies, then test the cash loss that unit-count diversification can conceal.
Industrial lease expiration and debt maturity
Put tenant expiration, downtime, free rent and debt maturity on one calendar to identify rollover funding and refinance risk.
Sources and applicability
The references support the specific points identified above. Preparation questions, checklists and hypothetical decisions are the publication’s analysis, not instructions issued by the source or a lender.
- Plymouth Industrial REIT — Q2 2025 supplementalLeased Square Feet and Annualized Base Rent by Type; Lease Expiration Schedule; June 30, 2025 · Checked 2026-10-21
Issuer-specific metric definitions and disclosure structure, not national underwriting thresholds.
- OCC — Commercial Real Estate Lending, version 2.0Appendix D, Industrial, printed pages 121–122; March 2022 booklet with March 20, 2025 reputation-risk edits · Checked 2026-10-21
Supports attention to physical characteristics and adaptability; no handbook numeric assumptions are adopted.
AI-assisted research and preparation. Published by Jaken Finance Group. Reviewed by Jason Taken on 2026-10-21. Report a correction.