How much of the rent sits behind a covenant you trust
Guarantor language read out of every lease and rolled up weighted by rent — including, and this is the part that matters, the share with nothing recorded at all.
Counting tenants answers the wrong question
Two of three leases here carry a guaranty, which sounds like a well-secured building. Weighted by the rent actually behind each covenant, nearly a fifth of the income is standing on nothing recorded.
- Shares of rent, not shares of suitesEach covenant type carries the income it actually secures. A guaranty on a small unit and one on the anchor stop looking equivalent.
- “None recorded” is a row, not an omissionA summary listing only the guaranties it found turns a blank column into an implied covenant. This one names the gap and sizes it.
- Read from the lease, with the clauseThe covenant type comes out of the document itself, traceable to the sentence it was read from like every other extracted term.
Tenant credit & guaranty
- Corporate guaranty48.1%
Cardinal Freight Systems
- Personal guaranty34.1%
Meridian Cold Storage
- None recorded17.8%
Halstead Components
Weighted by rent, not by tenant count — the question is how much income stands behind a covenant.
What this does not tell you, and will not pretend to
DealWise reads the lease. It does not rate the tenant. There is no credit-scoring step here, no lookup of financial statements, no letter grade attached to a company name.
That boundary is deliberate. Whether a personal guaranty is worth anything depends on who signed it and what they are worth, and the lease does not say. A product that turned guarantor language into a confident-looking score would be inventing the part you actually needed.
What it does give you is the structure: which covenant sits behind each lease, how much income each one secures, and where there is nothing at all. That is the map you need before you go and ask the questions the document cannot answer — and what the different guaranty types actually mean is worth knowing before you read one.
Credit and concentration are one exposure
A strong covenant on half your income is still half your income in one place. The two findings belong beside each other because neither is interpretable alone.
- Secured, but concentratedA corporate guaranty behind 48% of base rent is genuinely reassuring and still means one decision elsewhere moves half your income.
- Unsecured and small is a different risk17.8% on nothing recorded is a manageable exposure. The same share on the anchor would not be.
Tenant credit — the same building, reversed
- None recorded48.1%
Largest tenant, 48.1% of rent
- Personal guaranty34.1%
Second tenant
- Corporate guaranty17.8%
Smallest tenant
Identical covenant types, identical tenant count. The exposure is completely different, and only the rent weighting shows it.
Questions people ask
What does DealWise read about tenant credit?
The guarantor language in the lease itself — whether the obligation is backed by a corporate guaranty, a personal guaranty, a letter of credit, a security deposit, or nothing recorded at all. It reads what the contract says. It does not look up the tenant's financial statements or assign a credit rating.
Why weight by rent instead of counting tenants?
Because the question is how much income stands behind a covenant, not how many tenants have one. Three of four tenants carrying a guaranty sounds strong until the fourth is half the rent. Counting tenants answers a question nobody is actually asking.
What happens when a lease has no guarantor recorded?
It is reported as its own share, beside the rest. This matters more than it sounds: a summary that lists only the guaranties present converts a blank column into an implied covenant, and the reader has no way to tell the difference between 'none' and 'not extracted'.
Is a personal guaranty worth less than a corporate one?
It depends entirely on who is behind it, and the lease does not tell you. What DealWise reports is which kind of covenant each lease carries and how much rent sits behind it — the judgement about whether that covenant is worth anything is yours, and it needs information the document does not contain.
Does it flag tenant concentration too?
Yes. Concentration and credit are the same question asked twice: how exposed is the income, and how well secured is the exposure. A tenant at 48% of base rent is a concentration finding whether or not the guaranty behind it is strong.
Where this goes next
Lease guaranties explained
What sits behind the rent, and why a blank column is not a denial.
Rollover & re-leasing
The other half of income exposure — when it rolls.
Lease abstraction
Where the guarantor language is read from.
What is a rent roll?
The table these shares are computed over.
All capabilities
Everything else the product does.
Plan for rollover
The job this capability feeds into.
See what is actually behind your rent.
Upload the leases and DealWise reads the guarantor language out of each one, rolls it up weighted by rent, and reports the share with nothing recorded beside the rest. Free plan, no credit card.