5d • General discussion
Quick underwriting reminder:
Don’t let “80% occupancy” fool you.
If 15% of those tenants are delinquent, you’re really at ~65% economic occupancy.
And that’s before factoring in:
- Discounts
- Promotions
- Partial payments
- Bad debt
So your actual collected revenue could be even lower.
This is where a lot of deals look good on paper but underperform in reality.
When you’re underwriting, always focus on:
- What’s actually being collected
- Not just what’s “occupied”
A full facility that isn’t paying is just liability with better optics.
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Quick underwriting reminder:
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