Multi-tenant deals and rent rolls

Multi-tenant deals (medical office buildings, retail strip centers, mixed-use) get first-class treatment in Trestle. Each tenant is analyzed independently, and aggregate metrics (WALT, HHI, occupancy) are computed across the rent roll.

Uploading a rent roll

When you submit a new deal:

• Drop your OM or lease stack
• If the property has multiple tenants, Trestle's AI will extract a rent roll with each tenant's: suite, SF, annual rent, lease expiration, tenant name
• Review the extraction and correct any mis-reads

If Trestle didn't auto-detect the rent roll:

• On the deal page, you'll see a Rent Roll section
• Click Add tenant to manually add each one
• Alternatively, re-upload the OM — the extraction improves with cleaner source docs

What Trestle computes

Once the rent roll is populated, Trestle automatically calculates:

• WALT (Weighted Average Lease Term): average remaining lease term, weighted by each tenant's share of rent. Higher = more stable income.
• HHI (Herfindahl-Hirschman Index): tenant concentration. 10,000 = single tenant. < 1,500 = highly diversified. Affects risk premium in underwriting.
• Occupancy rate: % of SF leased
• Anchor identification: the single tenant with the largest % of SF or rent
• Per-tenant rent-coverage: each tenant's ability to pay its rent, from unit-level economics (if available)

These appear on the deal page and in the deal package.

Per-tenant credit analysis

Each tenant gets its own credit analysis:

• Multi-tab view on the Credit page
• Public tenants → EDGAR data
• Private tenants → upload a P&L or financial statement, see Strengthen tenant credit analysis
• Each tenant gets its own credit narrative tab

Per-tenant narratives

Unlike single-tenant deals (one narrative), multi-tenant deals have:

• A per-tenant narrative for each tenant — focus on that tenant's credit story
• An optional Rent Roll narrative — the overall concentration, diversification, and quality-of-income story

Both appear in the deal package. Anchor tenant gets the most prominent placement.

Property P&L (NOI verification)

For multi-tenant deals, you can upload a property-level P&L to verify NOI:

• On the deal page, find Property Financials
• Upload T-12 or annual P&L
• Trestle parses it and compares to the contract rent roll
• Discrepancies (e.g., contract rent $1.1M but actual collections $950K — some tenants paying late) get flagged

This is especially useful for:

• Value-add deals where recent collections differ from proforma
• Deals with tenant turnover in the trailing 12 months

Tips

• Good rent roll = good analysis: spend 2 minutes confirming the extracted rent roll before running the pipeline
• Anchor tenant drives the deal: make sure anchor credit is rock-solid (detailed narrative, P&L uploaded)
• HHI above 5,000 = single-credit risk: even if nominally "multi-tenant," if one tenant dominates, treat it like a single-tenant deal for credit focus