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Go-Dark Risk Calculator
When an anchor goes dark (stops operating), inline tenants often trigger co-tenancy rights: reduced rent, kick-outs, or free rent. This calculator sizes the damage.
Total center value loss
$10,714,286
Annual NOI impact
$750,000
Rent reduction from co-tenancy
$450,000
Rent lost to kick-outs
$300,000
How the math works
Anchor goes dark → co-tenancy triggers → rent reductions + kick-outs → NOI collapse. At a 7% cap, every $70k of NOI loss = $1M of value destroyed.
Underwriters stress-test go-dark scenarios for retail acquisitions. Centers with weak anchor credit or short anchor lease should be priced 15-25% below peers with strong-credit anchors on long leases.
EveryCalc calculators are designed for fast, practical estimates with transparent inputs and no required account. We use plain formulas, visible assumptions, and related tools so visitors can check the result from more than one angle.
Results are informational only. For financial, tax, legal, medical, construction, or other high-impact decisions, verify the output against primary sources or a qualified professional.
Learn more about our review process on the EveryCalc methodology page.
How this calculator works
What this page estimates
This Go-Dark Risk Calculator is built to give a quick, browser-based estimate for go-dark risk. When an anchor goes dark (stops operating), inline tenants often trigger co-tenancy rights: reduced rent, kick-outs, or free rent. This calculator sizes the damage. The inputs stay on the page during normal use, and the result should be treated as an estimate for planning, comparison, or education rather than professional advice.
Calculation approach
The calculator applies the standard relationship implied by the inputs, then formats the answer so it can be checked and reused. For finance tools, the most important step is using consistent units, rates, time periods, and assumptions before comparing the result with another calculator or outside quote.
Example workflow
For example, start with a realistic value you already know, change one input at a time, and watch how the answer moves. That makes it easier to tell whether the result is being driven by the main amount, the rate, the time period, or a unit conversion.
Practical checks
- Use current, real-world numbers when the result affects money, health, tax, or legal decisions.
- Run a low, base, and high case when the inputs are estimates.
- Check the related calculators below when the next decision depends on a different assumption.
How to interpret the go-dark risk result
Best use
Use the result as a planning number for comparing payments, rates, returns, tax reserves, or cash-flow choices before you request a quote or make a commitment.
Cross-check
Compare the answer with the contract, lender estimate, tax form, brokerage statement, payroll record, or invoice that will control the real-world outcome.
Watch for
Do not rely on a single optimistic rate, return, or fee assumption. Money pages work best when you run low, base, and high cases and keep professional advice separate from the estimate.
This page belongs to the Finance calculator library, so the answer should be read in the context of the decision you are modeling rather than as a universal rule.
Before relying on this go-dark risk estimate
Most calculator mistakes come from the inputs, not the arithmetic. Use this short audit before you reuse the answer in a spreadsheet, quote, application, or important conversation.
Confirm source numbers
Match balances, rates, fees, taxes, income, and payment dates against the lender quote, payroll record, tax form, statement, invoice, or contract.
Separate cash flow from total cost
A lower monthly payment can still cost more over time if fees, interest, taxes, or a longer term are hidden in the structure.
Run conservative cases
Test at least one higher-cost or lower-return case before using the output for a purchase, refinance, investment, loan, or tax decision.
Rerun this page when the rate, price, term, fee, tax rule, income, expense, or expected holding period changes.
How to Use
- Enter center base rent (annual).
- Enter % of tenants with co-tenancy rights.
- Enter rent reduction % those tenants can claim.
- Enter % of tenants likely to trigger kick-out.
- Enter cap rate.
- Read total NOI and value impact.
Frequently Asked Questions
What is 'going dark'?
Tenant stops operating but continues paying rent. Examples: Kmart closed stores but kept paying lease; JC Penney stores dark. The landlord has no remedy under most leases unless there's an operating covenant.
Why does it matter?
Traffic drops 30-50% when anchor dark. Inline tenants lose sales, trigger co-tenancy, threaten kick-out. Center value can fall 25-40% even though anchor still pays rent.
How to protect?
Operating covenants (anchor must operate, not just pay), anchor minimum SQFT requirements, tenant-replacement rights, and early-termination penalties for going dark. Structure at lease signing — can't retrofit.
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