Store Closure Impact Calculator

A store closing ripples through a center. This calculator sizes total NOI impact including secondary effects.

Base rent (annual)

Percent rent last year

Vacancy months

Re-tenanting cost

Co-tenancy cure cost

Total impact

$1,675,000

Rent loss during vacancy

$350,000

Percent-rent loss

$75,000

How the math works

Impact = rent loss + percent-rent lost + re-tenant cost + co-tenancy cure. All combine in the same year.

Size store-closure exposure per tenant as part of underwriting. Low-credit tenants in secondary markets can swing 12-18 months of NOI; price that into acquisition.

How to Use

Enter base rent of closed store.
Enter percent-rent paid last year.
Enter expected vacancy months.
Enter re-tenanting cost.
Enter co-tenancy cure cost.
Read total impact.

Frequently Asked Questions

What's biggest?

Usually re-tenanting cost. $500k-$2M+ for anchor. Rent loss during vacancy is a close second. Percent-rent loss smaller but still material.

Recovery timeline?

9-18 months for anchors; 3-9 months for inline. Secondary-market anchors can take 24+ months. Plan for 15 months unless you have tenant in hand.

Prevention?

Monitor tenant financials quarterly (for retailers with public filings). Pre-leased backup plans. Tenant diversification (no single tenant > 20% of rent).

How often should I rerun this?

Rerun this calculator whenever inputs change materially — new rent roll data, rate moves, loan balance updates, or quarterly operating data. For active deals, monthly refresh is typical. For stabilized assets under monitoring, quarterly is fine. Treat the output as a decision tool, not a one-time answer — market conditions evolve and so should your analysis.