Tenant Go-Dark Rent Loss Calculator

A dark tenant still pays rent but damages center traffic and triggers co-tenancy. This calculator models secondary NOI loss.

Dark tenant annual rent

Center traffic drop %

Inline tenant rent total

% rent share of inline

Co-tenancy abatement %

Abatement months

Secondary NOI loss

$247,500

Percent-rent loss

$45,000

Abatement loss

$202,500

How the math works

Secondary loss = percent-rent drop + abatement from co-tenancy. Dark rent paid does not offset.

Dark tenants destroy center economics even while paying base rent. Track sales trends on adjacent tenants to detect traffic decay early and preempt with re-tenanting.

How to Use

Enter dark tenant rent.
Enter traffic drop %.
Enter inline tenants affected.
Enter co-tenancy abatement %.
Read secondary NOI loss.

Frequently Asked Questions

Why is dark rent a problem?

Anchor space visibly vacant even if paid. Shopper traffic falls. Inline tenants' sales drop (percentage rent falls). Co-tenancy clauses may trigger. Center value declines at re-sale.

Recapture rights?

Many modern leases let LL recapture dark space for re-letting. Older leases don't. Pull every lease for go-dark language before acquiring a retail center.

Pricing strategy?

Discount acquisition by 15-25% of pro forma if dark tenant share >20%. Or negotiate buy-back/assignment right with tenant at acquisition. Don't assume dark = ok.