We evaluate the creditworthiness of existing tenants to inform the stability of the WALT (weighted average lease term).

Actionable information, take the risk out of your decision-making process.

We provide an executive overview of a tenant's key financial and non-financial risks in an abbreviated format. The executive summary of a tenant's financial and market positioning. 

TRA's Essential Report provides all the critical risk and deal-specific information in an easy-to-grasp summary. A rating is assigned to both the entity and the lease, along with a summary of the rating drivers and the tenant's strengths and weaknesses.

The Essential Report includes a rating grid of financial and non-financial credit metrics, along with their respective weightings, for a fully transparent scoring process. We also include a summary of deal terms and recommended security based on the tenant's credit profile and the relevant submarket, when applicable.

A detailed write-up of the industry, key operational and strategic drivers in addition to a robust financial review. An in-depth picture of the tenant's business. Includes everything in the Essential Report plus additional features.

TRA’s Expanded Report comes with everything in the Essential Report, including an in-depth breakdown of a tenant’s business profile, creditworthiness, and transparent credit indicators and their weightings.

Each report also comes with a comprehensive business model and operations overview, sector-specific analyses, competitive market positioning, a summary of their current financials, and other key considerations.

for CRE Decision-makers

TRA can screen legal entities and individuals for global sanctions, criminal activity, political exposure, and more to ensure that tenants in your portfolio meet your strict standards.

OUR OFFERINGS

Asset managers, brokerages, market makers, and securities companies seek to maximize investor returns. To do so, they must be intimately acquainted with risk, although their strategies can often be opaque. TRA’s credit models for these tenants provide key insights into how to gauge the risk, credit, and overall business health of these often discrete firms.

Asset Managers + Brokers

Automotive companies are involved in all areas of automotive operations, including design and manufacturing, research and development, automotive financing, and aftermarket services. TRA’s credit models provide a 360-degree view of credit quality, measuring and scoring supply chain, market share, capitalization, vehicle margins, and end market strength.

Automotive

Banks and lenders can be financial lifelines for indivduals, corporations, and public agencies. Their primary services are establishing credit, accepting deposits, and issuing loans. Since 2008, banks and lenders have stricter lending standards and tighter underwriting requirements. TRA assesses bank and lender credit by analyzing the quality of capital and deposits, branch diversity, bank funding mechanisms, and/or loan portfolio quality.

Banking + Lending

Business and consumer services companies cover a wide range of business models, including gyms, caterers, contractors, home security, regional energy, and even movie theatres. Due to the diverse nature of businesses within this space, TRA assesses business services or consumer services companies by reviewing traditional credit metrics while also conducting a thorough review of relevant retail performance metrics, which vary by subsector.

Business and Consumer Services

Coworking companies offer flexible office spaces that help SMBs, freelancers, entrepreneurs, startups, and remote workers cut costs via shared infrastructure and pooled utilities. TRA measures the diversity of a coworking space’s revenue stream, rent roll, tenant quality, relationship with parent company, and local community engagement to assess credit risk. As the industry pivots to management agreements, TRA now also assesses the strength of our clients’ management partners.

Co-Working

Financial firms cover a wide range of financial services across industries, including RIAs and asset managers, brokerages and fintechs, and everything in between. While diverse in scope, TRA's credit model assesses a firm's financial strength and sustainability by leveraging sector-specific credit metrics that vary by industry and subsector.

Finance Companies 

Health insurance companies provide financial coverage for a wide range of medical expenses, often for thousands or even millions of people. They must endure an ever-changing regulatory environment, which results in very dynamic credit models. TRA gauges health provider networks, number of members, balance sheet quality, access to capital, recent and historical earnings, and even susceptibility to cybercrime, which could lead to patient data breaches.

Health Insurance

Investment Companies cover a wide range of financial services across industries, including registered investment advisers such as private equity firms, venture capital firms, hedge funds, and certain fintech companies. While diverse in scope, TRA's credit model assesses a firm's financial strength and sustainability by leveraging sector-specific credit metrics that vary by industry and subsector.

Investment Companies

Law firms support their clients by advising them on their legal rights, representing them in civil or criminal cases, supporting business transactions as general counsel, and handling many other legal matters. To assess the creditworthiness of any law firm, TRA considers the firm's practice areas, staffing and compensation metrics, profitability, and market reputation.

Law Firms

Life insurance companies sell highly regulated policies that offer long-term financial protection to individuals and their dependents. When assessing life insurers, TRA measures the cash stability of their investments, the premiums they receive from policyholders, actuarial practices, and many other credit metrics.

Life Insurance

Transportation and logistics companies transport people, goods, or both, sometimes providing related services like logistics, warehousing, or distribution. To determine the creditworthiness of logistics firms, we consider their various modalities and geographic coverage, combined with traditional cash flow, profitability, and leverage metrics.

Transportation + Logistics

Manufacturing companies turn raw materials or parts into finished goods. Thanks to our deep understanding of the industry, TRA assesses manufacturers by evaluating their size, supplier and customer concentration, trends in new orders, and distribution strategy. Coupled with traditional metrics, our tenant credit model offers high-quality insights into any manufacturer.

Manufacturers

Media companies produce, acquire, curate, and publish content. Their goal is generally to inform, engage, and entertain an audience while generating revenue through advertising, subscriptions, licensing, and other monetization strategies. When TRA assesses the credit of any media company, we measure traditional metrics like leverage, coverage, and margins, as well as market position, market share, seasonality, and business models.

Media Companies

Not-for-profits are established for charitable, educational, religious, scientific, or other purposes. NFPs do not return profits to owners or shareholders, typically reinvesting in the organization instead. When assessing the creditworthiness of NFPs, TRA examines the strength and diversity of revenue streams, margins, and investments, and whether the organization’s mission is sustainable.

Medical Device Manufacturers

Not-for-profit healthcare organizations can include hospitals, clinics, community health centers, hospices, and nursing homes. They offer a wide range of medical services, including preventive care, acute care, specialty care, and rehabilitation. When assessing NFP healthcare companies, TRA measures payer diversity, local area demographics, endowment strength, and capitalization.

Not For Profits

Not-for-profit healthcare companies, primarily healthcare networks affiliated with religious or academic institutions, are evaluated on net patient revenue, operating profit, leverage, and the demographics of markets served. They are also evaluated on the size and quality of their endowments. 

Not-for-Profit Healthcare

Packaged goods companies manufacture, distribute, and sell everyday consumer goods and products to other businesses, typically retailers. When assessing these businesses, TRA examines their margins, demand profile, market share, distribution strength, and exposure to broader upstream and downstream supply chain conditions.

Packaged Goods

Commercial tenants may co-sign their leases with a personal guarantor. A personal guarantee is a commitment made by an individual or organization to accept responsibility for another party's debt if the debtor defaults. When assessing personal guarantees, TRA looks at the net worth, credit history, and income stream quality of the individual or entity guaranteeing the lease.

Personal Guarantees

Pharmaceutical and Life Science companies research, develop, produce, and market medications that aim to cure, prevent, or alleviate the symptoms of certain illnesses. Every aspect of their operations is highly regulated. When assessing pharma companies, TRA examines their scope of operations, balance sheet strength, liquidity, revenue sources, and operating margins as well as the broader regulatory and market environment.

Pharmaceutical and Life Sciences

Professional services firms offer a broad range of B2B services, including legal, accounting, consulting, marketing, design, and even architecture. When TRA assesses the credit of any professional services firm, we gauge traditional profitability and leverage metrics, as well as the company’s size, reputation, competition, and demand for its services.

Professional Services

REITs and real estate investment companies own and/or operate income-producing real estate, often outsourcing dealmaking and development to third parties. When assessing these companies, TRA looks beyond traditional metrics like liquidity, cash flow, and leverage, reviewing portfolio quality, capital structure, market positioning, and even the development pipeline.

REITS and Real Estate Companies 

Retail businesses sell various goods and services, often buying stock in bulk from manufacturers and selling directly to consumers. When assessing retailers, TRA examines traditional accounting metrics to determine profitability, but also measures brand reputation, company size, geographic and demographic coverage, product diversification, sourcing strategies, and the demand profile for their products.

Retail and e-Commerce

Restaurants offer in-store food and drink, takeout delivery, and catering services to individuals and businesses. When assessing any restaurant, TRA measures leverage, profitability, flexibility/scalability, capitalization, ownership structure, sources of capital, and the owner’s experience operating one or many restaurant locations. 

Restaurants

Software companies build and sell software solutions and offer technology-related services for individuals and businesses. Typically, software provider revenue comes from recurring subscriptions, which makes analyzing their profitability and scalability more straightforward.  TRA rates software providers on their size, scale, capitalization, customer base, competition, business model, and even shareholder policies.

Software + Technology Companies

Startups are new companies typically characterized by innovative business models. Startups can be B2B or B2C, selling software solutions or unique products. Due to the speculative and untested nature of most startups, TRA provides a forward-looking credit score by reviewing products and services, business models, founders, investors, funding status, and milestones.

Start-Ups

Treated as regulated utilities, telecom companies build and maintain the national and regional networks and infrastructure that enable multichannel communication access nationwide. When assessing telecom companies, TRA goes beyond traditional cash flow and leverage metrics, measuring brand reputation, market positioning, geographic coverage, and the broader regulatory and political environment.

Telecom Companies

We help you understand the risks associated with the tenant's business in order to structure lease securitization.

We provide ongoing tenant and portfolio monitoring. This includes special situations like rent relief and workouts.

Uncover tenant risk, limit exposure to losses.

Essential Report
$3000

Expanded Report
$5000

Over 35 Industry-Specific Credit Models

1Asset Managers + Brokers

TRA works with leasing managers through every step of the process:

Leasing

Acquisition

Portfolio Management

Global Sanctions Screening

Get in touch. Let us identify the risk in your rent roll today.