Drawing WALE so a single tenant cannot hide
A weighted average lease expiry that looks tidy can still rest on one covenant. Here is how we split the bar before it reaches the committee table.
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Short pieces from the drawing room: how we treat lease averages, income that moved because you sold something, and maps that do not impersonate credit quality.
Like-for-like income and the lots you sold in March
A rising income line after a disposal is not a miracle. It is a change of stock. This note sets out how we keep those two stories on separate plates.
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Occupancy colour that does not impersonate covenant strength
Green for let and red for void feels obvious until a weak covenant is painted the same green as a government occupier. We keep those keys apart.
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What to bring to a holdings sitting in Magdalen Laver
The sitting is not a tour of our office. It is a working pass through the stock list. This is the bundle that lets us finish in a morning.
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Lot mix on East Midlands industrial estates
A fund that looks ‘all industrial’ on a pie chart can still be a handful of large sheds plus a fringe of yards. The mix plate should say so.
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