Rent Roll

What a Rent Roll Should Show

• Unit / Suite identification — Apartment number, suite number, square footage
• Tenant name — Legal entity name of the tenant
• Leased square footage — Rentable square feet for the unit
• Current monthly rent — Base rent in effect on the rent roll date
• Annual rent — Monthly × 12 (or annualized actual lease terms)
• Rent per square foot (PSF) — Annual rent ÷ square footage
• Lease commencement date — Lease start
• Lease expiration date — Lease end
• Rent escalations — Scheduled increases (CPI, fixed bumps, percentage rent)
• Renewal options — Number and length of renewal periods
• Security deposits — Amount held
• Concessions — Free rent, TI/LC, build-out allowances
• Arrears — Past-due rent (and aging)
• Lease type — Gross, modified gross, NNN, percentage

Critical Items NOT Shown on a Standard Rent Roll

Experienced CRE investors know the rent roll only tells part of the story. Critical items to verify separately: tenant credit quality and financial statements; lease guarantors and their financial strength; co-tenancy and exclusivity clauses; landlord obligations and ongoing capex commitments; tenant improvement (TI) obligations not yet funded; recapture rights and demolition clauses; option exercise patterns; historical collection rates (vs. stated rent). Always reconcile the rent roll against the actual operating statements and bank deposits.

Rent Roll Analysis — What to Look For

• Loss to Lease — Difference between in-place rents and current market rents (upside if below market; risk if above market)
• Lease expiration ladder — How much of the rent roll rolls over in each year of the hold period? Cluster expirations create renewal risk
• Tenant concentration — What percentage of rent comes from the top 1, 3, 5 tenants? Concentration creates re-leasing risk
• Tenant credit mix — Investment-grade vs non-investment-grade vs unrated
• Trailing 12 vs current rent roll — Reconcile the rent roll to the T12 to identify lease-up vs lease-out activity
• Concessions reality check — Is the rent roll showing "face" rents that include free rent? Net effective rent is what matters

Florida-Specific Rent Roll Considerations

• Hurricane / insurance pass-through — In NNN leases, confirm whether named storm insurance increases are passable to tenants
• RUBS income — Common in Florida multifamily; verify if rent roll separates RUBS from base rent
• Tourism-driven seasonality — Orlando hospitality and short-term rental rent rolls show seasonal patterns that require T12 normalization
• Property tax pass-through — Florida commercial property is fully reassessed at sale — confirm pass-through ability for the post-sale tax increase

What is a rent roll in commercial real estate?

A rent roll is a line-by-line schedule of every tenant in a commercial property — listing unit, tenant, rent, lease dates, escalations, options, and concessions. It is the single most important due diligence document in any CRE transaction and the foundation for NOI calculation, valuation, and lender underwriting.

How do I verify the accuracy of a rent roll?

Reconcile the rent roll against the operating statements (T12), bank deposit records, and the actual lease documents for each tenant (or at least a sample). Discrepancies between stated rent and collected rent often surface here. Confirm concessions, free rent periods, and arrears separately.

What is loss to lease and how do I calculate it?

Loss to Lease is the difference between in-place contractual rents and current market rents. If a 100-unit apartment has $1,800 average in-place rent but $2,000 market rent, the loss to lease is $200/unit × 100 units × 12 months = $240,000 annually. Loss to lease represents upside as leases roll to market — or downside risk if in-place rents exceed market.

How do Florida rent rolls differ from other states?

Florida rent rolls require specific attention to: hurricane insurance pass-through in NNN leases, RUBS (Ratio Utility Billing System) income common in multifamily, tourism-driven seasonality in hospitality and short-term-rental properties, and post-sale property tax reassessment pass-through. Florida rent rolls should be analyzed alongside post-acquisition operating expense projections to capture these dynamics.

Who can help me analyze a rent roll on a Florida commercial property?

Michael R. Linton at Linton Global Solutions analyzes rent rolls as part of every Florida CRE acquisition due diligence — reconciling against T12 operating statements, identifying loss to lease and concession patterns, modeling post-acquisition lease-up assumptions, and stress-testing the underwriting. Call (312) 612-1031.

Article Summary

A rent roll is the line-by-line tenant schedule of a commercial property — listing unit, tenant, rent, lease dates, escalations, options, and concessions. It is the foundation document for NOI calculation, valuation, lender sizing, and acquisition due diligence. Florida rent rolls require specific attention to hurricane insurance pass-through, RUBS income, seasonality, and post-sale property tax reassessment. Critical analysis includes loss to lease, lease expiration ladders, tenant concentration, credit quality, and reconciliation against T12 operating statements. Michael R. Linton at Linton Global Solutions analyzes rent rolls as part of every Florida CRE acquisition.

Key Takeaways

• ✓Rent roll is the line-by-line schedule of every tenant — foundation for NOI and valuation.
• ✓Includes unit, tenant, rent, lease dates, escalations, options, concessions, arrears.
• ✓Always reconcile rent roll against T12 operating statements and bank deposits.
• ✓Analyze loss to lease, lease expiration ladder, tenant concentration, credit quality.
• ✓Florida-specific: hurricane insurance pass-through, RUBS income, seasonality, tax reassessment.
• ✓Net effective rent matters more than face rent — normalize concessions.
• ✓Rent roll only tells part of the story — verify guarantors, co-tenancy, capex obligations separately.
• ✓Post-acquisition operating expenses (insurance, tax) often differ materially from seller historicals.

About Michael R. Linton

Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor. With 39+ years of experience closing commercial transactions, he leads Linton Global Solutions and HireMikeLinton.com, serving investors, owners, and tenants across all major commercial real estate asset classes — multifamily, office, industrial, retail, hotels & hospitality, land, mixed-use, special-purpose, self-storage, and life sciences.

Michael holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722). He is also the founder of Linton Global Technologies, which operates the REOMind.ai AI-powered REO disposition platform serving 500+ banks.

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Works Cited

1. NAIOP Commercial Real Estate Development Association. "NAIOP Due Diligence Resources." NAIOP, https://www.naiop.org/research-and-publications/. Accessed Jun 7, 2026.
2. BOMA International. "Building Operating Standards." BOMA, https://www.boma.org/. Accessed Jun 7, 2026.
3. CCIM Institute. "Commercial Real Estate Analysis Resources." CCIM, https://www.ccim.com/. Accessed Jun 7, 2026.
4. Urban Land Institute. "ULI Real Estate Research." ULI, https://americas.uli.org/research/. Accessed Jun 7, 2026.
5. Internal Revenue Service. "Real Estate Investor Tax Information." IRS, https://www.irs.gov/businesses/small-businesses-self-employed/real-estate-tax-center. Accessed Jun 7, 2026.

Disclosure & Compliance

Disclosure: This article discusses proprietary technology developed by Linton Global Technologies. Michael R. Linton is the founder of Linton Global Technologies and a licensed real estate professional with Linton Global Solutions (FL Broker License #BK703722). This content is for informational purposes only and does not constitute investment, legal, or financial advice.

Compliance Statement: All CREDDS and REOMind.ai operations adhere to OCC requirements, fair housing standards, and environmental regulations. Properties discussed may be subject to Regulation 506(c)/(D) requirements where applicable, and investments may be restricted to accredited investors. Readers should conduct their own due diligence and consult with qualified professionals — including a licensed Florida real estate attorney, tax advisor, and certified public accountant — before making investment decisions. Past performance does not guarantee future results.