Report: Tenants
The tenant report will become part of Placepoint Fusion. The report itself is not finished, but everything it builds on is available today: the tenants per address, the area behind them, the accounts of each company and the industry picture around them. This page goes through the tenant base track by track.
The report is coming, the foundation is here
The report gathers the tenants in one property or a whole portfolio into a single document, from the property you have open in the Property panel or the company you have open in the Company panel. Until it is ready, you do the round below yourself, tab by tab and map layer by map layer, or you let Placepoint AI put it together. It is the same data in all three cases; the difference is who writes the document.
The distinction between what is register information and what is not is sharper here than in any other report area. Who is located at the address, how long the company has been registered there, what it does and what it filed in its most recent annual accounts is public, and it sits in the console from the first click on the property. The rent level, the term, the options, the CPI adjustment, the deposit, the rent guarantee and the allocation of shared costs sit in your contracts, not in any register, and never will. WAULT is therefore not a figure the report can calculate. It gives you everything around it, and states clearly where the boundary runs.
See also: Manage a portfolio on placepoint.no.
The tenant list is a credit portfolio
The question a landlord asks is rarely just who is located in the building. It is how large a share of the rental income rests on how few counterparties, in how few industries, and how sound each of them is. A list of 20 names can be 20 independent cash flows or one cash flow with 19 attachments, and that difference decides which yield the building carries. The list is therefore read as a credit portfolio: concentration first, financial strength per counterparty next, industry correlation last.
The other decision comes before all of this: does the property have company tenants at all. The tenant data builds on the postal address register and registered business addresses in Brønnøysundregistrene (BRREG), so coverage is best for companies. Private residential tenants register no business address and are rarely picked up. For commercial property the list is therefore close to complete; for a residential building it is usually empty, and that is not an error in the data, but an expression of what the registers contain. The report is written for the first situation.
Who this is for
Landlords and managers who want to see the counterparty risk in the tenant base as a whole rather than company by company. The bank assessing the cash flow behind a loan, the buyer doing due diligence on the income side, and the commercial agent describing a building in a prospectus. An asset manager with several hundred properties uses the same round as portfolio screening: which buildings have one tenant too many, and which have a tenant that cannot withstand the downturn that is coming.
The data is the same wherever in the country the property lies: 1.1 million active companies, 850,000 sub-units and 5.3 million links between company addresses and properties. See Placepoint in numbers for the full overview.
The checklist
| Track | What to look for | Where in Placepoint |
|---|---|---|
| Who is located there | Company name, organisation number, industry, employees, tenancy duration | The Tenants tab in the Property panel |
| The area behind the tenancy | Use area per usage unit, total use area, deviation against the contract | Usage units under the Property tab |
| Financial strength | Revenue, EBITDA, net income, equity and employees over time | The Company panel's Financials tab |
| Group and guarantor | Parent company, group structure, beneficial owners | The Company panel's Ownership tab |
| Concentration | Share of employees at the largest, industry breakdown, average tenancy duration | The Tenant breakdown card, Filter |
| Change over time | Historic tenants, move history, average historic tenancy duration | Historic tenants, the Company panel's Offices tab |
| The industry picture around it | Which industries dominate the area, and who is growing | Business |
Map layers are switched on from Map layer in the left-hand menu. See How to use map layers if you have not done it before.
Who is located here
The first track is the list itself: who is registered at the address, how long they have been there, and how large they are. The Tenants tab in the Property panel opens with two cards above the table. Overview counts tenants with and without registered employees, sums employees in total and states average tenancy duration against average historic tenancy duration. Tenant breakdown splits the base by industry, with the share as a percentage per industry and a By menu for changing the grouping.
The table itself has one row per company, with the name, the industry description under the name, the number of employees and the tenancy duration, and an arrow that expands the row. Sort on Employees to see who actually fills the building, or on Tenancy duration to see who has been there longest. The fields in full, among them organisation number, age, legal entity type, NACE classification and business address, are described in Units and tenants. Next to the table there is a search field that filters the list locally, a column selector and a download button.
Click a tenant and you get a detail panel with group structure and shareholders. From there the way on is to the Company panel, which is where the rest of the tracks are answered.
Average tenancy duration is an unweighted average and not the same as WAULT, which weights by rent. It is still the fastest signal on whether the building is stably let or has turnover. An anchor tenant with nine years behind it next to an average tenancy duration of three years tells you that there are many short contracts under the anchor.
The list builds on registered business addresses, not on leases. A company can have its business address at its accountant and sit somewhere else entirely, and a company that has just moved in may be missing from the register for a few weeks. Cross-check against your own contract overview before you use the list as fact.
The area behind the tenancy
The next question is how much area each tenancy covers. Usage units under the Property tab lists the usage units registered on the property in Matrikkelen, each with unit number, floor and use purpose, and with UFA per unit in the full view. Above the table sit the area cards: built-up area and share of plot, plot area, use area in total split between residential and other, and use area ratio.
For a commercial building it is the number, type and area per usage unit that governs the income potential and which tenants the building can house. For a sectioned condominium it is the ownership sections that appear in the list. The combination of the area here and the names in the Tenants tab is the letting structure: fully let, partly vacant, or a mix of large and small tenants.
The check against the contracts is what the track is really about. A deviation of five to ten per cent between registered and contracted area is common in older matrikkel data. A larger deviation should be explained before it is priced in, and the direction decides who has a claim: if the contract area is the larger, the tenant is paying for more area than is registered.
Matrikkelen registers use area according to its own definition, not according to the measurement rule in your lease. The figures are a starting point for reconciliation, not a survey.
The financial strength behind the rent
A tenant is worth its contract as long as the company can bear to pay it. Click the tenant in the list, and the Financials tab in the Company panel gives the accounts year by year. The Accounts card plots revenue and EBIT per financial year, as bars or as a curve, and Select values controls which series the graph shows: Revenue, EBITDA, EBIT, EBT, Net income, Total assets, Equity and debt.
Under the graph sit the key figures for the most recent year with the change from the year before: income, net profit, EBITDA and number of employees. At the bottom are the sub-tabs Employees, Results and Annual report, where Annual report links to the filed annual accounts. That is the credit assessment of the largest tenants, done without ordering anything.
Four things are worth reading off for a landlord. Equity says whether the company can withstand one bad year. The development in employees says whether they will need more or less area at the next renewal. The result over several years separates a company in a cyclical downturn from one that is on its way out. And a company in liquidation or with negative equity is a finding in itself, however long the contract runs.
If the tenant is part of a larger group, the calculation changes. The Ownership tab shows beneficial owners, the shareholders per financial year, the ownership tree upwards and the group structure with parent, subsidiary and sister companies.
A subsidiary with a thin balance sheet and a solid parent company above it is a different counterparty from the same subsidiary on its own, provided the parent company has actually given a rent guarantee. The Ownership tab tells you who you can ask for it; whether it exists is in the contract.
The accounting figures are filed annual accounts and lag in time. A company that ran into problems in the current year still looks healthy in the most recent set of accounts, and the ownership chain can stop at a foreign company where Brønnøysundregistrene lacks depth data.
Concentration
Concentration is the question the report is built around: how much of the income hangs on how few counterparties. It is read at three levels in the same tab.
First the counterparty concentration. Sort the list on Employees and read off how large a share the top two or three make up of the sum in the overview card. One tenant with the whole building is concentration risk in its purest form; seven tenants with several years each behind them carry a different required return from one that accounts for everything. The employee count is an approximation of area and not a measurement, but for offices a rule of thumb of 10 to 15 m² per employee is good enough to rank by.
Then the industry concentration. The Tenant breakdown card splits the base by industry with the share as a percentage. Five tenants in the same industry is the same risk as one tenant, only in a different guise: they are hit by the same downturn at the same time, and they renew in the same market. A building with 34% in one industry and the rest spread out is something other than a building where three industries share everything.
Finally the term concentration, which the registers only give you indirectly. Tenancy duration per row says how long the company has been registered at the address, not when the contract expires. Clusters of tenants who moved in the same year are still a signal: they were probably let in the same round, and they probably fall due in the same round.
The portfolio version of the same question sits in two places. The Company panel's Properties tab has the sub-tab Tenants, which gathers the active tenancies across everything the company owns, with Historic tenants next to it.
Filter makes the same selection systematic. The filter type Property has the Tenants section, and Company has Premises (As Tenant) next to Accounts and Conglomerate And Owners, so you can pull out every property with only one tenant where that tenant has weak financials. Show in table opens the hits as a table at the bottom of the screen, and Export downloads them as a spreadsheet.
The shares in Tenant breakdown are calculated from registered companies and employees, not from rent. A small company with high rent per m² weighs the same as a large warehouse in that breakdown. Use it to see the structure, not to calculate income.
Change over time
A tenant list is a snapshot. The movement in it is often more informative than the picture itself, and it is read in three places.
The sub-tab Historic tenants next to Tenants shows who has moved out. An address many have moved away from in a short time is a question for the seller in a transaction and a question for the manager otherwise: is it the building, the location, the price or the operation. The overview card's average historic tenancy duration gives the same as a single figure, and the relationship between average tenancy duration and average historic tenancy duration says which way the building is moving. If today's average is significantly higher than the historic one, the building has a more stable tenant base than it has had.
From the opposite side, the same is read in the Company panel's Offices tab. It lists the business and office addresses connected to the company, with the Office breakdown card at the top and three sub-tabs: Offices, Offices tree and Move history.
Move history is where the relocation risk for a single tenant actually sits: a company that has changed address three times in ten years behaves differently from one that has sat still since it was founded. Offices tree shows whether the company has several locations, which is relevant when you assess whether it can consolidate its way out of your building. For a property company with many subsidiaries the tab is also a quick way to see the structure.
An address change in the register is a formal registration and not necessarily a physical move. A company that changes its business address to its accountant's office disappears from your list without having moved out of the building.
The industry picture around it
The tenant base in one building only makes sense when you see what kind of business life surrounds it. The map layers under Business answer two questions at the same time: whether today's tenants sit in an area that suits them, and who could take over the premises when they no longer do.
| Map layer | Answers |
|---|---|
| Main Industry per Basic Statistical Unit | The five dominant industries per grunnkrets by NACE and number of employees |
| Growing companies | Companies that have grown by at least ten employees or 25% over 18 months |
| Ownership and Company Structure | Who owns the neighbouring buildings, coloured by industry, with the ultimate owner |
| Retail activity | Where the retail trade in the municipality actually lies |
| Commercial buildings | The building stock that can be used for business, from matrikkelen |
| Shopping centres | The centres in the area by revenue and number of shops |
| Real Estate Transactions in the Media | What comparable commercial properties have been reported sold for |
If the search goes the other way, from vacant area to relevant companies rather than from building to tenants, it is Report: Tenant analysis and tenant search that covers that direction. Find the right tenant goes through the recipe for a single property.
Chains and branches are found by location, not by name. Each outlet has its own organisation number, so a name search on the chain does not hit the shop in the street.
The report itself
The format is a tenant overview with a risk assessment at the top, not a plain listing. The summary comes first and answers the concentration question: how much of the base rests on the largest counterparties, and whether any of them have figures that cannot withstand a renewal. Then comes the table itself, then financial strength per company, then the movement.
| Part | Content |
|---|---|
| Summary | Number of tenants, total area, concentration on the three largest, and the tenants that require follow-up |
| Tenant list | Company, organisation number, industry, employees, tenancy duration and area per unit where the link exists |
| Financial strength | Revenue, EBITDA, net income, equity and development in employees per tenant, with group where there is one |
| Concentration | Share per tenant and per industry, average tenancy duration against average historic tenancy duration |
| Change | Historic tenants, move-outs in the last year, and move history for the largest |
| Portfolio | The same figures aggregated across the properties, with a breakdown per municipality and industry |
| Not covered | Rent level, term, options, CPI adjustment, deposit, rent guarantee, shared costs and WAULT |
The last row is the scope limitation, and it always belongs. The report says who the counterparties are and what they can withstand; what they pay and how long they are tied in is in your contracts. The appendix states the source and date per piece of information with a link back to the tab it came from, so that every figure can be traced.
Create the report today with Placepoint AI
Placepoint AI has access to the same sources as the tabs and map layers above, and writes the document from a single prompt. More tenant examples, among them a full portfolio overview with tenants per building and flags for companies with negative equity, are on Examples and tips. The prompt does not need to be longer than this:
Create a tenant report for [cadastral number, address or organisation number].
Include all tenants with industry, number of employees and how long they have
been registered, the area per usage unit, and the latest accounts per tenant
with revenue, equity and profit. Calculate how large a share the three largest
make up, and how large a share the largest industry makes up. Include historic
tenants and move-outs, and the industry picture in the surrounding area. Mark
clearly what is not covered by the registers.
If the answer is going into your own template, ask for a table instead of a PDF, one row per tenant: company, organisation number, industry, employees, tenancy duration, equity and note. The standard instruction for commercial agents and managers on the same page prioritises area figures with source and tenants with industry and term, which is the same order the report follows.
If you are in the map, the Agent does the short lookup without switching tools: "Create a tenant overview for this property with how long they have been there" gives the list as text, with links on to each company. The map moves to where the property is.
Related surfaces
- Units and tenants - full field description for both tabs the report reads.
- Property panel - the other tabs on the same property.
- Company panel - financials, ownership, roles and address history for a single tenant.
- Filter - selection on tenants, accounts and group structure across the whole matrikkel.
- Tenants and business (FAQ) - where the tenant data comes from, and what is missing.
- Report: Tenant analysis and tenant search - the opposite search: find the companies that could move in.
- Report: Portfolio - what the portfolio consists of, as a basis for the tenant picture across it.
- Report: Due diligence - the commercial track together with the other DD tracks.
- Manage and monitor a portfolio - the tenant track gone through on a portfolio.
Data sources
- Brønnøysundregistrene (BRREG) (companies, roles, accounts, industry and registered business addresses).
- Skatteetaten (number of employees, shareholder data and beneficial owners).
- Matrikkelen via Kartverket (usage units, area and sections).
- Geodata AS (building data and shopping centres).
- Placepoint (the business map layers and the link between company address and property).