Previously, I've shared on what to look out for when assessing debt profile of REITs, this time let's us look at lease profile of REITs. Unlike debt, leasing information presented by REITs is not standardized across the board. Some REITs would provide information based on NLA (Net Lettable Area), while some based on GRI (Gross Rental Income). This make apple to apple comparison challenging.
1) Occupancy
Where to Get: Presentation Slide

Occupancy is calculated based on NLA. This value is not applicable to hospitality REITs. Some REITs properties are leased under master lease scheme, in which a lessee rents the whole property. This is very common for industrial, logistics and healthcare REITs. In the case when this master lessee vacates, occupancy would dropped significantly. Finding a replacement tenant would be difficult and transition from master lease to multi-tenanted require time. The same apply to anchor tenants for retail and office REITs.

2) REVPAU/REVPAR - Revenue

...