Proprietary income risk analytics for the commercial real estate industry 

View INCANS™ Scores across our three core products:

Created using advanced statistical modelling techniques, the INCANS products empower real estate professionals, investors and lenders to assess, quantify and manage income risk more effectively.

Users can instantly access tenant, asset and portfolio analytics and reports – which are updated in real time – via a highly intuitive dashboard. Scores and reports in both PDF and Excel are easily downloaded along with historical data using the ReWind feature.

We deliver a set of proprietary, transparent and standardised tenant income risk measures – known as the INCANS™ Scores – for more than 420 million companies worldwide. 

INCOME Analytics MASTER UPDATED (1) (1).mp4

Income Analytics was set up to answer one simple question: 


What is the % probability that a business will fail during the term of its lease?

We have developed the INCANS™ Scores, a unique set of quantitative measures that allow our clients to forecast the % probability of tenant default and subsequent rental loss during the term of a lease.

Looking to use INCANS™ Scores with your existing internal systems?


We have an API that will deliver the data you want when you need it.

The world’s first real-time, online, global tenant income risk analysis

Sign up to receive our INCANS Risk INSIGHT publications and news 

February 6th 2023, London. Income Analytics (INCANS) announced today that Simon Mallinson has been appointed as its Chief Operating Officer. Established in 2020, INCANS is focused on helping clients quantify tenant income risk and minimise future losses. 

“We are excited Simon Mallinson has joined us as we enter the next stage of our growth” said Matthew Richardson, co-founder and CEO of INCANS. “Simon has a wealth of global experience delivering real-time, actionable data to real estate professionals and is the right individual to reinforce INCANS growth”.

Real estate data veteran Mallinson joins Income Analytics

Great to see our tenant default analysis feature in a recent piece by React News.

Retailer health check: who will be next after Joules?

In a recent article run by EG, Pui-Guan Man looks at how real estate investors and owners are using INCANS® scores to help quantify the future cashflow at risk caused by potential tenant defaults.

How NewRiver is stress-testing its portfolio

Since 2008, commercial real estate has enjoyed an unprecedented bull run in terms of capital value growth. That charge is now over. Today’s economic realities mean that the returns from real estate investments are likely to be “income only” for the foreseeable future. Under such conditions investors need to shift their attention to the quality and duration of their rental cashflows.

UK CRE investment markets go "income only" as yield gap over bonds disappear 

Businesses in the logistics sector are the highest risk tenants, while those in healthcare and education present the lowest risk. These are the findings of the INCANS Top 200 Averages for Q2 2022. 

The ratings, created by Income Analytics, give real estate professionals a likelihood of tenant failure by using advanced statistical modelling. The lower the score, the higher the risk of default. 

The following are most challenged sectors using data to the end of Q2 2022:

Logistics tenants are under pressure while retail woes continue

Navigating the post-pandemic economy is turning out to be hard. Ahead are hidden hazards, sharp corners and unpredictable oncoming traffic.
UK inflation rose to 9.1% in May, according to data released today. In the U.S. it is 8.5%, both at 40 year highs and both expected to grow. Energy prices are soaring, and growth on both sides of the Atlantic is doubtful: U.S. first-quarter growth was 0.1% whilst UK GDP fell by 0.3% in April.

Driving with the rearview mirror: CRE needs a new roadmap for recession risks

New data on tenant default risk from Income Analytics has underscored the vulnerability of many logistics occupiers.

Risk of tenant default higher in logistics than retail or leisure

Matthew Richardson, Founder and CEO of Income Analytics, said: “We very much welcome the opportunity to work with EG in providing a “best in class” tenant risk solution to their clients. It is an area of the market that has been neglected for far too long, and recent events have only confirmed the need for landlords to better understand their tenants and the challenges they face.”

"The INCANS® Scoring system was set up to answer a simple question – “What is the % probability that a tenant will default during the term of their lease?” We are delighted to be able to offer this capability alongside EG’s extensive data sharing platform.”

Income Analytics partners with EG Radius to supply tenant and asset risk solution for the UK real estate industry

We are pleased to announce the product release of our Top 200 Industry and Property Sector Averages. This is the result of months of analysis by our research team, bringing this data to life for the first time.

Income Analytics releases industry market averages to the platform

We are delighted to announce that we have released a new set of tenant, asset and portfolio level PDF reports. These will be available on the INCANS platform from Monday 7th February 2022 and have been developed in response to client feedback over the last 12 months.

In this month's PERE publication René Veerman from MSCI Real Estate writes about how Covid has shown the need for data tools that enable investors to understand the risk that tenant defaults pose to cashflows and hence why MSCI Inc. has invested in Income Analytics and is providing access to the INCANS tenant income risk dashboard to its global client base.

MSCI on calculating the risk to real estate income

Check out this fantastic new video by MSCI Real Estate MSCI Inc. on our partnership and 'how and why 'this is such an exciting and important partnership for the global commercial real estate industry.

MSCI: "Understanding Tenant Default Risk with Income Analytics"

We are excited to announce that Lucy Baker has joined Income Analytics as our new Account Manager, she will be working closely with all clients as well as our Sales team.

Exclusive data provided to Bisnow by Income Analytics shows it likely means more bad news for landlords, some of whose tenants may now fail to make it through the vital pre-Christmas trading period.

"Why The UK's Supply Chain Crisis Could Be A Mega-Headache For Landlords"

In this blog by MSCI, the relationship between the MSCI UK Indices and the INCANS scores is analysed delivering some fascinating insights

Real estate’s income risk in the wake of COVID-19

"Income Analytics Aiming to Shake Up Real Estate Valuation"

Matt Richardson, CEO Income Analytics, is interviewed for the Dun & Bradstreet Power of Data podcast series by Nick White, Head of D&B Accelerate.

The founders of a new proptech venture that has just won backing from MSCI and Savills said UK commercial real estate needs to rethink its approach to cashflow.

"Why We Need To Talk About Your Risky Tenants"

MSCI and Savills have led a funding round into Income Analytics, a data technology firm that provides investors with proprietary global rental default risk measures on commercial real estate income (the INCANS Scores) at tenant, asset, fund and portfolio
levels

MSCI and Savills lead funding round into Income Analytics

Real estate investments vehicles are categorised in risk terms according to familiar yet subjective style labels such “core”, “core +”, “value add” or “opportunistic”.  What empirical evidence supports the use of these labels?

"Less Subjectivity Please! Issues With Framing & Subjectivity in Global Real Estate Markets"

Matt Richardson partakes in a Webinar with MSCI and KanAm Grund to discuss what the industry has learned since the 2008 crash.

Great to see a packed turnout for the inaugural INCANS Risk Summit held at Savills London HQ. 

Many thanks to all involved, and watch out for our next INCANS Risk Insight newsletter for more market-leading intelligence on the world of commercial real estate risk.

INCANS Income Risk Summit on 25th November. The event is kindly being hosted by Savills. The question we will be addressing is;
-What has the GFC and Covid taught us about risk in real estate? 
-Have we learnt the lessons?

Join us for a virtual event on November 8, where we’ll announce the results of the MSCI UK Quarterly Property Index for Q3 2021. We will then take a focus on income risk in the wake of Covid-19: Matt Richardson, CEO and Co-Founder, Income Analytics will join Will Robson, Global Head of Real Estate Solutions Research, to discuss MSCI’s latest research.

IPF/MSCI UK Property Investment Webinar Q3 2021

In a low capital growth market commercial real estate becomes a fixed income style investment with a floating capital opportunity attached. But, in the current pandemic, it’s important to understand the occupier, their business environment, along with specific requirements. That need is all the greater in the many parts of the real estate market seeing increasing operating risk for landlords and their investors and lenders. But how do investors, landlords, property professionals and lenders rate, analyse and monitor their income risk
and what tools and data exist to support them in this task?

CREFC Webinar: "How Well Do You Know Your Tenants Income Risk?"

Proprietary income risk analytics for the commercial real estate industry

We deliver a set of proprietary, transparent and standardised tenant income risk measures – known as the INCANS™ Scores – for more than 420 million companies worldwide.

Created using advanced statistical modelling techniques, the INCANS products empower real estate professionals, investors and lenders to assess, quantify and manage income risk more effectively.

Users can instantly access tenant, asset and portfolio analytics and reports – which are updated in real time – via a highly intuitive dashboard. Scores and reports in both PDF and Excel are easily downloaded along with historical data using the ReWind feature.

View INCANS™ Scores across our three core products:

Tenant

Asset

Portfolio Manager

Delivering greater insights and value than a company credit report

Delivering greater insights and value than a company credit report

Income Analytics offers:

User-friendly interface that delivers data online in real-time

Quantitative measures of default failure and risk

Long-term forecast detailing probability of tenant failure over one-to-ten years

Single international scoring system applied to over 420 million companies worldwide

Equivalent bond rating and comparison of CRE income risk with equities and bonds

View and monitor the quality of your tenants’ income 24/7

The Question

What is the % probability that a business will fail during the term of its lease?

The Answer

What does your business need?

Tenant

Asset

Portfolio Manager

Tenant

Our easy-to-understand and transparent Tenant Risk scores and analysis make measuring tenant default risk quick and simple.

Looking to use INCANS™ Scores with your existing internal systems?

We have an API that will deliver the data you want when you need it.