It almost seems too obvious a point to make that a property's income stream is no more or less certain than that of its tenants. But Moody's Analytics CRE disagrees because the stakes have changed.

"In the era of high capital costs, the credit quality of tenants is more important than ever," the firm wrote. "As we saw with Bed Bath & Beyond earlier this year, major retailers are beginning to succumb to changing consumer behavior and economic conditions post-COVID. Passing 1000 stores and 32,000 employees in 2022 before declaring bankruptcy in April of this year, Bed Bath & Beyond serves as an example of why tracking tenancy in all economic conditions is vital."

"The loss of Bed Bath & Beyond may materially impair cash flow for some properties and result in some loans defaulting," wrote Trepp in an analysis at the time, which did note that other retailers were picking up on many of the vacancies. "Due to low levels of retail development in recent years, Bed Bath & Beyond's bankruptcy means a greater supply of space for retailers looking for expansion opportunities."