[brudgers]

Four years is nothing on a multi-generational investment horizon.

Any real-estate pro forma will include a vacancy rate.

If a person owns ten storefronts on a block, discounting one lease sets a lower rate for the nine other leases.

If a business can't afford the lease, that is a problem with its cashflow and/or access to capital relative to its aspirations. Often the landlord can simply take depreciation and meet its IRR targets. Particularly if the landlord is unleveraged. The building and land aren't going anywhere. That's the nature of real property as an asset class.