# Coverage Beat — [Metro / Asset Class]

**Analyst:** [name] · **Quarter:** [Q_ 20__] · **Beat since:** [month]

> **The take (one sentence):** what's the single thing someone should know about your market this quarter?

## Supply
- Pipeline: [units/SF under construction] — *source:*
- Deliveries next 12 months vs. trailing average: — *source:*

## Rent trend
- [Asking/effective rent, YoY]: — *source:*
- One sentence on direction and why.

## Demand signal
- Pick ONE: absorption, migration, employment, leasing spreads — *source:*

## The risk
- The thing that would break your take. Stated plainly.

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**Gate checklist (Workshop 2 rule — nothing ships unchecked):**
- [ ] Every number above has a named source I actually opened
- [ ] No AI claim survived without verification
- [ ] One page. The take is one sentence.