The certainty and the volatility of tenant periodical cash flows related to real estate investments can prominently impact on the expected return estimated ex-ante. Therefore the tenant risk is a crucial factor for the investors and their asset allocation choices. The paper considers the Italian real estate funds and aims at analysing tenant risk basing on lease contracts and at verifying if this kind of risk is well communicated to shareholders and to the whole market in general. The paper starts with a literature review of major contributes in this field, produced by both academicians and real estate institutions. Thanks to a strong partnership with Investment Property Databank (IPD), which provides aggregate data of the Italian real estate funds market, the research offers an empirical analysis of contracts signed in Italy during last years. Methodology will be very similar to that one that IPD has consolidated in the past in other countries. Contracts will be hence investigated under many features, in order to highlight different risk profiles, according to sector, location and floor area, with a particular attention in break option clauses. Results will be then compared with other IPD studies focused on other markets: UK and France basically. Finally, the study will be concentrated on annual reports and other public documentation produced by listed Italian real estate funds, in order to evaluate how the tenant risk is explained and communicated to the market.