WALT & Lease Rollover Calculator
Enter up to three leases to calculate rent- and area-weighted terms and see where rent rolls over. Set rent and area to zero in an unused row.
Rent-weighted WAULT to expiry3.14 years
- Rent-weighted WAULT to break
- 1.86 years
- Area-weighted WALT to expiry
- 3.5 years
- Annual rent expiring within 12 months
- $50,000.00
- Rent rollover within 12 months
- 20%
- Rent rollover within 36 months
- 52%
- Largest rollover lease year
- Lease year 5
- Rent in largest rollover year
- $120,000.00
- Largest rollover concentration
- 48%
Rollover by lease year
| Lease year | Months to expiry | Annual base rent |
|---|---|---|
| 1 | 1 year | $50,000.00 |
| 2 | 2 years | $80,000.00 |
| 5 | 5 years | $120,000.00 |
Enter zero rent and zero area in an unused lease row so it does not affect either weighted term.
Lease year 1 includes expiries from now through month 12, including leases already at expiry.
How to use this calculator
- Enter current contractual annual base rent for each tenant lease, excluding vacant space.
- Enter rentable area using the same area unit for every lease in your rent roll.
- Enter the first tenant break date, or use the expiry date when there is no break option.
- Enter months to contractual expiry and review the portfolio rollover timing and concentration.
How WALT and WAULT are calculated
WALT, WAULT, and WALE are related ways to describe how long the leases in a commercial property have left to run. They are weighted averages, so a larger lease has more influence than a smaller one. The weight should be stated: many property-company disclosures use rent, while others use gross leasable area. This calculator reports both where the entered data allow it.
For each lease, let R be annual base rent, A be rentable area, B be months to the first break, and E be months to contractual expiry. For a portfolio, the rent-weighted term to expiry is:
WAULT to expiry = [sum(R × E) / sum(R)] / 12
The break version substitutes B for E. Area-weighted WALT to expiry is [sum(A × E) / sum(A)] / 12. A rent-free lease with no current contractual rent therefore has no effect on a rent-weighted term, but it can affect the area-weighted term. A lease with no break should use its expiry term as its break term.
Rollover measures
The 12- and 36-month rollover figures add the annual base rent of every lease expiring within those horizons, then divide by total annual base rent. The schedule groups each expiry into a lease year: months 0 through 12 are lease year 1, months 13 through 24 are lease year 2, and so on. The largest rollover concentration is the annual rent in the largest bucket divided by total annual base rent.
A shorter rent-weighted term usually means more near-term leasing decisions. It does not by itself say whether that is favourable: a landlord with strong market rent growth may view an approaching expiry differently from one facing weak demand or a concentrated tenant base. A large single-year bucket is a prompt to investigate the tenants, market rent, reletting lead time, and capital needs behind it.
What this tool leaves out
This page provides three lease rows, so it is best for a small portfolio or a focused scenario; apply the formula to your complete rent roll when it has more leases. It assumes that no renewal, early termination, default, rent step, or option exercise changes the entered dates or annual rent. It also does not estimate renewal probability, downtime, market rent, tenant credit, leasing commissions, tenant improvements, or vacancy.
Worked example
Consider three leases: $120,000 of rent, 10,000 square feet, a 36-month break, and 60 months to expiry; $80,000, 5,000 square feet, a 12-month break, and 24 months to expiry; and $50,000, 2,500 square feet, no break, and 6 months to expiry. Use 6 months as the third lease's break term. Total annual base rent is $250,000.
Rent-weighted WAULT to expiry is [(120,000 × 60) + (80,000 × 24) + (50,000 × 6)] / 250,000 / 12, or 3.14 years. Rent-weighted WAULT to break is 1.86 years, while area-weighted WALT to expiry is 3.50 years. The $50,000 third lease rolls in year 1; $80,000 rolls in year 2; and $120,000 rolls in year 5. The largest rollover is therefore lease year 5, representing 48% of rent.
Common questions
What is WALT, WAULT, or WALE in commercial real estate?
All describe a weighted average remaining lease term. WAULT usually means weighted average unexpired lease term, while WALE means weighted average lease expiry. The calculation should say whether leases are weighted by annual rent, area, or another stated measure.
Should WALT be weighted by rent or square footage?
Use rent weighting when you are assessing the timing of contracted rental income and rollover exposure. Use area weighting when your comparison or disclosure defines WALT in terms of occupied space. The two can differ materially when high-rent and low-rent space have different lease lengths.
What is the difference between WAULT to break and WAULT to expiry?
WAULT to break uses the first date at which a tenant can exercise a break right. WAULT to expiry uses the contractual end date instead. Break WAULT is usually shorter and can be a more conservative view of when income may be exposed to a tenant decision.
How do I handle a lease with no break option?
Enter the months to expiry as the months to first break. This treats the expiry date as the first point at which the tenant can leave under the stated lease term. Do not invent a break date from a renewal option or informal expectation.
Should renewal options be included in WALT?
Reporting practice varies, but a standard contractual WALT normally uses the existing break and expiry rights rather than assuming renewal options will be exercised. If you make an option-adjusted scenario, label it clearly and keep it separate from the contractual measure.
How does lease rollover concentration affect a property?
A high share of rent expiring in one lease year concentrates potential vacancy, reletting, capital spending, and negotiation risk. It can also create an opportunity to reset rents if the property is well positioned. The number should be read with tenant quality, local demand, lease incentives, and the landlord's ability to fund reletting costs.