How do I analyse a lease expiry profile?
A lease expiry profile shows how much rent or area comes up for lease expiry in each future period, usually by month or year. Group leases by expiry date and total the annual rent and area expiring in each period, as a share of the portfolio.
It matters because a large cluster of expiries in one period concentrates the risk of vacancy and rent resets.
Useful companions:
- Weighted average lease expiry (WALE), which averages remaining lease terms weighted by rent or area.
- Break clauses and renewal options, which can bring effective expiry forward.
Commonly misread:
- Using contractual end dates when tenants are on month-to-month holdover.
- Looking at area only, when rent per unit differs.
Set alerts well before expiry, since renewal discussions and re-letting take time.
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