Financial research concept

REIT Leased Occupancy: Signed Lease Commitments as a Share of Space

REIT leased occupancy measures space committed under signed leases, including space that may not yet be physically occupied or paying rent.

By Lee BaileyPublished Sep 21, 2026
Research context

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Research date
Sep 21, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
16 connected conceptsPart of the reviewed REIT Leasing and Capital Deployment; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. Why leased occupancy differs from occupancy
  2. Investor use
  3. Part of the REIT Leasing and Capital Deployment
  4. See It in Company Research
  5. Continue Research

REIT leased occupancy measures the share of available property space committed under signed leases.

Alexander & Baldwin defines leased occupancy as leased square footage divided by total available improved property square footage.

Why leased occupancy differs from occupancy

A signed lease can exist before:

  • the tenant receives access;
  • construction is complete;
  • the tenant opens; or
  • rent commences.

That means leased occupancy can exceed physical or economic occupancy.

Investor use

The gap between leased and economic occupancy can help identify signed-but-not-yet-paying leases that may contribute future rent.

But the exact timing depends on tenant build-out, delivery conditions, and rent commencement terms.

Source:

Leased occupancy measures contractual commitment, not necessarily current cash-paying utilization.

Part of the REIT Leasing and Capital Deployment

Connect lease duration, occupancy states, rent mark-to-market, tenant quality and concentration, development returns, and acquisition or disposition pricing to understand commercial real estate cash-flow durability and external growth.

How the model fits together
  • Lease rollover and rent mark-to-market: Weighted average lease term and lease-expiration concentration frame when rent rolls, while tenant retention, cash leasing spreads, GAAP or net-effective leasing spreads, and net-effective rent per square foot show how much space renews and at what economics.
  • Occupancy, tenant quality, and contractual rent base: Annualized base rent provides the contractual rent weighting base, leased and economic occupancy separate signed space from rent-paying space, and investment-grade mix, top-tenant concentration, and contractual rent growth describe the credit, concentration, and embedded growth profile of that rent stream.
  • Development and asset recycling: Development pipeline shows future capital commitments, development yield relates expected stabilized NOI to development cost, and acquisition and disposition cap rates frame the going-in yield bought versus the property yield sold. Issuer definitions differ, so these measures support capital-allocation analysis rather than a standardized arbitrage formula.

See It in Company Research

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