Research contextSee what supports this page, how current it is, and where comparable or historical context is available.
- 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
- 2 reviewed companiesRelationships reflect supported examples, not a normalized cross-company KPI ranking.
REIT weighted average lease term, or WALT, measures the average remaining term of a property portfolio's leases after applying an issuer-defined weighting method.
The weighting may use annualized base rent, square footage, or another economic measure.
Why WALT matters
A longer WALT can indicate:
- more contractual revenue visibility;
- less near-term lease rollover;
- slower mark-to-market opportunity; and
- potentially greater exposure to below-market or above-market legacy rents.
A shorter WALT can create more near-term repricing opportunity but also more renewal and vacancy risk.
Filing examples
Realty Income reported an 8.8-year weighted average remaining lease term at year-end 2025. Agree Realty reported 7.8 years.
Sources:
WALT measures contractual duration. It does not measure tenant credit quality or future renewal probability.
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
These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
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