WAULT
Calculate Weighted Average Unexpired Lease Term, to expiry and to break.
Introduction
Who this is for: Investors and lenders assessing income security on a multi-let asset.
Why it matters: WAULT is the single clearest measure of income security. It is weighted by rent, not by unit count, because a large tenant leaving matters far more than a small one. Lenders price debt off it.
Typical scenario: A four-unit trade counter estate where one tenant provides half the income and has a break in two years.
- Averaging lease lengths without weighting by rent — a common and material error.
- Quoting WAULT to expiry when the market convention for risk is WAULT to break.
- Ignoring that a single dominant tenant can flatter the figure while concentrating risk.
Inputs
Tenant 1
years
years
Tenant 2
years
years
Tenant 3
years
years
Analysis
WAULT to expiry is 7.96 years and to break 4.42 years, across £120,000 of income. The market convention is to quote to break, since that is the earliest the income can realistically be lost.
This analysis provides context, not financial advice. Consult a qualified adviser before making investment decisions.
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Live Results
WAULT to Expiry
7.96x
WAULT to Break
4.42x
Total Rent
£120,000