What is 加权平均租约到期期限（WALE）?
以租金金额加权的房产或投资组合所有租约的平均剩余期限，WALE越长意味着现金流稳定性越高、再招租风险越低。机构投资者通常要求商业地产投资组合的WALE不低于3-5年。
Description
WALE (Weighted Average Lease Expiry) measures the average remaining lease duration across a portfolio, weighted by the rental income of each lease. A longer WALE means more income certainty; a shorter WALE indicates more leases are expiring soon, creating re-leasing risk.
A building with 3 tenants: Tenant A pays AED 200,000/year with 5 years remaining; Tenant B pays AED 100,000/year with 2 years remaining; Tenant C pays AED 100,000/year with 1 year remaining. WALE = (200K x 5 + 100K x 2 + 100K x 1) / 400K = 3.25 years.
Buyers and sellers in Dubai real estate transactions commonly reference this concept during negotiations and investment analysis.
公式
WALE = Sum of (Each Lease Rent x Remaining Lease Term) / Total Portfolio RentHow to interpret
WALE is a forward-looking income stability indicator. A long WALE is valuable because it means your rental income is contractually secured for years to come, reducing the risk of sudden vacancy or forced re-leasing at lower rates. Properties with long WALEs are prized by income-focused investors and institutional buyers who pay premium valuations for predictable cash flows.
When acquiring a commercial property, analyze not just the WALE but also the distribution of lease expiry dates. A WALE of 4 years is strong if leases expire evenly over time, but much weaker if 80% of income expires in the same year. Concentrated expiry creates a cliff-edge risk where a significant portion of income could disappear simultaneously.
迪拜市场背景
WALE is a standard metric for commercial real estate and REITs. Emirates REIT and other UAE-listed vehicles report WALE quarterly. In Dubai's residential market, standard 1-year leases mean WALE is less meaningful than for commercial portfolios with multi-year tenancies. A WALE above 5 years is considered strong for commercial assets.
Frequently asked questions
The average remaining lease term across a property or portfolio, weighted by rental income, indicating how long current income is contractually secured.
The standard formula is: WALE = Sum of (Each Lease Rent x Remaining Lease Term) / Total Portfolio Rent. Applying it consistently lets you compare projects on a like-for-like basis, which is the point of the metric.
WALE is a forward-looking income stability indicator. A long WALE is valuable because it means your rental income is contractually secured for years to come, reducing the risk of sudden vacancy or forced re-leasing at lower rates.
WALE is a standard metric for commercial real estate and REITs. Emirates REIT and other UAE-listed vehicles report WALE quarterly.
Oliva feeds Weighted Average Lease Expiry (WALE) into a proprietary 6-dimension score that rates eparticularly Dubai project on Financial Value, Market Dynamics, Location, Developer Trust, Risk, Macro Context, and Liquidity. This keeps comparisons consistent across hundreds of listings.
A building with 3 tenants: Tenant A pays AED 200,000/year with 5 years remaining; Tenant B pays AED 100,000/year with 2 years remaining; Tenant C pays AED 100,000/year with 1 year remaining. WALE = (200K x 5 + 100K x 2 + 100K x 1) / 400K = 3.25 years.
Stop reading theory. See 加权平均租约到期期限（wale） on real Dubai projects.
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This content is for educational purposes only and does not constitute investment, financial, legal, or tax advice. Yields, returns, and market data referenced are historical or estimated and are not guaranteed. Capital is at risk. Seek independent professional advice before making investment decisions. Oliva is a licensed Dubai real estate advisor (DLD Broker Card: 92025, RERA BRN: 1573501). Read our Key Risks Disclosure and Disclaimer.