We focus our asset management priorities towards the encouragement of tenants to make use of extension options at an early stage in their lease cycle.

Our Portfolio’s WARLT

With buildings that are built to tenant specification, and are occupied on long term leases, the weighted average remaining lease term (the “WARLT”) is of critical importance to the Centre’s strategic profile and thus its value. We focus our asset management priorities towards the encouragement of tenants to use lease extension options at an early stage in their lease cycle. This ensures we maintain or enhance a Centre’s WARLT (the “WARLT Maintenance”). This helps protect a Centre’s long term value, marketability and exit possibilities.
Factors which impact upon WARLT Maintenance include:
  • differences between tenants lease expiry dates
  • changes in tenant(s)’ retail concepts
  • the “planning security” a Centre’s right to build provides
  • the Centre’s ability to generate free cashflow
  • a tenant’s rent compared with the local market average
  • the versatility of a Centre’s buildings