Commercial Lease Rollover Schedule: A Checked Example

A commercial lease rollover schedule groups reviewed lease expirations by period and shows the area and rent associated with them. Start with an explicit as-of date, distinguish current contractual terms from unexercised options and reconcile the totals to the underlying lease rows. An expiration bucket describes exposure; it is not a prediction that the space will become vacant.

Use the commercial lease audit checklist to reconcile the documents first. This guide produces the next output: a schedule that a reviewer can reproduce from the accepted terms and can separate from a renewal scenario.

Choose what the schedule measures

Decide whether the unit is a lease, suite or distinct occupied area. A tenant with two suites may have one agreement or two different expirations. A lease may cover more than one parcel. Keep the relationship between the rows explicit so aggregation does not duplicate space.

For the exercise below, each row is one fictional lease covering a distinct area. Current annual base rent means twelve times the accepted monthly base rent at the as-of date. It is not total remaining contractual rent, cash collected, effective rent or a projection of the rent in the expiration year.

The OCC's March 2022 CRE lending handbook discusses lease maturity and tenant considerations within property analysis. Our worksheet applies the general need to inspect lease exposure. Its fictional inputs and aggregation rules are not OCC-prescribed thresholds or a lender's acceptance standard.

Keep contractual expiry and options separate

Store the current accepted expiration date, the supporting source location and any option information in separate fields. An unexercised renewal option is not an executed extension. An option notice deadline can be operationally important without changing the contractual expiration bucket.

Do not infer whether an option was validly exercised from a marketing summary or a free-text flag. The reviewer needs the relevant documents and, where appropriate, qualified legal input. Keep a disputed exercise in an unresolved field rather than silently moving the row into a later year.

A scenario can model a possible extension. Give it its own name and assumptions, and preserve the current contractual schedule beside it. A presentation should make clear which view it is showing.

Reproduce a four-lease example

Download the lease rollover practice pack. It includes a synthetic lease register, checked annual buckets, a separate option scenario, a blank register and an answer key. These CSVs are teaching tables, not an automated lease parser or legal review.

The as-of date is October 1, 2026. Assume the reviewer has accepted the following fictional inputs from the specified fixture clauses. No tenant identity or market evidence is represented.

Lease	Area, SF	Current annual base rent	Current expiry	Option status
L-01	10,000	$120,000	March 31, 2027	No option assumed in exercise
L-02	15,000	$210,000	December 31, 2027	Unexercised three-year option
L-03	5,000	$90,000	June 30, 2028	No option assumed in exercise
L-04	20,000	$240,000	September 30, 2029	No option assumed in exercise

Total included area is 50,000 SF and current annual base rent is $660,000. The 2027 bucket contains L-01 and L-02: 25,000 SF and $330,000 of current annual base rent. Each represents 50% of its respective total. The 2028 bucket has 10% of area and about 13.64% of rent. The 2029 bucket has 40% of area and about 36.36% of rent.

These percentages deliberately use the same occupied-lease population. They do not use the building's total rentable area or include vacant space. If your business question requires total building area, add that verified denominator and label it separately. Never change the denominator without changing the explanation.

Put the option into a named scenario

The exercise's extension scenario assumes L-02 runs to December 31, 2030. It does not assert that the option has been exercised or interpret a real clause. Under that assumption, 15,000 SF and $210,000 of current annual base rent move from the 2027 bucket to 2030.

The 2027 scenario bucket therefore becomes 10,000 SF and $120,000: 20% of area and about 18.18% of the unchanged current-rent total. The 2030 scenario bucket becomes 30% of area and about 31.82% of current rent. The total still reconciles to 50,000 SF and $660,000.

This is a timing scenario using current rent weights. It does not forecast the extended lease's future rent. A cash-flow model would need its own accepted future rent, downtime, concession and cost assumptions. Use the renewal and re-letting comparison to examine those cash-timing questions separately.

Reconcile before presenting the chart

Check that every included lease appears in exactly one current-expiry bucket, that areas do not overlap and that the row totals equal the grouped totals. Review missing dates outside the chart with their area and rent exposure. Dropping incomplete rows makes the percentage calculation look more precise by removing its uncertainty.

Change L-02's scenario date and confirm only the scenario moves. Change a reviewed current-expiry input and confirm the contractual view changes with a logged explanation. Test a duplicate row and a missing expiry. The expected behavior is an exception, not a new confident total.

AI can help propose fields and source locations. A person must check the clauses, amendment precedence, distinct areas and accepted dates. Inspect some apparently complete rows as well as flagged exceptions: the absence of a warning is not evidence that the date is correct.

Keep the commercial underwriting Claude playbook beside the exercise for page-cited lease abstraction prompts. Carry the approved schedule version, its as-of date and unresolved rows into the operating review so the next reader can reproduce what the chart means.

Frequently asked questions

Does a lease expiration bucket predict vacancy?

No. It groups current accepted contractual expirations. Renewal, move-out and re-letting outcomes require separate evidence and scenario assumptions.

Should an unexercised option change the current expiration date?

No. Keep it separate from the accepted contractual expiry. A named scenario can illustrate an extension without asserting that it has occurred.

What does annual rent in this practice schedule mean?

It is twelve times accepted monthly base rent at the as-of date. It is not future rent, remaining contractual rent, effective rent or cash collected.

How should missing expiry dates be treated?

Retain those rows in a visible exception queue with their area and rent exposure. Do not silently drop them and present the remaining percentages as complete coverage.