MAT, or moving annual turnover, is the total sales a shopping centre or retailer made over the last 12 months. It is one of the most quoted numbers in retail leasing, and one of the easiest to misread.
Centre data often shows several versions of MAT side by side: a total figure, a per-square-metre figure, and a specialty figure. Each answers a different question. This guide explains what each one means, how to read them, and why the same two centres can each come out ahead depending on which number you look at.
What MAT Means
MAT is the sum of sales over the most recent 12 months. Each month, the newest month is added and the oldest is dropped, so the 12-month window keeps moving forward.
That rolling window is what makes MAT useful. A single month can be distorted by Christmas trading, school holidays or a slow winter. Twelve months always includes every season once, so MAT gives a fairer read of how a centre or shop is really trading.
MAT figures always come with a reporting date, which is the end of the 12-month window. When you compare two centres, check that their reporting dates line up. A MAT ending in May and one ending in December cover different periods.
Total MAT vs MAT per Square Metre
Total MAT tells you a centre’s scale. MAT per square metre tells you how productive its space is.
Total MAT is the headline dollar figure, such as $300 million in annual sales. It favours bigger centres, simply because more shops and more floor space produce more sales.
MAT per square metre divides those sales by the centre’s lettable area. This is the better number for comparing centres of different sizes, and for judging whether a centre can support the rent you are being asked to pay. A smaller centre with strong sales per square metre can be a better trading location than a larger one with a bigger headline figure.
Total MAT vs Specialty MAT
Total MAT counts every tenant in the centre. Specialty MAT counts only the smaller shops.
In a typical centre, majors such as supermarkets, department stores and discount department stores take up large floor areas and turn over a lot of money. Including them in the total can lift or drag the headline figure depending on how they trade.
Specialty MAT strips the majors out. If you are leasing a specialty shop, such as a fashion boutique, a cafe or a phone repair store, this is the figure that reflects the tenants you will actually be trading alongside. Specialty MAT per square metre is usually the most relevant benchmark for a specialty tenant.
Example: Queen Victoria Building (QVB) vs The Galeries
QVB wins on total MAT, but The Galeries wins on specialty MAT per square metre. The two Sydney CBD centres sit across George Street from each other, have similar lettable areas, and share the same owners and manager.
| Measure | Queen Victoria Building | The Galeries |
|---|---|---|
| Total MAT | $311.6 million | $261.2 million |
| Total MAT per sqm | $21,958 | $17,452 |
| Specialty MAT per sqm | $28,024 | $30,119 |
| Gross lettable area | 14,237 sqm | 14,970 sqm |
Source: LeaseInfo centre data, MAT for the 12 months to 29 May 2026.
Read the headline figures and QVB looks like the stronger centre. It turns over about $50 million more a year and about 26% more per square metre overall.
Read the specialty figure and the picture flips. The Galeries’ smaller shops sell about 7% more per square metre than QVB’s. For a specialty retailer weighing up the two, that is the more relevant comparison.
Neither centre is simply “better”. Which one comes out ahead depends on which MAT you read, and which one matters depends on the kind of tenancy you are looking at.
Why MAT Matters in a Lease
MAT is the starting point for judging whether a rent is affordable. It feeds into three things worth checking before you sign.
- Occupancy cost. This is your total occupancy cost (rent plus outgoings) as a share of your sales. If a shop pays $1,500 per sqm and sells $10,000 per sqm, its occupancy cost is 15%. Centre MAT per square metre gives you a benchmark for the sales a tenancy in that centre might achieve.
- Rent negotiation. A centre with strong and rising sales per square metre gives a landlord grounds for higher rents. A centre whose MAT is flat or falling gives you grounds to push back.
- Turnover rent. Some retail leases include a turnover rent clause, where you pay extra rent once your sales pass a set threshold. If your lease has one, understanding how MAT is measured and reported matters directly to what you pay.
What MAT Doesn’t Tell You
MAT is a strong signal, but it has limits. Keep these in mind when you read it.
- It shows sales, not profit. A centre with high turnover can still be a tough place to make money if rents and outgoings are high.
- It doesn’t show which categories are selling. A strong centre-wide figure can hide weak trading in your category. Tenant mix and category rents fill that gap.
- A few tenants can skew it. One large, high-performing tenant can lift a centre’s total, even if most shops trade modestly.
- It looks backwards. MAT covers the past 12 months. Upcoming changes, such as a new anchor tenant, a refurbishment or nearby competition, won’t show up yet.
Read MAT alongside tenant mix, rents and lease terms, not on its own.
Compare Centres Before You Sign
MAT is most useful when you can see it next to the rest of the picture. On LeaseInfo, you can compare MAT, rents and tenant mix across shopping centres side by side, so you know what a centre’s numbers really mean before you commit to a lease.