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SEC Filings

8-K
FOREST CITY REALTY TRUST, INC. filed this Form 8-K on 10/30/2018
Entire Document
 
Forest City Realty Trust, Inc. and Subsidiaries
Supplemental Operating Information


Leasing Summary
Office Buildings
The following table represents those new leases and GLA signed on the same space in which there was a former tenant and existing tenant renewals along with all other new leases signed within the rolling 12-month period.

 
Same-Space Leases
 
Other New Leases
 
 
Quarter
Number
of Leases
Signed
GLA
Signed
Contractual
Rent Per
SF (1)
Expired 
Rent Per
SF (1)
Cash Basis 
% Change
over Prior
Rent
 
Number
of Leases
Signed
GLA
Signed
Contractual
Rent Per
SF (1)
 
Total GLA
Signed
Q4 2017
14

340,532

$
46.92

$
39.39

19.1
%
 
3

1,186

$
57.26

 
341,718

Q1 2018
13

183,331

$
73.09

$
63.36

15.4
%
 
3

7,172

$
31.61

 
190,503

Q2 2018
12

208,502

$
61.53

$
49.23

25.0
%
 
3

39,530

$
25.61

 
248,032

Q3 2018
8

103,667

$
50.26

$
46.23

8.7
%
 
4

10,103

$
90.71

 
113,770

Total
47

836,032

$
56.72

$
47.95

18.3
%
 
13

57,991

$
38.34

 
894,023

 
 
 
 
 
 
 
 
 
 
 
 
(1)
Office contractual rent per square foot includes base rent and fixed additional charges for common area maintenance and real estate taxes as of rental commencement. For all expiring leases, contractual rent per square foot includes any applicable escalations.
Apartment Communities
The following tables present leasing information of our apartment communities. Apartment segment occupancy data represents economic occupancy, which is calculated by dividing the period-to-date gross potential rent less vacancy by gross potential rent. Prior period amounts may differ from data as reported in previous quarters since the properties that qualify as comparable change from period to period.
Quarterly Comparison
 
 
 
 
 
 
 
 
 
 
 
 
 
Monthly Average Apartment Rental Rates (2)
 
Economic Apartment Occupancy
Comparable Apartment
Leasable Units
 
Three Months Ended September 30,
 
 
Three Months Ended September 30,
 
Communities (1)
at Company % (3)
 
2018
2017
% Change
 
2018
2017
% Change
Core Markets
8,857

 
$
2,043

$
2,027

0.8
%
 
95.8
%
94.3
%
1.5
%
Non-Core Markets
7,953

 
$
1,029

$
1,013

1.6
%
 
94.5
%
93.5
%
1.0
%
Total Comparable Apartments
16,810

 
$
1,563

$
1,547

1.0
%
 
95.4
%
94.0
%
1.4
%
 
 
 
 
 
 
 
 
 
 
Year-to-Date Comparison
 
 
 
Monthly Average Apartment Rental Rates (2)
 
Economic Apartment Occupancy
Comparable Apartment
Leasable Units
 
Nine Months Ended September 30,
 
 
Nine Months Ended September 30,
 
Communities (1)
at Company % (3)
 
2018
2017
% Change
 
2018
2017
% Change
Core Markets
8,857

 
$
2,031

$
2,011

1.0
%
 
95.1
%
94.6
%
0.5
%
Non-Core Markets
7,953

 
$
1,020

$
1,002

1.8
%
 
93.8
%
92.9
%
0.9
%
Total Comparable Apartments
16,810

 
$
1,553

$
1,533

1.3
%
 
94.7
%
94.1
%
0.6
%
 
 
 
 
 
 
 
 
 
 
Sequential Comparison
 
 
 
Monthly Average Apartment Rental Rates (2)
 
Economic Apartment Occupancy
 
 
 
Three Months Ended
 
 
Three Months Ended
 
Comparable Apartment
Leasable Units
 
September 30,
June 30,
 
 
September 30,
June 30,
 
Communities (1)
at Company % (3)
 
2018
2018
% Change
 
2018
2018
% Change
Core Markets
8,857

 
$
2,043

$
2,031

0.6
%
 
95.8
%
95.0
%
0.8
%
Non-Core Markets
7,953

 
$
1,029

$
1,016

1.3
%
 
94.5
%
94.1
%
0.4
%
Total Comparable Apartments
16,810

 
$
1,563

$
1,551

0.8
%
 
95.4
%
94.7
%
0.7
%
 
 
 
 
 
 
 
 
 
 
(1)
Includes stabilized apartment communities completely opened and operated in the periods presented. These apartment communities include units leased at affordable apartment rates which provide a discount from average market rental rates. For the three months ended September 30, 2018, 14.4% of leasable units in core markets and 4.9% of leasable units in non-core markets were affordable housing units.
(2)
Represents gross potential rent less concessions.
(3)
Leasable units represent our share of comparable leasable units at the apartment community.

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