Print Page      Close Window     

SEC Filings

10-Q
FOREST CITY REALTY TRUST, INC. filed this Form 10-Q on 10/30/2018
Entire Document
 

Operations

Office
Comparable leased occupancy for Office is 94.5% and 97.0% as of September 30, 2018 and 2017, respectively. Leased occupancy percentage is calculated by dividing the sum of the total tenant occupied space under the lease and vacant space under lease by total gross leasable area (“GLA”) and represents leased occupancy at the end of the quarter. Office occupancy data includes leases with original terms of one year or less. Comparable leased occupancy relates to stabilized properties opened and operated in both the three months ended September 30, 2018 and 2017.
We monitor office leases expiring in the short to mid-term. Management’s plan to obtain lease renewals for expiring office leases includes signing of lease extensions, if available, and active marketing for available or soon to be available space to new or existing tenants in the normal course of business.
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.
 

41