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SEC Filings

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

Apartments
Comparable economic occupancy was 94.7% and 94.1% for the nine months ended September 30, 2018 and 2017, respectively. Economic apartment occupancy is calculated by dividing gross potential rent (“GPR”) less vacancy by GPR. GPR is calculated based on actual rents per lease agreements for occupied apartment units and at market rents for vacant apartment units. Market rental rates are determined using a variety of factors which include availability of specific apartment unit types (one bedroom, two bedroom, etc.), seasonality factors and rents offered by competitive properties for similar apartment types in the same geographic market. Comparable economic occupancy relates to stabilized properties opened and operated in both the nine months ended September 30, 2018 and 2017.
The following tables present leasing information of our apartment communities. 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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