Preliminary Second Quarter 2020 to Date Residential Same Store Operating Statistics
These preliminary statistics along with the comparative numbers for the first quarter of 2020 are set forth below:
Q2 2020 QTD – Q1 2020
New Lease Change
(4.8%) – (0.7%)
Renewal Rate Achieved
1.5% – 4.2%
(0.7%) – 1.8%
The Company continues to experience a recovery in demand with initial leads, Traffic and applications now in-line with the same period last year. This increased activity has led to improvements in Physical Occupancy, which is 94.9% quarter to date. During May 2020, Residential Cash Collections remained strong and consistent with April 2020.
Blended Rate – The weighted average of New Lease Change and Renewal Rate Achieved.
New Lease Change –The change in rent for a lease with a new or transferring resident compared to the rent for the prior lease of the identical apartment unit, regardless of lease term and without concessions or discounts being applied.
Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment units available for rent for the reporting period.
Renewal Rate Achieved –The change in rent for a new lease on an apartment unit where the lease has been renewed as compared to the rent for the prior lease of the identical apartment unit, regardless of lease term and without concessions or discounts being applied.
Residential – Consists of multifamily apartment revenues and expenses.
Residential Cash Collections – Represents the amount of Residential cash collected for all properties from all current and former residents during a specified month.
Traffic – Consists of an expression of interest in an apartment by completing an in-person tour, self-guided tour or virtual tour that may result in an application to lease.