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let agreement is simply an agreement between a landlord and a prospective tenant to enter into a lease at a date in the future. This is often contingent upon the satisfaction of certain conditions such as the completion of a building or fitout project.
Occupancy rate is the proportion of units that are not vacant. Leased rate includes apartments that are occupied, but for which a lease has been signed and a move-in date is imminent. So if you have ten occupied apartments and one moves out, you're down to 90%.
?Pre-leasing? is a process for new potential residents to apply for and pay a deposit on an apartment/home before it is available for viewing. Pre-leasing typically applies to properties that are in the process of vacating (i.e. the previous tenant is still living there).
100% Preleased Assets Under Development means Preleased Assets Under Development which have one hundred percent (100%) of its projected total rentable area leased at market rates to third party tenants similar to those at Borrower's other properties.