Print Page      Close Window     

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
Selected Financial Information

Consolidated Statements of Operations – (Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
 
(in thousands)
Revenues
 
 
 
 
 
Rental
$
167,551

$
167,682

 
$
490,462

$
496,095

Tenant recoveries
30,026

26,671

 
85,245

80,735

Service and management fees
1,911

8,152

 
9,765

29,642

Parking and other
10,822

9,253

 
26,657

34,212

Land sales
7,920

21,786

 
23,359

45,308

Total revenues
218,230

233,544

 
635,488

685,992

Expenses
 
 
 
 
 
Property operating and management
66,337

71,961

 
200,112

228,912

Real estate taxes
25,105

21,748

 
66,147

64,305

Ground rent
4,235

3,837

 
12,013

11,491

Cost of land sales
2,723

13,301

 
7,943

22,996

Corporate general and administrative
9,736

16,480

 
35,331

46,081

Organizational transformation and termination benefits
8,289

2,633

 
29,188

14,021

 
116,425

129,960

 
350,734

387,806

Depreciation and amortization
60,925

60,194

 
170,652

189,496

Write-offs of abandoned development projects and demolition costs


 

1,596

Impairment of real estate

44,288

 

44,288

Total expenses
177,350

234,442

 
521,386

623,186

Operating income (loss)
40,880

(898
)
 
114,102

62,806

Interest and other income
13,296

20,361

 
34,773

40,529

Gain on change in control of interests
219,666


 
337,377


Interest expense
(30,882
)
(31,597
)
 
(86,849
)
(88,473
)
Amortization of mortgage procurement costs
(1,366
)
(1,338
)
 
(3,966
)
(4,067
)
Loss on extinguishment of debt
(19
)

 
(3,995
)
(2,843
)
Earnings (loss) before income taxes and earnings from unconsolidated entities
241,575

(13,472
)
 
391,442

7,952

Equity in earnings
7,369

8,295

 
12,038

23,834

Net gain on disposition of interest in unconsolidated entities
181,504

28,828

 
265,510

81,782

Impairment

(10,600
)
 

(10,600
)

188,873

26,523

 
277,548

95,016

Earnings before income taxes
430,448

13,051

 
668,990

102,968

 
 
 
 
 
 
Current income tax expense of taxable REIT subsidiaries
2,981

304

 
3,940

4,817

Earnings before gain on disposal of real estate, net of tax
427,467

12,747

 
665,050

98,151

Net gain (loss) on disposition of interest in development project


 
6,227

(113
)
Net gain (loss) on disposition of rental properties
60,931

(256
)
 
84,038

13,573

Net earnings
488,398

12,491

 
755,315

111,611

Noncontrolling interests, gross of tax
 
 
 
 
 
Earnings from continuing operations attributable to noncontrolling interests
(41,225
)
(7,037
)
 
(39,883
)
(8,487
)
Net earnings attributable to Forest City Realty Trust, Inc.
$
447,173

$
5,454

 
$
715,432

$
103,124


7