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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

(5)
Stabilized NOI for the following properties is included under Recently-Opened Properties/Redevelopment. As such, we have removed the following from the book value of projects under construction:
a.
$59.2 million, which represents the costs on the balance sheet associated with the ongoing redevelopment of Ballston Quarter.
b.
$12.6 million, which represents costs on the balance sheet associated with the phased opening of Ardan.
(6)
Includes $133.1 million of straight-line rent receivable (net of $6.6 million of allowance for doubtful accounts).
(7)
Includes $48.4 million of straight-line rent payable.

Net Asset Value Components - Stabilized NOI - Q2 2018 vs. Q3 2018
The following represents the quarterly change in stabilized NOI used to estimate NAV, as a result of recent property openings and sales, as well as other portfolio changes. GAAP reconciliations for the beginning period can be found in prior supplemental packages furnished with the SEC and are available on our website at www.forestcity.net.
 
 
 
 
 
 
 
 
 
 
Net Asset Value Components - Stabilized NOI
 
 
 
Stabilized Adjustments
 
 
 
 
 
Property
 
 
 
 
 
 
 
Q2 2018
 
Openings/
 
Property
 
Portfolio
 
Q3 2018
(Dollars in millions)
Stabilized NOI
 
Acquisitions
 
Sales
 
NOI Changes
 
Stabilized NOI
Operations
 
 
 
 
 
 
 
 
 
Office Real Estate
 
 
 
 
 
 
 
 
 
Life Science
 
 
 
 
 
 
 
 
 
Cambridge
$
24.4

 
$

 
$

 
$

 
$
24.4

Other Life Science
4.2

 

 

 
0.2

 
4.4

New York
 
 
 
 
 
 
 
 
 
Manhattan
14.5

 

 

 
(0.1
)
 
14.4

Brooklyn
23.4

 

 

 
(0.1
)
 
23.3

Other Office
7.5

 

 

 
(0.2
)
 
7.3

Subtotal Office
$
74.0

 
$

 
$

 
$
(0.2
)
 
$
73.8

Apartment Real Estate
 
 
 
 
 
 
 
 
 
Apartments, Core Markets
$
38.0

 
$
1.2

 
$

 
$
(2.2
)
 
$
37.0

Apartments, Non-Core Markets
12.9

 

 

 
(0.2
)
 
12.7

Subtotal Apartment Product Type
$
50.9

 
$
1.2

 
$

 
$
(2.4
)
 
$
49.7

Federally Assisted Housing

 

 

 

 

Subtotal Apartments
$
50.9

 
$
1.2

 
$

 
$
(2.4
)
 
$
49.7

Retail Real Estate
 
 
 
 
 
 
 
 
 
Other Retail
9.9

 

 

 
0.3

 
10.2

Subtotal
$
134.8

 
$
1.2

 
$

 
$
(2.3
)
 
$
133.7

Straight-line rent adjustments
3.6

 

 

 
0.4

 
4.0

Other Operations
(3.0
)
 

 

 
1.7

 
(1.3
)
Total Operations
$
135.4

 
$
1.2

 
$

 
$
(0.2
)
 
$
136.4

 
 
 
 
 
 
 
 
 
 
Development Pipeline
  
 
  
 
  
 
  
 
  
Development
 
 
 
 
 
 
 
 
 
Recently-Opened Properties/Redevelopment
$
8.1

 
$

 
$

 
$

 
$
8.1

Straight-line rent adjustments
0.8

 

 

 
(0.2
)
 
0.6

Other Development
(4.0
)
 

 

 

 
(4.0
)
Total Development
$
4.9

 
$

 
$

 
$
(0.2
)
 
$
4.7

Grand Total
$
140.3

 
$
1.2

 
$

 
$
(0.4
)
 
$
141.1









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