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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
Supplemental Operating Information


NOI (Non-GAAP) Detail (in thousands)
 
Three Months Ended September 30,
 
 
Nine Months Ended September 30,
 
 
2018
2017
% Change
 
2018
2017
% Change
Office Segment
 
 
 
 
 
 
 
Comparable NOI
67,918

66,515

2.1
%
 
203,390

200,620

1.4
%
Non-Comparable NOI
3,427

367

 
 
4,668

8,787

 
Office Product Type NOI
71,345

66,882

 
 
208,058

209,407

 
Other NOI (1)
5,415

2,781

 
 
9,852

9,010

 
Total Office Segment
76,760

69,663

 
 
217,910

218,417

 
Apartment Segment
 
 
 
 
 
 
 
Comparable NOI
47,764

47,250

1.1
%
 
143,424

140,205

2.3
%
Non-Comparable NOI
741

(26
)
 
 
2,198

(79
)
 
Apartment Product Type NOI
48,505

47,224

 
 
145,622

140,126

 
Federally Assisted Housing

1,532

 
 
124

9,813

 
Other NOI (1)
(1,596
)
(869
)
 
 
(4,626
)
(2,692
)
 
Total Apartment Segment
46,909

47,887

 
 
141,120

147,247

 
Retail Segment
 
 
 
 
 
 
 
Retail NOI
21,719

39,698

 
 
71,430

118,659

 
Madison Preferred Return
1,075


 
 
6,006


 
Retail Product Type NOI
22,794

39,698

 
 
77,436

118,659

 
Other NOI (1)
(1,189
)
56

 
 
(523
)
(682
)
 
Total Retail Segment
21,605

39,754

 
 
76,913

117,977

 
Operations
 
 
 
 
 
 
 
Comparable NOI
115,682

113,765

1.7
%
 
346,814

340,825

1.8
%
Retail NOI
22,794

39,698

 
 
77,436

118,659

 
Non-Comparable NOI (2)
4,168

341

 
 
6,866

8,708

 
Product Type NOI
142,644

153,804

 
 
431,116

468,192

 
Federally Assisted Housing

1,532

 
 
124

9,813

 
Other NOI (1):
 
 
 
 
 
 
 
Straight-line rent adjustments
3,985

2,133

 
 
10,919

8,776

 
Participation payments
(26
)

 
 
(1,160
)

 
Other Operations
(1,329
)
(165
)
 
 
(5,056
)
(3,140
)
 

2,630

1,968

 
 
4,703

5,636

 
Total Operations
145,274

157,304

 
 
435,943

483,641

 
Development Segment
 
 
 
 
 
 
 
Recently-Opened Properties/Redevelopment
2,646

2,542

 
 
7,392

1,188

 
Other Development (3)
(1,803
)
(3,283
)
 
 
(9,378
)
(16,296
)
 
Total Development Segment
843

(741
)
 
 
(1,986
)
(15,108
)
 
Grand Total
$
146,117

$
156,563

 
 
$
433,957

$
468,533

 

(1)
Includes straight-line rent adjustments, participation payments as a result of refinancing transactions on our properties and management and service company overhead, net of service fee revenues.
(2)
Non-comparable NOI includes lease termination income of $495 and $936 for the three and nine months ended September 30, 2018, respectively, compared with $618 and $6,219 for the three and nine months ended September 30, 2017.
(3)
Includes straight-line adjustments, non-capitalizable development overhead and other costs on our development projects.

Percentage of NOI by Product Type (dollars in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
 
NOI
% of Total
NOI
% of Total
 
NOI
% of Total
NOI
% of Total
Office Segment
$
71,345

50.0
%
$
66,882

43.5
%
 
$
208,058

48.2
%
$
209,407

44.7
%
Apartment Segment
48,505

34.0
%
47,224

30.7
%
 
145,622

33.8
%
140,126

29.9
%
Retail Segment
22,794

16.0
%
39,698

25.8
%
 
77,436

18.0
%
118,659

25.4
%
Total Product Type NOI
$
142,644

 
$
153,804

 
 
$
431,116

 
$
468,192

 



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