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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


Reconciliation of Earnings Before Income Taxes (GAAP) to Net Operating Income (non-GAAP) (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
Earnings before income taxes (GAAP)
$
430,448

$
13,051

 
$
668,990

$
102,968

Earnings from unconsolidated entities
(188,873
)
(26,523
)
 
(277,548
)
(95,016
)
Earnings before income taxes and earnings from unconsolidated entities
241,575

(13,472
)
 
391,442

7,952

Land sales
(7,920
)
(21,786
)
 
(23,359
)
(45,308
)
Cost of land sales
2,723

13,301

 
7,943

22,996

Other land development revenues
(3,574
)
(1,781
)
 
(9,612
)
(4,748
)
Other land development expenses
2,338

2,977

 
7,132

7,575

Corporate general and administrative expenses
9,736

16,480

 
35,331

46,081

Organizational transformation and termination benefits
8,289

2,633

 
29,188

14,021

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

Interest and other income
(13,296
)
(20,361
)
 
(34,773
)
(40,529
)
Gains 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

NOI related to noncontrolling interest (1)
(8,658
)
(10,583
)
 
(29,985
)
(30,737
)
NOI related to unconsolidated entities (2)
41,378

51,738

 
132,565

160,467

Net Operating Income (Non-GAAP)
$
146,117

$
156,563

 
$
433,957

$
468,533

 
 
 
 
 
 
(1) NOI related to noncontrolling interest:
 
 
 
 
 
Earnings from continuing operations attributable to noncontrolling interests (GAAP)
$
(41,225
)
$
(7,037
)
 
$
(39,883
)
$
(8,487
)
Exclude non-NOI activity from noncontrolling interests:
 
 
 
 
 
Land and non-rental activity, net
652

3,565

 
1,753

4,943

Interest and other income
499

514

 
1,254

1,486

Depreciation and amortization
(6,462
)
(6,079
)
 
(19,393
)
(19,628
)
Amortization of mortgage procurement costs
(239
)
(353
)
 
(900
)
(981
)
Interest expense and extinguishment of debt
(4,994
)
(4,585
)
 
(16,279
)
(12,119
)
Gain on disposition of rental properties and interest in unconsolidated entities
43,111

3,392

 
43,463

4,049

NOI related to noncontrolling interest
$
(8,658
)
$
(10,583
)
 
$
(29,985
)
$
(30,737
)
(2) NOI related to unconsolidated entities:
 
 
 
 
 
Equity in earnings (GAAP)
$
7,369

$
8,295

 
$
12,038

$
23,834

Exclude non-NOI activity from unconsolidated entities:
 
 
 
 
 
Land and non-rental activity, net
(907
)
(4,001
)
 
(1,857
)
(5,580
)
Interest and other income
(194
)
(2,117
)
 
(2,651
)
(4,093
)
Write offs of abandoned development projects and demolition costs

1,179

 
6,282

1,926

Depreciation and amortization
17,369

23,736

 
58,592

69,123

Amortization of mortgage procurement costs
393

822

 
1,497

2,462

Interest expense and extinguishment of debt
17,348

23,824

 
58,664

72,795

NOI related to unconsolidated entities
$
41,378

$
51,738

 
$
132,565

$
160,467


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