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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 Net Earnings (GAAP) to FFO (non-GAAP) to Operating FFO (non-GAAP)
The table below reconciles net earnings, the most comparable GAAP measure, to FFO and Operating FFO, non-GAAP measures.
 
Three Months Ended September 30,
 
 
Nine Months Ended September 30,
 
 
2018
2017
% Change
 
2018
2017
% Change
 
(in thousands)
 
 
(in thousands)
 
Net earnings attributable to Forest City Realty Trust, Inc. (GAAP)
$
447,173

$
5,454

 
 
$
715,432

$
103,124

 
Depreciation and Amortization—real estate
70,847

77,164

 
 
207,198

236,913

 
Gain on change in control of interests
(219,666
)

 
 
(337,377
)

 
Gain on disposition of rental properties
(199,324
)
(25,180
)
 
 
(306,215
)
(91,498
)
 
Impairment of depreciable rental properties

54,888

 
 

54,888

 
Income tax expense (benefit) adjustment:

 
 
 
 
 
 
Gain on disposition of rental properties
(234
)
232

 
 
738

4,874

 
FFO attributable to Forest City Realty Trust, Inc. (Non-GAAP)
$
98,796

$
112,558

(12.2)%
 
$
279,776

$
308,301

(9.3)%
Write-offs of abandoned development projects and demolition costs

1,179

 
 
6,282

3,522

 
Tax credit income
(3,430
)
(3,916
)
 
 
(10,854
)
(9,128
)
 
Loss on extinguishment of debt
19


 
 
3,495

4,468

 
Change in fair market value of nondesignated hedges
(613
)
416

 
 
(3,162
)
(1,387
)
 
Straight-line rent adjustments
(4,569
)
(2,797
)
 
 
(12,752
)
(9,732
)
 
Participation payments
26


 
 
1,160


 
Organizational transformation and termination benefits
8,289

2,633

 
 
29,188

14,021

 
Income tax expense on FFO
3,581

72

 
 
3,983

135

 
Operating FFO attributable to Forest City Realty Trust, Inc. (Non-GAAP)
$
102,099

$
110,145

(7.3)%
 
$
297,116

$
310,200

(4.2)%
 
 
 
 
 
 
 
 
Numerator Adjustments (in thousands):
 
 
 
 
 
 
 
If-Converted Method (adjustments for interest):
 
 
 
 
 
 
 
4.250% Notes due 2018
380

778

 
 
1,936

2,334

 
3.625% Notes due 2020
330

363

 
 
1,055

1,088

 
Total Adjustments
$
710

$
1,141

 
 
$
2,991

$
3,422

 
FFO attributable to Forest City Realty Trust, Inc. (If-Converted)
$
99,506

$
113,699

 
 
$
282,767

$
311,723

 
Operating FFO attributable to Forest City Realty Trust, Inc. (If-Converted)
$
102,809

$
111,286

 
 
$
300,107

$
313,622

 
Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding—Basic
267,978,704

265,260,403

 
 
266,468,193

261,566,151

 
Effect of stock options, restricted stock and performance shares
1,624,820

1,735,881

 
 
1,206,632

1,458,634

 
Effect of convertible debt
3,326,824

5,153,214

 
 
4,637,923

5,153,242

 
Effect of convertible 2006 Class A Common Units
1,111,044

1,566,465

 
 
1,111,044

1,757,072

 
Weighted average shares outstanding - Diluted
274,041,392

273,715,963

 
 
273,423,792

269,935,099

 
FFO Per Share - Diluted
$
0.36

$
0.42

(14.3)%
 
$
1.03

$
1.15

(10.4)%
Operating FFO Per Share - Diluted
$
0.38

$
0.41

(7.3)%
 
$
1.10

$
1.16

(5.2)%
 
 
 
 
 
 
 


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