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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 attributable to FCRT (GAAP) to Adjusted EBITDA attributable to FCRT (non-GAAP)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
 
(in thousands)
Net earnings attributable to Forest City Realty Trust, Inc. (GAAP)
$
447,173

$
5,454

 
$
715,432

$
103,124

Depreciation and amortization (1)
71,832

77,851

 
209,851

238,991

Interest expense (2)
43,236

50,836

 
129,734

147,524

Amortization of mortgage procurement costs
1,520

1,807

 
4,563

5,548

Income tax expense
3,347

304

 
4,721

5,009

Impairment of real estate

54,888

 

54,888

Net gain on disposition of rental properties
(199,324
)
(25,180
)
 
(306,215
)
(91,498
)
Gain on change in control of interests
(219,666
)

 
(337,377
)

EBITDAre attributable to Forest City Realty Trust, Inc. (Non-GAAP)
$
148,118

$
165,960


$
420,709

$
463,586

Loss on extinguishment of debt
19


 
3,495

4,468

Organizational transformation and termination benefits
8,289

2,633

 
29,188

14,021

Adjusted EBITDA (Non-GAAP)
$
156,426

$
168,593

 
$
453,392

$
482,075

 
As of September 30,
 
As of September 30,
 
2018
2017
 
2018
2017
 
(in thousands)
Nonrecourse mortgage debt and notes payable, net
$
4,259,161

$
4,939,820

 
$
4,259,161

$
4,939,820

Nonrecourse mortgage debt, net, on assets held for sale
9,521


 
9,521


Revolving credit facility


 


Term loan, net
333,967

333,568

 
333,967

333,568

Convertible senior debt, net
31,802

112,523

 
31,802

112,523

Total debt
$
4,634,451

$
5,385,911

 
$
4,634,451

$
5,385,911

Less cash and cash equivalents
(521,411
)
(226,353
)
 
(521,411
)
(226,353
)
Net Debt
$
4,113,040

$
5,159,558

 
$
4,113,040

$
5,159,558

Net Debt to Adjusted EBITDA (Annualized)
6.6
x
7.7
x
 
6.8
x
8.0
x

(1)
The following table provides detail of depreciation expense:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
 
(in thousands)
Full Consolidation
$
60,925

$
60,194

 
$
170,652

$
189,496

Noncontrolling interest
(6,462
)
(6,079
)
 
(19,393
)
(19,628
)
Unconsolidated
17,369

23,736

 
58,592

69,123

Company Share
71,832

77,851

 
209,851

238,991

Non-Real Estate
(985
)
(687
)
 
(2,653
)
(2,078
)
Real Estate at Company share
$
70,847

$
77,164

 
$
207,198

$
236,913



(2)
The following table provides detail of interest expense:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
 
(in thousands)
Full consolidation
$
30,882

$
31,597

 
$
86,849

$
88,473

Noncontrolling interest
(4,994
)
(4,585
)
 
(15,300
)
(12,119
)
Unconsolidated entities at Company share
17,348

23,824

 
58,185

71,170

Company share
$
43,236

$
50,836

 
$
129,734

$
147,524



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