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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
Appendix - Revenue and Expense Information


 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
 
Three Months Ended September 30, 2017
 
Full Consolidation (GAAP)
Noncontrolling
Interest
Company Share of Unconsolidated Investments
 
Full Consolidation (GAAP)
Noncontrolling
Interest
Company Share of Unconsolidated Investments
 
(in thousands)
Revenues
 
 
 
 
 
 
 
Rental
$
167,551

$
15,645

$
51,689

 
$
167,682

$
17,546

$
64,381

Tenant recoveries
30,026

2,786

10,733

 
26,671

1,925

17,667

Service and management fees
1,911

62

1,369

 
8,152

51

2,004

Parking and other
10,822

1,107

3,936

 
9,253

958

4,752

Land sales
7,920

792

11,708

 
21,786

2,092

16,497

Subsidized Senior Housing



 


3,206

Total revenues
218,230

20,392

79,435

 
233,544

22,572

108,507

Expenses
 
 
 
 
 
 
 
Property operating and management
66,337

7,418

19,965

 
71,961

7,541

26,419

Real estate taxes
25,105

3,349

5,853

 
21,748

2,423

9,131

Ground rent
4,235

48

629

 
3,837

49

2,635

Cost of land sales
2,723

267

10,337

 
13,301

1,305

15,481

Subsidized Senior Housing operating



 


1,996

Corporate general and administrative
9,736



 
16,480



Organizational transformation and termination benefits
8,289



 
2,633



 
116,425

11,082

36,784

 
129,960

11,318

55,662

Depreciation and amortization
60,925

6,462

17,369

 
60,194

6,079

23,736

Write-offs of abandoned development projects and demolition costs



 


1,179

Impairment of real estate



 
44,288


10,600

Total expenses
177,350

17,544

54,153

 
234,442

17,397

91,177

Operating income
40,880

2,848

25,282

 
(898
)
5,175

17,330

Interest and other income
13,296

499

194

 
20,361

514

2,117

Net gain on disposition of interest in unconsolidated entities


181,504

 


27,721

Gain on change in control of interests
219,666



 



Interest expense
(30,882
)
(4,994
)
(17,348
)
 
(31,597
)
(4,585
)
(23,824
)
Amortization of mortgage procurement costs
(1,366
)
(239
)
(393
)
 
(1,338
)
(353
)
(822
)
Loss on extinguishment of debt
(19
)


 



Earnings (loss) before income taxes and earnings (loss) from unconsolidated entities
241,575

(1,886
)
189,239

 
(13,472
)
751

22,522

Equity in earnings
7,369


(7,369
)
 
8,295

2,894

(5,401
)
Net gain on disposition of interest in unconsolidated entities
181,504


(181,504
)
 
28,828

1,107

(27,721
)
Impairment of real estate



 
(10,600
)

10,600


188,873


(188,873
)
 
26,523

4,001

(22,522
)
Earnings (loss) before income taxes
430,448

(1,886
)
366

 
13,051

4,752



 
 
 
 
 
 
 
Current income tax expense of taxable REIT subsidiaries
2,981


366

 
304



Earnings (loss) before loss on disposal of real estate
427,467

(1,886
)

 
12,747

4,752


Net gain (loss) on disposition of rental properties, net of tax
60,931

43,111


 
(256
)
2,285


Net earnings
488,398

41,225


 
12,491

7,037


Noncontrolling interests, gross of tax
 
 
 
 
 
 
 
Earnings from continuing operations attributable to noncontrolling interests
(41,225
)
(41,225
)

 
(7,037
)
(7,037
)

Net earnings attributable to Forest City Realty Trust, Inc.
$
447,173

$

$

 
$
5,454

$

$


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