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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


 
Nine Months Ended September 30, 2018
 
Nine 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
$
490,462

$
49,665

$
164,082

 
$
496,095

$
50,355

$
191,950

Tenant recoveries
85,245

7,859

37,080

 
80,735

5,790

53,002

Service and management fees
9,765

204

6,469

 
29,642

178

6,894

Parking and other
26,657

3,101

16,632

 
34,212

2,613

13,794

Land sales
23,359

2,334

26,223

 
45,308

3,999

41,065

Subsidized Senior Housing


1,903

 


22,684

Total revenues
635,488

63,163

252,389

 
685,992

62,935

329,389

Expenses
 
 
 
 
 
 
 
Property operating and management
200,112

22,344

65,781

 
228,912

21,265

79,459

Real estate taxes
66,147

8,162

20,042

 
64,305

7,101

26,778

Ground rent
12,013

146

5,824

 
11,491

152

7,494

Cost of land sales
7,943

773

24,211

 
22,996

1,821

38,889

Subsidized Senior Housing operating


1,743

 


13,806

Corporate general and administrative
35,331



 
46,081



Organizational transformation and termination benefits
29,188



 
14,021



 
350,734

31,425

117,601

 
387,806

30,339

166,426

Depreciation and amortization
170,652

19,393

58,592

 
189,496

19,628

69,123

Write-offs of abandoned development projects and demolition costs


6,282

 
1,596


1,926

Impairment of real estate



 
44,288


10,600

Total expenses
521,386

50,818

182,475

 
623,186

49,967

248,075

Operating income
114,102

12,345

69,914

 
62,806

12,968

81,314

Interest and other income
34,773

1,254

2,651

 
40,529

1,486

4,093

Net gain on disposition of interest in unconsolidated entities


265,158

 


80,018

Gain on change in control of interests
337,377



 



Interest expense
(86,849
)
(15,300
)
(58,185
)
 
(88,473
)
(12,119
)
(71,170
)
Amortization of mortgage procurement costs
(3,966
)
(900
)
(1,497
)
 
(4,067
)
(981
)
(2,462
)
Loss on extinguishment of debt
(3,995
)
(979
)
(479
)
 
(2,843
)

(1,625
)
Earnings (loss) before income taxes and earnings (loss) from unconsolidated entities
391,442

(3,580
)
277,562

 
7,952

1,354

90,168

Equity in earnings
12,038


(12,038
)
 
23,834

3,084

(20,750
)
Net gain on disposition of interest in unconsolidated entities
265,510

352

(265,158
)
 
81,782

1,764

(80,018
)
Impairment of real estate



 
(10,600
)

10,600

 
277,548

352

(277,196
)
 
95,016

4,848

(90,168
)
Earnings (loss) before income taxes
668,990

(3,228
)
366

 
102,968

6,202



 
 
 
 
 
 
 
Current income tax expense of taxable REIT subsidiaries
3,940


366

 
4,817



Earnings (loss) before gain on disposal of real estate
665,050

(3,228
)

 
98,151

6,202


Net gain (loss) on disposition of interest in development project, net of tax
6,227



 
(113
)


Net gain on disposition of rental properties, net of tax
84,038

43,111


 
13,573

2,285


Net earnings
755,315

39,883


 
111,611

8,487


Noncontrolling interests, gross of tax
 
 
 
 
 
 
 
Earnings from continuing operations attributable to noncontrolling interests
(39,883
)
(39,883
)

 
(8,487
)
(8,487
)

Net earnings attributable to Forest City Realty Trust, Inc.
$
715,432

$

$


$
103,124

$

$


36