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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
Summary of Adjusted EBITDA and NOI by Segment - Three and Nine Months Ended September 30, 2018 (in thousands)

 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2018
Fully Consolidated Entities
Office
Apartments
Retail
Total Operations
Development
Corporate
Total
 
(in thousands)
Revenues
 
 
 
 
 
 
 
Rental
$
93,557

$
63,127

$
1,771

$
158,455

$
9,096

$

$
167,551

Tenant recoveries
25,874

2,752

1,156

29,782

244


30,026

Service and management fees
444

199

653

1,296

615


1,911

Other revenues (includes Subsidized Senior Housing)
2,568

3,346

1,398

7,312

11,430


18,742

 
122,443

69,424

4,978

196,845

21,385


218,230

Expenses
 
 
 
 
 
 
 
Property operating and management
(26,836
)
(26,493
)
(4,599
)
(57,928
)
(8,409
)

(66,337
)
Real estate taxes
(14,189
)
(8,082
)
(316
)
(22,587
)
(2,518
)

(25,105
)
Ground rent
(3,992
)
(484
)
(111
)
(4,587
)
352


(4,235
)
Other expenses (includes Subsidized Senior Housing)




(2,723
)
(18,025
)
(20,748
)
 
(45,017
)
(35,059
)
(5,026
)
(85,102
)
(13,298
)
(18,025
)
(116,425
)
Less organizational transformation and termination benefits





8,289

8,289

Interest and other income





13,296

13,296

Adjusted EBITDA attributable to Fully Consolidated Entities
$
77,426

$
34,365

$
(48
)
$
111,743

$
8,087

$
3,560

$
123,390

Exclude:
 
 
 
 
 
 
 
Land sales




(7,920
)

(7,920
)
Other land development revenues




(3,574
)

(3,574
)
Cost of land sales




2,723


2,723

Other land development expenses




2,338


2,338

Corporate general and administrative expenses





9,736

9,736

Interest and other income





(13,296
)
(13,296
)
Subtotal NOI exclusions
$

$

$

$

$
(6,433
)
$
(3,560
)
$
(9,993
)
Net Operating Income attributable to Fully Consolidated Entities
$
77,426

$
34,365

$
(48
)
$
111,743

$
1,654

$

$
113,397

NOI exclusions per above
9,993

Depreciation and Amortization
(60,925
)
Interest Expense
(30,882
)
Amortization of mortgage procurement costs
(1,366
)
Loss on extinguishment of debt
(19
)
Net gain on disposition of interest in unconsolidated entities

Gains on change in control of interests
219,666

Organizational transformation and termination benefits
(8,289
)
Earnings (loss) from unconsolidated entities
188,873

Earnings (loss) before income taxes
$
430,448

Margin % (based on Adjusted EBITDA)
63.2
%
49.5
%
(1.0
)%
56.8
%
37.8
%
0.0
%
56.5
%

40