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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) (continued)

 
Three Months Ended September 30, 2018
Company Share of Unconsolidated Entities
Office
Apartments
Retail
Total Operations
Development
Corporate
Total
 
(in thousands)
Revenues
 
 
 
 
 
 
 
Rental
$
3,001

$
24,657

$
21,789

$
49,447

$
2,242

$

$
51,689

Tenant recoveries
484

507

9,562

10,553

180


10,733

Service and management fees
(7
)
1,342

(23
)
1,312

57


1,369

Other revenues (includes Subsidized Senior Housing)
247

1,198

2,397

3,842

11,802


15,644

 
3,725

27,704

33,725

65,154

14,281


79,435

Expenses
 
 
 
 
 
 
 
Property operating and management
(1,162
)
(8,547
)
(7,606
)
(17,315
)
(2,650
)

(19,965
)
Real estate taxes
(364
)
(2,068
)
(3,142
)
(5,574
)
(279
)

(5,853
)
Ground rent
(138
)
833

(1,324
)
(629
)


(629
)
Other expenses (includes Subsidized Senior Housing)




(10,337
)

(10,337
)
 
(1,664
)
(9,782
)
(12,072
)
(23,518
)
(13,266
)

(36,784
)
Less organizational transformation and termination benefits







Interest and other income





194

194

Adjusted EBITDA attributable to Fully Consolidated Entities
$
2,061

$
17,922

$
21,653

$
41,636

$
1,015

$
194

$
42,845

Exclude:
 
 
 
 
 
 
 
Land sales




(11,708
)

(11,708
)
Other land development revenues







Cost of land sales




10,337


10,337

Other land development expenses




98


98

Corporate general and administrative expenses







Interest and other income





(194
)
(194
)
Subtotal NOI exclusions
$

$

$

$

$
(1,273
)
$
(194
)
$
(1,467
)
Net Operating Income attributable to Fully Consolidated Entities
$
2,061

$
17,922

$
21,653

$
41,636

$
(258
)
$

$
41,378

NOI exclusions per above
1,467

Depreciation and Amortization
(17,369
)
Interest Expense
(17,348
)
Amortization of mortgage procurement costs
(393
)
Loss on extinguishment of debt

Net gain on disposition of interest in unconsolidated entities
181,504

Gains on change in control of interests

Organizational transformation and termination benefits

Earnings (loss) from unconsolidated entities
(188,873
)
Earnings (loss) before income taxes
$
366

Margin % (based on Adjusted EBITDA)
55.3
%
64.7
%
64.2
 %
63.9
%
7.1
%
0.0
%
53.9
%
 
Nine Months Ended September 30, 2018
Fully Consolidated Entities
Office
Apartments
Retail
Total Operations
Development
Corporate
Total
 
(in thousands)
Revenues
 
 
 
 
 
 
 
Rental
$
265,045

$
194,118

$
5,868

$
465,031

$
25,431

$

$
490,462

Tenant recoveries
72,308

7,630

4,679

84,617

628


85,245

Service and management fees
1,516

3,189

2,894

7,599

2,166


9,765

Other revenues (includes Subsidized Senior Housing)
5,906

10,512

1,594

18,012

32,004


50,016

 
344,775

215,449

15,035

575,259

60,229


635,488

Expenses
 
 
 
 
 
 
 
Property operating and management
(80,362
)
(79,908
)
(11,277
)
(171,547
)
(28,565
)

(200,112
)
Real estate taxes
(39,073
)
(22,159
)
(1,055
)
(62,287
)
(3,860
)

(66,147
)
Ground rent
(10,179
)
(1,466
)
(332
)
(11,977
)
(36
)

(12,013
)
Other expenses (includes Subsidized Senior Housing)




(7,943
)
(64,519
)
(72,462
)
 
(129,614
)
(103,533
)
(12,664
)
(245,811
)
(40,404
)
(64,519
)
(350,734
)
Less organizational transformation and termination benefits





29,188

29,188

Write-offs of abandoned development projects and demolition costs







Interest and other income





34,773

34,773

Gain on disposition of interest in development project




6,512


6,512

Adjusted EBITDA attributable to Fully Consolidated Entities
$
215,161

$
111,916

$
2,371

$
329,448

$
26,337

$
(558
)
$
355,227

Exclude:
 
 
 
 
 
 
 
Land sales




(23,359
)

(23,359
)
Other land development revenues




(9,612
)

(9,612
)
Cost of land sales




7,943


7,943

Other land development expenses




7,132


7,132

Corporate general and administrative expenses





35,331

35,331

Write-offs of abandoned development projects and demolition costs







Interest and other income





(34,773
)
(34,773
)
Gain on disposition of interest in development project




(6,512
)

(6,512
)
Subtotal NOI exclusions
$

$

$

$

$
(24,408
)
$
558

$
(23,850
)
Net Operating Income attributable to Fully Consolidated Entities
$
215,161

$
111,916

$
2,371

$
329,448

$
1,929

$

$
331,377

NOI exclusions per above
23,850

Depreciation and Amortization
(170,652
)
Interest Expense
(86,849
)
Amortization of mortgage procurement costs
(3,966
)
Loss on extinguishment of debt
(3,995
)
Net gain on disposition of interest in unconsolidated entities

Gains on change in control of interests
337,377

Organizational transformation and termination benefits
(29,188
)
Gain on disposition of interest in development project
(6,512
)
Earnings (loss) from unconsolidated entities
277,548

Earnings (loss) before income taxes
$
668,990

Margin % (based on Adjusted EBITDA)
62.4
%
51.9
%
15.8
%
57.3
%
43.7
%
0.0
%
55.9
%

42