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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)

 
Nine Months Ended September 30, 2018
Noncontrolling Interest
Office
Apartments
Retail
Total Operations
Development
Corporate
Total
 
(in thousands)
Revenues
 
 
 
 
 
 
 
Rental
$
10,199

$
31,774

$

$
41,973

$
7,692

$

$
49,665

Tenant recoveries
5,815

1,820


7,635

224


7,859

Service and management fees

(2
)

(2
)
206


204

Other revenues (includes Subsidized Senior Housing)
173

1,597


1,770

3,665


5,435


16,187

35,189


51,376

11,787


63,163

Expenses
 
 
 
 
 
 
 
Property operating and management
(5,366
)
(11,593
)

(16,959
)
(5,385
)

(22,344
)
Real estate taxes
(2,463
)
(3,706
)

(6,169
)
(1,993
)

(8,162
)
Ground rent
(241
)
95


(146
)


(146
)
Other expenses (includes Subsidized Senior Housing)




(773
)

(773
)

(8,070
)
(15,204
)

(23,274
)
(8,151
)

(31,425
)
Less organizational transformation and termination benefits







Write-offs of abandoned development projects and demolition costs







Interest and other income





1,254

1,254

Gain on disposition of interest in development project







Adjusted EBITDA attributable to Fully Consolidated Entities
$
8,117

$
19,985

$

$
28,102

$
3,636

$
1,254

$
32,992

Exclude:
 
 
 
 
 
 
 
Land sales




(2,334
)

(2,334
)
Other land development revenues




(959
)

(959
)
Cost of land sales




773


773

Other land development expenses




767


767

Corporate general and administrative expenses







Write-offs of abandoned development projects and demolition costs







Interest and other income





(1,254
)
(1,254
)
Gain on disposition of interest in development project







Subtotal NOI exclusions
$

$

$

$

$
(1,753
)
$
(1,254
)
$
(3,007
)
Net Operating Income attributable to Fully Consolidated Entities
$
8,117

$
19,985

$

$
28,102

$
1,883

$

$
29,985

NOI exclusions per above
3,007

Depreciation and Amortization
(19,393
)
Interest Expense
(15,300
)
Amortization of mortgage procurement costs
(900
)
Loss on extinguishment of debt
(979
)
Net gain on disposition of interest in unconsolidated entities

Gains on change in control of interests

Organizational transformation and termination benefits

Gain on disposition of interest in development project

Earnings (loss) from unconsolidated entities
352

Earnings (loss) before income taxes
$
(3,228
)
Margin % (based on Adjusted EBITDA)
50.1
%
56.8
%
0.0%

54.7
%
30.8
%
0.0
%
52.2
%

44