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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
Company Share of Unconsolidated Entities
Office
Apartments
Retail
Total Operations
Development
Corporate
Total
 
(in thousands)
Revenues
 
 
 
 
 
 
 
Rental
$
15,314

$
71,461

$
72,784

$
159,559

$
4,523

$

$
164,082

Tenant recoveries
3,149

1,257

32,239

36,645

435


37,080

Service and management fees
1,326

3,817

529

5,672

797


6,469

Other revenues (includes Subsidized Senior Housing)
1,268

5,343

11,177

17,788

26,970


44,758


21,057

81,878

116,729

219,664

32,725


252,389

Expenses
 
 
 
 
 
 
 
Property operating and management
(5,668
)
(25,130
)
(27,313
)
(58,111
)
(7,670
)

(65,781
)
Real estate taxes
(2,080
)
(6,144
)
(11,165
)
(19,389
)
(653
)

(20,042
)
Ground rent
(2,443
)
328

(3,709
)
(5,824
)


(5,824
)
Other expenses (includes Subsidized Senior Housing)

(1,743
)

(1,743
)
(24,211
)

(25,954
)

(10,191
)
(32,689
)
(42,187
)
(85,067
)
(32,534
)

(117,601
)
Less organizational transformation and termination benefits







Write-offs of abandoned development projects and demolition costs




(6,282
)

(6,282
)
Interest and other income





2,651

2,651

Gain on disposition of interest in development project







Adjusted EBITDA attributable to Fully Consolidated Entities
$
10,866

$
49,189

$
74,542

$
134,597

$
(6,091
)
$
2,651

$
131,157

Exclude:
 
 
 
 
 
 
 
Land sales




(26,223
)

(26,223
)
Other land development revenues




(391
)

(391
)
Cost of land sales




24,211


24,211

Other land development expenses




180


180

Corporate general and administrative expenses







Write-offs of abandoned development projects and demolition costs




6,282


6,282

Interest and other income





(2,651
)
(2,651
)
Gain on disposition of interest in development project







Subtotal NOI exclusions
$

$

$

$

$
4,059

$
(2,651
)
$
1,408

Net Operating Income attributable to Fully Consolidated Entities
$
10,866

$
49,189

$
74,542

$
134,597

$
(2,032
)
$

$
132,565

NOI exclusions per above
(1,408
)
Depreciation and Amortization
(58,592
)
Interest Expense
(58,185
)
Amortization of mortgage procurement costs
(1,497
)
Loss on extinguishment of debt
(479
)
Net gain on disposition of interest in unconsolidated entities
265,158

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
(277,196
)
Earnings (loss) before income taxes
$
366

Margin % (based on Adjusted EBITDA)
51.6
%
60.1
%
63.9
%
61.3
%
(18.6
)%
0.0
%
52.0
%
 
 
 
 
 
 
 
 

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