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SEC Filings

10-Q
FOREST CITY REALTY TRUST, INC. filed this Form 10-Q on 10/30/2018
Entire Document
 
Forest City Realty Trust, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

At December 31, 2017, the TRSs had a federal net operating loss carryforward for tax purposes of $106,505,000 available to use on its tax return expiring in the years ending December 31, 2028 through 2037. At December 31, 2017, the Company had a federal net operating loss carryforward of $77,390,000 available to use on its REIT tax return expiring in the years ending December 31, 2034 and 2035.

R. Net Gain (Loss) on Disposition of Rental Properties, Net of Tax
The following table summarizes the net gain (loss) on disposition of rental properties, net of tax:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
2017
 
2018
2017
 
 
(in thousands)
Specialty Retail Centers:
 
 
 
 
 
 
Brooklyn Commons
Brooklyn, New York
$

$

 
$
25,736

$

Fairmont Cinema
San Jose, California


 

4,128

Avenue at Tower City Center & Tower City Parking
Cleveland, Ohio


 

500

Apartments:
 
 
 
 
 
 
Kapolei Lofts
Kapolei, Hawaii
60,931


 
60,931


461 Dean Street
Brooklyn, New York


 
(3,713
)

Office Building:
 
 
 
 
 
 
Illinois Science & Technology Park (4 buildings)
Skokie, Illinois


 

3,771

Post Office Plaza
Cleveland, Ohio

(1,244
)
 

(1,244
)
Federally assisted housing apartment

375

 
464

375

Other

613

 
750

6,235

 
 
60,931

(256
)
 
84,168

13,765

Income tax effect


 
(130
)
(192
)
 
 
$
60,931

$
(256
)
 
$
84,038

$
13,573

Kapolei Lofts
During the nine months ended September 30, 2018, the Company completed the sale of Kapolei Lofts, an apartment community in Kapolei, Hawaii. The Company received cash proceeds of $26,935,000, net of noncontrolling interest and recorded a gain of $60,931,000 with $43,111,000 representing the amount allocated to noncontrolling interest.
Brooklyn Commons
During the nine months ended September 30, 2018, the Company completed the sale of Brooklyn Commons, a specialty retail center in Brooklyn, New York. The Company received net restricted cash proceeds of $31,523,000, being held by an intermediary at September 30, 2018, which was redeployed in a Section 1031 exchange during October 2018.
461 Dean Street
During the nine months ended September 30, 2018, the Company completed the sale of 461 Dean Street, an apartment community in Brooklyn, New York. The Company received net cash proceeds of $147,193,000.
Illinois Science & Technology Park
During the nine months ended September 30, 2017, the Company completed the sale of Illinois Science & Technology Park, comprised of four life science office buildings in Skokie, Illinois. The Company received net cash proceeds of $16,494,000.

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