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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)

Nine Months Ended September 30, 2018
Office
Apartments
Retail
Total Operations
Development
Corporate
Total
Net earnings (loss) attributable to Forest City Realty Trust, Inc.
$
321,854

$
243,229

$
328,601

$
893,684

$
(4,823
)
$
(173,429
)
$
715,432

Depreciation and amortization
89,730

69,527

30,306

189,563

17,721

2,567

209,851

Interest expense





129,734

129,734

Amortization of mortgage procurement costs





4,563

4,563

Income tax expense





4,721

4,721

Loss on extinguishment of debt





3,495

3,495

Net (gain) loss on disposition of rental properties

(19,034
)
(25,735
)
(44,769
)
3,712


(41,057
)
Gain on disposition of unconsolidated entities

(8,899
)
(256,259
)
(265,158
)


(265,158
)
Gain on change in control of interests
(193,674
)
(143,703
)

(337,377
)


(337,377
)
Organizational transformation and termination benefits





29,188

29,188

Adjusted EBITDA attributable to Forest City Realty Trust, Inc.
$
217,910

$
141,120

$
76,913

$
435,943

$
16,610

$
839

$
453,392

 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2017
Office
Apartments
Retail
Total Operations
Development
Corporate
Total
Net earnings (loss) attributable to Forest City Realty Trust, Inc.
$
120,967

$
154,712

$
70,411

$
346,090

$
(61,492
)
$
(181,474
)
$
103,124

Depreciation and amortization
100,039

67,439

50,294

217,772

19,260

1,959

238,991

Interest expense





147,524

147,524

Amortization of mortgage procurement costs





5,548

5,548

Income tax expense





5,009

5,009

Impairment of consolidated real estate




44,288


44,288

Impairment of unconsolidated real estate


10,600

10,600



10,600

Loss on extinguishment of debt





4,468

4,468

Net (gain) loss on disposition of rental properties
(2,589
)
(3,746
)
(5,145
)
(11,480
)


(11,480
)
Gain on disposition of unconsolidated entities

(71,835
)
(8,183
)
(80,018
)


(80,018
)
Organizational transformation and termination benefits





14,021

14,021

Adjusted EBITDA attributable to Forest City Realty Trust, Inc.
$
218,417

$
146,570

$
117,977

$
482,964

$
2,056

$
(2,945
)
$
482,075



U. Subsequent Event
On October 4, 2018, the Company completed the sale of the Fidelity Investments office building in Albuquerque, New Mexico. Real estate, net of $29,014,000 and nonrecourse mortgage debt, net of $10,022,000 related to the Fidelity Investments building were classified in assets held for sale and liabilities of assets held for sale, respectively, at September 30, 2018. The sale generated net cash proceeds of approximately $33,588,000, which are expected to be redeployed in a Section 1031 exchange.

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