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SEC Filings

10-Q
FOREST CITY REALTY TRUST, INC. filed this Form 10-Q on 10/30/2018
Entire Document
 

The table below reconciles net earnings, the most comparable GAAP measure, to FFO and Operating FFO, non-GAAP measures.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
 
(in thousands)
Net earnings attributable to Forest City Realty Trust, Inc. (GAAP)
$
447,173

$
5,454

 
$
715,432

$
103,124

Depreciation and Amortization—real estate (1)
70,847

77,164

 
207,198

236,913

Gain on change in control of interests
(219,666
)

 
(337,377
)

Gain on disposition of rental properties
(199,324
)
(25,180
)
 
(306,215
)
(91,498
)
Impairment of depreciable rental properties

54,888

 

54,888

Income tax expense (benefit) adjustment:
 
 
 
 
 
Gain on disposition of rental properties
(234
)
232

 
738

4,874

FFO attributable to Forest City Realty Trust, Inc. (Non-GAAP)
$
98,796

$
112,558

 
$
279,776

$
308,301

Write-offs of abandoned development projects and demolition costs

1,179

 
6,282

3,522

Tax credit income
(3,430
)
(3,916
)
 
(10,854
)
(9,128
)
Loss on extinguishment of debt
19


 
3,495

4,468

Change in fair market value of nondesignated hedges
(613
)
416

 
(3,162
)
(1,387
)
Straight-line rent adjustments
(4,569
)
(2,797
)
 
(12,752
)
(9,732
)
Participation payments
26


 
1,160


Organizational transformation and termination benefits
8,289

2,633

 
29,188

14,021

Income tax expense on FFO
3,581

72

 
3,983

135

Operating FFO attributable to Forest City Realty Trust, Inc. (Non-GAAP)
$
102,099

$
110,145

 
$
297,116

$
310,200

 
 
 
 
 
 
Numerator Adjustments (in thousands):
 
 
 
 
 
If-Converted Method (adjustments for interest):
 
 
 
 
 
4.250% Notes due 2018
380

778

 
1,936

2,334

3.625% Notes due 2020
330

363

 
1,055

1,088

Total Adjustments
$
710

$
1,141

 
$
2,991

$
3,422

FFO attributable to Forest City Realty Trust, Inc. (If-Converted)
$
99,506

$
113,699

 
$
282,767

$
311,723

Operating FFO attributable to Forest City Realty Trust, Inc. (If-Converted)
$
102,809

$
111,286

 
$
300,107

$
313,622

Denominator:
 
 
 
 
 
Weighted average shares outstanding—Basic
267,978,704

265,260,403

 
266,468,193

261,566,151

Effect of stock options, restricted stock and performance shares
1,624,820

1,735,881

 
1,206,632

1,458,634

Effect of convertible debt
3,326,824

5,153,214

 
4,637,923

5,153,242

Effect of convertible 2006 Class A Common Units
1,111,044

1,566,465

 
1,111,044

1,757,072

Weighted average shares outstanding - Diluted
274,041,392

273,715,963

 
273,423,792

269,935,099

FFO Per Share - Diluted
$
0.36

$
0.42

 
$
1.03

$
1.15

Operating FFO Per Share - Diluted
$
0.38

$
0.41

 
$
1.10

$
1.16

(1)
The following table provides detail of depreciation and amortization:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
2017
 
2018
2017
 
(in thousands)
Full Consolidation
$
60,925

$
60,194

 
$
170,652

$
189,496

Noncontrolling interest
(6,462
)
(6,079
)
 
(19,393
)
(19,628
)
Unconsolidated
17,369

23,736

 
58,592

69,123

Company Share
71,832

77,851

 
209,851

238,991

Non-Real Estate
(985
)
(687
)
 
(2,653
)
(2,078
)
Real Estate at Company share
$
70,847

$
77,164

 
$
207,198

$
236,913



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