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SEC Filings

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

Projects Under Construction
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Anticipated
 
 
 
 
 
 
 
 
 
 
 
 
Opening
Legal
Consolidated (C)
Cost at
Cost Incurred to Date (b)
No. of
 
 
 
Lease %
 
Location
Date
Ownership %
Unconsolidated (U)
Completion (a)
Consolidated
Unconsolidated
Units
 
GLA
 
(c)
 
 
 
 
 
(in millions)
 
 
 
 
 
Projects Under Construction
 
 
 
 
 
 
 
 
 
 
 
Apartments:
 
 
 
 
 
 
 
 
 
 
 
 
Ballston Quarter Residential (d)
Arlington, VA
Q4-18/Q1-19
51
%
U
$
173.6

$
0.0

$
129.2

406

 
53,000

 
 
Aster Conservatory Green North (e)
Denver, CO
Q1-19
0
%
C
60.7

27.1

0.0

256

 

 
 
The Yards - The Guild (e)
Washington, D.C.
Q1-19
0
%
C
94.9

72.7

0.0

191

 
6,000

 
 
Capper 769
Washington, D.C.
Q1-19
25
%
U
72.2

0.0

46.8

179

 

 
 
The Yards - L2 (e)
Washington, D.C.
Q1-20
0
%
C
134.5

52.0

0.0

264

 
14,000

 
 
VYV East Tower
Jersey City, NJ
Q4-20
50
%
U
228.8

0.0

43.8

432

 
19,000

 
 
 
 
 
 
 
$
764.7

$
151.8

$
219.8

1,728

 
92,000

 
 
Retail:
 
 
 
 
 
 
 
 
 
 
 
 
Ballston Quarter Redevelopment
Arlington, VA
Q4-18
51
%
U
$
115.6

$
0.0

$
103.5


 
307,000

 
72
%
Total Projects Under Construction 
$
880.3

$
151.8

$
323.3

1,728

 
399,000

 
 

Property Openings
September 30, 2018
 
 
Opening
Legal
Consolidated (C)
Cost at
No. of
 
 
 
Lease %
 
Location
Date
Ownership %
Unconsolidated (U)
Completion (a)
Units
 
GLA
 
(c)
 
 
 
 
 
(in millions)
 
 
 
 
 
2018 Property Openings
 
 
 
 
 
 
 
 
 
 
Apartments
 
 
 
 
 
 
 
 
 
 
Mint Town Center
Denver, CO
Q4-17/Q3-18
88
%
C
$
94.8

399

 
7,000

 
36
%
Arizona State Retirement System Joint Venture:
 
 
 
 
 
 
 
 
 
Ardan
Dallas, TX
Q2-18/Q4-18 (f)
30
%
C
121.8

389

 
4,250

 
16
%
Axis
Los Angeles, CA
Q3-17/Q2-18
30
%
C
141.7

391

 
15,000

 
56
%
Total Property Openings
$
358.3

1,179

 
26,250

 
 

(a)
Represents estimated project costs to achieve stabilization. Amounts exclude capitalized interest not allocated to the underlying joint venture.
(b)
Represents total capitalized project costs incurred to date, including all capitalized interest related to the development project.
(c)
Lease commitments as of October 25, 2018.
(d)
The amenity retail component is expected to open Q4-18. As of October 25, 2018, the lease commitment related to this was 30%.
(e)
Represents an apartment community under construction in which the Company has a 0% legal ownership interest. However, the Company is the project developer, on a fee basis. In addition, the Company has issued a project completion guarantee to the first mortgagee and is funding a portion of the construction costs through a mezzanine loan, which gets eliminated in consolidation, to the owner. As a result, the Company determined it was the primary beneficiary of this variable interest entity and has consolidated the project. The Company has an exclusive option to purchase the constructed asset for an amount approximating cost at completion.
(f)
Opened October 2018.

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