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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
Consolidated Statements of Cash Flows
(Unaudited)

Investing Activities (continued)

 
Nine Months Ended September 30,
 
2018
2017
 
(in thousands)
Change in investments in and advances to unconsolidated entities—(contributions to) or distributions from investment:
 
 
Acquisition of partner’s interest:
 
 
300 Massachusetts Ave, 350 Massachusetts Ave and 38 Sidney, life science office buildings located in Cambridge, Massachusetts
$
(40,713
)
$

DKLB BKLN, an apartment building in Brooklyn, New York
(23,060
)

Dispositions:
 
 
Regional Malls - QIC
84,671


Nassau Coliseum
5,934


Federally Assisted Housing apartment communities
3,013

56,969

Closing costs related to the disposition of 10 specialty retail assets
(11,061
)

Shops at Bruckner Boulevard

8,863

Renewable energy facilities

3,672

Apartment projects:
 
 
Bayside Village, an apartment community in San Francisco, California, refinancing proceeds
80,896


Pacific Park Brooklyn joint venture, primarily release of escrowed funds
17,258


VYV, an apartment community under construction in Jersey City, New Jersey, low income housing tax credit proceeds
3,347


Pacific Park Brooklyn joint venture, funding of project equity requirements
(23,002
)
(34,071
)
VYV 
(6,687
)
(4,640
)
Cobblestone Court, an apartment community in Painesville, Ohio, refinancing proceeds

3,695

Office projects:
 
 
350 Massachusetts Ave, refinancing proceeds
33,096


Retail projects:
 
 
Queens Place, a specialty retail center in Queens, New York, refinancing proceeds
13,096


Regional retail mall joint venture, primarily reimbursements (funding) for rehabilitation and expansion projects
11,085

(17,879
)
Galleria at Sunset, a regional mall in Henderson, Nevada, to fund partial mortgage paydown
(14,350
)

Other
(21,419
)
3,743

Total change in investments in and advances to unconsolidated entities
$
112,104

$
20,352

Net cash (used in) provided by investing activities
$
206,666

$
(294,257
)

(1)
We capitalized internal costs related to projects under construction and development of $22,058 and $27,356, including compensation related costs of $17,536 and $24,401, for the nine months ended September 30, 2018 and 2017, respectively. Total capitalized internal costs represent approximately 9.12% and 8.91% of total capital expenditures for the nine months ended September 30, 2018 and 2017, respectively.

Financing Activities
Net cash used in financing activities was $(75,597,000) and $(7,251,000) for the nine months ended September 30, 2018 and 2017, respectively. The Company is committed to continued deleveraging of the balance sheet. The significant mortgage activity during the nine months ended September 30, 2018 relates to the payoff of mortgages at Glen Forest Office Park, American Cigar Lofts, Consolidated-Carolina Lofts, Lucky Strike Lofts, Aster Town Center North and Edgeworth Building, offset by increases in mortgages, primarily related to under construction projects. In addition, the non-recourse mortgage debt at Brooklyn Commons of $17,361,000 was extinguished simultaneously at closing of the property disposition, and therefore, is reflected as a non-cash cash flow transaction and not reflected in the Consolidated Statement of Cash Flows. The significant mortgage activity during the nine months ended September 30, 2017 related to the sale of Illinois Science & Technology Park and Post Office Plaza and the related extinguishment of their $51,274,000 and $13,500,000 nonrecourse mortgages, respectively. In addition, the $34,382,000 non-recourse mortgage on 500 Sterling Place was extinguished during the nine months ended September 30, 2017 in a related party transaction. However, these debt extinguishments occurred simultaneously at closing of the property dispositions, and therefore are reflected as a non-cash cash flow transactions and not reflected in the Consolidated Statement of Cash Flows.

LEGAL PROCEEDINGS
We are involved in various claims and lawsuits incidental to our business, and management and legal counsel believe these claims and lawsuits will not have a material adverse effect on our consolidated financial statements.
NEW ACCOUNTING GUIDANCE
See the “New Accounting Guidance” section of Note A Accounting Policies in the Notes to Consolidated Financial Statements in Item 1 of this Form 10-Q for detailed information.

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