|FOREST CITY REALTY TRUST, INC. filed this Form 10-Q on 10/30/2018|
Forest City Realty Trust, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Investing Activities (continued)
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.
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.