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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)

 
Nine Months Ended September 30,
 
2018
2017
 
(in thousands)
Net earnings
$
755,315

$
111,611

Depreciation and amortization
170,652

189,496

Amortization of mortgage procurement costs
3,966

4,067

Impairment of real estate

44,288

Impairment of unconsolidated entities

10,600

Write-offs of abandoned development projects and demolition costs

1,596

Loss on extinguishment of debt
3,995

2,843

Net (gain) loss on disposition of interest in development projects, net of tax
(6,227
)
113

Net gain on disposition of rental properties, net of tax
(84,038
)
(13,573
)
Gain on change in control of interests
(337,377
)

Equity in earnings
(12,038
)
(23,834
)
Net gain on disposition of interest in unconsolidated entities
(265,510
)
(81,782
)
Stock-based compensation expense
10,200

14,893

Amortization and mark-to-market adjustments of derivative instruments
(1,191
)
773

Operating distributions from unconsolidated entities
42,805

53,388

(Increase) decrease in land inventory
(17,336
)
12,462

Decrease (increase) in accounts receivable
4,210

(15,671
)
Decrease in other assets
15,439

4,487

Decrease in accounts payable, accrued expenses and other liabilities
(66,812
)
(3,472
)
Net cash provided by operating activities
216,053

312,285

Cash flows from investing activities
 
 
Capital expenditures
(241,866
)
(306,937
)
Payment of lease procurement costs
(9,509
)
(9,297
)
Increase in notes receivable
(39,140
)
(31,047
)
Payment on note receivable
125,100


Proceeds from deconsolidation of a rental property
24,000


Cash and restricted cash acquired in a property exchange transaction
19,024


Proceeds from disposition of rental properties or development project
216,953

32,672

Contributions to unconsolidated entities
(147,794
)
(56,590
)
Distributions from unconsolidated entities
259,898

76,942

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

(294,257
)
Cash flows from financing activities
 
 
Proceeds from nonrecourse mortgage debt and notes payable
289,225

163,074

Principal payments on nonrecourse mortgage debt and notes payable
(235,685
)
(57,309
)
Redemption of Senior Notes due 2018
(20
)

Payment of costs incurred for conversion of Class B to Class A common stock

(11,266
)
Payment of deferred financing costs
(3,668
)
(2,264
)
Repurchase of Class A common shares
(6,845
)
(5,598
)
Exercise of stock options
1,308

1,498

Dividends paid to stockholders
(96,106
)
(84,266
)
Contributions from noncontrolling interests
4,485

18,499

Distributions to noncontrolling interests
(28,291
)
(29,619
)
Net cash used in financing activities
(75,597
)
(7,251
)
Net increase in cash, cash equivalents and restricted cash
347,122

10,777

Cash, cash equivalents and restricted cash at beginning of period
350,391

323,919

Cash, cash equivalents and restricted cash at end of period
$
697,513

$
334,696

Beginning of Period
 
 
Cash and cash equivalents
204,260

174,619

Restricted cash
146,131

149,300

Cash, cash equivalents and restricted cash at beginning of period
$
350,391

$
323,919

 
End of Period
 
 
Cash and cash equivalents
485,941

193,675

Restricted cash
211,572

141,021

Cash, cash equivalents and restricted cash at end of period
$
697,513

$
334,696


The accompanying notes are an integral part of these consolidated financial statements.
6