Ohio | 1-4372 | 34-0863886 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
Terminal Tower, 50 Public Square | ||||
Suite 1100, Cleveland, Ohio | 44113 | |||
(Address of principal executive offices) | (Zip Code) | |||
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)) |
|
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURE | ||||||||
EXHIBIT INDEX | ||||||||
EX-99.1 |
Exhibit | ||||
Number | Description | |||
99.1
|
- | Supplemental Package for the Years Ended January 31, 2011 and 2010 |
FOREST CITY ENTERPRISES, INC. | ||||||
By: /s/ ROBERT G. OBRIEN | ||||||
Name: | Robert G. OBrien | |||||
Title: | Executive Vice President and | |||||
Chief Financial Officer |
Corporate Overview |
2-3 | |||
Selected Financial Information |
||||
Forest City Enterprises, Inc. |
||||
Consolidated Balance Sheet Information |
4-7 | |||
Consolidated Earnings Information |
8-11 | |||
Supplemental Operating Information |
||||
Occupancy Data |
12 | |||
Comparable Net Operating Income (NOI) |
13 | |||
Comparable NOI Detail |
14-15 | |||
NOI By Product Type |
16 | |||
NOI By Core Market |
17 | |||
Reconciliation of NOI to Net Earnings (Loss) |
18-19 | |||
Results of Operations Discussion |
20-22 | |||
EBDT Bridge |
23-24 | |||
Reconciliation of Net Earnings (Loss) to EBDT |
25-26 | |||
Schedules of Lease Expirations |
27-28 | |||
Schedules of Significant Tenants |
29-30 | |||
Openings and Acquisitions |
31 | |||
Projects Under Construction |
32-33 | |||
Projects Under Development |
34 | |||
Military Housing |
35 | |||
Land Held for Development or Sale |
36-37 | |||
Supplemental Financial Information |
||||
Projects under Construction and Development Debt and Non-Recourse Debt |
38 | |||
Scheduled Maturities Table |
39-40 | |||
Upcoming Maturities Summary |
41 | |||
Investments in and Advances to Affiliates |
42-45 | |||
Forest City Rental Properties Corporation |
||||
Consolidated Balance Sheet information |
46 | |||
Consolidated Earnings Information |
47 | |||
Real Estate Activity |
48-50 | |||
Summary of EBDT |
51-62 | |||
Property Listing |
63-74 |
1
2
3
Plus | ||||||||||||||||
Full | Less | Unconsolidated | Pro-Rata | |||||||||||||
Consolidation | Noncontrolling | Investments at | Consolidation | |||||||||||||
(GAAP) | Interest | Pro-Rata | (Non-GAAP) | |||||||||||||
(in thousands) | ||||||||||||||||
Assets |
||||||||||||||||
Real Estate |
||||||||||||||||
Completed rental properties |
||||||||||||||||
Residential |
$ | 1,664,490 | $ | 26,028 | $ | 826,356 | $ | 2,464,818 | ||||||||
Commercial |
||||||||||||||||
Retail centers |
3,226,717 | 113,193 | 718,593 | 3,832,117 | ||||||||||||
Office and other buildings |
3,314,371 | 253,604 | 378,863 | 3,439,630 | ||||||||||||
Corporate and other equipment |
9,847 | - | 1 | 9,848 | ||||||||||||
Total completed rental properties |
8,215,425 | 392,825 | 1,923,813 | 9,746,413 | ||||||||||||
Projects under construction |
||||||||||||||||
Residential |
771,245 | 213,988 | 3,642 | 560,899 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
703,397 | 532 | 50,220 | 753,085 | ||||||||||||
Office and other buildings |
297,069 | 199,241 | 1,981 | 99,809 | ||||||||||||
Total projects under construction |
1,771,711 | 413,761 | 55,843 | 1,413,793 | ||||||||||||
Projects under development |
||||||||||||||||
Residential |
687,125 | 222,514 | 6,063 | 470,674 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
17,837 | 99 | 10,890 | 28,628 | ||||||||||||
Office and other buildings |
229,562 | 58,830 | 6,807 | 177,539 | ||||||||||||
Total projects under development |
934,524 | 281,443 | 23,760 | 676,841 | ||||||||||||
Total projects under construction and development |
2,706,235 | 695,204 | 79,603 | 2,090,634 | ||||||||||||
Land held for development or sale |
244,879 | 18,683 | 115,607 | 341,803 | ||||||||||||
Total Real Estate |
11,166,539 | 1,106,712 | 2,119,023 | 12,178,850 | ||||||||||||
Less accumulated depreciation |
(1,614,399 | ) | (63,987 | ) | (424,331 | ) | (1,974,743 | ) | ||||||||
Real Estate, net |
9,552,140 | 1,042,725 | 1,694,692 | 10,204,107 | ||||||||||||
Cash and equivalents |
193,372 | 13,979 | 48,583 | 227,976 | ||||||||||||
Restricted cash and escrowed funds |
720,180 | 240,709 | 78,890 | 558,361 | ||||||||||||
Notes and accounts receivable, net |
403,101 | 20,329 | 86,729 | 469,501 | ||||||||||||
Investments in and advances to affiliates |
141,017 | (240,178 | ) | (115,376 | ) | 265,819 | ||||||||||
Lease and mortgage procurement costs, net |
356,804 | 30,171 | 33,025 | 359,658 | ||||||||||||
Prepaid expenses and other deferred costs, net |
266,689 | 44,536 | 10,443 | 232,596 | ||||||||||||
Intangible assets, net |
135,906 | 5 | 1,289 | 137,190 | ||||||||||||
Total Assets |
$ | 11,769,209 | $ | 1,152,276 | $ | 1,838,275 | $ | 12,455,208 | ||||||||
4
Plus | ||||||||||||||||
Full | Less | Unconsolidated | Pro-Rata | |||||||||||||
Consolidation | Noncontrolling | Investments at | Consolidation | |||||||||||||
(GAAP) | Interest | Pro-Rata | (Non-GAAP) | |||||||||||||
(in thousands) | ||||||||||||||||
Liabilities and Equity |
||||||||||||||||
Liabilities |
||||||||||||||||
Mortgage debt and notes payable, nonrecourse |
||||||||||||||||
Completed rental properties |
||||||||||||||||
Residential |
$ | 1,110,095 | $ | 18,998 | $ | 680,572 | $ | 1,771,669 | ||||||||
Commercial |
||||||||||||||||
Retail centers |
2,322,539 | 120,042 | 655,162 | 2,857,659 | ||||||||||||
Office and other buildings |
2,346,189 | 219,327 | 295,641 | 2,422,503 | ||||||||||||
Total completed rental properties |
5,778,823 | 358,367 | 1,631,375 | 7,051,831 | ||||||||||||
Projects under construction |
||||||||||||||||
Residential |
717,700 | 203,681 | 29,274 | 543,293 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
379,363 | - | - | 379,363 | ||||||||||||
Office and other buildings |
82,157 | 60,108 | - | 22,049 | ||||||||||||
Total projects under construction |
1,179,220 | 263,789 | 29,274 | 944,705 | ||||||||||||
Projects under development |
||||||||||||||||
Residential |
155,890 | 61,760 | - | 94,130 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
- | - | - | - | ||||||||||||
Office and other buildings |
42,200 | 16,880 | 2,887 | 28,207 | ||||||||||||
Total projects under development |
198,090 | 78,640 | 2,887 | 122,337 | ||||||||||||
Total projects under construction and development |
1,377,310 | 342,429 | 32,161 | 1,067,042 | ||||||||||||
Land held for development or sale |
51,085 | 3,500 | 49,831 | 97,416 | ||||||||||||
Total Mortgage debt and notes payable, nonrecourse |
7,207,218 | 704,296 | 1,713,367 | 8,216,289 | ||||||||||||
Bank revolving credit facility |
137,152 | - | - | 137,152 | ||||||||||||
Senior and subordinated debt |
773,683 | - | - | 773,683 | ||||||||||||
Construction payables |
179,601 | 44,490 | 4,670 | 139,781 | ||||||||||||
Operating accounts payable and accrued expenses |
737,854 | 28,443 | 105,075 | 814,486 | ||||||||||||
Accrued derivative liability |
156,587 | 3,327 | 15,163 | 168,423 | ||||||||||||
Total Accounts payable and accrued expenses |
1,074,042 | 76,260 | 124,908 | 1,122,690 | ||||||||||||
Deferred income taxes |
489,974 | - | - | 489,974 | ||||||||||||
Total Liabilities |
9,682,069 | 780,556 | 1,838,275 | 10,739,788 | ||||||||||||
Redeemable Noncontrolling Interest |
226,829 | 226,829 | - | - | ||||||||||||
Equity |
||||||||||||||||
Shareholders Equity |
||||||||||||||||
Shareholders equity before accumulated other comprehensive loss |
1,623,828 | - | - | 1,623,828 | ||||||||||||
Accumulated other comprehensive loss |
(94,429 | ) | - | - | (94,429 | ) | ||||||||||
Total Shareholders Equity |
1,529,399 | - | - | 1,529,399 | ||||||||||||
Noncontrolling interest |
330,912 | 144,891 | - | 186,021 | ||||||||||||
Total Equity |
1,860,311 | 144,891 | - | 1,715,420 | ||||||||||||
Total Liabilities and Equity |
$ | 11,769,209 | $ | 1,152,276 | $ | 1,838,275 | $ | 12,455,208 | ||||||||
5
Plus | ||||||||||||||||
Full | Less | Unconsolidated | Pro-Rata | |||||||||||||
Consolidation | Noncontrolling | Investments at | Consolidation | |||||||||||||
(GAAP) | Interest | Pro-Rata | (Non-GAAP) | |||||||||||||
(in thousands) | ||||||||||||||||
Assets |
||||||||||||||||
Real Estate |
||||||||||||||||
Completed rental properties |
||||||||||||||||
Residential |
$ | 1,740,394 | $ | 41,236 | $ | 688,409 | $ | 2,387,567 | ||||||||
Commercial |
||||||||||||||||
Retail centers |
3,359,953 | 120,351 | 472,914 | 3,712,516 | ||||||||||||
Office and other buildings |
3,369,719 | 129,484 | 207,127 | 3,447,362 | ||||||||||||
Corporate and other equipment |
9,736 | - | 1 | 9,737 | ||||||||||||
Total completed rental properties |
8,479,802 | 291,071 | 1,368,451 | 9,557,182 | ||||||||||||
Projects under construction |
||||||||||||||||
Residential |
787,203 | 176,467 | 8,307 | 619,043 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
782,902 | 67,826 | 203,009 | 918,085 | ||||||||||||
Office and other buildings |
263,457 | 132,156 | 66,059 | 197,360 | ||||||||||||
Total projects under construction |
1,833,562 | 376,449 | 277,375 | 1,734,488 | ||||||||||||
Projects under development |
||||||||||||||||
Residential |
562,781 | 167,290 | 7,965 | 403,456 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
21,016 | 101 | 10,868 | 31,783 | ||||||||||||
Office and other buildings |
223,811 | 56,279 | 9,212 | 176,744 | ||||||||||||
Total projects under development |
807,608 | 223,670 | 28,045 | 611,983 | ||||||||||||
Total projects under construction and development |
2,641,170 | 600,119 | 305,420 | 2,346,471 | ||||||||||||
Land held for development or sale |
219,807 | 11,674 | 116,863 | 324,996 | ||||||||||||
Total Real Estate |
11,340,779 | 902,864 | 1,790,734 | 12,228,649 | ||||||||||||
Less accumulated depreciation |
(1,593,658 | ) | (57,756 | ) | (326,169 | ) | (1,862,071 | ) | ||||||||
Real Estate, net |
9,747,121 | 845,108 | 1,464,565 | 10,366,578 | ||||||||||||
Cash and equivalents |
251,405 | 6,681 | 30,280 | 275,004 | ||||||||||||
Restricted cash and escrowed funds |
427,921 | 90,951 | 68,406 | 405,376 | ||||||||||||
Notes and accounts receivable, net |
388,536 | 22,173 | 71,203 | 437,566 | ||||||||||||
Investments in and advances to affiliates |
265,343 | (159,978 | ) | (65,246 | ) | 360,075 | ||||||||||
Lease and mortgage procurement costs, net |
413,421 | 32,271 | 24,868 | 406,018 | ||||||||||||
Prepaid expenses and other deferred costs, net |
269,986 | 38,696 | 46,125 | 277,415 | ||||||||||||
Intangible assets, net |
152,978 | 9 | 1,323 | 154,292 | ||||||||||||
Total Assets |
$ | 11,916,711 | $ | 875,911 | $ | 1,641,524 | $ | 12,682,324 | ||||||||
6
Plus | ||||||||||||||||
Full | Less | Unconsolidated | Pro-Rata | |||||||||||||
Consolidation | Noncontrolling | Investments at | Consolidation | |||||||||||||
(GAAP) | Interest | Pro-Rata | (Non-GAAP) | |||||||||||||
(in thousands) | ||||||||||||||||
Liabilities and Equity |
||||||||||||||||
Liabilities |
||||||||||||||||
Mortgage debt and notes payable, nonrecourse |
||||||||||||||||
Completed rental properties |
||||||||||||||||
Residential |
$ | 1,234,111 | $ | 33,596 | $ | 558,891 | $ | 1,759,406 | ||||||||
Commercial |
||||||||||||||||
Retail centers |
2,511,424 | 119,544 | 437,825 | 2,829,705 | ||||||||||||
Office and other buildings |
2,480,883 | 100,267 | 145,225 | 2,525,841 | ||||||||||||
Total completed rental properties |
6,226,418 | 253,407 | 1,141,941 | 7,114,952 | ||||||||||||
Projects under construction |
||||||||||||||||
Residential |
499,952 | 144,993 | 35,242 | 390,201 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
440,450 | 40,090 | 178,935 | 579,295 | ||||||||||||
Office and other buildings |
190,990 | 101,058 | 1,574 | 91,506 | ||||||||||||
Total projects under construction |
1,131,392 | 286,141 | 215,751 | 1,061,002 | ||||||||||||
Projects under development |
||||||||||||||||
Residential |
148,747 | 61,353 | - | 87,394 | ||||||||||||
Commercial |
||||||||||||||||
Retail centers |
- | - | - | - | ||||||||||||
Office and other buildings |
48,932 | 17,360 | 61,148 | 92,720 | ||||||||||||
Total projects under development |
197,679 | 78,713 | 61,148 | 180,114 | ||||||||||||
Total projects under construction and development |
1,329,071 | 364,854 | 276,899 | 1,241,116 | ||||||||||||
Land held for development or sale |
64,384 | 4,348 | 55,107 | 115,143 | ||||||||||||
Total Mortgage debt and notes payable, nonrecourse |
7,619,873 | 622,609 | 1,473,947 | 8,471,211 | ||||||||||||
Bank revolving credit facility |
83,516 | - | - | 83,516 | ||||||||||||
Senior and subordinated debt |
1,076,424 | - | - | 1,076,424 | ||||||||||||
Construction payables |
218,072 | 26,666 | 47,284 | 238,690 | ||||||||||||
Operating accounts payable and accrued expenses |
784,090 | 45,950 | 104,663 | 842,803 | ||||||||||||
Accrued derivative liability |
192,526 | 11,326 | 16,463 | 197,663 | ||||||||||||
Total Accounts payable and accrued expenses |
1,194,688 | 83,942 | 168,410 | 1,279,156 | ||||||||||||
Deferred income taxes |
437,370 | - | - | 437,370 | ||||||||||||
Total Liabilities |
10,411,871 | 706,551 | 1,642,357 | 11,347,677 | ||||||||||||
Equity |
||||||||||||||||
Shareholders Equity |
||||||||||||||||
Shareholders equity before accumulated other comprehensive loss |
1,235,892 | - | - | 1,235,892 | ||||||||||||
Accumulated other comprehensive loss |
(87,266 | ) | - | - | (87,266 | ) | ||||||||||
Total Shareholders Equity |
1,148,626 | - | - | 1,148,626 | ||||||||||||
Noncontrolling interest |
356,214 | 169,360 | (833 | ) | 186,021 | |||||||||||
Total Equity |
1,504,840 | 169,360 | (833 | ) | 1,334,647 | |||||||||||
Total Liabilities and Equity |
$ | 11,916,711 | $ | 875,911 | $ | 1,641,524 | $ | 12,682,324 | ||||||||
7
Plus | ||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenues from real estate operations |
$ | 297,790 | $ | 19,007 | $ | 80,167 | $ | 2,170 | $ | 361,120 | ||||||||||
Expenses |
||||||||||||||||||||
Operating expenses |
182,787 | 9,454 | 39,254 | 893 | 213,480 | |||||||||||||||
Depreciation and amortization |
61,399 | 2,344 | 15,237 | 178 | 74,470 | |||||||||||||||
Impairment of real estate |
- | - | 35,714 | - | 35,714 | |||||||||||||||
244,186 | 11,798 | 90,205 | 1,071 | 323,664 | ||||||||||||||||
Interest expense |
(71,105 | ) | (3,682 | ) | (22,228 | ) | (765 | ) | (90,416 | ) | ||||||||||
Amortization of mortgage procurement costs |
(3,418 | ) | (422 | ) | (614 | ) | (7 | ) | (3,617 | ) | ||||||||||
Gain (loss) on early extinguishment of debt |
(31,688 | ) | - | 2,785 | - | (28,903 | ) | |||||||||||||
Interest and other income |
17,862 | 611 | 381 | (1 | ) | 17,631 | ||||||||||||||
Net gain (loss) on disposition of rental properties |
- | - | 15,633 | 46,527 | 62,160 | |||||||||||||||
Earnings (loss) before income taxes |
(34,745 | ) | 3,716 | (14,081 | ) | 46,853 | (5,689 | ) | ||||||||||||
Income tax expense (benefit) |
||||||||||||||||||||
Current |
(5,368 | ) | - | - | 4,622 | (746 | ) | |||||||||||||
Deferred |
(17,863 | ) | - | - | 14,373 | (3,490 | ) | |||||||||||||
(23,231 | ) | - | - | 18,995 | (4,236 | ) | ||||||||||||||
Equity in earnings (loss) of unconsolidated entities,
including impairment |
(12,742 | ) | 1,719 | 14,081 | - | (380 | ) | |||||||||||||
Earnings (loss) from continuing operations |
(24,256 | ) | 5,435 | - | 27,858 | (1,833 | ) | |||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||
Operating earnings from rental properties |
201 | - | - | (201 | ) | - | ||||||||||||||
Gain on disposition of rental properties |
27,657 | - | - | (27,657 | ) | - | ||||||||||||||
27,858 | - | - | (27,858 | ) | - | |||||||||||||||
Net earnings (loss) |
3,602 | 5,435 | - | - | (1,833 | ) | ||||||||||||||
Noncontrolling Interests |
||||||||||||||||||||
Earnings from continuing operations attributable to
noncontrolling interests |
(5,435 | ) | (5,435 | ) | - | - | - | |||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (1,833 | ) | $ | - | $ | - | $ | - | $ | (1,833 | ) | ||||||||
Preferred dividends |
(3,850 | ) | - | - | - | (3,850 | ) | |||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | (5,683 | ) | $ | - | $ | - | $ | - | $ | (5,683 | ) | ||||||||
8
Plus | ||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenues from real estate operations |
$ | 1,177,661 | $ | 68,419 | $ | 316,900 | $ | 17,848 | $ | 1,443,990 | ||||||||||
Expenses |
||||||||||||||||||||
Operating expenses |
685,783 | 36,392 | 169,265 | 7,451 | 826,107 | |||||||||||||||
Depreciation and amortization |
243,847 | 9,267 | 53,072 | 4,296 | 291,948 | |||||||||||||||
Impairment of real estate |
6,803 | 1,526 | 72,459 | 79,603 | 157,339 | |||||||||||||||
936,433 | 47,185 | 294,796 | 91,350 | 1,275,394 | ||||||||||||||||
Interest expense |
(315,340 | ) | (18,690 | ) | (81,184 | ) | (5,824 | ) | (383,658 | ) | ||||||||||
Amortization of mortgage procurement costs |
(13,487 | ) | (1,514 | ) | (2,314 | ) | (123 | ) | (14,410 | ) | ||||||||||
Gain (loss) on early extinguishment of debt |
(21,035 | ) | 247 | 2,760 | - | (18,522 | ) | |||||||||||||
Interest and other income |
52,826 | 2,635 | 15,666 | 6 | 65,863 | |||||||||||||||
Net gain on disposition of rental properties |
202,878 | - | 23,461 | 47,092 | 273,431 | |||||||||||||||
Net gain on disposition of partial interests in other investment |
55,112 | 23,675 | - | - | 31,437 | |||||||||||||||
Earnings (loss) before income taxes |
202,182 | 27,587 | (19,507 | ) | (32,351 | ) | 122,737 | |||||||||||||
Income tax expense (benefit) |
||||||||||||||||||||
Current |
(275 | ) | - | - | 3,368 | 3,093 | ||||||||||||||
Deferred |
69,995 | - | - | (15,085 | ) | 54,910 | ||||||||||||||
69,720 | - | - | (11,717 | ) | 58,003 | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities,
including impairment |
(30,194 | ) | (4,613 | ) | 19,507 | - | (6,074 | ) | ||||||||||||
Earnings (loss) from continuing operations |
102,268 | 22,974 | - | (20,634 | ) | 58,660 | ||||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||
Operating earnings from rental properties |
264 | 165 | - | (99 | ) | - | ||||||||||||||
Impairment of real estate |
(48,731 | ) | - | - | 48,731 | - | ||||||||||||||
Gain on disposition of rental properties |
32,209 | 4,211 | - | (27,998 | ) | - | ||||||||||||||
(16,258 | ) | 4,376 | - | 20,634 | - | |||||||||||||||
Net earnings |
86,010 | 27,350 | - | - | 58,660 | |||||||||||||||
Noncontrolling Interests |
||||||||||||||||||||
Earnings from continuing operations attributable to
noncontrolling interests |
(22,974 | ) | (22,974 | ) | - | - | - | |||||||||||||
Earnings from discontinued operations attributable to
noncontrolling interests |
(4,376 | ) | (4,376 | ) | - | - | - | |||||||||||||
(27,350 | ) | (27,350 | ) | - | - | - | ||||||||||||||
Net earnings attributable to Forest City Enterprises, Inc. |
$ | 58,660 | $ | - | $ | - | $ | - | $ | 58,660 | ||||||||||
Preferred dividends |
(11,807 | ) | - | - | - | (11,807 | ) | |||||||||||||
Net earnings attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 46,853 | $ | - | $ | - | $ | - | $ | 46,853 | ||||||||||
9
Plus | ||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenues from real estate operations |
$ | 318,530 | $ | 12,655 | $ | 70,909 | $ | 5,727 | $ | 382,511 | ||||||||||
Expenses |
||||||||||||||||||||
Operating expenses |
181,762 | 6,551 | 71,105 | 2,769 | 249,085 | |||||||||||||||
Depreciation and amortization |
65,911 | 1,717 | 15,237 | 1,693 | 81,124 | |||||||||||||||
Impairment of real estate |
5,783 | - | 1,693 | 17,619 | 25,095 | |||||||||||||||
253,456 | 8,268 | 88,035 | 22,081 | 355,304 | ||||||||||||||||
Interest expense |
(90,089 | ) | (3,925 | ) | (16,955 | ) | (1,743 | ) | (104,862 | ) | ||||||||||
Amortization of mortgage procurement costs |
(3,255 | ) | (117 | ) | (800 | ) | (73 | ) | (4,011 | ) | ||||||||||
Loss on early extinguishment of debt |
(1,396 | ) | - | (954 | ) | - | (2,350 | ) | ||||||||||||
Interest and other income |
30,080 | 175 | 20,910 | 1 | 50,816 | |||||||||||||||
Gain on disposition of rental properties and other investments |
- | - | 45,263 | 1,172 | 46,435 | |||||||||||||||
Earnings (loss) before income taxes |
414 | 520 | 30,338 | (16,997 | ) | 13,235 | ||||||||||||||
Income tax expense (benefit) |
||||||||||||||||||||
Current |
15,496 | - | - | (543 | ) | 14,953 | ||||||||||||||
Deferred |
(2,127 | ) | - | - | (6,048 | ) | (8,175 | ) | ||||||||||||
13,369 | - | - | (6,591 | ) | 6,778 | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities,
including impairment |
30,087 | 5 | (30,338 | ) | - | (256 | ) | |||||||||||||
Earnings (loss) from continuing operations |
17,132 | 525 | - | (10,406 | ) | 6,201 | ||||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||
Operating earnings (loss) from rental properties |
(452 | ) | (114 | ) | - | 338 | - | |||||||||||||
Impairment of real estate |
(10,786 | ) | - | - | 10,786 | - | ||||||||||||||
Gain on disposition of Lumber Group |
718 | - | - | (718 | ) | - | ||||||||||||||
(10,520 | ) | (114 | ) | - | 10,406 | - | ||||||||||||||
Net earnings |
6,612 | 411 | - | - | 6,201 | |||||||||||||||
Noncontrolling Interests |
||||||||||||||||||||
Earnings from continuing operations attributable to
noncontrolling interests |
(525 | ) | (525 | ) | - | - | - | |||||||||||||
Loss from discontinued operations attributable to
noncontrolling interests |
114 | 114 | - | - | - | |||||||||||||||
(411 | ) | (411 | ) | - | - | - | ||||||||||||||
Net earnings attributable to Forest City Enterprises, Inc. |
$ | 6,201 | $ | - | $ | - | $ | - | $ | 6,201 | ||||||||||
Preferred dividends |
- | - | - | - | - | |||||||||||||||
Net earnings attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 6,201 | $ | - | $ | - | $ | - | $ | 6,201 | ||||||||||
10
Plus | ||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenues from real estate operations |
$ | 1,232,013 | $ | 50,432 | $ | 303,029 | $ | 30,378 | $ | 1,514,988 | ||||||||||
Expenses |
||||||||||||||||||||
Operating expenses |
704,552 | 24,006 | 259,085 | 12,286 | 951,917 | |||||||||||||||
Depreciation and amortization |
260,223 | 5,037 | 58,799 | 8,295 | 322,280 | |||||||||||||||
Impairment of real estate |
8,907 | - | 36,356 | 27,394 | 72,657 | |||||||||||||||
973,682 | 29,043 | 354,240 | 47,975 | 1,346,854 | ||||||||||||||||
Interest expense |
(343,146 | ) | (14,739 | ) | (66,850 | ) | (9,286 | ) | (404,543 | ) | ||||||||||
Amortization of mortgage procurement costs |
(13,709 | ) | (565 | ) | (2,689 | ) | (313 | ) | (16,146 | ) | ||||||||||
Gain on early extinguishment of debt |
36,569 | - | 744 | - | 37,313 | |||||||||||||||
Interest and other income |
53,999 | 718 | 54,476 | 6 | 107,763 | |||||||||||||||
Gain on disposition of rental properties and other investments |
- | - | 49,761 | 5,720 | 55,481 | |||||||||||||||
Earnings (loss) before income taxes |
(7,956 | ) | 6,803 | (15,769 | ) | (21,470 | ) | (51,998 | ) | |||||||||||
Income tax expense (benefit) |
||||||||||||||||||||
Current |
6,994 | - | - | (730 | ) | 6,264 | ||||||||||||||
Deferred |
(19,223 | ) | - | - | (7,596 | ) | (26,819 | ) | ||||||||||||
(12,229 | ) | - | - | (8,326 | ) | (20,555 | ) | |||||||||||||
Equity in earnings (loss) of unconsolidated entities,
including impairment |
(15,053 | ) | (76 | ) | 15,769 | - | 792 | |||||||||||||
Earnings (loss) from continuing operations |
(10,780 | ) | 6,727 | - | (13,144 | ) | (30,651 | ) | ||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||
Operating earnings (loss) from rental properties |
7 | (117 | ) | - | (124 | ) | - | |||||||||||||
Impairment of real estate |
(16,770 | ) | - | - | 16,770 | - | ||||||||||||||
Gain on disposition of rental properties |
2,784 | - | - | (2,784 | ) | - | ||||||||||||||
Gain on disposition of Lumber Group |
718 | - | - | (718 | ) | - | ||||||||||||||
(13,261 | ) | (117 | ) | - | 13,144 | - | ||||||||||||||
Net earnings (loss) |
(24,041 | ) | 6,610 | - | - | (30,651 | ) | |||||||||||||
Noncontrolling Interests |
||||||||||||||||||||
Earnings from continuing operations attributable to
noncontrolling interests |
(6,727 | ) | (6,727 | ) | - | - | - | |||||||||||||
Loss from discontinued operations attributable to
noncontrolling interests |
117 | 117 | - | - | - | |||||||||||||||
(6,610 | ) | (6,610 | ) | - | - | - | ||||||||||||||
Net loss attributable to Forest City Enterprises, Inc. |
$ | (30,651 | ) | $ | - | $ | - | $ | - | $ | (30,651 | ) | ||||||||
Preferred dividends |
- | - | - | - | - | |||||||||||||||
Net loss attributable to Forest City Enterprises, Inc.
common shareholders |
$ | (30,651 | ) | $ | - | $ | - | $ | - | $ | (30,651 | ) | ||||||||
11
Average | Average | ||||||||||||||||||
Occupancy | Occupancy | Occupancy | Occupancy | ||||||||||||||||
As of | Year-to-Date | As of | Year-to-Date | ||||||||||||||||
January 31, 2011 | January 31, 2011 | January 31, 2010 | January 31, 2010 | ||||||||||||||||
Retail |
|||||||||||||||||||
Comparable |
91.2 | % | 90.7% | 90.1 | % | 89.8% | |||||||||||||
Total |
91.2 | % | 90.0% | 88.8 | % | 88.6% | |||||||||||||
Office |
|||||||||||||||||||
Comparable |
88.4 | % | 89.2% | 90.0 | % | 89.8% | |||||||||||||
Total |
87.8 | % | 88.7% | 89.7 | % | 89.5% | |||||||||||||
Residential (1) |
|||||||||||||||||||
Comparable |
94.3 | % | 94.7% | 93.4 | % | 92.1% | |||||||||||||
Total |
93.4 | % | 90.8% | 92.3 | % | 87.8% | |||||||||||||
Hotels |
|||||||||||||||||||
Comparable and Total |
69.0% | 69.1% | |||||||||||||||||
Comparable and Total ADR |
$ | 140.03 | $ | 140.01 | |||||||||||||||
Occupancy Recap of Quarterly Supplemental Packages | |||||||||||||||||||||||||||||||||||||||||||
Occupancy As of | Average Occupancy Year-to-Date | ||||||||||||||||||||||||||||||||||||||||||
January 31, | October 31, | July 31, | April 30, | January 31, | January 31, | October 31, | July 31, | April 30, | January 31, | ||||||||||||||||||||||||||||||||||
2011 | 2010 | 2010 | 2010 | 2010 | 2011 | 2010 | 2010 | 2010 | 2010 | ||||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||||||||||||
Comparable |
91.2 | % | 90.6 | % | 90.9 | % | 89.7 | % | 90.1 | % | 90.7 | % | 90.4 | % | 90.5 | % | 90.0 | % | 89.9 | % | |||||||||||||||||||||||
Total |
91.2 | % | 90.4 | % | 90.7 | % | 88.4 | % | 88.8 | % | 90.0 | % | 89.6 | % | 89.7 | % | 88.6 | % | 88.6 | % | |||||||||||||||||||||||
Office | |||||||||||||||||||||||||||||||||||||||||||
Comparable |
88.4 | % | 90.5 | % | 90.0 | % | 89.8 | % | 90.3 | % | 89.2 | % | 90.3 | % | 90.0 | % | 89.9 | % | 90.1 | % | |||||||||||||||||||||||
Total |
87.8 | % | 90.3 | % | 89.9 | % | 89.7 | % | 89.7 | % | 88.7 | % | 90.0 | % | 89.8 | % | 89.7 | % | 89.5 | % | |||||||||||||||||||||||
Residential (1) | |||||||||||||||||||||||||||||||||||||||||||
Comparable |
94.3 | % | 94.4 | % | 93.8 | % | 93.0 | % | 93.7 | % | 94.7 | % | 94.6 | % | 94.1 | % | 93.7 | % | 92.2 | % | |||||||||||||||||||||||
Total |
93.4 | % | 93.1 | % | 92.7 | % | 91.1 | % | 92.3 | % | 90.8 | % | 90.6 | % | 93.0 | % | 90.8 | % | 87.8 | % | |||||||||||||||||||||||
Hotels | |||||||||||||||||||||||||||||||||||||||||||
Comparable and Total |
69.0 | % | 69.9 | % | 66.3 | % | 61.0 | % | 69.1 | % | |||||||||||||||||||||||||||||||||
Comparable and Total ADR |
$ | 140.03 | $ | 138.92 | $ | 139.24 | $ | 135.43 | $ | 140.01 | |||||||||||||||||||||||||||||||||
(1) | Excludes military housing units. |
12
Three Months Ended | Year Ended | |||||||
January 31, 2011 | January 31, 2011 | |||||||
Retail |
3.4 | % | 2.2 | % | ||||
Office |
0.2 | % | 2.1 | % | ||||
Residential |
(0.8 | %) | 2.7 | % | ||||
Hotel |
(13.4 | %) | (3.9 | %) | ||||
Total |
1.1 | % | 2.1 | % |
Three Months Ended | ||||||||||||||||||||
January 31, 2011 | October 31, 2010 | July 31, 2010 | April 30, 2010 | January 31, 2010 | ||||||||||||||||
Retail |
3.4% | 4.1% | 3.2% | (1.5%) | (3.9%) | |||||||||||||||
Office |
0.2% | 2.2% | 1.6% | 0.8% | 4.3% | |||||||||||||||
Residential |
(0.8%) | 4.8% | 3.8% | 2.8% | (2.7%) | |||||||||||||||
Hotel |
(13.4%) | (20.3%) | 7.9% | 52.6% | (1.1%) | |||||||||||||||
Total |
1.1% | 2.7% | 2.9% | 0.6% | (0.5%) |
Year Ended | ||||||||||||
January 31, 2011 | January 31, 2010 | January 31, 2009 | ||||||||||
Retail |
2.2% | (3.9%) | 0.3% | |||||||||
Office |
2.1% | 5.4% | 1.2% | |||||||||
Residential |
2.7% | (2.8%) | 0.2% | |||||||||
Hotel |
(3.9%) | (9.9%) | (4.9%) | |||||||||
Total |
2.1% | (0.8%) | 0.4% |
13
Net Operating Income (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, 2011 | Three Months Ended January 31, 2010 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Pro-Rata | ||||||||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Consolidation | ||||||||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||
Commercial Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Retail |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
$ | 59,702 | $ | 2,913 | $ | 5,438 | $ | - | $ | 62,227 | $ | 57,364 | $ | 2,658 | $ | 5,464 | $ | - | $ | 60,170 | 4.1 | % | 3.4 | % | |||||||||||||||||||||||||
Total |
59,073 | 2,915 | 8,036 | 1,132 | 65,326 | 59,927 | 2,611 | 5,581 | 2,111 | 65,008 | |||||||||||||||||||||||||||||||||||||||
Office Buildings |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
57,638 | 2,382 | 1,537 | - | 56,793 | 57,833 | 2,685 | 1,506 | - | 56,654 | (0.3 | %) | 0.2 | % | |||||||||||||||||||||||||||||||||||
Total |
64,886 | 6,125 | 118 | - | 58,879 | 65,248 | 2,608 | 1,506 | - | 64,146 | |||||||||||||||||||||||||||||||||||||||
Hotels |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
1,788 | - | 553 | - | 2,341 | 2,140 | - | 564 | - | 2,704 | (16.4 | %) | (13.4 | %) | |||||||||||||||||||||||||||||||||||
Total |
1,788 | - | 553 | - | 2,341 | 2,140 | - | 564 | - | 2,704 | |||||||||||||||||||||||||||||||||||||||
Earnings from Commercial
Land Sales |
282 | - | - | - | 282 | (144 | ) | - | - | - | (144 | ) | |||||||||||||||||||||||||||||||||||||
Other (1) |
3,361 | (26 | ) | 1,966 | - | 5,353 | 4,159 | 423 | (1,052 | ) | - | 2,684 | |||||||||||||||||||||||||||||||||||||
Total Commercial Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
119,128 | 5,295 | 7,528 | - | 121,361 | 117,337 | 5,343 | 7,534 | - | 119,528 | 1.5 | % | 1.5 | % | |||||||||||||||||||||||||||||||||||
Total |
129,390 | 9,014 | 10,673 | 1,132 | 132,181 | 131,330 | 5,642 | 6,599 | 2,111 | 134,398 | |||||||||||||||||||||||||||||||||||||||
Residential Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Apartments |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
25,346 | 543 | 6,606 | - | 31,409 | 25,729 | 468 | 6,389 | - | 31,650 | (1.5 | %) | (0.8 | %) | |||||||||||||||||||||||||||||||||||
Total |
29,441 | 2,315 | 8,447 | - | 35,573 | 38,714 | 860 | 8,706 | 672 | 47,232 | |||||||||||||||||||||||||||||||||||||||
Military Housing |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total |
7,142 | - | 378 | - | 7,520 | 8,522 | (451 | ) | 311 | - | 9,284 | ||||||||||||||||||||||||||||||||||||||
Other (1) |
(2,818 | ) | 170 | (191 | ) | - | (3,179 | ) | 4,805 | (11 | ) | - | - | 4,816 | |||||||||||||||||||||||||||||||||||
Total Residential Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
25,346 | 543 | 6,606 | - | 31,409 | 25,729 | 468 | 6,389 | - | 31,650 | (1.5 | %) | (0.8 | %) | |||||||||||||||||||||||||||||||||||
Total |
33,765 | 2,485 | 8,634 | - | 39,914 | 52,041 | 398 | 9,017 | 672 | 61,332 | |||||||||||||||||||||||||||||||||||||||
Total Rental Properties |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
144,474 | 5,838 | 14,134 | - | 152,770 | 143,066 | 5,811 | 13,923 | - | 151,178 | 1.0 | % | 1.1 | % | |||||||||||||||||||||||||||||||||||
Total |
163,155 | 11,499 | 19,307 | 1,132 | 172,095 | 183,371 | 6,040 | 15,616 | 2,783 | 195,730 | |||||||||||||||||||||||||||||||||||||||
Land Development Group |
2,941 | 384 | 136 | - | 2,693 | 365 | 244 | (323 | ) | - | (202 | ) | |||||||||||||||||||||||||||||||||||||
The Nets |
|||||||||||||||||||||||||||||||||||||||||||||||||
Operations |
(312 | ) | - | - | - | (312 | ) | (13,648 | ) | - | 2,616 | - | (11,032 | ) | |||||||||||||||||||||||||||||||||||
Gain on disposition of partial interest |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total |
(312 | ) | - | - | - | (312 | ) | (13,648 | ) | - | 2,616 | - | (11,032 | ) | |||||||||||||||||||||||||||||||||||
Corporate Activities |
(18,004 | ) | - | - | - | (18,004 | ) | (9,466 | ) | - | - | - | (9,466 | ) | |||||||||||||||||||||||||||||||||||
Grand Total |
$ | 147,780 | $ | 11,883 | $ | 19,443 | $ | 1,132 | $ | 156,472 | $ | 160,622 | $ | 6,284 | $ | 17,909 | $ | 2,783 | $ | 175,030 | |||||||||||||||||||||||||||||
(1) | Includes write-offs of abandoned development projects, non-capitalizable development costs
and unallocated management and service company overhead, net of historic and new market tax
credit income. Write-offs of abandoned development projects for the three months ended
January 31, 2011 were $7,378 at both full and pro-rata consolidation compared to $5,490 for
the three months ended January 31, 2010 at both full and pro-rata consolidation. |
14
Net Operating Income (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended January 31, 2011 | Year Ended January 31, 2010 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Pro-Rata | ||||||||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Consolidation | ||||||||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||||||||||||||||||||||||||||||||||||
Commercial Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Retail |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
$ | 236,459 | $ | 11,366 | $ | 21,643 | $ | - | $ | 246,736 | $ | 229,780 | $ | 10,448 | $ | 22,055 | $ | - | $ | 241,387 | 2.9 | % | 2.2 | % | |||||||||||||||||||||||||
Total |
250,055 | 11,379 | 24,738 | 8,894 | 272,308 | 241,481 | 11,351 | 22,350 | 10,641 | 263,121 | |||||||||||||||||||||||||||||||||||||||
Office Buildings |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
235,545 | 10,496 | 15,297 | - | 240,346 | 238,106 | 10,407 | 7,782 | - | 235,481 | (1.1 | %) | 2.1 | % | |||||||||||||||||||||||||||||||||||
Total |
259,111 | 20,508 | 9,950 | - | 248,553 | 257,147 | 10,446 | 7,782 | - | 254,483 | |||||||||||||||||||||||||||||||||||||||
Hotels |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
11,501 | - | 1,480 | - | 12,981 | 11,997 | - | 1,510 | - | 13,507 | (4.1 | %) | (3.9 | %) | |||||||||||||||||||||||||||||||||||
Total |
11,501 | - | 1,480 | - | 12,981 | 11,997 | - | 1,510 | - | 13,507 | |||||||||||||||||||||||||||||||||||||||
Earnings from Commercial
Land Sales |
4,652 | 14 | - | - | 4,638 | 5,416 | 476 | - | - | 4,940 | |||||||||||||||||||||||||||||||||||||||
Other (1) |
(3,547 | ) | (762 | ) | 7,132 | - | 4,347 | (6,677 | ) | 946 | (2,561 | ) | (677 | ) | (10,861 | ) | |||||||||||||||||||||||||||||||||
Total Commercial Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
483,505 | 21,862 | 38,420 | - | 500,063 | 479,883 | 20,855 | 31,347 | - | 490,375 | 0.8 | % | 2.0 | % | |||||||||||||||||||||||||||||||||||
Total |
521,772 | 31,139 | 43,300 | 8,894 | 542,827 | 509,364 | 23,219 | 29,081 | 9,964 | 525,190 | |||||||||||||||||||||||||||||||||||||||
Residential Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Apartments |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
96,723 | 2,504 | 27,043 | - | 121,262 | 99,151 | 2,042 | 20,969 | - | 118,078 | (2.4 | %) | 2.7 | % | |||||||||||||||||||||||||||||||||||
Total |
113,883 | 4,371 | 31,898 | 900 | 142,310 | 128,316 | 3,749 | 29,611 | 7,265 | 161,443 | |||||||||||||||||||||||||||||||||||||||
Military Housing |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total |
26,966 | (37 | ) | 1,503 | - | 28,506 | 37,424 | (303 | ) | 1,044 | - | 38,771 | |||||||||||||||||||||||||||||||||||||
Other (1) |
(3,515 | ) | 87 | 238 | - | (3,364 | ) | (16,817 | ) | (18 | ) | 231 | - | (16,568 | ) | ||||||||||||||||||||||||||||||||||
Total Residential Group |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
96,723 | 2,504 | 27,043 | - | 121,262 | 99,151 | 2,042 | 20,969 | - | 118,078 | (2.4 | %) | 2.7 | % | |||||||||||||||||||||||||||||||||||
Total |
137,334 | 4,421 | 33,639 | 900 | 167,452 | 148,923 | 3,428 | 30,886 | 7,265 | 183,646 | |||||||||||||||||||||||||||||||||||||||
Total Rental Properties |
|||||||||||||||||||||||||||||||||||||||||||||||||
Comparable |
580,228 | 24,366 | 65,463 | - | 621,325 | 579,034 | 22,897 | 52,316 | - | 608,453 | 0.2 | % | 2.1 | % | |||||||||||||||||||||||||||||||||||
Total |
659,106 | 35,560 | 76,939 | 9,794 | 710,279 | 658,287 | 26,647 | 59,967 | 17,229 | 708,836 | |||||||||||||||||||||||||||||||||||||||
Land Development Group |
5,278 | 732 | 339 | - | 4,885 | 2,007 | 421 | (1,925 | ) | - | (339 | ) | |||||||||||||||||||||||||||||||||||||
The Nets |
|||||||||||||||||||||||||||||||||||||||||||||||||
Operations |
(18,318 | ) | (6,243 | ) | 1,146 | - | (10,929 | ) | (43,489 | ) | - | 8,064 | - | (35,425 | ) | ||||||||||||||||||||||||||||||||||
Gain on disposition of partial interest |
55,112 | 23,675 | - | - | 31,437 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Total |
36,794 | 17,432 | 1,146 | - | 20,508 | (43,489 | ) | - | 8,064 | - | (35,425 | ) | |||||||||||||||||||||||||||||||||||||
Corporate Activities |
(48,357 | ) | - | - | - | (48,357 | ) | (41,321 | ) | - | - | - | (41,321 | ) | |||||||||||||||||||||||||||||||||||
Grand Total |
$ | 652,821 | $ | 53,724 | $ | 78,424 | $ | 9,794 | $ | 687,315 | $ | 575,484 | $ | 27,068 | $ | 66,106 | $ | 17,229 | $ | 631,751 | |||||||||||||||||||||||||||||
(1) | Includes write-offs of abandoned development projects, non-capitalizable development costs
and unallocated management and service company overhead, net of historic and new market tax
credit income. Write-offs of abandoned development projects for the year ended January 31,
2011 were $8,056 at full consolidation and $10,613 at pro-rata consolidation compared to
$26,888 for the year ended January 31, 2010 at both full and pro-rata consolidation. |
15
NOI by Product Type: |
$ | 714,181 | ||
The Nets |
||||
Operations |
(10,929 | ) | ||
Gain on disposition of partial interest |
31,437 | |||
Total Nets |
20,508 | |||
Corporate Activities |
(48,357 | ) | ||
Other (1) |
983 | |||
Grand Total NOI |
$ | 687,315 | ||
NOI by Product Type: |
$ | 735,926 | ||
The Nets |
||||
Operations |
(35,425 | ) | ||
Gain on disposition of partial interest |
- | |||
Total Nets |
(35,425 | ) | ||
Corporate Activities |
(41,321 | ) | ||
Other (1) |
(27,429 | ) | ||
Grand Total NOI |
$ | 631,751 | ||
(1) | Includes write-offs of abandoned development projects, non-capitalizable
development costs and unallocated management and service company overhead, net of historic and new
market tax credit income. |
16
NOI by Market: |
$ | 714,181 | ||
The Nets |
||||
Operations |
(10,929 | ) | ||
Gain on disposition of partial interest |
31,437 | |||
Total Nets |
20,508 | |||
Corporate Activities |
(48,357 | ) | ||
Other (1) |
983 | |||
Grand Total NOI |
$ | 687,315 | ||
NOI by Market: |
$ | 735,926 | ||
The Nets |
||||
Operations |
(35,425 | ) | ||
Gain on disposition of partial interest |
- | |||
Total Nets |
(35,425 | ) | ||
Corporate Activities |
(41,321 | ) | ||
Other (1) |
(27,429 | ) | ||
Grand Total NOI |
$ | 631,751 | ||
(1) | Includes write-offs of abandoned development projects, non-capitalizable
development costs and unallocated management and service company overhead, net of historic and new
market tax credit income. |
17
Three Months Ended January 31, 2011 | Three Months Ended January 31, 2010 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 297,790 | $ | 19,007 | $ | 80,167 | $ | 2,170 | $ | 361,120 | $ | 318,530 | $ | 12,655 | $ | 70,909 | $ | 5,727 | $ | 382,511 | |||||||||||||||||||||
Exclude straight-line rent adjustment (1) |
(9,015 | ) | - | - | (144 | ) | (9,159 | ) | (5,107 | ) | - | - | (176 | ) | (5,283 | ) | |||||||||||||||||||||||||
Adjusted revenues |
288,775 | 19,007 | 80,167 | 2,026 | 351,961 | 313,423 | 12,655 | 70,909 | 5,551 | 377,228 | |||||||||||||||||||||||||||||||
Add interest and other income |
17,862 | 611 | 381 | (1 | ) | 17,631 | 30,080 | 175 | 20,910 | 1 | 50,816 | ||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(12,742 | ) | 1,719 | 14,081 | - | (380 | ) | 30,087 | 5 | (30,338 | ) | - | (256 | ) | |||||||||||||||||||||||||||
Exclude gain on disposition of unconsolidated entities |
(15,633 | ) | - | 15,633 | - | - | (45,263 | ) | - | 45,263 | - | - | |||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
35,714 | - | (35,714 | ) | - | - | 1,693 | - | (1,693 | ) | - | - | |||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities (see below) |
15,851 | - | (15,851 | ) | - | - | 13,293 | - | (13,293 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
329,827 | 21,337 | 58,697 | 2,025 | 369,212 | 343,313 | 12,835 | 91,758 | 5,552 | 427,788 | |||||||||||||||||||||||||||||||
Operating expenses |
182,787 | 9,454 | 39,254 | 893 | 213,480 | 181,762 | 6,551 | 71,105 | 2,769 | 249,085 | |||||||||||||||||||||||||||||||
Add back non-Real Estate depreciation and amortization (b) |
1,091 | - | - | - | 1,091 | 3,108 | - | 2,583 | - | 5,691 | |||||||||||||||||||||||||||||||
Add back amortization of mortgage procurement costs for non-Real Estate Groups (d) |
- | - | - | - | - | - | - | 161 | - | 161 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment (2) |
(1,246 | ) | - | - | - | (1,246 | ) | (1,594 | ) | - | - | - | (1,594 | ) | |||||||||||||||||||||||||||
Exclude preference payment |
(585 | ) | - | - | - | (585 | ) | (585 | ) | - | - | - | (585 | ) | |||||||||||||||||||||||||||
Adjusted operating expenses |
182,047 | 9,454 | 39,254 | 893 | 212,740 | 182,691 | 6,551 | 73,849 | 2,769 | 252,758 | |||||||||||||||||||||||||||||||
Net operating income |
147,780 | 11,883 | 19,443 | 1,132 | 156,472 | 160,622 | 6,284 | 17,909 | 2,783 | 175,030 | |||||||||||||||||||||||||||||||
Interest expense |
(71,105 | ) | (3,682 | ) | (22,228 | ) | (765 | ) | (90,416 | ) | (90,089 | ) | (3,925 | ) | (16,955 | ) | (1,743 | ) | (104,862 | ) | |||||||||||||||||||||
Gain (loss) on early extinguishment of debt |
(31,688 | ) | - | 2,785 | - | (28,903 | ) | (1,396 | ) | - | (954 | ) | - | (2,350 | ) | ||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities, including impairment |
12,742 | (1,719 | ) | (14,081 | ) | - | 380 | (30,087 | ) | (5 | ) | 30,338 | - | 256 | |||||||||||||||||||||||||||
Gain on disposition of unconsolidated entities |
15,633 | - | - | - | 15,633 | 45,263 | - | - | - | 45,263 | |||||||||||||||||||||||||||||||
Impairment of unconsolidated real estate |
(35,714 | ) | - | - | - | (35,714 | ) | (1,693 | ) | - | - | - | (1,693 | ) | |||||||||||||||||||||||||||
Depreciation and amortization of unconsolidated entities (see above) |
(15,851 | ) | - | 15,851 | - | - | (13,293 | ) | - | 13,293 | - | - | |||||||||||||||||||||||||||||
Net gain on disposition of rental properties and partial interests in rental properties |
- | - | - | 46,527 | 46,527 | - | - | - | 1,172 | 1,172 | |||||||||||||||||||||||||||||||
Impairment of consolidated real estate |
- | - | - | - | - | (5,783 | ) | - | - | (17,619 | ) | (23,402 | ) | ||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups (a) |
(60,308 | ) | (2,344 | ) | (15,237 | ) | (178 | ) | (73,379 | ) | (62,803 | ) | (1,717 | ) | (12,654 | ) | (1,693 | ) | (75,433 | ) | |||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups (c) |
(3,418 | ) | (422 | ) | (614 | ) | (7 | ) | (3,617 | ) | (3,255 | ) | (117 | ) | (639 | ) | (73 | ) | (3,850 | ) | |||||||||||||||||||||
Straight-line rent adjustment (1) + (2) |
7,769 | - | - | 144 | 7,913 | 3,513 | - | - | 176 | 3,689 | |||||||||||||||||||||||||||||||
Preference payment |
(585 | ) | - | - | - | (585 | ) | (585 | ) | - | - | - | (585 | ) | |||||||||||||||||||||||||||
Earnings (loss) before income taxes |
(34,745 | ) | 3,716 | (14,081 | ) | 46,853 | (5,689 | ) | 414 | 520 | 30,338 | (16,997 | ) | 13,235 | |||||||||||||||||||||||||||
Income tax provision |
23,231 | - | - | (18,995 | ) | 4,236 | (13,369 | ) | - | - | 6,591 | (6,778 | ) | ||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities, including impairment |
(12,742 | ) | 1,719 | 14,081 | - | (380 | ) | 30,087 | 5 | (30,338 | ) | - | (256 | ) | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations |
(24,256 | ) | 5,435 | - | 27,858 | (1,833 | ) | 17,132 | 525 | - | (10,406 | ) | 6,201 | ||||||||||||||||||||||||||||
Discontinued operations, net of tax |
27,858 | - | - | (27,858 | ) | - | (10,520 | ) | (114 | ) | - | 10,406 | - | ||||||||||||||||||||||||||||
Net earnings |
3,602 | 5,435 | - | - | (1,833 | ) | 6,612 | 411 | - | - | 6,201 | ||||||||||||||||||||||||||||||
Noncontrolling interests |
|||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to noncontrolling interests |
(5,435 | ) | (5,435 | ) | - | - | - | (525 | ) | (525 | ) | - | - | - | |||||||||||||||||||||||||||
Earnings from discontinued operations attributable to noncontrolling interests |
- | - | - | - | - | 114 | 114 | - | - | - | |||||||||||||||||||||||||||||||
Noncontrolling interests |
(5,435 | ) | (5,435 | ) | - | - | - | (411 | ) | (411 | ) | - | - | - | |||||||||||||||||||||||||||
Net earnings attributable to Forest City Enterpirses, Inc. |
$ | (1,833 | ) | $ | - | $ | - | $ | - | $ | (1,833 | ) | $ | 6,201 | $ | - | $ | - | $ | - | $ | 6,201 | |||||||||||||||||||
Preferred dividends |
(3,850 | ) | - | - | - | (3,850 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Net earnings attributable to Forest City Enterpirses, Inc.
common shareholders |
$ | (5,683 | ) | $ | - | $ | - | $ | - | $ | (5,683 | ) | $ | 6,201 | $ | - | $ | - | $ | - | $ | 6,201 | |||||||||||||||||||
(a) Depreciation and amortization - Real Estate Groups |
$ | 60,308 | $ | 2,344 | $ | 15,237 | $ | 178 | $ | 73,379 | $ | 62,803 | $ | 1,717 | $ | 12,654 | $ | 1,693 | $ | 75,433 | |||||||||||||||||||||
(b) Depreciation and amortization - Non-Real Estate |
1,091 | - | - | - | 1,091 | 3,108 | - | 2,583 | - | 5,691 | |||||||||||||||||||||||||||||||
Total depreciation and amortization |
$ | 61,399 | $ | 2,344 | $ | 15,237 | $ | 178 | $ | 74,470 | $ | 65,911 | $ | 1,717 | $ | 15,237 | $ | 1,693 | $ | 81,124 | |||||||||||||||||||||
(c) Amortization of mortgage procurement costs - Real Estate Groups |
$ | 3,418 | $ | 422 | $ | 614 | $ | 7 | $ | 3,617 | $ | 3,255 | $ | 117 | $ | 639 | $ | 73 | $ | 3,850 | |||||||||||||||||||||
(d) Amortization of mortgage procurement costs - Non-Real Estate |
- | - | - | - | - | - | - | 161 | - | 161 | |||||||||||||||||||||||||||||||
Total amortization of mortgage procurement costs |
$ | 3,418 | $ | 422 | $ | 614 | $ | 7 | $ | 3,617 | $ | 3,255 | $ | 117 | $ | 800 | $ | 73 | $ | 4,011 | |||||||||||||||||||||
18
Year Ended January 31, 2011 | Year Ended January 31, 2010 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 1,177,661 | $ | 68,419 | $ | 316,900 | $ | 17,848 | $ | 1,443,990 | $ | 1,232,013 | $ | 50,432 | $ | 303,029 | $ | 30,378 | $ | 1,514,988 | |||||||||||||||||||||
Exclude straight-line rent adjustment (1) |
(22,883 | ) | - | - | (609 | ) | (23,492 | ) | (18,824 | ) | - | - | (869 | ) | (19,693 | ) | |||||||||||||||||||||||||
Adjusted revenues |
1,154,778 | 68,419 | 316,900 | 17,239 | 1,420,498 | 1,213,189 | 50,432 | 303,029 | 29,509 | 1,495,295 | |||||||||||||||||||||||||||||||
Add interest and other income |
52,826 | 2,635 | 15,666 | 6 | 65,863 | 53,999 | 718 | 54,476 | 6 | 107,763 | |||||||||||||||||||||||||||||||
Add gain on disposition of partial interests in other investment - Nets |
55,112 | 23,675 | - | - | 31,437 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(30,194 | ) | (4,613 | ) | 19,507 | - | (6,074 | ) | (15,053 | ) | (76 | ) | 15,769 | - | 792 | ||||||||||||||||||||||||||
Exclude gain on disposition of unconsolidated entities |
(23,461 | ) | - | 23,461 | - | - | (49,761 | ) | - | 49,761 | - | - | |||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
72,459 | - | (72,459 | ) | - | - | 36,356 | - | (36,356 | ) | - | - | |||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities (see below) |
54,439 | - | (54,439 | ) | - | - | 45,994 | - | (45,994 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
1,335,959 | 90,116 | 248,636 | 17,245 | 1,511,724 | 1,284,724 | 51,074 | 340,685 | 29,515 | 1,603,850 | |||||||||||||||||||||||||||||||
Operating expenses |
685,783 | 36,392 | 169,265 | 7,451 | 826,107 | 704,552 | 24,006 | 259,085 | 12,286 | 951,917 | |||||||||||||||||||||||||||||||
Add back non-Real Estate depreciation and amortization (b) |
5,028 | - | 878 | - | 5,906 | 13,480 | - | 14,931 | - | 28,411 | |||||||||||||||||||||||||||||||
Add back amortization of mortgage procurement costs for non-Real Estate Groups (d) |
- | - | 69 | - | 69 | - | - | 563 | - | 563 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment (2) |
(5,332 | ) | - | - | - | (5,332 | ) | (6,451 | ) | - | - | - | (6,451 | ) | |||||||||||||||||||||||||||
Exclude preference payment |
(2,341 | ) | - | - | - | (2,341 | ) | (2,341 | ) | - | - | - | (2,341 | ) | |||||||||||||||||||||||||||
Adjusted operating expenses |
683,138 | 36,392 | 170,212 | 7,451 | 824,409 | 709,240 | 24,006 | 274,579 | 12,286 | 972,099 | |||||||||||||||||||||||||||||||
Net operating income |
652,821 | 53,724 | 78,424 | 9,794 | 687,315 | 575,484 | 27,068 | 66,106 | 17,229 | 631,751 | |||||||||||||||||||||||||||||||
Interest expense |
(315,340 | ) | (18,690 | ) | (81,184 | ) | (5,824 | ) | (383,658 | ) | (343,146 | ) | (14,739 | ) | (66,850 | ) | (9,286 | ) | (404,543 | ) | |||||||||||||||||||||
Gain (loss) on early extinguishment of debt |
(21,035 | ) | 247 | 2,760 | - | (18,522 | ) | 36,569 | - | 744 | - | 37,313 | |||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities, including impairment |
30,194 | 4,613 | (19,507 | ) | - | 6,074 | 15,053 | 76 | (15,769 | ) | - | (792 | ) | ||||||||||||||||||||||||||||
Gain on disposition of unconsolidated entities |
23,461 | - | - | - | 23,461 | 49,761 | - | - | - | 49,761 | |||||||||||||||||||||||||||||||
Impairment of unconsolidated real estate |
(72,459 | ) | - | - | - | (72,459 | ) | (36,356 | ) | - | - | - | (36,356 | ) | |||||||||||||||||||||||||||
Depreciation and amortization of unconsolidated entities (see above) |
(54,439 | ) | - | 54,439 | - | - | (45,994 | ) | - | 45,994 | - | - | |||||||||||||||||||||||||||||
Net gain on disposition of rental properties and partial interests in rental properties |
202,878 | - | - | 47,092 | 249,970 | - | - | - | 5,720 | 5,720 | |||||||||||||||||||||||||||||||
Impairment of consolidated real estate |
(6,803 | ) | (1,526 | ) | - | (79,603 | ) | (84,880 | ) | (8,907 | ) | - | - | (27,394 | ) | (36,301 | ) | ||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups (a) |
(238,819 | ) | (9,267 | ) | (52,194 | ) | (4,296 | ) | (286,042 | ) | (246,743 | ) | (5,037 | ) | (43,868 | ) | (8,295 | ) | (293,869 | ) | |||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups (c) |
(13,487 | ) | (1,514 | ) | (2,245 | ) | (123 | ) | (14,341 | ) | (13,709 | ) | (565 | ) | (2,126 | ) | (313 | ) | (15,583 | ) | |||||||||||||||||||||
Straight-line rent adjustment (1) + (2) |
17,551 | - | - | 609 | 18,160 | 12,373 | - | - | 869 | 13,242 | |||||||||||||||||||||||||||||||
Preference payment |
(2,341 | ) | - | - | - | (2,341 | ) | (2,341 | ) | - | - | - | (2,341 | ) | |||||||||||||||||||||||||||
Earnings (loss) before income taxes |
202,182 | 27,587 | (19,507 | ) | (32,351 | ) | 122,737 | (7,956 | ) | 6,803 | (15,769 | ) | (21,470 | ) | (51,998 | ) | |||||||||||||||||||||||||
Income tax provision |
(69,720 | ) | - | - | 11,717 | (58,003 | ) | 12,229 | - | - | 8,326 | 20,555 | |||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities, including impairment |
(30,194 | ) | (4,613 | ) | 19,507 | - | (6,074 | ) | (15,053 | ) | (76 | ) | 15,769 | - | 792 | ||||||||||||||||||||||||||
Earnings (loss) from continuing operations |
102,268 | 22,974 | - | (20,634 | ) | 58,660 | (10,780 | ) | 6,727 | - | (13,144 | ) | (30,651 | ) | |||||||||||||||||||||||||||
Discontinued operations, net of tax |
(16,258 | ) | 4,376 | - | 20,634 | - | (13,261 | ) | (117 | ) | - | 13,144 | - | ||||||||||||||||||||||||||||
Net earnings (loss) |
86,010 | 27,350 | - | - | 58,660 | (24,041 | ) | 6,610 | - | - | (30,651 | ) | |||||||||||||||||||||||||||||
Noncontrolling interests |
|||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to noncontrolling interests |
(22,974 | ) | (22,974 | ) | - | - | - | (6,727 | ) | (6,727 | ) | - | - | - | |||||||||||||||||||||||||||
Earnings from discontinued operations attributable to noncontrolling interests |
(4,376 | ) | (4,376 | ) | - | - | - | 117 | 117 | - | - | - | |||||||||||||||||||||||||||||
Noncontrolling interests |
(27,350 | ) | (27,350 | ) | - | - | - | (6,610 | ) | (6,610 | ) | - | - | - | |||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterpirses, Inc. |
$ | 58,660 | $ | - | $ | - | $ | - | $ | 58,660 | $ | (30,651 | ) | $ | - | $ | - | $ | - | $ | (30,651 | ) | |||||||||||||||||||
Preferred dividends |
(11,807 | ) | - | - | - | (11,807 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterpirses, Inc.
common shareholders |
$ | 46,853 | $ | - | $ | - | $ | - | $ | 46,853 | $ | (30,651 | ) | $ | - | $ | - | $ | - | $ | (30,651 | ) | |||||||||||||||||||
(a) Depreciation and amortization - Real Estate Groups |
$ | 238,819 | $ | 9,267 | $ | 52,194 | $ | 4,296 | $ | 286,042 | $ | 246,743 | $ | 5,037 | $ | 43,868 | $ | 8,295 | $ | 293,869 | |||||||||||||||||||||
(b) Depreciation and amortization - Non-Real Estate |
5,028 | - | 878 | - | 5,906 | 13,480 | - | 14,931 | - | 28,411 | |||||||||||||||||||||||||||||||
Total depreciation and amortization |
$ | 243,847 | $ | 9,267 | $ | 53,072 | $ | 4,296 | $ | 291,948 | $ | 260,223 | $ | 5,037 | $ | 58,799 | $ | 8,295 | $ | 322,280 | |||||||||||||||||||||
(c) Amortization of mortgage procurement costs - Real Estate Groups |
$ | 13,487 | $ | 1,514 | $ | 2,245 | $ | 123 | $ | 14,341 | $ | 13,709 | $ | 565 | $ | 2,126 | $ | 313 | $ | 15,583 | |||||||||||||||||||||
(d) Amortization of mortgage procurement costs - Non-Real Estate |
- | - | 69 | - | 69 | - | - | 563 | - | 563 | |||||||||||||||||||||||||||||||
Total amortization of mortgage procurement costs |
$ | 13,487 | $ | 1,514 | $ | 2,314 | $ | 123 | $ | 14,410 | $ | 13,709 | $ | 565 | $ | 2,689 | $ | 313 | $ | 16,146 | |||||||||||||||||||||
19
| $107,859,000 ($176,192,000, pre-tax) related to the 2010 gain on disposition of
partial interest in seven mixed-use University Park life science properties in Cambridge,
Massachusetts, related to the formation of a new joint venture with an outside partner; |
||
| $24,496,000 ($41,372,000, pre-tax) related to the overall increased net gains on
disposition included in discontinued operations in 2010 as compared to 2009. The
dispositions in 2010 include Simi Valley Town Center, a regional mall in Simi Valley,
California, Saddle Rock Village, a specialty retail center in Aurora, Colorado, 101 San
Fernando, an apartment community in San Jose, California, and an investment in a triple net
lease property located in Pueblo, Colorado. The dispositions in 2009 include Grand Avenue,
a specialty retail center in Queens, New York and a deferred gain related to the sale of
our Lumber Group strategic business unit; |
||
| $19,245,000 ($31,437,000, pre-tax) related to the 2010 gain on disposition of
partial interest in The Nets; |
||
| $19,080,000 ($31,414,000, pre-tax) related to a 2010 decrease in allocated
losses from our equity investment in The Nets; |
||
| $17,731,000 ($29,342,000, pre-tax) related to the 2010 gain on disposition of
partial interest in The Grand, Lenox Club and Lenox Park, apartment communities in North
Bethesda, Maryland, Arlington, Virginia and Silver Spring, Maryland, respectively, related
to the formation of a new joint venture with an outside partner; |
||
| $10,088,000 ($16,479,000, pre-tax, which includes $2,741,000 for unconsolidated
entities) of decreased write-offs of abandoned development projects in 2010 compared to
2009; |
||
| $2,448,000 ($3,998,000, pre-tax) related to the 2009 participation payment on
the refinancing of 45/75 Sidney, office buildings in Cambridge, Massachusetts, that did not
recur; and |
||
| $2,078,000 ($3,395,000, pre-tax) of decreased company-wide severance and
outplacement costs in 2010 compared to 2009. |
| $51,840,000 ($84,682,000, pre-tax) related to the 2010 increase in impairment
charges of consolidated (including discontinued properties) and unconsolidated entities; |
||
| $19,797,000 ($32,339,000, pre-tax, which includes $2,016,000 for unconsolidated
entities) primarily related to decreased gains on early extinguishment of debt in 2010 when
compared to 2009; |
||
| $14,384,000 ($23,496,000, pre-tax) related to the 2010 loss on early
extinguishment of debt on the exchange of a portion of our Convertible Senior Notes due
2016 for Class A common stock offset by the 2010 gain on early extinguishment of debt on
the exchange of a portion of our Senior Notes due 2011, 2015 and 2017 for a new issue of
Series A preferred stock and purchase of a portion of our Senior Notes due 2011 and 2017; |
||
| $16,100,000 ($26,300,000, pre-tax) related to the overall decreased net gains on
disposition of unconsolidated investments in 2010 as compared to 2009. The dispositions in
2010 primarily include Millender Center, a mixed-use property in Detroit, Michigan, and
Woodbridge Crossing, a specialty retail center in Woodbridge, New Jersey. The dispositions
in 2009 include Classic Residence by Hyatt properties, supported-living apartments in
Teaneck, New Jersey, Chevy Chase, Maryland and Yonkers, New York, Clarkwood and Granada
Gardens, apartment communities in Warrensville Heights, Ohio, and Boulevard Towers, an
apartment community in Amherst, New York; |
||
| $4,716,000 ($7,703,000, pre-tax, which includes $2,523,000 for unconsolidated
entities) related to a 2009 reinstatement by the United States Department of Housing and
Urban Development (HUD) of certain replacement reserves previously written off at four of
our residential properties located in Michigan; |
20
| $6,406,000 ($9,131,000, pre-tax) primarily related to military housing fee
income from the management and development of military housing units in Hawaii, Illinois,
Washington and Colorado in 2010 compared to 2009; |
||
| $2,203,000 ($3,599,000, pre-tax) related to a gain recognized in 2009 for
insurance proceeds received related to fire damage of an apartment building in excess of
the book value of the damaged asset that did not recur; |
||
| $1,626,000 ($2,656,000, pre-tax) related to transaction costs expensed during
2010 that were incurred in connection with a potential partial disposition in certain
rental properties that did not occur; and |
||
| $1,467,000 ($2,396,000, pre-tax) related to the 2009 net gain on an industrial
land sale at Mesa del Sol in Albuquerque, New Mexico. |
21
22
23
24
Three Months Ended January 31, | Year Ended January 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (1,833 | ) | $ | 6,201 | $ | 58,660 | $ | (30,651 | ) | ||||||
Depreciation and amortization Real Estate Groups (4) |
73,379 | 75,433 | 286,042 | 293,869 | ||||||||||||
Amortization of mortgage procurement costs Real Estate Groups (4) |
3,617 | 3,850 | 14,341 | 15,583 | ||||||||||||
Deferred income tax expense Real Estate Groups (5) |
(8,772 | ) | (10,558 | ) | 36,432 | (12,852 | ) | |||||||||
Deferred income tax expense Non-Real Estate Groups (5) |
||||||||||||||||
Gain on disposition of other investments |
- | 454 | - | 454 | ||||||||||||
Current income tax expense on non-operating earnings: (5) |
||||||||||||||||
Net gain on disposition of partial interests in rental properties |
5,037 | - | 37,483 | - | ||||||||||||
Gain on disposition included in discontinued operations |
5,000 | - | 4,902 | 754 | ||||||||||||
Gain on disposition of unconsolidated entities |
495 | 27,471 | 3,926 | 27,674 | ||||||||||||
Straight-line rent adjustment (2) |
(7,913 | ) | (3,689 | ) | (18,160 | ) | (13,242 | ) | ||||||||
Preference payment (3) |
585 | 585 | 2,341 | 2,341 | ||||||||||||
Impairment of consolidated real estate, net of minority interest |
- | 5,783 | 5,277 | 8,907 | ||||||||||||
Impairment of unconsolidated real estate |
35,714 | 1,693 | 72,459 | 36,356 | ||||||||||||
Net gain on disposition of partial interests in rental properties |
- | - | (202,878 | ) | - | |||||||||||
Gain on disposition of unconsolidated entities |
(15,633 | ) | (45,263 | ) | (23,461 | ) | (49,761 | ) | ||||||||
Discontinued operations: (1) |
||||||||||||||||
Gain on disposition of rental properties |
(46,527 | ) | (1,172 | ) | (51,303 | ) | (5,720 | ) | ||||||||
Impairment of real estate |
- | 17,619 | 79,603 | 27,394 | ||||||||||||
Noncontrolling interest Gain on disposition |
- | - | 4,211 | - | ||||||||||||
Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) |
$ | 43,149 | $ | 78,407 | $ | 309,875 | $ | 301,106 | ||||||||
EBDT Per Share |
||||||||||||||||
Numerator (in thousands): |
||||||||||||||||
EBDT |
$ | 43,149 | $ | 78,407 | $ | 309,875 | $ | 301,106 | ||||||||
If-Converted
Method (Pro forma numerator adjustment for interest, net of tax): |
||||||||||||||||
3.625% Puttable Senior Notes due 2014 |
1,110 | 1,110 | 4,438 | 1,418 | ||||||||||||
5% Puttable Senior Notes due 2016 |
1,521 | 1,531 | 6,113 | 1,633 | ||||||||||||
EBDT for per share data |
$ | 45,780 | $ | 81,048 | $ | 320,426 | $ | 304,157 | ||||||||
Denominator |
||||||||||||||||
Weighted average shares outstanding Basic |
155,643,554 | 155,324,478 | 155,485,243 | 139,825,349 | ||||||||||||
Effect of stock options and restricted stock |
803,779 | 349,428 | 550,730 | 148,889 | ||||||||||||
Effect of convertible preferred stock |
14,550,257 | - | 13,115,165 | - | ||||||||||||
Effect of convertible debt |
28,047,083 | 28,133,038 | 28,111,373 | 8,269,550 | ||||||||||||
Effect of convertible Class A Common Units |
3,646,755 | 3,646,755 | 3,646,755 | 3,646,755 | ||||||||||||
Weighted average shares outstanding Diluted |
202,691,428 | 187,453,699 | 200,909,266 | 151,890,543 | ||||||||||||
EBDT Per Share |
$ | 0.23 | $ | 0.43 | $ | 1.59 | $ | 2.00 |
EBDT Per Share | ||||||||||||||||||||||
Quarterly Historical Trends | Three Months Ended | |||||||||||||||||||||
January 31, 2011 | October 31, 2010 | July 31, 2010 | April 30, 2010 | January 31, 2010 | ||||||||||||||||||
Numerator (in
thousands): |
||||||||||||||||||||||
EBDT |
$ | 43,149 | $ | 90,699 | $ | 105,560 | $ | 70,467 | $ | 78,407 | ||||||||||||
If-Converted
Method (Pro forma numerator adjustment for interest, net of tax): |
||||||||||||||||||||||
3.625% Puttable Senior Notes due 2014 |
1,110 | 1,110 | 1,110 | 1,110 | 1,110 | |||||||||||||||||
5% Puttable Senior Notes due 2016 |
1,521 | 1,530 | 1,530 | 1,530 | 1,531 | |||||||||||||||||
EBDT for per share data |
$ | 45,780 | $ | 93,339 | $ | 108,200 | $ | 73,107 | $ | 81,048 | ||||||||||||
Denominator |
||||||||||||||||||||||
Weighted average shares outstanding Basic |
155,643,554 | 155,484,451 | 155,456,575 | 155,352,050 | 155,324,478 | |||||||||||||||||
Effect of stock options and restricted stock |
803,779 | 462,812 | 442,299 | 494,029 | 349,428 | |||||||||||||||||
Effect of convertible preferred stock |
14,550,257 | 14,550,257 | 14,550,257 | 8,664,761 | - | |||||||||||||||||
Effect of convertible debt |
28,047,083 | 28,133,038 | 28,133,038 | 28,133,038 | 28,133,038 | |||||||||||||||||
Effect of convertible Class A Common Units |
3,646,755 | 3,646,755 | 3,646,755 | 3,646,755 | 3,646,755 | |||||||||||||||||
Weighted average shares outstanding Diluted |
202,691,428 | 202,277,313 | 202,228,924 | 196,290,633 | 187,453,699 | |||||||||||||||||
EBDT Per Share |
$ | 0.23 | $ | 0.46 | $ | 0.54 | $ | 0.37 | $ | 0.43 | ||||||||||||
25
(1) | All earnings of properties which have been sold or are held for sale are reported as
discontinued operations assuming no significant continuing involvement. |
|
(2) | The Company recognizes minimum rents on a straight-line basis over the term of the
related lease pursuant to accounting for leases. The straight-line rent adjustment is
recorded as an increase or decrease to revenue or operating expense from Forest City Rental
Properties Corporation, a wholly-owned subsidiary of Forest City Enterprises, Inc., with the
applicable offset to either accounts receivable or accounts payable, as appropriate. |
|
(3) | The preference payment represents the respective periods share of the annual
preferred payment in connection with the issuance of Class A Common Units in exchange for
Bruce C. Ratners noncontrolling interest in the Forest City Ratner Companies portfolio. |
|
(4) | The following table provides detail of depreciation and amortization and
amortization of mortgage procurement costs presented in thousands. |
Depreciation and Amortization | Amortization of Mortgage Procurement Costs | |||||||||||||||||||||||||||||||
Three Months Ended January 31, | Year Ended January 31, | Three Months Ended January 31, | Year Ended January 31, | |||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||
Full Consolidation |
$ | 61,399 | $ | 65,911 | $ | 243,847 | $ | 260,223 | $ | 3,418 | $ | 3,255 | $ | 13,487 | $ | 13,709 | ||||||||||||||||
Non-Real Estate |
(1,091 | ) | (3,108 | ) | (5,028 | ) | (13,480 | ) | - | - | - | - | ||||||||||||||||||||
Real Estate Groups Full Consolidation |
60,308 | 62,803 | 238,819 | 246,743 | 3,418 | 3,255 | 13,487 | 13,709 | ||||||||||||||||||||||||
Real Estate Groups related to noncontrolling interest |
(2,344 | ) | (1,717 | ) | (9,267 | ) | (5,037 | ) | (422 | ) | (117 | ) | (1,514 | ) | (565 | ) | ||||||||||||||||
Real Estate Groups Unconsolidated |
15,237 | 12,654 | 52,194 | 43,868 | 614 | 639 | 2,245 | 2,126 | ||||||||||||||||||||||||
Real Estate Groups Discontinued Operations |
178 | 1,693 | 4,296 | 8,295 | 7 | 73 | 123 | 313 | ||||||||||||||||||||||||
Real Estate Groups Pro-Rata Consolidation |
$ | 73,379 | $ | 75,433 | $ | 286,042 | $ | 293,869 | $ | 3,617 | $ | 3,850 | $ | 14,341 | $ | 15,583 | ||||||||||||||||
(5) | The following table provides detail of Income Tax Expense (Benefit): |
Three Months Ended January 31, | Year Ended January 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
(A) Operating earnings |
||||||||||||||||
Current |
$ | (10,900 | ) | $ | (11,975 | ) | $ | (41,684 | ) | $ | (20,680 | ) | ||||
Deferred |
(3,292 | ) | 10,690 | 55,028 | 6,707 | |||||||||||
(14,192 | ) | (1,285 | ) | 13,344 | (13,973 | ) | ||||||||||
(B) Impairment of consolidated and unconsolidated real estate |
||||||||||||||||
Deferred - Consolidated real estate |
- | (2,244 | ) | (2,048 | ) | (3,455 | ) | |||||||||
Deferred - Unconsolidated real estate |
(14,277 | ) | (656 | ) | (28,527 | ) | (14,100 | ) | ||||||||
(14,277 | ) | (2,900 | ) | (30,575 | ) | (17,555 | ) | |||||||||
(C) Net gain on disposition of partial interests in rental properties |
||||||||||||||||
Current |
5,037 | - | 37,483 | - | ||||||||||||
Deferred |
(5,862 | ) | - | 40,369 | - | |||||||||||
(825 | ) | - | 77,852 | - | ||||||||||||
(D) Gain on disposition of unconsolidated entities |
||||||||||||||||
Current |
495 | 27,471 | 3,926 | 27,674 | ||||||||||||
Deferred |
5,568 | (9,917 | ) | 5,173 | (8,375 | ) | ||||||||||
6,063 | 17,554 | 9,099 | 19,299 | |||||||||||||
Subtotal (A) (B) (C) (D) |
||||||||||||||||
Current |
(5,368 | ) | 15,496 | (275 | ) | 6,994 | ||||||||||
Deferred |
(17,863 | ) | (2,127 | ) | 69,995 | (19,223 | ) | |||||||||
Income tax expense |
(23,231 | ) | 13,369 | 69,720 | (12,229 | ) | ||||||||||
(E) Discontinued operations |
||||||||||||||||
Operating earnings |
||||||||||||||||
Current |
(378 | ) | (543 | ) | (1,534 | ) | (1,484 | ) | ||||||||
Deferred |
503 | 331 | 1,595 | 1,564 | ||||||||||||
125 | (212 | ) | 61 | 80 | ||||||||||||
Gain on disposition of rental properties |
||||||||||||||||
Current |
5,000 | - | 4,902 | 754 | ||||||||||||
Deferred |
13,870 | - | 14,192 | 1,010 | ||||||||||||
18,870 | - | 19,094 | 1,764 | |||||||||||||
Gain on disposition of Lumber Group |
||||||||||||||||
Current |
- | - | - | - | ||||||||||||
Deferred |
- | 454 | - | 454 | ||||||||||||
- | 454 | - | 454 | |||||||||||||
Impairment of real estate |
||||||||||||||||
Current |
- | - | - | - | ||||||||||||
Deferred |
- | (6,833 | ) | (30,872 | ) | (10,624 | ) | |||||||||
- | (6,833 | ) | (30,872 | ) | (10,624 | ) | ||||||||||
18,995 | (6,591 | ) | (11,717 | ) | (8,326 | ) | ||||||||||
Grand Total (A) (B) (C) (D) (E) |
||||||||||||||||
Current |
(746 | ) | 14,953 | 3,093 | 6,264 | |||||||||||
Deferred |
(3,490 | ) | (8,175 | ) | 54,910 | (26,819 | ) | |||||||||
$ | (4,236 | ) | $ | 6,778 | $ | 58,003 | $ | (20,555 | ) | |||||||
Recap of Grand Total: |
||||||||||||||||
Real Estate Groups |
||||||||||||||||
Current |
$ | 2,629 | $ | 15,766 | $ | 23,593 | $ | 14,740 | ||||||||
Deferred |
(8,772 | ) | (10,558 | ) | 36,432 | (12,852 | ) | |||||||||
(6,143 | ) | 5,208 | 60,025 | 1,888 | ||||||||||||
Non-Real Estate Groups |
||||||||||||||||
Current |
(3,375 | ) | (813 | ) | (20,500 | ) | (8,476 | ) | ||||||||
Deferred |
5,282 | 2,383 | 18,478 | (13,967 | ) | |||||||||||
1,907 | 1,570 | (2,022 | ) | (22,443 | ) | |||||||||||
Grand Total |
$ | (4,236 | ) | $ | 6,778 | $ | 58,003 | $ | (20,555 | ) | ||||||
26
AVERAGE | ||||||||||||||||||||||||
BASE | ||||||||||||||||||||||||
NUMBER OF | SQUARE FEET | PERCENTAGE | NET | PERCENTAGE | RENT PER | |||||||||||||||||||
EXPIRATION | EXPIRING | OF EXPIRING | OF TOTAL | BASE RENT | OF TOTAL | SQUARE FEET | ||||||||||||||||||
YEAR | LEASES | LEASES(3) | LEASED GLA(1) | EXPIRING(2) | BASE RENT | EXPIRING(3) | ||||||||||||||||||
2011 |
350 | 1,070,969 | 8.52 | % | $ | 24,738,514 | 8.65 | % | $ | 29.04 | ||||||||||||||
2012 |
258 | 930,162 | 7.40 | 21,848,214 | 7.64 | 27.80 | ||||||||||||||||||
2013 |
275 | 1,043,610 | 8.31 | 26,332,340 | 9.20 | 28.69 | ||||||||||||||||||
2014 |
231 | 1,049,878 | 8.36 | 22,275,500 | 7.79 | 27.35 | ||||||||||||||||||
2015 |
192 | 788,771 | 6.28 | 18,859,029 | 6.59 | 29.92 | ||||||||||||||||||
2016 |
212 | 1,257,730 | 10.01 | 35,877,907 | 12.54 | 37.40 | ||||||||||||||||||
2017 |
147 | 987,314 | 7.86 | 21,863,433 | 7.64 | 26.22 | ||||||||||||||||||
2018 |
155 | 714,949 | 5.69 | 17,787,781 | 6.22 | 26.52 | ||||||||||||||||||
2019 |
119 | 1,019,520 | 8.11 | 23,150,575 | 8.09 | 24.77 | ||||||||||||||||||
2020 |
119 | 893,935 | 7.12 | 19,999,278 | 6.99 | 29.54 | ||||||||||||||||||
Thereafter |
99 | 2,806,661 | 22.34 | 53,338,446 | 18.65 | 23.66 | ||||||||||||||||||
Total |
2,157 | 12,563,499 | 100.00 | % | $ | 286,071,017 | 100.00 | % | $ | 27.79 | ||||||||||||||
(1) | GLA = Gross Leasable Area. |
|
(2) | Net base rent expiring is an operating statistic and is not comparable to rental revenue, a
GAAP financial measure. The primary differences arise because net base rent is determined
using the tenants contractual rental agreements at our ownership share of the base rental
income from expiring leases as determined within the rent agreement and it does not include
adjustments such as the impact of straight-line rent, amortization of above and below market
lease values in-place, and contingent rental payments (which are not reasonably estimable). |
|
(3) | Square feet of expiring leases and average base rent per square feet are operating statistics
that represent 100% of the square footage and base rental income per square foot from expiring
leases. |
27
AVERAGE | ||||||||||||||||||||||||
BASE | ||||||||||||||||||||||||
NUMBER OF | SQUARE FEET | PERCENTAGE | NET | PERCENTAGE | RENT PER | |||||||||||||||||||
EXPIRATION | EXPIRING | OF EXPIRING | OF TOTAL | BASE RENT | OF TOTAL | SQUARE FEET | ||||||||||||||||||
YEAR | LEASES | LEASES(3) | LEASED GLA(1) | EXPIRING(2) | BASE RENT | EXPIRING(3) | ||||||||||||||||||
2011 |
85 | 478,656 | 4.11 | % | $ | 8,844,396 | 2.94 | % | $ | 20.21 | ||||||||||||||
2012 |
86 | 1,223,741 | 10.52 | 29,701,130 | 9.86 | 30.73 | ||||||||||||||||||
2013 |
91 | 1,162,098 | 9.99 | 26,689,597 | 8.86 | 23.95 | ||||||||||||||||||
2014 |
51 | 973,729 | 8.37 | 18,379,029 | 6.10 | 30.27 | ||||||||||||||||||
2015 |
40 | 468,673 | 4.03 | 8,406,778 | 2.79 | 21.16 | ||||||||||||||||||
2016 |
33 | 671,405 | 5.77 | 14,680,711 | 4.87 | 28.93 | ||||||||||||||||||
2017 |
25 | 375,324 | 3.22 | 9,143,986 | 3.04 | 27.51 | ||||||||||||||||||
2018 |
20 | 1,200,707 | 10.32 | 33,239,866 | 11.04 | 32.01 | ||||||||||||||||||
2019 |
19 | 713,614 | 6.13 | 13,065,080 | 4.34 | 26.12 | ||||||||||||||||||
2020 |
15 | 1,061,358 | 9.12 | 27,812,703 | 9.24 | 32.52 | ||||||||||||||||||
Thereafter |
38 | 3,306,949 | 28.42 | 111,205,086 | 36.92 | 38.13 | ||||||||||||||||||
Total |
503 | 11,636,254 | 100.00 | % | $ | 301,168,362 | 100.00 | % | $ | 31.11 | ||||||||||||||
(1) | GLA = Gross Leasable Area. |
|
(2) | Net base rent expiring is an operating statistic and is not comparable to rental revenue, a
GAAP financial measure. The primary differences arise because net base rent is determined
using the tenants contractual rental agreements at our ownership share of the base rental
income from expiring leases as determined within the rent agreement and it does not include
adjustments such as the impact of straight-line rent, amortization of above and below market
lease values in-place, and contingent rental payments (which are not reasonably estimable). |
|
(3) | Square feet of expiring leases and average base rent per square feet are operating statistics
that represent 100% of the square footage and base rental income per square foot from expiring
leases. |
28
NUMBER | LEASED | PERCENTAGE OF | ||||||||||
OF | SQUARE | TOTAL RETAIL | ||||||||||
TENANT | LEASES | FEET | SQUARE FEET | |||||||||
Bass Pro Shops, Inc. |
3 | 510,855 | 4.07 | % | ||||||||
Regal Entertainment Group |
5 | 381,461 | 3.04 | |||||||||
AMC Entertainment, Inc. |
5 | 377,797 | 3.01 | |||||||||
TJX Companies |
11 | 347,457 | 2.77 | |||||||||
The Gap |
25 | 321,159 | 2.56 | |||||||||
Dicks Sporting Goods |
6 | 293,171 | 2.33 | |||||||||
The Home Depot |
2 | 282,000 | 2.24 | |||||||||
The Limited |
37 | 220,357 | 1.75 | |||||||||
Best Buy |
6 | 207,969 | 1.65 | |||||||||
Abercrombie & Fitch Stores, Inc. |
25 | 181,272 | 1.44 | |||||||||
Footlocker, Inc. |
34 | 132,648 | 1.06 | |||||||||
Pathmark Stores, Inc. |
2 | 123,500 | 0.98 | |||||||||
Subtotal |
161 | 3,379,646 | 26.90 | |||||||||
All Others |
1,996 | 9,183,853 | 73.10 | |||||||||
Total |
2,157 | 12,563,499 | 100.00 | % | ||||||||
29
LEASED | PERCENTAGE OF | |||||||
SQUARE | TOTAL OFFICE | |||||||
TENANT | FEET | SQUARE FEET | ||||||
City of New York |
978,115 | 8.41 | % | |||||
Millennium Pharmaceuticals, Inc. |
660,741 | 5.68 | ||||||
U.S. Government |
614,218 | 5.28 | ||||||
District of Columbia |
553,330 | 4.76 | ||||||
Morgan Stanley & Co. |
444,685 | 3.82 | ||||||
Wellchoice, Inc. |
392,514 | 3.37 | ||||||
JP Morgan Chase & Co. |
383,341 | 3.29 | ||||||
Forest City Enterprises, Inc. (1) |
362,177 | 3.11 | ||||||
Bank of New York |
323,043 | 2.78 | ||||||
National Grid |
254,034 | 2.18 | ||||||
Clearbridge Advisors, LLC, a Legg Mason Company |
193,249 | 1.66 | ||||||
Covington & Burling, LLP |
160,565 | 1.38 | ||||||
Seyfarth Shaw, LLP |
96,909 | 0.83 | ||||||
Subtotal |
5,416,921 | 46.55 | ||||||
All Others |
6,219,333 | 53.45 | ||||||
Total |
11,636,254 | 100.00 | % | |||||
(1) | All intercompany rental income is eliminated in consolidation. |
30
Cost at FCE | ||||||||||||||||||||||||||||||||||||||
Date | Pro-Rata | Cost at Full | Total Cost | Pro-Rata Share | Sq. ft./ | Gross | ||||||||||||||||||||||||||||||||
Dev (D) | Opened / | FCE Legal | FCE % (a) | Consolidation | at 100% | (Non-GAAP) (c) | No. of | Leasable | Lease | |||||||||||||||||||||||||||||
Property | Location | Acq (A) | Acquired | Ownership % (a) | (1) | (GAAP) (b) | (2) | (1) X (2) | Units | Area | Commitment % | |||||||||||||||||||||||||||
2010 (4) | (in millions) | |||||||||||||||||||||||||||||||||||||
Retail Centers: |
||||||||||||||||||||||||||||||||||||||
Village at Gulfstream Park (d) |
Hallandale Beach, FL | D | Q1-10 | 50.0 | % | 50.0 | % | $ | 0.0 | $ | 214.2 | $ | 107.1 | 511,000 | (i) | 511,000 | 80 | % | ||||||||||||||||||||
East River Plaza (d) (e) |
Manhattan, NY | D | Q2-10 | 35.0 | % | 50.0 | % | 0.0 | 390.6 | 195.3 | 527,000 | 527,000 | 90 | % | ||||||||||||||||||||||||
$ | 0.0 | $ | 604.8 | $ | 302.4 | 1,038,000 | 1,038,000 | |||||||||||||||||||||||||||||||
Office: |
||||||||||||||||||||||||||||||||||||||
Waterfront Station - East 4th & West 4th Buildings |
Washington, D.C. | D | Q1-10 | 45.0 | % | 45.0 | % | $ | 236.0 | $ | 236.0 | $ | 106.2 | 631,000 | (j) | 99 | % | |||||||||||||||||||||
Residential: |
||||||||||||||||||||||||||||||||||||||
Presidio Landmark |
San Francisco, CA | D | Q3-10 | 100.0 | % | 100.0 | % | $ | 103.7 | $ | 103.7 | $ | 103.7 | 161 | 38 | % | ||||||||||||||||||||||
Total 2010 (f) |
$ | 339.7 | $ | 944.5 | $ | 512.3 | ||||||||||||||||||||||||||||||||
Prior Two Years Openings (17) |
||||||||||||||||||||||||||||||||||||||
Retail Centers: |
||||||||||||||||||||||||||||||||||||||
Promenade in Temecula Expansion |
Temecula, CA | D | Q1-09 | 75.0 | % | 100.0 | % | $ | 113.4 | $ | 113.4 | $ | 113.4 | 127,000 | 127,000 | 83 | % | |||||||||||||||||||||
Orchard Town Center |
Westminster, CO | D | Q1-08 | 100.0 | % | 100.0 | % | 148.3 | 148.3 | 148.3 | 980,000 | 565,000 | 82 | % | ||||||||||||||||||||||||
Shops at Wiregrass |
Tampa, FL | D | Q3-08 | 50.0 | % | 100.0 | % | 147.5 | 147.5 | 147.5 | 642,000 | 352,000 | 93 | % | ||||||||||||||||||||||||
White Oak Village |
Richmond, VA | D | Q3-08 | 50.0 | % | 100.0 | % | 66.1 | 66.1 | 66.1 | 800,000 | 294,000 | 76 | % | ||||||||||||||||||||||||
$ | 475.3 | $ | 475.3 | $ | 475.3 | 2,549,000 | 1,338,000 | |||||||||||||||||||||||||||||||
Office: |
||||||||||||||||||||||||||||||||||||||
818 Mission Street (d) |
San Francisco, CA | A | Q1-08 | 50.0 | % | 50.0 | % | $ | 0.0 | $ | 15.8 | $ | 7.9 | 28,000 | 80 | % | ||||||||||||||||||||||
Johns Hopkins - 855 North Wolfe Street |
East Baltimore, MD | D | Q1-08 | 76.6 | % | 76.6 | % | 89.8 | 89.8 | 68.8 | 279,000 | 84 | % | |||||||||||||||||||||||||
Mesa del Sol
- Aperture Center (d) |
Albuquerque, NM | D | Q4-08 | 47.5 | % | 47.5 | % | 0.0 | 16.2 | 7.7 | 74,000 | 16 | % | |||||||||||||||||||||||||
Mesa del Sol
- Fidelity (d) (g) |
Albuquerque, NM | D | Q4-08/Q3-09 | 47.5 | % | 47.5 | % | 0.0 | 20.4 | 9.7 | 210,000 | 100 | % | |||||||||||||||||||||||||
$ | 89.8 | $ | 142.2 | $ | 94.1 | 591,000 | ||||||||||||||||||||||||||||||||
Residential (h): |
||||||||||||||||||||||||||||||||||||||
North Church Towers |
Parma Heights, OH | A | Q3-09 | 100.0 | % | 100.0 | % | $ | 5.0 | $ | 5.0 | $ | 5.0 | 399 | 90 | % | ||||||||||||||||||||||
DKLB BKLN (formerly 80 Dekalb) (g) |
Brooklyn, NY | D | Q4-09/10 | 80.0 | % | 100.0 | % | 157.8 | 157.8 | 157.8 | 365 | 99 | % | |||||||||||||||||||||||||
Lucky Strike |
Richmond, VA | D | Q1-08 | 100.0 | % | 100.0 | % | 35.2 | 35.2 | 35.2 | 131 | 95 | % | |||||||||||||||||||||||||
Uptown Apartments (d) (g) |
Oakland, CA | D | Q1-08/Q4-08 | 50.0 | % | 50.0 | % | 0.0 | 177.6 | 88.8 | 665 | 90 | % | |||||||||||||||||||||||||
Mercantile Place on Main (g) |
Dallas, TX | D | Q1-08/Q4-08 | 100.0 | % | 100.0 | % | 87.6 | 87.6 | 87.6 | 366 | 89 | % | |||||||||||||||||||||||||
Barrington Place (d) |
Raleigh, NC | A | Q3-08 | 49.0 | % | 49.0 | % | 0.0 | 23.7 | 11.6 | 274 | 87 | % | |||||||||||||||||||||||||
Legacy Arboretum (d) |
Charlotte, NC | A | Q3-08 | 49.0 | % | 49.0 | % | 0.0 | 23.1 | 11.3 | 266 | 93 | % | |||||||||||||||||||||||||
Hamel Mill Lofts (g) |
Haverhill, MA | D | Q4-08/Q2-09 | 100.0 | % | 100.0 | % | 76.9 | 76.9 | 76.9 | 305 | 94 | % | |||||||||||||||||||||||||
Legacy Crossroads (d) (g) |
Cary, NC | A/D | Q4-08/Q3-09 | 50.0 | % | 50.0 | % | 0.0 | 35.6 | 17.8 | 344 | 94 | % | |||||||||||||||||||||||||
$ | 362.5 | $ | 622.5 | $ | 492.0 | 3,115 | ||||||||||||||||||||||||||||||||
Total Prior Two Years Openings (k) |
$ | 927.6 | $ | 1,240.0 | $ | 1,061.4 | ||||||||||||||||||||||||||||||||
Total 2009 |
$ | 276.2 | $ | 276.2 | $ | 276.2 | ||||||||||||||||||||||||||||||||
Total 2008 |
651.4 | 963.8 | 785.2 | |||||||||||||||||||||||||||||||||||
$ | 927.6 | $ | 1,240.0 | $ | 1,061.4 | |||||||||||||||||||||||||||||||||
31
Cost at FCE | |||||||||||||||||||||||||||||||||||||||
Pro-Rata | Cost at Full | Total Cost | Pro-Rata Share | Sq. ft./ | Gross | ||||||||||||||||||||||||||||||||||
Anticipated | FCE Legal | FCE % (a) | Consolidation | at 100% | (Non-GAAP) (c) | No. of | Leasable | Lease | |||||||||||||||||||||||||||||||
Property | Location | Opening | Ownership % (a) | (1) | (GAAP) (b) | (2) | (1) X (2) | Units | Area | Commitment % | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||
Retail Centers: |
|||||||||||||||||||||||||||||||||||||||
Westchesters Ridge Hill (g) |
Yonkers, NY | 2011/2012 | 70.0 | % | 100.0 | % | $ | 827.4 | $ | 827.4 | $ | 827.4 | 1,336,000 | 1,336,000 | (l) | 45 | % | ||||||||||||||||||||||
Residential: |
|||||||||||||||||||||||||||||||||||||||
8 Spruce Street (formerly Beekman) (g) |
Manhattan, NY | Q1-11/12 | 49.0 | % | 70.0 | % | $ | 875.7 | $ | 875.7 | $ | 613.0 | 903 | 6 | % (m) | ||||||||||||||||||||||||
Foundry Lofts |
Washington, D.C. | Q3-11 | 100.0 | % | 100.0 | % | 60.3 | 60.3 | 60.3 | 170 | |||||||||||||||||||||||||||||
$ | 936.0 | $ | 936.0 | $ | 673.3 | 1,073 | |||||||||||||||||||||||||||||||||
Arena: |
|||||||||||||||||||||||||||||||||||||||
Barclays Center |
Brooklyn, NY | 2012 | 26.6 | % | 26.6 | % | $ | 904.3 | $ | 904.3 | $ | 240.5 | 670,000 | 18,000 seats | (n) | 55 | % (o) | ||||||||||||||||||||||
Total Under Construction (p) |
$ | 2,667.7 | $ | 2,667.7 | $ | 1,741.2 | |||||||||||||||||||||||||||||||||
Fee Development: |
Sq. ft. | ||||||||||||||||||||||||||||||||||||||
Las Vegas City Hall |
Las Vegas, NV | Q1-12 | - | (q) | - | (q) | $ | 0.0 | $ | 146.2 | $ | 0.0 | 270,000 | ||||||||||||||||||||||||||
(a) | As is customary within the real estate industry, the Company invests in certain real estate
projects through joint ventures. For some of these projects, the Company provides funding at
percentages that differ from the Companys legal ownership. |
|
(b) | Amounts are presented on the full consolidation method of accounting, a GAAP measure.
Under full consolidation, costs are reported as consolidated at 100 percent if we are deemed
to have control or to be the primary beneficiary of our investments in the variable interest
entity (VIE). |
|
(c) | Cost at pro-rata share represents Forest Citys share of cost, based on the Companys
pro-rata ownership of each property (a non-GAAP measure). Under the pro-rata consolidation
method of accounting the Company determines its pro-rata share by multiplying its pro-rata
ownership by the total cost of the applicable property. |
|
(d) | Reported under the equity method of accounting. This method represents a GAAP measure for
investments in which the Company is not deemed to have control or to be the primary
beneficiary of our investments in a VIE. |
|
(e) | The cost of the property also includes construction of the 1,248-space parking garage and
structural upgrades to accommodate a possible future residential project above the retail
center. This also includes Costco which opened Q4-09. |
|
(f) | The difference between the full consolidation cost amount (GAAP) of $339.7 million to the
Companys pro-rata share (a non-GAAP measure) of $512.3 million consists of a reduction to
full consolidation for noncontrolling interest of $129.8 million of cost and the addition of
its share of cost for unconsolidated investments of $302.4 million. |
|
(g) | Phased-in openings. Costs are representative of the total project. |
|
(h) | The lease percentage for the residential properties represents the occupancy as of January
31, 2011. |
|
(i) | Includes 89,000 square feet of office space. |
|
(j) | Includes 85,000 square feet of retail space. |
|
(k) | The difference between the full consolidation cost amount (GAAP) of $927.6 million to the
Companys pro-rata share (a non-GAAP measure) of $1,061.4 million consists of a reduction to
full consolidation for noncontrolling interest of $21.0 million of cost and the addition of
its share of cost for unconsolidated investments of $154.8 million. |
|
(l) | Includes 156,000 square feet of office space. |
|
(m) | As of March 29, 2011, 53 leases have been signed since appointments with prospective
residents began on February 18, 2011. |
|
(n) | The Nets, a member of the NBA, has a 37 year license agreement to use the arena. |
|
(o) | Represents the percentage of forecasted contractually obligated arena income that is under
contract. Contractually obligated income, which includes revenue from naming rights,
sponsorships, suite licenses, Nets minimum rent and food concession agreements, accounts for
72% of total forecasted revenues for the Arena. |
|
(p) | The difference between the full consolidation cost amount (GAAP) of $2,667.7 million to the
Companys pro-rata share (a non-GAAP measure) of $1,741.2 million consists of a reduction to
full consolidation for noncontrolling interest of $926.5 million. |
|
(q) | This is a fee development project, owned by the City of Las Vegas. Therefore, these costs
are not included on the full consolidation or pro-rata balance sheet. |
32
Less | Plus | |||||||||||||||||||||||
Unconsolidated | Full | Less | Unconsolidated | Pro-Rata | ||||||||||||||||||||
Investments | Consolidation | Noncontrolling | Investments | Consolidation | ||||||||||||||||||||
100% | at 100% | (GAAP) (b) | Interest | at Pro-Rata | (Non-GAAP) (c) | |||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||
Total Cost Under Construction |
$ | 2,667.7 | $ | - | $ | 2,667.7 | $ | 926.5 | $ | - | $ | 1,741.2 | ||||||||||||
Total Loan Draws and Other Sources at Completion (d) |
1,873.3 | - | 1,873.3 | 664.5 | - | 1,208.8 | ||||||||||||||||||
Net Equity at Completion |
794.4 | - | 794.4 | 262.0 | - | 532.4 | ||||||||||||||||||
Net Costs Incurred to Date (e) |
1,667.9 | - | 1,667.9 | 461.2 | - | 1,206.7 | ||||||||||||||||||
Loan Draws and Other Sources to Date (e) |
914.9 | - | 914.9 | 199.2 | - | 715.7 | ||||||||||||||||||
Net Equity to Date (e) |
753.0 | - | 753.0 | 262.0 | - | 491.0 | ||||||||||||||||||
% of Total Equity |
95% | 95% | 92% | |||||||||||||||||||||
Remaining Costs |
999.8 | - | 999.8 | 465.3 | - | 534.5 | ||||||||||||||||||
Remaining Loan Draws and Other Sources (f) |
958.4 | - | 958.4 | 465.3 | - | 493.1 | ||||||||||||||||||
Remaining Equity |
$ | 41.4 | $ | - | $ | 41.4 | $ | - | $ | - | $ | 41.4 | ||||||||||||
% of Total Equity |
5% | 5% | 8% |
(a) | This schedule includes only the four properties listed on the previous page. This
does not include costs associated with phased-in units, operating property renovations
and military housing. |
|
(b) | Amounts are presented on the full consolidation method of accounting, a GAAP measure.
Under full consolidation, costs are reported as consolidated at 100 percent if we are deemed
to have control or to be the primary beneficiary of our investments in the variable interest
entity (VIE). |
|
(c) | Cost at pro-rata share represents Forest Citys share of cost, based on the Companys
pro-rata ownership of each property (a non-GAAP measure). Under the pro-rata consolidation
method of accounting the Company determines its pro-rata share by multiplying its pro-rata
ownership by the total cost of the applicable property. |
|
(d) | Other Sources includes estimates of third party subsidies and tax credit proceeds.
The timing and the amounts may differ from our estimates. |
|
(e) | Reflects activity through January 31, 2011. |
|
(f) | One of the loan commitments require specific leasing hurdles to be achieved prior to
drawing the final amount of the loan. The Company estimates that approximately $45.0
million at 100% and at full consolidation, and $31.5 million at pro-rata consolidation of
loan commitments are at risk should these leasing hurdles not be achieved. |
33
34
Anticipated | FCE | Cost at Full | Total Cost | |||||||||||||||||||||
Property | Location | Opening | Pro-Rata % | Consolidation | at 100% | No. of Units | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Military Housing (7) |
||||||||||||||||||||||||
Pacific Northwest Communities |
Seattle, WA | 2007-2011 | * | $ | 0.0 | $ | 280.5 | 2,985 | ||||||||||||||||
Marines, Hawaii Increment II |
Honolulu, HI | 2007-2011 | * | 0.0 | 292.7 | 1,175 | ||||||||||||||||||
Navy, Hawaii Increment III |
Honolulu, HI | 2007-2011 | * | 0.0 | 464.8 | 2,520 | ||||||||||||||||||
Navy Midwest |
Chicago, IL | 2006-2012 | * | 0.0 | 200.3 | 1,401 | ||||||||||||||||||
Midwest Millington |
Memphis, TN | 2008-2012 | * | 0.0 | 33.1 | 318 | ||||||||||||||||||
Air Force Academy |
Colorado Springs, CO | 2007-2013 | 50.0% | 0.0 | 69.5 | 427 | ||||||||||||||||||
Hawaii Phase IV |
Kaneohe, HI | 2007-2014 | * | 0.0 | 475.1 | 1,141 | ||||||||||||||||||
Total Military Housing |
$ | 0.0 | $ | 1,816.0 | 9,967 | |||||||||||||||||||
35
Gross | Saleable | Option | ||||||||||
Location | Acres (1) | Acres (2) | Acres (3) | |||||||||
Stapleton - Denver, CO |
254 | 156 | 1,369 | |||||||||
Mesa del Sol - Albuquerque, NM |
3,023 | 1,659 | 5,731 | |||||||||
Central Station - Chicago, IL |
30 | 30 | - | |||||||||
Texas |
2,615 | 2,357 | - | |||||||||
Florida |
1,412 | 1,412 | - | |||||||||
Carolinas |
1,349 | 1,029 | 788 | |||||||||
Ohio |
996 | 663 | 470 | |||||||||
Arizona |
938 | 514 | - | |||||||||
Other |
798 | 789 | - | |||||||||
Total |
11,415 | 8,609 | 8,358 | |||||||||
(1) | Represent all acres currently owned including those used for roadways, open spaces
and parks. |
||
(2) | Saleable acres represent the total of all acres currently owned that will be
available for sales. The Land Development Group may choose to further develop some of
the acres into completed sublots prior to sale. |
||
(3) | Option acres are those acres that the Land Development Group has a formal option to
acquire. Typically these options are in the form of purchase agreements with
contingencies for the satisfaction of due diligence reviews. |
36
37
Plus | ||||||||||||||||
Full | Less | Unconsolidated | Pro-Rata | |||||||||||||
Consolidation | Noncontrolling | Investments at | Consolidation | |||||||||||||
(GAAP) | Interest | Pro-Rata | (Non-GAAP) | |||||||||||||
(in thousands) | ||||||||||||||||
Outstanding |
||||||||||||||||
Fixed |
$ | 172,635 | $ | 70,749 | $ | 30,161 | $ | 132,047 | ||||||||
Variable |
||||||||||||||||
Taxable |
1,000,775 | 209,694 | 2,000 | 793,081 | ||||||||||||
Tax-Exempt |
203,900 | 61,986 | - | 141,914 | ||||||||||||
Total outstanding on projects under construction and development (1) |
$ | 1,377,310 | $ | 342,429 | $ | 32,161 | $ | 1,067,042 | ||||||||
Commitment |
||||||||||||||||
Fixed |
$ | 599,857 | $ | 371,606 | $ | 30,412 | $ | 258,663 | ||||||||
Variable |
||||||||||||||||
Taxable |
1,223,792 | 223,414 | 2,000 | 1,002,378 | ||||||||||||
Tax-Exempt |
203,900 | 61,986 | - | 141,914 | ||||||||||||
Total commitment |
$ | 2,027,549 | $ | 657,006 | $ | 32,412 | $ | 1,402,955 | ||||||||
(1) | Proceeds from outstanding debt of $150,165 and $115,066, at full and pro-rata
consolidation, respectively, described above is recorded as restricted cash and
escrowed funds in our Consolidated Balance Sheet. For bonds issued in conjunction with
development, the full amount of the bonds at the beginning of construction must remain
in escrow until costs are incurred. |
Plus | ||||||||||||||||
Less | Unconsolidated | |||||||||||||||
Full | Noncontrolling | Investments at | Pro-Rata | |||||||||||||
Purpose of Financing | Consolidation | Interest | Pro-Rata | Consolidation | ||||||||||||
(in thousands) | ||||||||||||||||
Refinancings |
$ | 231,255 | $ | 3,740 | $ | 43,999 | $ | 271,514 | ||||||||
Construction and development projects |
593,208 | 399,761 | 2,889 | 196,336 | ||||||||||||
Loan extensions/additional fundings |
521,164 | 27,776 | 189,531 | 682,919 | ||||||||||||
$ | 1,345,627 | $ | 431,277 | $ | 236,419 | $ | 1,150,769 | |||||||||
38
Period Ending January 31, 2012 | Fiscal Year Ending January 31, 2013 | ||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||
Less | Unconsolidated | Less | Unconsolidated | ||||||||||||||||||||||||||||||||
Full | Noncontrolling | Investments at | Pro-Rata | Full | Noncontrolling | Investments at | Pro-Rata | ||||||||||||||||||||||||||||
Consolidation | Interest | Pro-Rata | Consolidation | Consolidation | Interest | Pro-Rata | Consolidation | ||||||||||||||||||||||||||||
Fixed: |
|||||||||||||||||||||||||||||||||||
Fixed-rate debt |
$ | 280,274 | $ | 5,552 | $ | 93,016 | $ | 367,738 | $ | 345,211 | $ | 18,123 | $ | 46,761 | $ | 373,849 | |||||||||||||||||||
Weighted average rate |
6.77 | % | 6.08 | % | 6.77 | % | 6.78 | % | 6.10 | % | 6.72 | % | 6.30 | % | 6.09 | % | |||||||||||||||||||
Variable: |
|||||||||||||||||||||||||||||||||||
Variable-rate debt |
798,146 | 198,048 | 82,024 | 682,122 | 1,064,953 | 145,340 | 101,926 | 1,021,539 | |||||||||||||||||||||||||||
Weighted average rate |
3.80 | % | 4.35 | % | 3.09 | % | 3.55 | % | 3.38 | % | 3.20 | % | 3.93 | % | 3.46 | % | |||||||||||||||||||
Tax-Exempt |
132,430 | 67 | 2,917 | 135,280 | 204,616 | 62,057 | - | 142,559 | |||||||||||||||||||||||||||
Weighted average rate |
2.63 | % | 3.79 | % | 1.66 | % | 2.61 | % | 2.52 | % | 2.52 | % | - | % | 2.52 | % | |||||||||||||||||||
Total variable-rate debt |
930,576 | 198,115 | 84,941 | 817,402 | 1,269,569 | 207,397 | 101,926 | 1,164,098 | |||||||||||||||||||||||||||
Total Nonrecourse Debt |
$ | 1,210,850 | $ | 203,667 | $ | 177,957 | $ | 1,185,140 | $ | 1,614,780 | $ | 225,520 | $ | 148,687 | $ | 1,537,947 | |||||||||||||||||||
Weighted Average Rate |
4.36 | % | 4.40 | % | 4.99 | % | 4.45 | % | 3.85 | % | 3.30 | % | 4.68 | % | 4.01 | % | |||||||||||||||||||
Fiscal Year Ending January 31, 2014 | Fiscal Year Ending January 31, 2015 | ||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||
Less | Unconsolidated | Less | Unconsolidated | ||||||||||||||||||||||||||||||||
Full | Noncontrolling | Investments at | Pro-Rata | Full | Noncontrolling | Investments at | Pro-Rata | ||||||||||||||||||||||||||||
Consolidation | Interest | Pro-Rata | Consolidation | Consolidation | Interest | Pro-Rata | Consolidation | ||||||||||||||||||||||||||||
Fixed: |
|||||||||||||||||||||||||||||||||||
Fixed-rate debt |
$ | 855,352 | $ | 86,525 | $ | 76,287 | $ | 845,114 | $ | 462,257 | $ | 66,414 | $ | 155,069 | $ | 550,912 | |||||||||||||||||||
Weighted average rate |
6.56 | % | 9.88 | % | 6.08 | % | 6.18 | % | 5.96 | % | 5.78 | % | 5.35 | % | 5.81 | % | |||||||||||||||||||
Variable: |
|||||||||||||||||||||||||||||||||||
Variable-rate debt |
46,411 | - | 1,466 | 47,877 | 12,414 | - | 19,941 | 32,355 | |||||||||||||||||||||||||||
Weighted average rate |
6.05 | % | - | % | 2.57 | % | 5.94 | % | 1.46 | % | - | % | 4.50 | % | 3.33 | % | |||||||||||||||||||
Tax-Exempt |
91,565 | 77 | - | 91,488 | 815 | 82 | - | 733 | |||||||||||||||||||||||||||
Weighted average rate |
2.78 | % | 3.77 | % | - | % | 2.78 | % | 3.79 | % | 3.77 | % | - | % | 3.79 | % | |||||||||||||||||||
Total variable-rate debt |
137,976 | 77 | 1,466 | 139,365 | 13,229 | 82 | 19,941 | 33,088 | |||||||||||||||||||||||||||
Total Nonrecourse Debt |
$ | 993,328 | $ | 86,602 | $ | 77,753 | $ | 984,479 | $ | 475,486 | $ | 66,496 | $ | 175,010 | $ | 584,000 | |||||||||||||||||||
Weighted Average Rate |
6.19 | % | 9.87 | % | 6.01 | % | 5.85 | % | 5.84 | % | 5.77 | % | 5.25 | % | 5.67 | % | |||||||||||||||||||
39
Fiscal Year Ending January 31, 2016 | Thereafter | ||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||
Less | Unconsolidated | Less | Unconsolidated | ||||||||||||||||||||||||||||||||
Full | Noncontrolling | Investments at | Pro-Rata | Full | Noncontrolling | Investments at | Pro-Rata | ||||||||||||||||||||||||||||
Consolidation | Interest | Pro-Rata | Consolidation | Consolidation | Interest | Pro-Rata | Consolidation | ||||||||||||||||||||||||||||
Fixed: |
|||||||||||||||||||||||||||||||||||
Fixed-rate debt |
$ | 361,758 | $ | 29,294 | $ | 117,513 | $ | 449,977 | $ | 1,570,594 | $ | 83,135 | $ | 692,976 | $ | 2,180,435 | |||||||||||||||||||
Weighted average rate |
5.59 | % | 5.84 | % | 5.34 | % | 5.51 | % | 5.75 | % | 6.06 | % | 5.92 | % | 5.79 | % | |||||||||||||||||||
Variable: |
|||||||||||||||||||||||||||||||||||
Variable-rate debt |
- | - | 19,620 | 19,620 | 640,220 | 2,592 | 114,753 | 752,381 | |||||||||||||||||||||||||||
Weighted average rate |
- | % | - | % | 1.41 | % | 1.41 | % | 7.18 | % | 3.25 | % | 4.12 | % | 6.72 | % | |||||||||||||||||||
Tax-Exempt |
869 | 87 | - | 782 | 339,333 | 6,903 | 189,098 | 521,528 | |||||||||||||||||||||||||||
Weighted average rate |
3.79 | % | 3.78 | % | - | % | 3.79 | % | 1.42 | % | 2.26 | % | 1.65 | % | 1.49 | % | |||||||||||||||||||
Total variable-rate debt |
869 | 87 | 19,620 | 20,402 | 979,553 | 9,495 | 303,851 | 1,273,909 | |||||||||||||||||||||||||||
Total Nonrecourse Debt |
$ | 362,627 | $ | 29,381 | $ | 137,133 | $ | 470,379 | $ | 2,550,147 | $ | 92,630 | $ | 996,827 | $ | 3,454,344 | |||||||||||||||||||
Weighted Average Rate |
5.59 | % | 5.84 | % | 4.78 | % | 5.34 | % | 5.53 | % | 5.70 | % | 4.90 | % | 5.34 | % | |||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
Plus | |||||||||||||||||||||||||||||||||||
Less | Unconsolidated | ||||||||||||||||||||||||||||||||||
Full | Noncontrolling | Investments at | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Interest | Pro-Rata | Consolidation | ||||||||||||||||||||||||||||||||
Fixed: |
|||||||||||||||||||||||||||||||||||
Fixed-rate debt |
$ | 3,875,446 | $ | 289,043 | $ | 1,181,622 | $ | 4,768,025 | |||||||||||||||||||||||||||
Weighted average rate |
6.04 | % | 7.16 | % | 5.88 | % | 5.93 | % | |||||||||||||||||||||||||||
Variable: |
|||||||||||||||||||||||||||||||||||
Variable-rate debt |
2,562,144 | 345,980 | 339,730 | 2,555,894 | |||||||||||||||||||||||||||||||
Weighted average rate |
4.50 | % | 3.86 | % | 3.67 | % | 4.47 | % | |||||||||||||||||||||||||||
Tax-Exempt |
769,628 | 69,273 | 192,015 | 892,370 | |||||||||||||||||||||||||||||||
Weighted average rate |
2.09 | % | 2.50 | % | 1.65 | % | 1.96 | % | |||||||||||||||||||||||||||
Total variable-rate debt |
3,331,772 | 415,253 | 531,745 | 3,448,264 | |||||||||||||||||||||||||||||||
Total Nonrecourse Debt |
$ | 7,207,218 | $ | 704,296 | $ | 1,713,367 | $ | 8,216,289 | |||||||||||||||||||||||||||
Weighted Average Rate |
5.07 | % | 5.08 | % | 4.97 | % | 5.05 | % | |||||||||||||||||||||||||||
40
Less | Plus | |||||||||||||||||||||||||
Unconsolidated | Full | Less | Unconsolidated | Pro-Rata | ||||||||||||||||||||||
Investments | Consolidation | Noncontrolling | Investments | Consolidation | ||||||||||||||||||||||
Year Ending January 31, 2012 | 100% | at 100% | (GAAP) | Interest | at Pro-Rata | (Non-GAAP) | ||||||||||||||||||||
Total Maturities (Nonrecourse Debt) | $ | 1,562,810 | $ | 351,960 | $ | 1,210,850 | $ | 203,667 | $ | 177,957 | $ | 1,185,140 | ||||||||||||||
Less: Scheduled Payments |
108,212 | 33,661 | 74,551 | 2,736 | 18,362 | 90,177 | ||||||||||||||||||||
Add: Corporate Recourse Debt |
46,891 | - | 46,891 | - | - | 46,891 | ||||||||||||||||||||
Net Maturities |
1,501,489 | 318,299 | 1,183,190 | 200,931 | 159,595 | 1,141,854 | ||||||||||||||||||||
Total Net Maturities Project Count |
44 | 19 | 25 | - | 19 | 44 | ||||||||||||||||||||
Closed Loans / To be Fully Amortized (2) |
303,345 | 37,668 | 265,677 | 61,760 | 18,834 | 222,751 | ||||||||||||||||||||
Committed Deals / Automatic Extensions (2) |
123,620 | 45,729 | 77,891 | - | 22,865 | 100,756 | ||||||||||||||||||||
Extension Available (1) (2) |
488,385 | 25,421 | 462,964 | 119,408 | 12,710 | 356,266 | ||||||||||||||||||||
Subtotal |
915,350 | 108,818 | 806,532 | 181,168 | 54,409 | 679,773 | ||||||||||||||||||||
Remaining to Finance |
$ | 586,139 | $ | 209,481 | $ | 376,658 | $ | 19,763 | $ | 105,186 | $ | 462,081 | ||||||||||||||
Remaining to Address Project Count |
22 | 11 | 11 | - | 11 | 22 | ||||||||||||||||||||
Less | Plus | |||||||||||||||||||||||||
Unconsolidated | Full | Less | Unconsolidated | Pro-Rata | ||||||||||||||||||||||
Investments | Consolidation | Noncontrolling | Investments | Consolidation | ||||||||||||||||||||||
Year Ending January 31, 2013 | 100% | at 100% | (GAAP) | Interest | at Pro-Rata | (Non-GAAP) | ||||||||||||||||||||
Total Maturities (Nonrecourse Debt) |
$ | 1,909,283 | $ | 294,503 | $ | 1,614,780 | $ | 225,520 | $ | 148,687 | $ | 1,537,947 | ||||||||||||||
Less: Scheduled Payments |
81,158 | 26,453 | 54,705 | 2,987 | 15,424 | 67,142 | ||||||||||||||||||||
Add: Corporate Recourse Debt (3) |
137,152 | - | 137,152 | - | - | 137,152 | ||||||||||||||||||||
Net Maturities |
1,965,277 | 268,050 | 1,697,227 | 222,533 | 133,263 | 1,607,957 | ||||||||||||||||||||
Total Net Maturities Project Count |
36 | 12 | 24 | - | 12 | 36 | ||||||||||||||||||||
Closed Loans / To be Fully Amortized (2) |
12,979 | 1,246 | 11,733 | - | 441 | 12,174 | ||||||||||||||||||||
Committed Deals / Automatic Extensions (2) |
181,044 | - | 181,044 | 25,050 | - | 155,994 | ||||||||||||||||||||
Extension Available (1) (2) |
1,293,597 | 160,500 | 1,133,097 | 193,041 | 80,538 | 1,020,594 | ||||||||||||||||||||
Subtotal |
1,487,620 | 161,746 | 1,325,874 | 218,091 | 80,979 | 1,188,762 | ||||||||||||||||||||
Remaining to Finance |
$ | 477,657 | $ | 106,304 | $ | 371,353 | $ | 4,442 | $ | 52,284 | $ | 419,195 | ||||||||||||||
Remaining to Address Project Count |
23 | 7 | 16 | - | 7 | 23 | ||||||||||||||||||||
Less | Plus | |||||||||||||||||||||||||
Unconsolidated | Full | Less | Unconsolidated | Pro-Rata | ||||||||||||||||||||||
Investments | Consolidation | Noncontrolling | Investments | Consolidation | ||||||||||||||||||||||
Year Ending January 31, 2014 | 100% | at 100% | (GAAP) | Interest | at Pro-Rata | (Non-GAAP) | ||||||||||||||||||||
Total Maturities (Nonrecourse Debt) |
$ | 1,144,699 | $ | 151,371 | $ | 993,328 | $ | 86,602 | $ | 77,753 | $ | 984,479 | ||||||||||||||
Less: Scheduled Payments |
71,042 | 25,958 | 45,084 | 3,156 | 15,115 | 57,043 | ||||||||||||||||||||
Add: Corporate Recourse Debt |
29,000 | - | 29,000 | - | - | 29,000 | ||||||||||||||||||||
Net Maturities |
1,102,657 | 125,413 | 977,244 | 83,446 | 62,638 | 956,436 | ||||||||||||||||||||
Total Net Maturities Project Count |
35 | 9 | 26 | - | 9 | 35 | ||||||||||||||||||||
Closed Loans / To be Fully Amortized (2) |
300 | 300 | - | - | 297 | 297 | ||||||||||||||||||||
Committed Deals / Automatic Extensions (2) |
63,648 | 13,006 | 50,642 | - | 8,263 | 58,905 | ||||||||||||||||||||
Extension Available (1) (2) |
128,592 | - | 128,592 | 10,710 | - | 117,882 | ||||||||||||||||||||
Subtotal |
192,540 | 13,306 | 179,234 | 10,710 | 8,560 | 177,084 | ||||||||||||||||||||
Remaining to Finance |
$ | 910,117 | $ | 112,107 | $ | 798,010 | $ | 72,736 | $ | 54,078 | $ | 779,352 | ||||||||||||||
Remaining to Address Project Count |
27 | 6 | 21 | - | 6 | 27 | ||||||||||||||||||||
(1) | Includes loans that have extension options available, all of which require some predefined
condition in order to qualify for the extension, such as, meeting or exceeding leasing
hurdles, loan to value ratios or debt service coverage requirements. We cannot give assurance
that the defined hurdles or milestones will be achieved to qualify for these extensions. |
|
(2) | Reflects activity through March 30, 2011. | |
(3) | The credit facility amount of $137,152 outstanding as of January 31, 2011 has a maximum
commitment of $470,336. Based on specific capital raising events through January 31, 2011, a
permanent reduction in available borrowings of $5,574 became effective February 4, 2011. The
remaining availability is further reduced by $63,418 of outstanding letters of credit and
$46,891 reserve for retirement of indebtedness. |
41
January 31, 2011 | January 31, 2010 | |||||||
(in thousands) | ||||||||
Members and partners equity, as below |
$ | 587,164 | $ | 557,456 | ||||
Equity of other members and partners |
548,422 | 513,708 | ||||||
Companys investment in partnerships |
38,742 | 43,748 | ||||||
Basis differences |
76,634 | 21,498 | ||||||
Advances to and on behalf of other affiliates |
25,641 | 200,097 | ||||||
Total Investments in and Advances to Affiliates |
$ | 141,017 | $ | 265,343 | ||||
Combined (100%) | Pro-Rata Share | |||||||||||||||
(GAAP) | (Non-GAAP) | |||||||||||||||
January 31, 2011 | January 31, 2010 | January 31, 2011 | January 31, 2010 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance Sheet: |
||||||||||||||||
Real Estate |
||||||||||||||||
Completed rental properties |
$ | 5,514,041 | $ | 4,373,423 | $ | 1,923,813 | $ | 1,368,451 | ||||||||
Projects under construction and development |
174,106 | 771,521 | 79,603 | 305,420 | ||||||||||||
Land held for development or sale |
272,930 | 271,129 | 115,607 | 116,863 | ||||||||||||
Total Real Estate |
5,961,077 | 5,416,073 | 2,119,023 | 1,790,734 | ||||||||||||
Less accumulated depreciation |
(944,968 | ) | (721,908 | ) | (424,331 | ) | (326,169 | ) | ||||||||
Real Estate, net |
5,016,109 | 4,694,165 | 1,694,692 | 1,464,565 | ||||||||||||
Cash and equivalents |
109,246 | 102,593 | 48,583 | 30,280 | ||||||||||||
Restricted
cash - military housing bond funds |
384,584 | 481,615 | 5,161 | 6,149 | ||||||||||||
Other restricted cash and escrowed funds |
206,778 | 222,752 | 73,729 | 62,257 | ||||||||||||
Other assets |
536,246 | 398,576 | 131,486 | 143,519 | ||||||||||||
Operating property assets held for sale (1) |
67,190 | - | - | - | ||||||||||||
Total Assets |
$ | 6,320,153 | $ | 5,899,701 | $ | 1,953,651 | $ | 1,706,770 | ||||||||
Mortgage debt and notes payable, nonrecourse |
$ | 5,301,900 | $ | 4,721,705 | $ | 1,713,367 | $ | 1,473,947 | ||||||||
Other liabilities |
369,871 | 620,540 | 124,908 | 168,410 | ||||||||||||
Liabilities of operating property held for sale (1) |
61,218 | - | - | - | ||||||||||||
Total Liabilities |
5,732,989 | 5,342,245 | 1,838,275 | 1,642,357 | ||||||||||||
Members and partners equity |
587,164 | 557,456 | 115,376 | 65,246 | ||||||||||||
Noncontrolling interest |
- | - | - | (833 | ) | |||||||||||
Total Equity |
587,164 | 557,456 | 115,376 | 64,413 | ||||||||||||
Total Liabilities and Members and Partners Equity |
$ | 6,320,153 | $ | 5,899,701 | $ | 1,953,651 | $ | 1,706,770 | ||||||||
(1) | Represents assets and liabilities of Met Lofts, an unconsolidated apartment community in Los Angeles, California, which was disposed on February 1, 2011. |
42
Combined (100%) | Pro-Rata Share | |||||||||||||||
(GAAP) | (Non-GAAP) | |||||||||||||||
Year Ended January 31, | 2011 | 2010 | 2011 | 2010 | ||||||||||||
(in thousands) | ||||||||||||||||
Operations: |
||||||||||||||||
Revenues |
$ | 918,828 | $ | 820,645 | $ | 316,900 | $ | 355,195 | ||||||||
Equity in earnings (loss) of unconsolidated entities on a pro-rata basis |
- | - | (6,074 | ) | 792 | |||||||||||
Operating expenses |
(531,186 | ) | (529,544 | ) | (169,265 | ) | (259,085 | ) | ||||||||
Interest expense including early extinguishment of debt |
(264,923 | ) | (217,517 | ) | (78,424 | ) | (66,106 | ) | ||||||||
Impairment of real estate (1) |
(1,457 | ) | - | (743 | ) | - | ||||||||||
Depreciation and amortization |
(167,804 | ) | (145,257 | ) | (55,386 | ) | (61,488 | ) | ||||||||
Interest and other income |
15,784 | 13,132 | 15,666 | 2,310 | ||||||||||||
Noncontrolling interest |
- | - | (4,613 | ) | (76 | ) | ||||||||||
(Loss) earnings from continuing operations |
(30,758 | ) | (58,541 | ) | 18,061 | (28,458 | ) | |||||||||
Discontinued Operations: |
||||||||||||||||
Operating earnings (loss) from rental properties |
1,613 | (2,098 | ) | - | - | |||||||||||
Gain on disposition of rental properties (2) |
28,289 | - | 24,291 | - | ||||||||||||
Discontinued operations subtotal |
29,902 | (2,098 | ) | 24,291 | - | |||||||||||
Net (loss) earnings (pre-tax) |
(856 | ) | (60,639 | ) | 42,352 | (28,458 | ) | |||||||||
Impairment of investments in unconsolidated entities (1) |
(71,716 | ) | (36,356 | ) | (71,716 | ) | (36,356 | ) | ||||||||
Gain (loss) on disposition of unconsolidated investments, net (2) |
(830 | ) | 49,761 | (830 | ) | 49,761 | ||||||||||
Net loss (pre-tax) from unconsolidated entities |
$ | (73,402 | ) | $ | (47,234 | ) | $ | (30,194 | ) | $ | (15,053 | ) | ||||
43
(1) | The following table shows the detail of the impairment of unconsolidated entities: |
Combined (100%) | Pro-Rata Share | |||||||||||||||||||
(GAAP) | (Non-GAAP) | |||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Impairment of real estate: |
||||||||||||||||||||
Mixed-Use Land Development: |
||||||||||||||||||||
Old Stone Crossing at Caldwell Creek |
(Charlotte, North Carolina) | $ | 1,457 | $ | - | $ | 743 | $ | - | |||||||||||
$ | 1,457 | $ | - | $ | 743 | $ | - | |||||||||||||
Impairment of investment in unconsolidated entities: |
||||||||||||||||||||
Mixed-Use Land Development: |
||||||||||||||||||||
Central Station: |
||||||||||||||||||||
One Museum Park West |
(Chicago, Illinois) | $ | 8,250 | $ | - | $ | 8,250 | $ | - | |||||||||||
Museum Park Place Two |
(Chicago, Illinois) | 4,461 | - | 4,461 | - | |||||||||||||||
One Museum Park East |
(Chicago, Illinois) | 3,237 | - | 3,237 | - | |||||||||||||||
1600 Museum Park |
(Chicago, Illinois) | 2,363 | - | 2,363 | - | |||||||||||||||
Mercy Campus |
(Chicago, Illinois) | 1,817 | - | 1,817 | - | |||||||||||||||
Shamrock Business Center |
(Painesville, Ohio) | 170 | 1,150 | 170 | 1,150 | |||||||||||||||
Office Buildings: |
||||||||||||||||||||
818 Mission Street |
(San Francisco, California) | 4,018 | - | 4,018 | - | |||||||||||||||
Bulletin Building |
(San Francisco, California) | 3,543 | - | 3,543 | - | |||||||||||||||
Mesa del Sol
- Aperture Center |
(Albuquerque, New Mexico) | 2,733 | - | 2,733 | - | |||||||||||||||
Mesa del Sol - 5600 University SE |
(Albuquerque, New Mexico) | - | 1,693 | - | 1,693 | |||||||||||||||
Specialty Retail Centers: |
||||||||||||||||||||
Village at Gulfstream Park |
(Hallandale Beach, Florida) | 35,000 | - | 35,000 | - | |||||||||||||||
Metreon |
(San Francisco, California) | 4,595 | - | 4,595 | - | |||||||||||||||
Southgate Mall |
(Yuma, Arizona) | - | 1,611 | - | 1,611 | |||||||||||||||
Apartment Communities: |
||||||||||||||||||||
Uptown Apartments |
(Oakland, California) | - | 6,781 | - | 6,781 | |||||||||||||||
Metropolitan Lofts |
(Los Angeles, California) | - | 2,505 | - | 2,505 | |||||||||||||||
Residences at University Park |
(Cambridge, Massachusetts) | - | 855 | - | 855 | |||||||||||||||
Fenimore Court |
(Detroit, Michigan) | - | 693 | - | 693 | |||||||||||||||
Pittsburgh Peripheral (Commercial Land Development Project) |
(Pittsburgh, Pennsylvania) | - | 7,217 | - | 7,217 | |||||||||||||||
Millender Center |
(Detroit, Michigan) | - | 10,317 | - | 10,317 | |||||||||||||||
Classic Residence by Hyatt (Supported-living Apartments) |
(Yonkers, New York) | - | 3,152 | - | 3,152 | |||||||||||||||
Other |
1,529 | 382 | 1,529 | 382 | ||||||||||||||||
Total impairment of investment in unconsolidated entities |
$ | 71,716 | $ | 36,356 | $ | 71,716 | $ | 36,356 | ||||||||||||
Total impairment of unconsolidated entities |
$ | 73,173 | $ | 36,356 | $ | 72,459 | $ | 36,356 | ||||||||||||
44
(2) | Upon disposition, unconsolidated investments accounted for on the equity method
are not classified as discontinued operations; therefore, gains or losses on the
disposition of unconsolidated properties are reported in continuing operations when sold.
The following table shows the detail of gain (loss) on disposition of unconsolidated
entities: |
Combined (100%) | Pro-Rata Share | |||||||||||||||||||
(GAAP) | (Non-GAAP) | |||||||||||||||||||
Year Ended January 31, | ||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Gain on disposition of rental properties: |
||||||||||||||||||||
Millender Center (hotel, parking, office and retail) |
(Detroit, Michigan) | $ | 17,291 | $ | - | $ | 15,633 | $ | - | |||||||||||
Pebble Creek (Apartment Community) |
(Twinsburg, Ohio) | 4,555 | - | 2,215 | - | |||||||||||||||
Woodbridge Crossing (Specialty Retail Center) |
(Woodbridge, New Jersey) | 6,443 | - | 6,443 | - | |||||||||||||||
Gain on disposition of rental properties |
$ | 28,289 | $ | - | $ | 24,291 | $ | - | ||||||||||||
Gain (loss) on disposition of unconsolidated investments: |
||||||||||||||||||||
Specialty Retail Centers: |
||||||||||||||||||||
Coachella Plaza |
(Coachella, California) | $ | 104 | $ | - | $ | 104 | $ | - | |||||||||||
Southgate Mall |
(Yuma, Arizona) | 64 | - | 64 | - | |||||||||||||||
El Centro Mall |
(El Centro, California) | 48 | - | 48 | - | |||||||||||||||
Metreon |
(San Francisco, California) | (1,046 | ) | - | (1,046 | ) | - | |||||||||||||
Apartment Communities: |
||||||||||||||||||||
Clarkwood |
(Warrensville Heights, Ohio) | - | 6,983 | - | 6,983 | |||||||||||||||
Granada Gardens |
(Warrensville Heights, Ohio) | - | 6,577 | - | 6,577 | |||||||||||||||
Boulevard Towers |
(Amherst, New York) | - | 4,498 | - | 4,498 | |||||||||||||||
Sale of three Classic Residence by Hyatt (Supported-living Apartments) |
||||||||||||||||||||
(Chevy Chase, Maryland, Teaneck, New Jersey and Yonkers, New York) | - | 31,703 | - | 31,703 | ||||||||||||||||
Gain (loss) on disposition of unconsolidated investments, net |
$ | (830 | ) | $ | 49,761 | $ | (830 | ) | $ | 49,761 | ||||||||||
45
Plus | ||||||||||||||||
Full | Less | Unconsolidated | Pro-Rata | |||||||||||||
Consolidation | Noncontrolling | Investments at | Consolidation | |||||||||||||
(GAAP) | Interest | Pro-Rata | (Non-GAAP) | |||||||||||||
(in thousands) | ||||||||||||||||
Assets |
||||||||||||||||
Real Estate |
||||||||||||||||
Completed rental properties |
$ | 8,205,578 | $ | 392,825 | $ | 1,923,813 | $ | 9,736,566 | ||||||||
Projects under development |
2,706,235 | 695,204 | 79,603 | 2,090,634 | ||||||||||||
Land held for development or sale |
88,269 | 7,035 | 58,427 | 139,661 | ||||||||||||
Total Real Estate |
11,000,082 | 1,095,064 | 2,061,843 | 11,966,861 | ||||||||||||
Less accumulated depreciation |
(1,607,508 | ) | (63,987 | ) | (424,331 | ) | (1,967,852 | ) | ||||||||
Real Estate, net |
9,392,574 | 1,031,077 | 1,637,512 | 9,999,009 | ||||||||||||
Cash and equivalents |
156,222 | 13,968 | 45,533 | 187,787 | ||||||||||||
Restricted cash and escrowed funds |
710,881 | 240,709 | 78,775 | 548,947 | ||||||||||||
Notes and accounts receivable, net |
376,999 | 18,384 | 83,047 | 441,662 | ||||||||||||
Investments in and advances to affiliates |
126,299 | (244,719 | ) | (119,660 | ) | 251,358 | ||||||||||
Other assets |
711,533 | 74,712 | 44,400 | 681,221 | ||||||||||||
Total Assets |
$ | 11,474,508 | $ | 1,134,131 | $ | 1,769,607 | $ | 12,109,984 | ||||||||
Liabilities and Shareholders Equity |
||||||||||||||||
Liabilities |
||||||||||||||||
Mortgage debt and notes payable, nonrecourse |
$ | 7,196,818 | $ | 704,520 | $ | 1,687,331 | $ | 8,179,629 | ||||||||
Bank revolving credit facility |
137,152 | - | - | 137,152 | ||||||||||||
Accounts payable and accrued expenses |
940,347 | 76,189 | 117,276 | 981,434 | ||||||||||||
Accounts payable to Forest City Enterprises, Inc. |
514,742 | (394 | ) | - | 515,136 | |||||||||||
Deferred income taxes |
559,623 | - | - | 559,623 | ||||||||||||
Total Liabilities |
9,348,682 | 780,315 | 1,804,607 | 10,372,974 | ||||||||||||
Equity |
||||||||||||||||
Shareholders Equity |
||||||||||||||||
Shareholders equity before accumulated other comprehensive loss |
1,671,867 | - | - | 1,671,867 | ||||||||||||
Accumulated other comprehensive loss |
(85,878 | ) | - | - | (85,878 | ) | ||||||||||
Total Shareholders Equity |
1,585,989 | - | - | 1,585,989 | ||||||||||||
Noncontrolling interest |
539,837 | 353,816 | - | 186,021 | ||||||||||||
Total Equity |
2,125,826 | 353,816 | - | 1,772,010 | ||||||||||||
Total Liabilities and Equity |
$ | 11,474,508 | $ | 1,134,131 | $ | 1,804,607 | $ | 12,144,984 | ||||||||
46
Plus | ||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenues from real estate operations |
$ | 1,164,135 | $ | 68,418 | $ | 307,902 | $ | 17,848 | $ | 1,421,467 | ||||||||||
Expenses |
||||||||||||||||||||
Operating expenses |
619,995 | 36,210 | 162,113 | 7,451 | 753,349 | |||||||||||||||
Depreciation and amortization |
241,910 | 9,267 | 53,072 | 4,296 | 290,011 | |||||||||||||||
Impairment of real estate |
5,143 | 1,526 | 35,017 | 79,603 | 118,237 | |||||||||||||||
867,048 | 47,003 | 250,202 | 91,350 | 1,161,597 | ||||||||||||||||
Interest expense |
(308,799 | ) | (18,386 | ) | (80,889 | ) | (5,824 | ) | (377,126 | ) | ||||||||||
Amortization of mortgage procurement costs |
(13,347 | ) | (1,514 | ) | (2,226 | ) | (123 | ) | (14,182 | ) | ||||||||||
Gain on early extinguishment of debt |
2,461 | 247 | 2,760 | - | 4,974 | |||||||||||||||
Interest and other income |
50,006 | 2,547 | 15,564 | 6 | 63,029 | |||||||||||||||
Net gain on disposition of rental properties |
202,878 | - | 23,461 | 47,092 | 273,431 | |||||||||||||||
Net gain on disposition of partial interests in other investment |
55,112 | 23,675 | - | - | 31,437 | |||||||||||||||
Earnings (loss) before income taxes |
285,398 | 27,984 | 16,370 | (32,351 | ) | 241,433 | ||||||||||||||
Income tax expense (benefit) |
||||||||||||||||||||
Current |
15,350 | - | - | 3,368 | 18,718 | |||||||||||||||
Deferred |
84,072 | - | - | (15,085 | ) | 68,987 | ||||||||||||||
99,422 | - | - | (11,717 | ) | 87,705 | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities,
including impairment |
5,423 | (4,613 | ) | (16,370 | ) | - | (6,334 | ) | ||||||||||||
Earnings (loss) from continuing operations |
191,399 | 23,371 | - | (20,634 | ) | 147,394 | ||||||||||||||
Discontinued operations, net of tax: |
||||||||||||||||||||
Operating earnings from rental properties |
264 | 165 | - | (99 | ) | - | ||||||||||||||
Impairment of real estate |
(48,731 | ) | - | - | 48,731 | - | ||||||||||||||
Gain on disposition of rental properties |
32,209 | 4,211 | - | (27,998 | ) | - | ||||||||||||||
(16,258 | ) | 4,376 | - | 20,634 | - | |||||||||||||||
Net earnings |
175,141 | 27,747 | - | - | 147,394 | |||||||||||||||
Noncontrolling Interests |
||||||||||||||||||||
Earnings from continuing operations attributable to
noncontrolling interests |
(23,371 | ) | (23,371 | ) | - | - | - | |||||||||||||
Earnings from discontinued operations attributable to
noncontrolling interests |
(4,376 | ) | (4,376 | ) | - | - | - | |||||||||||||
(27,747 | ) | (27,747 | ) | - | - | - | ||||||||||||||
Net earnings attributable to Forest City Enterprises, Inc. |
$ | 147,394 | $ | - | $ | - | $ | - | $ | 147,394 | ||||||||||
47
Pro-Rata Consolidation (Non-GAAP) | ||||||||
Year Ended January 31, | ||||||||
2011 | 2010 | |||||||
(in thousands) | ||||||||
Real estate |
||||||||
Completed rental properties |
$ | 9,736,566 | $ | 9,547,444 | ||||
Projects under construction and development |
2,090,634 | 2,346,471 | ||||||
Land held for development or sale |
139,661 | 122,368 | ||||||
Total real
estate - FCRPC |
11,966,861 | 12,016,283 | ||||||
Less accumulated depreciation |
(1,967,852 | ) | (1,856,483 | ) | ||||
Real estate, net - FCRPC |
$ | 9,999,009 | $ | 10,159,800 | ||||
Plus real estate, net - Land Group and Corporate |
205,098 | 206,778 | ||||||
Real estate, net - Forest City Enterprises |
$ | 10,204,107 | $ | 10,366,578 | ||||
Real estate activity during the year |
||||||||
Completed rental properties |
||||||||
Capital expenditures |
$ | 51,080 | $ | 59,599 | ||||
Transferred from projects under construction and development |
722,828 | 469,479 | ||||||
Other (6) |
(114,054 | ) | (146,187 | ) | ||||
Total additions |
659,854 | 382,891 | ||||||
Dispositions |
(209,601 | ) (1) | (189,371 | ) (3) | ||||
Dispositions of partial interests |
(261,131 | ) (2) | - | |||||
Completed rental properties, net additions |
$ | 189,122 | $ | 193,520 | ||||
Projects under construction and development |
||||||||
New development |
$ | 526,031 | $ | 732,880 | ||||
Transferred to completed rental properties |
(722,828 | ) | (469,479 | ) | ||||
Cost of land sales |
(15,259 | ) | (44,995 | ) | ||||
Other (5) |
(43,781 | ) | - | |||||
Projects under construction and development, net additions |
(255,837 | ) | 218,406 | |||||
Land held for development or sale, net additions |
17,293 | 5,693 | ||||||
Increase (decrease) in real estate, at cost |
$ | (49,422 | ) | $ | 417,619 | |||
48
Plus | ||||||||||||||||
Less | Unconsolidated | Pro-Rata | ||||||||||||||
Full | Noncontrolling | Investments | Consolidation | |||||||||||||
Years Ended January 31, | Consolidation | Interest | at Pro-Rata | (Non-GAAP) | ||||||||||||
(in thousands) | ||||||||||||||||
2011 |
||||||||||||||||
Real estate - end of year |
||||||||||||||||
Completed rental properties |
$ | 8,205,578 | $ | 392,825 | $ | 1,923,813 | $ | 9,736,566 | ||||||||
Projects under construction and development |
2,706,235 | 695,204 | 79,603 | 2,090,634 | ||||||||||||
Land held for development or sale |
88,269 | 7,035 | 58,427 | 139,661 | ||||||||||||
Total real estate - FCRPC |
11,000,082 | 1,095,064 | 2,061,843 | 11,966,861 | ||||||||||||
Less accumulated depreciation |
(1,607,508 | ) | (63,987 | ) | (424,331 | ) | (1,967,852 | ) | ||||||||
Real estate, net - FCRPC |
$ | 9,392,574 | $ | 1,031,077 | $ | 1,637,512 | $ | 9,999,009 | ||||||||
Plus real estate, net - Land Group and Corporate |
159,566 | 11,648 | 57,180 | 205,098 | ||||||||||||
Real estate, net - Forest City Enterprises |
$ | 9,552,140 | $ | 1,042,725 | $ | 1,694,692 | $ | 10,204,107 | ||||||||
Real estate activity during the year |
||||||||||||||||
Completed rental properties |
||||||||||||||||
Capital expenditures |
$ | 41,750 | $ | 1,026 | $ | 10,356 | $ | 51,080 | ||||||||
Transferred from projects under construction and development |
559,208 | 128,538 | 292,158 | 722,828 | ||||||||||||
Other (6) |
(198,402 | ) | (6,726 | ) | 77,622 | (114,054 | ) | |||||||||
Total additions |
402,556 | 122,838 | 380,136 | 659,854 | ||||||||||||
Dispositions |
(152,510 | ) | (3,215 | ) | (60,306 | ) | (209,601 | ) (1) | ||||||||
Dispositions of partial interests |
(514,533 | ) | (17,868 | ) | 235,534 | (261,131 | ) (2) | |||||||||
Completed rental properties, net additions |
(264,487 | ) | 101,755 | 555,364 | 189,122 | |||||||||||
Projects under construction and development |
||||||||||||||||
New development |
658,271 | 188,487 | 56,247 | 526,031 | ||||||||||||
Transferred to completed rental properties |
(559,208 | ) | (128,538 | ) | (292,158 | ) | (722,828 | ) | ||||||||
Cost of land sales |
(15,347 | ) | (88 | ) | - | (15,259 | ) | |||||||||
Other (5) |
(18,651 | ) | 35,224 | 10,094 | (43,781 | ) | ||||||||||
Projects under construction and development, net additions |
65,065 | 95,085 | (225,817 | ) | (255,837 | ) | ||||||||||
Land held for development or sale, net additions |
15,231 | 1,203 | 3,265 | 17,293 | ||||||||||||
Increase (decrease) in real estate, at cost |
$ | (184,191 | ) | $ | 198,043 | $ | 332,812 | $ | (49,422 | ) | ||||||
2010 |
||||||||||||||||
Real estate - end of year |
||||||||||||||||
Completed rental properties |
$ | 8,470,065 | $ | 291,070 | $ | 1,368,449 | $ | 9,547,444 | ||||||||
Projects under construction and development |
2,641,170 | 600,119 | 305,420 | 2,346,471 | ||||||||||||
Land held for development or sale |
73,038 | 5,832 | 55,162 | 122,368 | ||||||||||||
Total real estate - FCRPC |
11,184,273 | 897,021 | 1,729,031 | 12,016,283 | ||||||||||||
Less accumulated depreciation |
(1,588,070 | ) | (57,756 | ) | (326,169 | ) | (1,856,483 | ) | ||||||||
Real estate, net - FCRPC |
$ | 9,596,203 | $ | 839,265 | $ | 1,402,862 | $ | 10,159,800 | ||||||||
Plus real estate, net - Land Group and Corporate |
150,918 | 5,843 | 61,703 | 206,778 | ||||||||||||
Real estate, net - Forest City Enterprises |
$ | 9,747,121 | $ | 845,108 | $ | 1,464,565 | $ | 10,366,578 | ||||||||
Real estate activity during the year |
||||||||||||||||
Completed rental properties |
||||||||||||||||
Capital expenditures |
$ | 43,787 | $ | 1,799 | $ | 17,611 | $ | 59,599 | ||||||||
Transferred from projects under construction and development |
376,829 | 21,508 | 114,158 | 469,479 | ||||||||||||
Other (4) |
(57,623 | ) | 29,656 | (58,908 | ) | (146,187 | ) | |||||||||
Total additions |
362,993 | 52,963 | 72,861 | 382,891 | ||||||||||||
Dispositions |
(93,875 | ) | - | (95,496 | ) | (189,371 | ) (3) | |||||||||
Completed rental properties, net additions |
269,118 | 52,963 | (22,635 | ) | 193,520 | |||||||||||
Projects under construction and development |
||||||||||||||||
New development |
805,865 | 153,995 | 81,010 | 732,880 | ||||||||||||
Transferred to completed rental properties |
(376,829 | ) | (21,508 | ) | (114,158 | ) | (469,479 | ) | ||||||||
Cost of land sales |
(28,920 | ) | - | (16,075 | ) | (44,995 | ) | |||||||||
Projects under construction and development, net additions |
400,116 | 132,487 | (49,223 | ) | 218,406 | |||||||||||
Land held for development or sale, net additions |
4,494 | 60 | 1,259 | 5,693 | ||||||||||||
Increase (decrease) in real estate, at cost |
$ | 673,728 | $ | 185,510 | $ | (70,599 | ) | $ | 417,619 | |||||||
49
(1) | Reflects the disposition of Metreon (a 279,000 square foot specialty retail center in
San Francisco, California), 101 San Fernando (a 323-unit apartment community in San Jose,
California), Pebble Creek (a 148-unit apartment community in Twinsburg, Ohio), Coachella
Plaza (a 85,000 square foot retail center in Coachella, California), El Centro Mall (a
113,000 square foot regional mall in El Centro, California), Southgate Mall (a 322,000 square foot regional mall in
Yuma, Arizona), Saddle Rock Village (a 294,000 square foot specialty retail center in
Aurora, Colorado), Simi Valley Town Center (a 612,000 square foot regional mall in Simi
Valley, California), investment in a triple-net lease property (a 203,000 square foot
retail center in Pueblo, Colorado) and Woodbridge Crossing (a 284,000 square foot specialty
retail center in Woodbridge, New Jersey). |
||
(2) | Reflects the dispositions of partial interests in the following apartment communities
in the Washington, D.C. metropolitan area: The Grand (549 units), Lenox Club (385 units),
Lenox Park (406 units), and the following office buildings in Cambridge, Massachusetts: 35
Landsdowne Street (202,000 square feet), 40 Landsdowne Street (215,000 square feet), 45/75
Sidney Street (277,000 square feet), 65/80 Landsdowne Street (122,000 square feet), 88
Sidney Street (145,000 square feet), Jackson Building (202,000 square feet) and Richards
Building (126,000 square feet). |
||
(3) | Reflects the dispositions of: Grand Avenue (a 100,000 square foot specialty retail
center in Queens, New York), Sterling Glen of Glen Cove (an 80-unit supported-living
apartment community in Glen Cove, New York), Sterling Glen of Great Neck (a 142-unit
supported-living apartment community in Great Neck, New York), Classic Residence by Hyatt
(a 220-unit supported-living apartment community in Teaneck, New Jersey), Classic Residence
by Hyatt (a 339-unit supported-living apartment community in Chevy Chase, Maryland),
Classic Residence by Hyatt (a 310-unit supported-living apartment community in Yonkers, New
York), Granada Gardens (a 940-unit apartment community in Warrensville Heights, Ohio) and
Clarkwood (a 568-unit apartment community in Warrensville Heights, Ohio). |
||
(4) | Relates to non-cash changes in completed rental properties with increases primarily due
to acquisition of a partners interest and decreases primarily due to impairment of real
estate assets. |
||
(5) | Primarily reflects the impact on projects under development based on the adoption of
the new GAAP accounting guidance on consolidation of VIEs. Upon adoption of the new
guidance effective February 1, 2010, the Barclays Center Arena became a consolidated entity
and we deconsolidated the Village at Gulfstream. The remaining amounts are miscellaneous
non-cash changes to projects under development. |
||
(6) | Primarily reflects the impact on completed rental properties based on the adoption of
the new GAAP accounting guidance discussed in (5) above. Upon adoption of the new
guidance, seven residential entities and one commercial entity in the operating portfolio
were deconsolidated. The remaining amounts are miscellaneous non-cash changes to completed
rental properties, including impairments of rental properties. |
50
Commercial Group 2010 | Commercial Group 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 231,626 | $ | 17,054 | $ | 41,125 | $ | 2,170 | $ | 257,867 | $ | 248,691 | $ | 11,041 | $ | 29,645 | $ | 4,292 | $ | 271,587 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
(9,233 | ) | - | - | (144 | ) | (9,377 | ) | (5,053 | ) | - | - | (176 | ) | (5,229 | ) | |||||||||||||||||||||||||
Adjusted revenues |
222,393 | 17,054 | 41,125 | 2,026 | 248,490 | 243,638 | 11,041 | 29,645 | 4,116 | 266,358 | |||||||||||||||||||||||||||||||
Add interest and other income |
9,954 | 258 | 39 | (1 | ) | 9,734 | 16,929 | 19 | (1,325 | ) | - | 15,585 | |||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(32,514 | ) | - | 32,514 | - | - | (1 | ) | (1 | ) | - | - | - | ||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
35,000 | - | (35,000 | ) | - | - | 1,693 | - | (1,693 | ) | - | - | |||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
8,962 | - | (8,962 | ) | - | - | 4,875 | - | (4,875 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
243,795 | 17,312 | 29,716 | 2,025 | 258,224 | 267,134 | 11,059 | 21,752 | 4,116 | 281,943 | |||||||||||||||||||||||||||||||
Operating expenses |
115,843 | 8,298 | 19,043 | 893 | 127,481 | 136,395 | 5,417 | 15,153 | 2,005 | 148,136 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
395 | - | - | - | 395 | 1,589 | - | - | - | 1,589 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
(1,248 | ) | - | - | - | (1,248 | ) | (1,595 | ) | - | - | - | (1,595 | ) | |||||||||||||||||||||||||||
Exclude preference payment |
(585 | ) | - | - | - | (585 | ) | (585 | ) | - | - | - | (585 | ) | |||||||||||||||||||||||||||
Adjusted operating expenses |
114,405 | 8,298 | 19,043 | 893 | 126,043 | 135,804 | 5,417 | 15,153 | 2,005 | 147,545 | |||||||||||||||||||||||||||||||
Net operating income |
129,390 | 9,014 | 10,673 | 1,132 | 132,181 | 131,330 | 5,642 | 6,599 | 2,111 | 134,398 | |||||||||||||||||||||||||||||||
Interest expense |
50,529 | 3,263 | 13,464 | 765 | 61,495 | 61,736 | 3,512 | 6,599 | 1,656 | 66,479 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
- | - | (2,791 | ) | - | (2,791 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
5,751 | 5,751 | - | - | - | 2,130 | 2,130 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
367 | - | - | (367 | ) | - | 455 | - | - | (455 | ) | - | |||||||||||||||||||||||||||||
Pre-Tax EBDT |
73,477 | - | - | - | 73,477 | 67,919 | - | - | - | 67,919 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) |
2,138 | - | - | - | 2,138 | (727 | ) | - | - | - | (727 | ) | |||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 71,339 | $ | - | $ | - | $ | - | $ | 71,339 | $ | 68,646 | $ | - | $ | - | $ | - | $ | 68,646 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 71,339 | $ | - | $ | - | $ | - | $ | 71,339 | $ | 68,646 | $ | - | $ | - | $ | - | $ | 68,646 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(53,269 | ) | - | - | (178 | ) | (53,447 | ) | (51,611 | ) | - | - | (1,297 | ) | (52,908 | ) | |||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(2,839 | ) | - | - | (7 | ) | (2,846 | ) | (2,864 | ) | - | - | (65 | ) | (2,929 | ) | |||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
2,800 | - | - | (503 | ) | 2,297 | 897 | - | - | (207 | ) | 690 | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
7,985 | - | - | 144 | 8,129 | 3,458 | - | - | 176 | 3,634 | |||||||||||||||||||||||||||||||
Preference payment |
(585 | ) | - | - | - | (585 | ) | (585 | ) | - | - | - | (585 | ) | |||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
825 | - | - | 27,657 | 28,482 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | (21,000 | ) | - | (21,000 | ) | (2,174 | ) | - | (1,037 | ) | (8,067 | ) | (11,278 | ) | |||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
(21,000 | ) | - | 21,000 | - | - | (1,037 | ) | - | 1,037 | - | - | |||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(178 | ) | - | - | 178 | - | (1,297 | ) | - | - | 1,297 | - | |||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(7 | ) | - | - | 7 | - | (65 | ) | - | - | 65 | - | |||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(503 | ) | - | - | 503 | - | (207 | ) | - | - | 207 | - | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
144 | - | - | (144 | ) | - | 176 | - | - | (176 | ) | - | |||||||||||||||||||||||||||||
Gain on disposition of rental properties |
27,657 | - | - | (27,657 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | (8,067 | ) | - | - | 8,067 | - | ||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | 32,369 | $ | - | $ | - | $ | - | $ | 32,369 | $ | 5,270 | $ | - | $ | - | $ | - | $ | 5,270 | |||||||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 32,369 | $ | - | $ | - | $ | - | $ | 32,369 | $ | 5,270 | $ | - | $ | - | $ | - | $ | 5,270 | |||||||||||||||||||||
51
Residential Group 2010 | Residential Group 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 53,597 | $ | 922 | $ | 37,102 | $ | - | $ | 89,777 | $ | 63,063 | $ | 1,154 | $ | 38,266 | $ | 1,435 | $ | 101,610 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
215 | - | - | - | 215 | (54 | ) | - | - | - | (54 | ) | |||||||||||||||||||||||||||||
Adjusted revenues |
53,812 | 922 | 37,102 | - | 89,992 | 63,009 | 1,154 | 38,266 | 1,435 | 101,556 | |||||||||||||||||||||||||||||||
Add interest and other income |
5,587 | 151 | 332 | - | 5,768 | 10,831 | (7 | ) | 726 | 1 | 11,565 | ||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
20,883 | 1,719 | (19,283 | ) | - | (119 | ) | 43,283 | 6 | (43,209 | ) | - | 68 | ||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
(15,633 | ) | - | 15,633 | - | - | (45,263 | ) | - | 45,263 | - | - | |||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
6,830 | - | (6,830 | ) | - | - | 8,193 | - | (8,193 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
71,479 | 2,792 | 26,954 | - | 95,641 | 80,053 | 1,153 | 32,853 | 1,436 | 113,189 | |||||||||||||||||||||||||||||||
Operating expenses |
37,463 | 307 | 18,320 | - | 55,476 | 27,057 | 755 | 23,836 | 764 | 50,902 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
249 | - | - | - | 249 | 954 | - | - | - | 954 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
2 | - | - | - | 2 | 1 | - | - | - | 1 | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
37,714 | 307 | 18,320 | - | 55,727 | 28,012 | 755 | 23,836 | 764 | 51,857 | |||||||||||||||||||||||||||||||
Net operating income |
33,765 | 2,485 | 8,634 | - | 39,914 | 52,041 | 398 | 9,017 | 672 | 61,332 | |||||||||||||||||||||||||||||||
Interest expense |
3,915 | 329 | 8,628 | - | 12,214 | 6,411 | 343 | 8,063 | 87 | 14,218 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
(1 | ) | - | 6 | - | 5 | 1,396 | - | 954 | - | 2,350 | ||||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
2,156 | 2,156 | - | - | - | 55 | 55 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
- | - | - | - | - | 585 | - | - | (585 | ) | - | ||||||||||||||||||||||||||||||
Pre-Tax EBDT |
27,695 | - | - | - | 27,695 | 44,764 | - | - | - | 44,764 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) |
8,596 | - | - | - | 8,596 | 4,112 | - | - | - | 4,112 | |||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 19,099 | $ | - | $ | - | $ | - | $ | 19,099 | $ | 40,652 | $ | - | $ | - | $ | - | $ | 40,652 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 19,099 | $ | - | $ | - | $ | - | $ | 19,099 | $ | 40,652 | $ | - | $ | - | $ | - | $ | 40,652 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(19,870 | ) | - | - | - | (19,870 | ) | (22,017 | ) | - | - | (396 | ) | (22,413 | ) | ||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(709 | ) | - | - | - | (709 | ) | (699 | ) | - | - | (8 | ) | (707 | ) | ||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
8,225 | - | - | - | 8,225 | (1,690 | ) | - | - | (124 | ) | (1,814 | ) | ||||||||||||||||||||||||||||
Straight-line rent adjustment |
(213 | ) | - | - | - | (213 | ) | 55 | - | - | - | 55 | |||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain
(loss) on disposition of rental properties and partial interests in rental properties, net of tax |
- | - | 9,570 | - | 9,570 | - | - | 27,709 | - | 27,709 | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
9,570 | - | (9,570 | ) | - | - | 27,709 | - | (27,709 | ) | - | - | |||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | (2,719 | ) | (2,719 | ) | |||||||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | (396 | ) | - | - | 396 | - | ||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | (8 | ) | - | - | 8 | - | ||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | (124 | ) | - | - | 124 | - | ||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | (2,719 | ) | - | - | 2,719 | - | ||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | 16,102 | $ | - | $ | - | $ | - | $ | 16,102 | $ | 40,763 | $ | - | $ | - | $ | - | $ | 40,763 | |||||||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 16,102 | $ | - | $ | - | $ | - | $ | 16,102 | $ | 40,763 | $ | - | $ | - | $ | - | $ | 40,763 | |||||||||||||||||||||
52
Land Development Group 2010 | Land Development Group 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 12,567 | $ | 1,031 | $ | 1,940 | $ | - | $ | 13,476 | $ | 6,776 | $ | 460 | $ | 2,998 | $ | - | $ | 9,314 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
3 | - | - | - | 3 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted revenues |
12,570 | 1,031 | 1,940 | - | 13,479 | 6,776 | 460 | 2,998 | - | 9,314 | |||||||||||||||||||||||||||||||
Add interest and other income |
2,216 | 202 | 10 | - | 2,024 | 2,052 | 163 | (29 | ) | - | 1,860 | ||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(799 | ) | - | 850 | - | 51 | 453 | - | (777 | ) | - | (324 | ) | ||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
714 | - | (714 | ) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
59 | - | (59 | ) | - | - | 225 | - | (225 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
14,760 | 1,233 | 2,027 | - | 15,554 | 9,506 | 623 | 1,967 | - | 10,850 | |||||||||||||||||||||||||||||||
Operating expenses |
11,776 | 849 | 1,891 | - | 12,818 | 9,070 | 379 | 2,290 | - | 10,981 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
43 | - | - | - | 43 | 71 | - | - | - | 71 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
11,819 | 849 | 1,891 | - | 12,861 | 9,141 | 379 | 2,290 | - | 11,052 | |||||||||||||||||||||||||||||||
Net operating income |
2,941 | 384 | 136 | - | 2,693 | 365 | 244 | (323 | ) | - | (202 | ) | |||||||||||||||||||||||||||||
Interest expense |
829 | 90 | 136 | - | 875 | 486 | 70 | (323 | ) | - | 93 | ||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
294 | 294 | - | - | - | 174 | 174 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Pre-Tax EBDT |
1,818 | - | - | - | 1,818 | (295 | ) | - | - | - | (295 | ) | |||||||||||||||||||||||||||||
Income tax expense (benefit) |
449 | - | - | - | 449 | (5,305 | ) | - | - | - | (5,305 | ) | |||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 1,369 | $ | - | $ | - | $ | - | $ | 1,369 | $ | 5,010 | $ | - | $ | - | $ | - | $ | 5,010 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 1,369 | $ | - | $ | - | $ | - | $ | 1,369 | $ | 5,010 | $ | - | $ | - | $ | - | $ | 5,010 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(62 | ) | - | - | - | (62 | ) | (112 | ) | - | - | - | (112 | ) | |||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(62 | ) | - | - | - | (62 | ) | (214 | ) | - | - | - | (214 | ) | |||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
236 | - | - | - | 236 | (6,158 | ) | - | - | - | (6,158 | ) | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
(3 | ) | - | - | - | (3 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | (437 | ) | - | (437 | ) | (1,365 | ) | - | - | - | (1,365 | ) | |||||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
(437 | ) | - | 437 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | 1,041 | $ | - | $ | - | $ | - | $ | 1,041 | $ | (2,839 | ) | $ | - | $ | - | $ | - | $ | (2,839 | ) | |||||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 1,041 | $ | - | $ | - | $ | - | $ | 1,041 | $ | (2,839 | ) | $ | - | $ | - | $ | - | $ | (2,839 | ) | |||||||||||||||||||
53
The Nets 2010 | The Nets 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted revenues |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add interest and other income |
- | - | - | - | - | - | - | 21,538 | - | 21,538 | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(312 | ) | - | - | - | (312 | ) | (13,648 | ) | - | 13,648 | - | - | ||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted total income |
(312 | ) | - | - | - | (312 | ) | (13,648 | ) | - | 35,186 | - | 21,538 | ||||||||||||||||||||||||||||
Operating expenses |
- | - | - | - | - | - | - | 29,826 | - | 29,826 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
- | - | - | - | - | - | - | 2,744 | - | 2,744 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
- | - | - | - | - | - | - | 32,570 | - | 32,570 | |||||||||||||||||||||||||||||||
Net operating income |
(312 | ) | - | - | - | (312 | ) | (13,648 | ) | - | 2,616 | - | (11,032 | ) | |||||||||||||||||||||||||||
Interest expense |
- | - | - | - | - | - | - | 2,616 | - | 2,616 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Pre-Tax EBDT |
(312 | ) | - | - | - | (312 | ) | (13,648 | ) | - | - | - | (13,648 | ) | |||||||||||||||||||||||||||
Income tax expense (benefit) |
811 | - | - | - | 811 | (4,593 | ) | - | - | - | (4,593 | ) | |||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | (1,123 | ) | $ | - | $ | - | $ | - | $ | (1,123 | ) | $ | (9,055 | ) | $ | - | $ | - | $ | - | $ | (9,055 | ) | |||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | (1,123 | ) | $ | - | $ | - | $ | - | $ | (1,123 | ) | $ | (9,055 | ) | $ | - | $ | - | $ | - | $ | (9,055 | ) | |||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment
of consolidated and unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (1,123 | ) | $ | - | $ | - | $ | - | $ | (1,123 | ) | $ | (9,055 | ) | $ | - | $ | - | $ | - | $ | (9,055 | ) | |||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | (1,123 | ) | $ | - | $ | - | $ | - | $ | (1,123 | ) | $ | (9,055 | ) | $ | - | $ | - | $ | - | $ | (9,055 | ) | |||||||||||||||||
54
Corporate Activities 2010 | Corporate Activities 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted revenues |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add interest and other income |
105 | - | - | - | 105 | 268 | - | - | - | 268 | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted total income |
105 | - | - | - | 105 | 268 | - | - | - | 268 | |||||||||||||||||||||||||||||||
Operating expenses |
17,705 | - | - | - | 17,705 | 9,240 | - | - | - | 9,240 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
404 | - | - | - | 404 | 494 | - | - | - | 494 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
18,109 | - | - | - | 18,109 | 9,734 | - | - | - | 9,734 | |||||||||||||||||||||||||||||||
Net operating income |
(18,004 | ) | - | - | - | (18,004 | ) | (9,466 | ) | - | - | - | (9,466 | ) | |||||||||||||||||||||||||||
Interest expense |
15,832 | - | - | - | 15,832 | 21,456 | - | - | - | 21,456 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
31,689 | - | - | - | 31,689 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Pre-Tax EBDT |
(65,525 | ) | - | - | - | (65,525 | ) | (30,922 | ) | - | - | - | (30,922 | ) | |||||||||||||||||||||||||||
Income tax expense (benefit) |
(17,990 | ) | - | - | - | (17,990 | ) | (4,076 | ) | - | - | - | (4,076 | ) | |||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | (47,535 | ) | $ | - | $ | - | $ | - | $ | (47,535 | ) | $ | (26,846 | ) | $ | - | $ | - | $ | - | $ | (26,846 | ) | |||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | (47,535 | ) | $ | - | $ | - | $ | - | $ | (47,535 | ) | $ | (26,846 | ) | $ | - | $ | - | $ | - | $ | (26,846 | ) | |||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(2,687 | ) | - | - | - | (2,687 | ) | (1,810 | ) | - | - | - | (1,810 | ) | |||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
- | - | - | - | - | - | - | - | 718 | 718 | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | 718 | - | - | (718 | ) | - | ||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (50,222 | ) | $ | - | $ | - | $ | - | $ | (50,222 | ) | $ | (27,938 | ) | $ | - | $ | - | $ | - | $ | (27,938 | ) | |||||||||||||||||
Preferred dividends |
(3,850 | ) | - | - | - | (3,850 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | (54,072 | ) | $ | - | $ | - | $ | - | $ | (54,072 | ) | $ | (27,938 | ) | $ | - | $ | - | $ | - | $ | (27,938 | ) | |||||||||||||||||
55
Total 2010 | Total 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 297,790 | $ | 19,007 | $ | 80,167 | $ | 2,170 | $ | 361,120 | $ | 318,530 | $ | 12,655 | $ | 70,909 | $ | 5,727 | $ | 382,511 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
(9,015 | ) | - | - | (144 | ) | (9,159 | ) | (5,107 | ) | - | - | (176 | ) | (5,283 | ) | |||||||||||||||||||||||||
Adjusted revenues |
288,775 | 19,007 | 80,167 | 2,026 | 351,961 | 313,423 | 12,655 | 70,909 | 5,551 | 377,228 | |||||||||||||||||||||||||||||||
Add interest and other income |
17,862 | 611 | 381 | (1 | ) | 17,631 | 30,080 | 175 | 20,910 | 1 | 50,816 | ||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(12,742 | ) | 1,719 | 14,081 | - | (380 | ) | 30,087 | 5 | (30,338 | ) | - | (256 | ) | |||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
(15,633 | ) | - | 15,633 | - | - | (45,263 | ) | - | 45,263 | - | - | |||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
35,714 | - | (35,714 | ) | - | - | 1,693 | - | (1,693 | ) | - | - | |||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
15,851 | - | (15,851 | ) | - | - | 13,293 | - | (13,293 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
329,827 | 21,337 | 58,697 | 2,025 | 369,212 | 343,313 | 12,835 | 91,758 | 5,552 | 427,788 | |||||||||||||||||||||||||||||||
Operating expenses |
182,787 | 9,454 | 39,254 | 893 | 213,480 | 181,762 | 6,551 | 71,105 | 2,769 | 249,085 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
1,091 | - | - | - | 1,091 | 3,108 | - | 2,744 | - | 5,852 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
(1,246 | ) | - | - | - | (1,246 | ) | (1,594 | ) | - | - | - | (1,594 | ) | |||||||||||||||||||||||||||
Exclude preference payment |
(585 | ) | - | - | - | (585 | ) | (585 | ) | - | - | - | (585 | ) | |||||||||||||||||||||||||||
Adjusted operating expenses |
182,047 | 9,454 | 39,254 | 893 | 212,740 | 182,691 | 6,551 | 73,849 | 2,769 | 252,758 | |||||||||||||||||||||||||||||||
Net operating income |
147,780 | 11,883 | 19,443 | 1,132 | 156,472 | 160,622 | 6,284 | 17,909 | 2,783 | 175,030 | |||||||||||||||||||||||||||||||
Interest expense |
71,105 | 3,682 | 22,228 | 765 | 90,416 | 90,089 | 3,925 | 16,955 | 1,743 | 104,862 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
31,688 | - | (2,785 | ) | - | 28,903 | 1,396 | - | 954 | - | 2,350 | ||||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
8,201 | 8,201 | - | - | - | 2,359 | 2,359 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
367 | - | - | (367 | ) | - | 1,040 | - | - | (1,040 | ) | - | |||||||||||||||||||||||||||||
Pre-Tax EBDT |
37,153 | - | - | - | 37,153 | 67,818 | - | - | - | 67,818 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) |
(5,996 | ) | - | - | - | (5,996 | ) | (10,589 | ) | - | - | - | (10,589 | ) | |||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 43,149 | $ | - | $ | - | $ | - | $ | 43,149 | $ | 78,407 | $ | - | $ | - | $ | - | $ | 78,407 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 43,149 | $ | - | $ | - | $ | - | $ | 43,149 | $ | 78,407 | $ | - | $ | - | $ | - | $ | 78,407 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(73,201 | ) | - | - | (178 | ) | (73,379 | ) | (73,740 | ) | - | - | (1,693 | ) | (75,433 | ) | |||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(3,610 | ) | - | - | (7 | ) | (3,617 | ) | (3,777 | ) | - | - | (73 | ) | (3,850 | ) | |||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
8,574 | - | - | (503 | ) | 8,071 | (8,761 | ) | - | - | (331 | ) | (9,092 | ) | |||||||||||||||||||||||||||
Straight-line rent adjustment |
7,769 | - | - | 144 | 7,913 | 3,513 | - | - | 176 | 3,689 | |||||||||||||||||||||||||||||||
Preference payment |
(585 | ) | - | - | - | (585 | ) | (585 | ) | - | - | - | (585 | ) | |||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
825 | - | 9,570 | 27,657 | 38,052 | - | - | 27,709 | 718 | 28,427 | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
9,570 | - | (9,570 | ) | - | - | 27,709 | - | (27,709 | ) | - | - | |||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | (21,437 | ) | - | (21,437 | ) | (3,539 | ) | - | (1,037 | ) | (10,786 | ) | (15,362 | ) | |||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
(21,437 | ) | - | 21,437 | - | - | (1,037 | ) | - | 1,037 | - | - | |||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(178 | ) | - | - | 178 | - | (1,693 | ) | - | - | 1,693 | - | |||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(7 | ) | - | - | 7 | - | (73 | ) | - | - | 73 | - | |||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(503 | ) | - | - | 503 | - | (331 | ) | - | - | 331 | - | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
144 | - | - | (144 | ) | - | 176 | - | - | (176 | ) | - | |||||||||||||||||||||||||||||
Gain on disposition of rental properties |
27,657 | - | - | (27,657 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | (10,786 | ) | - | - | 10,786 | - | ||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | 718 | - | - | (718 | ) | - | ||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (1,833 | ) | $ | - | $ | - | $ | - | $ | (1,833 | ) | $ | 6,201 | $ | - | $ | - | $ | - | $ | 6,201 | |||||||||||||||||||
Preferred dividends |
(3,850 | ) | - | - | - | (3,850 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | (5,683 | ) | $ | - | $ | - | $ | - | $ | (5,683 | ) | $ | 6,201 | $ | - | $ | - | $ | - | $ | 6,201 | |||||||||||||||||||
56
Commercial Group 2010 | Commercial Group 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 934,045 | $ | 62,572 | $ | 159,015 | $ | 15,342 | $ | 1,045,830 | $ | 954,669 | $ | 44,001 | $ | 112,723 | $ | 19,882 | $ | 1,043,273 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
(22,375 | ) | - | - | (609 | ) | (22,984 | ) | (18,739 | ) | - | - | (869 | ) | (19,608 | ) | |||||||||||||||||||||||||
Adjusted revenues |
911,670 | 62,572 | 159,015 | 14,733 | 1,022,846 | 935,930 | 44,001 | 112,723 | 19,013 | 1,023,665 | |||||||||||||||||||||||||||||||
Add interest and other income |
23,392 | 1,318 | 357 | 2 | 22,433 | 19,569 | (24 | ) | 800 | 5 | 20,398 | ||||||||||||||||||||||||||||||
Add gain on disposition of partial interests in other investment - Nets |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(29,269 | ) | - | 29,269 | - | - | (3,864 | ) | - | 3,862 | - | (2 | ) | ||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
(5,613 | ) | - | 5,613 | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
49,889 | - | (49,889 | ) | - | - | 10,521 | - | (10,521 | ) | - | - | |||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
29,581 | - | (29,581 | ) | - | - | 17,770 | - | (17,770 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
979,650 | 63,890 | 114,784 | 14,735 | 1,045,279 | 979,926 | 43,977 | 89,094 | 19,018 | 1,044,061 | |||||||||||||||||||||||||||||||
Operating expenses |
463,807 | 32,751 | 71,484 | 5,841 | 508,381 | 472,890 | 20,758 | 60,013 | 9,054 | 521,199 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
1,750 | - | - | - | 1,750 | 6,465 | - | - | - | 6,465 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
(5,338 | ) | - | - | - | (5,338 | ) | (6,452 | ) | - | - | - | (6,452 | ) | |||||||||||||||||||||||||||
Exclude preference payment |
(2,341 | ) | - | - | - | (2,341 | ) | (2,341 | ) | - | - | - | (2,341 | ) | |||||||||||||||||||||||||||
Adjusted operating expenses |
457,878 | 32,751 | 71,484 | 5,841 | 502,452 | 470,562 | 20,758 | 60,013 | 9,054 | 518,871 | |||||||||||||||||||||||||||||||
Net operating income |
521,772 | 31,139 | 43,300 | 8,894 | 542,827 | 509,364 | 23,219 | 29,081 | 9,964 | 525,190 | |||||||||||||||||||||||||||||||
Interest expense |
227,216 | 17,411 | 46,091 | 5,706 | 261,602 | 232,631 | 13,083 | 29,081 | 6,999 | 255,628 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
- | - | (2,791 | ) | - | (2,791 | ) | (24,219 | ) | - | - | - | (24,219 | ) | |||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
13,728 | 13,728 | - | - | - | 10,136 | 10,136 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
3,188 | - | - | (3,188 | ) | - | 2,965 | - | - | (2,965 | ) | - | |||||||||||||||||||||||||||||
Pre-Tax EBDT |
284,016 | - | - | - | 284,016 | 293,781 | - | - | - | 293,781 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) |
6,536 | - | - | - | 6,536 | 7,361 | - | - | - | 7,361 | |||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 277,480 | $ | - | $ | - | $ | - | $ | 277,480 | $ | 286,420 | $ | - | $ | - | $ | - | $ | 286,420 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 277,480 | $ | - | $ | - | $ | - | $ | 277,480 | $ | 286,420 | $ | - | $ | - | $ | - | $ | 286,420 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(205,876 | ) | - | - | (3,660 | ) | (209,536 | ) | (205,277 | ) | - | - | (5,421 | ) | (210,698 | ) | |||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(11,377 | ) | - | - | (110 | ) | (11,487 | ) | (12,019 | ) | - | - | (237 | ) | (12,256 | ) | |||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(13,746 | ) | - | - | (1,195 | ) | (14,941 | ) | (11,122 | ) | - | - | (690 | ) | (11,812 | ) | |||||||||||||||||||||||||
Straight-line rent adjustment |
17,037 | - | - | 609 | 17,646 | 12,287 | - | - | 869 | 13,156 | |||||||||||||||||||||||||||||||
Preference payment |
(2,341 | ) | - | - | - | (2,341 | ) | (2,341 | ) | - | - | - | (2,341 | ) | |||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
106,943 | - | 3,436 | 26,899 | 137,278 | - | - | - | 2,784 | 2,784 | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
3,436 | - | (3,436 | ) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
(2,213 | ) | - | (30,115 | ) | (48,731 | ) | (81,059 | ) | (2,174 | ) | - | (6,441 | ) | (8,067 | ) | (16,682 | ) | |||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
(30,115 | ) | - | 30,115 | - | - | (6,441 | ) | - | 6,441 | - | - | |||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(3,660 | ) | - | - | 3,660 | - | (5,421 | ) | - | - | 5,421 | - | |||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(110 | ) | - | - | 110 | - | (237 | ) | - | - | 237 | - | |||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(1,195 | ) | - | - | 1,195 | - | (690 | ) | - | - | 690 | - | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
609 | - | - | (609 | ) | - | 869 | - | - | (869 | ) | - | |||||||||||||||||||||||||||||
Gain on disposition of rental properties, net of tax |
26,899 | - | - | (26,899 | ) | - | 2,784 | - | - | (2,784 | ) | - | |||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
(48,731 | ) | - | - | 48,731 | - | (8,067 | ) | - | - | 8,067 | - | |||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | 113,040 | $ | - | $ | - | $ | - | $ | 113,040 | $ | 48,571 | $ | - | $ | - | $ | - | $ | 48,571 | |||||||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 113,040 | $ | - | $ | - | $ | - | $ | 113,040 | $ | 48,571 | $ | - | $ | - | $ | - | $ | 48,571 | |||||||||||||||||||||
57
Residential Group 2010 | Residential Group 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 211,485 | $ | 3,623 | $ | 147,786 | $ | 2,506 | $ | 358,154 | $ | 257,077 | $ | 5,144 | $ | 178,530 | $ | 10,496 | $ | 440,959 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
(516 | ) | - | - | - | (516 | ) | (85 | ) | - | - | - | (85 | ) | |||||||||||||||||||||||||||
Adjusted revenues |
210,969 | 3,623 | 147,786 | 2,506 | 357,638 | 256,992 | 5,144 | 178,530 | 10,496 | 440,874 | |||||||||||||||||||||||||||||||
Add interest and other income |
19,830 | 551 | 1,166 | 4 | 20,449 | 23,673 | 52 | 1,215 | 1 | 24,837 | |||||||||||||||||||||||||||||||
Add gain on disposition of partial interests in other investment - Nets |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
37,415 | 1,630 | (35,350 | ) | - | 435 | 28,427 | (76 | ) | (28,154 | ) | - | 349 | ||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
(17,848 | ) | - | 17,848 | - | - | (49,761 | ) | - | 49,761 | - | - | |||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
- | - | - | - | - | 24,303 | - | (24,303 | ) | - | - | ||||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
24,617 | - | (24,617 | ) | - | - | 27,801 | - | (27,801 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
274,983 | 5,804 | 106,833 | 2,510 | 378,522 | 311,435 | 5,120 | 149,248 | 10,497 | 466,060 | |||||||||||||||||||||||||||||||
Operating expenses |
136,296 | 1,383 | 73,194 | 1,610 | 209,717 | 158,686 | 1,692 | 118,362 | 3,232 | 278,588 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
1,347 | - | - | - | 1,347 | 3,825 | - | - | - | 3,825 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
6 | - | - | - | 6 | 1 | - | - | - | 1 | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
137,649 | 1,383 | 73,194 | 1,610 | 211,070 | 162,512 | 1,692 | 118,362 | 3,232 | 282,414 | |||||||||||||||||||||||||||||||
Net operating income |
137,334 | 4,421 | 33,639 | 900 | 167,452 | 148,923 | 3,428 | 30,886 | 7,265 | 183,646 | |||||||||||||||||||||||||||||||
Interest expense |
21,233 | 975 | 33,608 | 118 | 53,984 | 27,515 | 1,381 | 29,756 | 2,287 | 58,177 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
(2,461 | ) | (247 | ) | 31 | - | (2,183 | ) | 1,799 | - | 1,130 | - | 2,929 | ||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
3,693 | 3,693 | - | - | - | 2,047 | 2,047 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
782 | - | - | (782 | ) | - | 4,978 | - | - | (4,978 | ) | - | |||||||||||||||||||||||||||||
Pre-Tax EBDT |
115,651 | - | - | - | 115,651 | 122,540 | - | - | - | 122,540 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) |
9,095 | - | - | - | 9,095 | (229 | ) | - | - | - | (229 | ) | |||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 106,556 | $ | - | $ | - | $ | - | $ | 106,556 | $ | 122,769 | $ | - | $ | - | $ | - | $ | 122,769 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 106,556 | $ | - | $ | - | $ | - | $ | 106,556 | $ | 122,769 | $ | - | $ | - | $ | - | $ | 122,769 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(75,606 | ) | - | - | (636 | ) | (76,242 | ) | (79,910 | ) | - | - | (2,874 | ) | (82,784 | ) | |||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(2,568 | ) | - | - | (13 | ) | (2,581 | ) | (2,627 | ) | - | - | (76 | ) | (2,703 | ) | |||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(3,118 | ) | - | - | (400 | ) | (3,518 | ) | (11,312 | ) | - | - | (874 | ) | (12,186 | ) | |||||||||||||||||||||||||
Straight-line rent adjustment |
522 | - | - | - | 522 | 86 | - | - | - | 86 | |||||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
18,083 | - | 10,926 | 1,099 | 30,108 | - | - | 30,462 | - | 30,462 | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
10,926 | - | (10,926 | ) | - | - | 30,462 | - | (30,462 | ) | - | - | |||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | - | - | - | (897 | ) | - | (14,877 | ) | (8,703 | ) | (24,477 | ) | |||||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
- | - | - | - | - | (14,877 | ) | - | 14,877 | - | - | ||||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(636 | ) | - | - | 636 | - | (2,874 | ) | - | - | 2,874 | - | |||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(13 | ) | - | - | 13 | - | (76 | ) | - | - | 76 | - | |||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(400 | ) | - | - | 400 | - | (874 | ) | - | - | 874 | - | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties, net of tax |
1,099 | - | - | (1,099 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | (8,703 | ) | - | - | 8,703 | - | ||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | 54,845 | $ | - | $ | - | $ | - | $ | 54,845 | $ | 31,167 | $ | - | $ | - | $ | - | $ | 31,167 | |||||||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 54,845 | $ | - | $ | - | $ | - | $ | 54,845 | $ | 31,167 | $ | - | $ | - | $ | - | $ | 31,167 | |||||||||||||||||||||
58
Land Development Group 2010 | Land Development Group 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 32,131 | $ | 2,224 | $ | 10,099 | $ | - | $ | 40,006 | $ | 20,267 | $ | 1,287 | $ | 11,776 | $ | - | $ | 30,756 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
8 | - | - | - | 8 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted revenues |
32,139 | 2,224 | 10,099 | - | 40,014 | 20,267 | 1,287 | 11,776 | - | 30,756 | |||||||||||||||||||||||||||||||
Add interest and other income |
9,162 | 766 | 106 | - | 8,502 | 9,508 | 690 | 8 | - | 8,826 | |||||||||||||||||||||||||||||||
Add gain on disposition of partial interests in other investment - Nets |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(20,022 | ) | - | 21,381 | - | 1,359 | 3,873 | - | (3,428 | ) | - | 445 | |||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
22,570 | - | (22,570 | ) | - | - | 1,532 | - | (1,532 | ) | - | - | |||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
241 | - | (241 | ) | - | - | 423 | - | (423 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
44,090 | 2,990 | 8,775 | - | 49,875 | 35,603 | 1,977 | 6,401 | - | 40,027 | |||||||||||||||||||||||||||||||
Operating expenses |
38,650 | 2,258 | 8,436 | - | 44,828 | 33,119 | 1,556 | 8,326 | - | 39,889 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
162 | - | - | - | 162 | 477 | - | - | - | 477 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
38,812 | 2,258 | 8,436 | - | 44,990 | 33,596 | 1,556 | 8,326 | - | 40,366 | |||||||||||||||||||||||||||||||
Net operating income |
5,278 | 732 | 339 | - | 4,885 | 2,007 | 421 | (1,925 | ) | - | (339 | ) | |||||||||||||||||||||||||||||
Interest expense |
3,007 | 304 | 339 | - | 3,042 | 2,109 | 275 | (51 | ) | - | 1,783 | ||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
- | - | - | - | - | (9,466 | ) | - | (1,874 | ) | - | (11,340 | ) | ||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
428 | 428 | - | - | - | 146 | 146 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Pre-Tax EBDT |
1,843 | - | - | - | 1,843 | 9,218 | - | - | - | 9,218 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) |
(533 | ) | - | - | - | (533 | ) | (3,610 | ) | - | - | - | (3,610 | ) | |||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 2,376 | $ | - | $ | - | $ | - | $ | 2,376 | $ | 12,828 | $ | - | $ | - | $ | - | $ | 12,828 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 2,376 | $ | - | $ | - | $ | - | $ | 2,376 | $ | 12,828 | $ | - | $ | - | $ | - | $ | 12,828 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(264 | ) | - | - | - | (264 | ) | (387 | ) | - | - | - | (387 | ) | |||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(273 | ) | - | - | - | (273 | ) | (624 | ) | - | - | - | (624 | ) | |||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(591 | ) | - | - | - | (591 | ) | (7,987 | ) | - | - | - | (7,987 | ) | |||||||||||||||||||||||||||
Straight-line rent adjustment |
(8 | ) | - | - | - | (8 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
(1,016 | ) | - | (13,817 | ) | - | (14,833 | ) | (2,381 | ) | - | (938 | ) | - | (3,319 | ) | |||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
(13,817 | ) | - | 13,817 | - | - | (938 | ) | - | 938 | - | - | |||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (13,593 | ) | $ | - | $ | - | $ | - | $ | (13,593 | ) | $ | 511 | $ | - | $ | - | $ | - | $ | 511 | |||||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | (13,593 | ) | $ | - | $ | - | $ | - | $ | (13,593 | ) | $ | 511 | $ | - | $ | - | $ | - | $ | 511 | |||||||||||||||||||
59
The Nets 2010 | The Nets 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted revenues |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add interest and other income |
- | - | 14,037 | - | 14,037 | - | - | 52,453 | - | 52,453 | |||||||||||||||||||||||||||||||
Add gain on disposition of partial interests in other investment - Nets |
55,112 | 23,675 | - | - | 31,437 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(18,318 | ) | (6,243 | ) | 4,207 | - | (7,868 | ) | (43,489 | ) | - | 43,489 | - | - | |||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted total income |
36,794 | 17,432 | 18,244 | - | 37,606 | (43,489 | ) | - | 95,942 | - | 52,453 | ||||||||||||||||||||||||||||||
Operating expenses |
- | - | 16,151 | - | 16,151 | - | - | 72,384 | - | 72,384 | |||||||||||||||||||||||||||||||
Non-Real
Estate depreciation and amortization and amortization of mortgage procurement costs |
- | - | 947 | - | 947 | - | - | 15,494 | - | 15,494 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
- | - | 17,098 | - | 17,098 | - | - | 87,878 | - | 87,878 | |||||||||||||||||||||||||||||||
Net operating income |
36,794 | 17,432 | 1,146 | - | 20,508 | (43,489 | ) | - | 8,064 | - | (35,425 | ) | |||||||||||||||||||||||||||||
Interest expense |
- | - | 1,146 | - | 1,146 | - | - | 8,064 | - | 8,064 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
17,432 | 17,432 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Pre-Tax EBDT |
19,362 | - | - | - | 19,362 | (43,489 | ) | - | - | - | (43,489 | ) | |||||||||||||||||||||||||||||
Income tax expense (benefit) |
9,711 | - | - | - | 9,711 | (14,815 | ) | - | - | - | (14,815 | ) | |||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 9,651 | $ | - | $ | - | $ | - | $ | 9,651 | $ | (28,674 | ) | $ | - | $ | - | $ | - | $ | (28,674 | ) | |||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 9,651 | $ | - | $ | - | $ | - | $ | 9,651 | $ | (28,674 | ) | $ | - | $ | - | $ | - | $ | (28,674 | ) | |||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | 9,651 | $ | - | $ | - | $ | - | $ | 9,651 | $ | (28,674 | ) | $ | - | $ | - | $ | - | $ | (28,674 | ) | |||||||||||||||||||
Preferred dividends |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 9,651 | $ | - | $ | - | $ | - | $ | 9,651 | $ | (28,674 | ) | $ | - | $ | - | $ | - | $ | (28,674 | ) | |||||||||||||||||||
60
Corporate Activities 2010 | Corporate Activities 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted revenues |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add interest and other income |
442 | - | - | - | 442 | 1,249 | - | - | - | 1,249 | |||||||||||||||||||||||||||||||
Add gain on disposition of partial interests in other investment - Nets |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted total income |
442 | - | - | - | 442 | 1,249 | - | - | - | 1,249 | |||||||||||||||||||||||||||||||
Operating expenses |
47,030 | - | - | - | 47,030 | 39,857 | - | - | - | 39,857 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization
and amortization of mortgage procurement costs |
1,769 | - | - | - | 1,769 | 2,713 | - | - | - | 2,713 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Exclude preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Adjusted operating expenses |
48,799 | - | - | - | 48,799 | 42,570 | - | - | - | 42,570 | |||||||||||||||||||||||||||||||
Net operating income |
(48,357 | ) | - | - | - | (48,357 | ) | (41,321 | ) | - | - | - | (41,321 | ) | |||||||||||||||||||||||||||
Interest expense |
63,884 | - | - | - | 63,884 | 80,891 | - | - | - | 80,891 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
23,496 | - | - | - | 23,496 | (4,683 | ) | - | - | - | (4,683 | ) | |||||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Pre-Tax EBDT |
(135,737 | ) | - | - | - | (135,737 | ) | (117,529 | ) | - | - | - | (117,529 | ) | |||||||||||||||||||||||||||
Income tax expense (benefit) |
(49,549 | ) | - | - | - | (49,549 | ) | (25,292 | ) | - | - | - | (25,292 | ) | |||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | (86,188 | ) | $ | - | $ | - | $ | - | $ | (86,188 | ) | $ | (92,237 | ) | $ | - | $ | - | $ | - | $ | (92,237 | ) | |||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | (86,188 | ) | $ | - | $ | - | $ | - | $ | (86,188 | ) | $ | (92,237 | ) | $ | - | $ | - | $ | - | $ | (92,237 | ) | |||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(19,095 | ) | - | - | - | (19,095 | ) | 9,293 | - | - | - | 9,293 | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Preference payment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties and
partial interests in rental properties, net of tax |
- | - | - | - | - | - | - | - | 718 | 718 | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Straight-line rent adjustment |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Gain on disposition of rental properties, net of tax |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
- | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | 718 | - | - | (718 | ) | - | ||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (105,283 | ) | $ | - | $ | - | $ | - | $ | (105,283 | ) | $ | (82,226 | ) | $ | - | $ | - | $ | - | $ | (82,226 | ) | |||||||||||||||||
Preferred dividends |
(11,807 | ) | - | - | - | (11,807 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | (117,090 | ) | $ | - | $ | - | $ | - | $ | (117,090 | ) | $ | (82,226 | ) | $ | - | $ | - | $ | - | $ | (82,226 | ) | |||||||||||||||||
61
Total 2010 | Total 2009 | ||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||
Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | ||||||||||||||||||||||||||||||||
Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | Consolidation | Noncontrolling | Investments at | Discontinued | Consolidation | ||||||||||||||||||||||||||||||||
(GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | (GAAP) | Interest | Pro-Rata | Operations | (Non-GAAP) | ||||||||||||||||||||||||||||||||
Revenues from real estate operations |
$ | 1,177,661 | $ | 68,419 | $ | 316,900 | $ | 17,848 | $ | 1,443,990 | $ | 1,232,013 | $ | 50,432 | $ | 303,029 | $ | 30,378 | $ | 1,514,988 | |||||||||||||||||||||
Exclude straight-line rent adjustment |
(22,883 | ) | - | - | (609 | ) | (23,492 | ) | (18,824 | ) | - | - | (869 | ) | (19,693 | ) | |||||||||||||||||||||||||
Adjusted revenues |
1,154,778 | 68,419 | 316,900 | 17,239 | 1,420,498 | 1,213,189 | 50,432 | 303,029 | 29,509 | 1,495,295 | |||||||||||||||||||||||||||||||
Add interest and other income |
52,826 | 2,635 | 15,666 | 6 | 65,863 | 53,999 | 718 | 54,476 | 6 | 107,763 | |||||||||||||||||||||||||||||||
Add gain on disposition of partial interests in other investment - Nets |
55,112 | 23,675 | - | - | 31,437 | - | - | - | - | - | |||||||||||||||||||||||||||||||
Add equity in earnings (loss) of unconsolidated entities, including impairment |
(30,194 | ) | (4,613 | ) | 19,507 | - | (6,074 | ) | (15,053 | ) | (76 | ) | 15,769 | - | 792 | ||||||||||||||||||||||||||
Exclude gain (loss) on disposition of unconsolidated entities |
(23,461 | ) | - | 23,461 | - | - | (49,761 | ) | - | 49,761 | - | - | |||||||||||||||||||||||||||||
Exclude impairment of unconsolidated real estate |
72,459 | - | (72,459 | ) | - | - | 36,356 | - | (36,356 | ) | - | - | |||||||||||||||||||||||||||||
Exclude depreciation and amortization of unconsolidated entities |
54,439 | - | (54,439 | ) | - | - | 45,994 | - | (45,994 | ) | - | - | |||||||||||||||||||||||||||||
Adjusted total income |
1,335,959 | 90,116 | 248,636 | 17,245 | 1,511,724 | 1,284,724 | 51,074 | 340,685 | 29,515 | 1,603,850 | |||||||||||||||||||||||||||||||
Operating expenses |
685,783 | 36,392 | 169,265 | 7,451 | 826,107 | 704,552 | 24,006 | 259,085 | 12,286 | 951,917 | |||||||||||||||||||||||||||||||
Non-Real Estate depreciation and amortization and amortization of mortgage procurement costs |
5,028 | - | 947 | - | 5,975 | 13,480 | - | 15,494 | - | 28,974 | |||||||||||||||||||||||||||||||
Exclude straight-line rent adjustment |
(5,332 | ) | - | - | - | (5,332 | ) | (6,451 | ) | - | - | - | (6,451 | ) | |||||||||||||||||||||||||||
Exclude preference payment |
(2,341 | ) | - | - | - | (2,341 | ) | (2,341 | ) | - | - | - | (2,341 | ) | |||||||||||||||||||||||||||
Adjusted operating expenses |
683,138 | 36,392 | 170,212 | 7,451 | 824,409 | 709,240 | 24,006 | 274,579 | 12,286 | 972,099 | |||||||||||||||||||||||||||||||
Net operating income |
652,821 | 53,724 | 78,424 | 9,794 | 687,315 | 575,484 | 27,068 | 66,106 | 17,229 | 631,751 | |||||||||||||||||||||||||||||||
Interest expense |
315,340 | 18,690 | 81,184 | 5,824 | 383,658 | 343,146 | 14,739 | 66,850 | 9,286 | 404,543 | |||||||||||||||||||||||||||||||
(Gain) loss on early extinguishment of debt |
21,035 | (247 | ) | (2,760 | ) | - | 18,522 | (36,569 | ) | - | (744 | ) | - | (37,313 | ) | ||||||||||||||||||||||||||
Noncontrolling interest in earnings before depreciation and amortization |
35,281 | 35,281 | - | - | - | 12,329 | 12,329 | - | - | - | |||||||||||||||||||||||||||||||
Add: Pre-Tax EBDT from discontinued operations |
3,970 | - | - | (3,970 | ) | - | 7,943 | - | - | (7,943 | ) | - | |||||||||||||||||||||||||||||
Pre-Tax EBDT |
285,135 | - | - | - | 285,135 | 264,521 | - | - | - | 264,521 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) |
(24,740 | ) | - | - | - | (24,740 | ) | (36,585 | ) | - | - | - | (36,585 | ) | |||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 309,875 | $ | - | $ | - | $ | - | $ | 309,875 | $ | 301,106 | $ | - | $ | - | $ | - | $ | 301,106 | |||||||||||||||||||||
Reconciliation to net earnings: |
|||||||||||||||||||||||||||||||||||||||||
Earnings before depreciation, amortization and deferred taxes (EBDT) |
$ | 309,875 | $ | - | $ | - | $ | - | $ | 309,875 | $ | 301,106 | $ | - | $ | - | $ | - | $ | 301,106 | |||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(281,746 | ) | - | - | (4,296 | ) | (286,042 | ) | (285,574 | ) | - | - | (8,295 | ) | (293,869 | ) | |||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(14,218 | ) | - | - | (123 | ) | (14,341 | ) | (15,270 | ) | - | - | (313 | ) | (15,583 | ) | |||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(36,550 | ) | - | - | (1,595 | ) | (38,145 | ) | (21,128 | ) | - | - | (1,564 | ) | (22,692 | ) | |||||||||||||||||||||||||
Straight-line rent adjustment |
17,551 | - | - | 609 | 18,160 | 12,373 | - | - | 869 | 13,242 | |||||||||||||||||||||||||||||||
Preference payment |
(2,341 | ) | - | - | - | (2,341 | ) | (2,341 | ) | - | - | - | (2,341 | ) | |||||||||||||||||||||||||||
Gain
(loss) on disposition of rental properties and partial interests in rental properties, net of tax |
125,026 | - | 14,362 | 27,998 | 167,386 | - | - | 30,462 | 3,502 | 33,964 | |||||||||||||||||||||||||||||||
Gain (loss) on disposition of unconsolidated entities, net of tax |
14,362 | - | (14,362 | ) | - | - | 30,462 | - | (30,462 | ) | - | - | |||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate, net of tax |
(3,229 | ) | - | (43,932 | ) | (48,731 | ) | (95,892 | ) | (5,452 | ) | - | (22,256 | ) | (16,770 | ) | (44,478 | ) | |||||||||||||||||||||||
Impairment of unconsolidated real estate, net of tax |
(43,932 | ) | - | 43,932 | - | - | (22,256 | ) | - | 22,256 | - | - | |||||||||||||||||||||||||||||
Discontinued operations, net of tax: |
|||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization - Real Estate Groups |
(4,296 | ) | - | - | 4,296 | - | (8,295 | ) | - | - | 8,295 | - | |||||||||||||||||||||||||||||
Amortization of mortgage procurement costs - Real Estate Groups |
(123 | ) | - | - | 123 | - | (313 | ) | - | - | 313 | - | |||||||||||||||||||||||||||||
Deferred taxes - Real Estate Groups |
(1,595 | ) | - | - | 1,595 | - | (1,564 | ) | - | - | 1,564 | - | |||||||||||||||||||||||||||||
Straight-line rent adjustment |
609 | - | - | (609 | ) | - | 869 | - | - | (869 | ) | - | |||||||||||||||||||||||||||||
Gain on disposition of rental properties, net of tax |
27,998 | - | - | (27,998 | ) | - | 2,784 | - | - | (2,784 | ) | - | |||||||||||||||||||||||||||||
Impairment of consolidated and unconsolidated real estate |
(48,731 | ) | - | - | 48,731 | - | (16,770 | ) | - | - | 16,770 | - | |||||||||||||||||||||||||||||
Deferred gain on disposition of Lumber Group |
- | - | - | - | - | 718 | - | - | (718 | ) | - | ||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | 58,660 | $ | - | $ | - | $ | - | $ | 58,660 | $ | (30,651 | ) | $ | - | $ | - | $ | - | $ | (30,651 | ) | |||||||||||||||||||
Preferred dividends |
(11,807 | ) | - | - | - | (11,807 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc.
common shareholders |
$ | 46,853 | $ | - | $ | - | $ | - | $ | 46,853 | $ | (30,651 | ) | $ | - | $ | - | $ | - | $ | (30,651 | ) | |||||||||||||||||||
62
Date of | Leasable | |||||||||||||||||||||||||
Opening/ | Leasable | Square | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Square | Feet at Pro- | ||||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Major Tenants | Feet | Rata % | |||||||||||||||||||
Consolidated Office Buildings | ||||||||||||||||||||||||||
2 Hanson Place |
2004 | 100.00 | % | 100.00 | % | Brooklyn, NY | Bank of New York, HSBC | 399,000 | 399,000 | |||||||||||||||||
250 Huron |
1991 | 100.00 | % | 100.00 | % | Cleveland, OH | Leasing in progress | 119,000 | 119,000 | |||||||||||||||||
4930 Oakton |
2006 | 100.00 | % | 100.00 | % | Skokie, IL | Sanford Brown College | 40,000 | 40,000 | |||||||||||||||||
Ballston Common Office Center |
2005 | 100.00 | % | 100.00 | % | Arlington, VA | US Coast Guard; Better Business Bureau | 174,000 | 174,000 | |||||||||||||||||
Colorado Studios |
2007 | 90.00 | % | 90.00 | % | Denver, CO | Colorado Studios | 75,000 | 68,000 | |||||||||||||||||
Commerce Court |
2007 | 100.00 | % | 100.00 | % | Pittsburgh, PA | US Bank; Wesco Distributors; Cardworks Services; Marc USA | 379,000 | 379,000 | |||||||||||||||||
Edgeworth Building |
2006 | 100.00 | % | 100.00 | % | Richmond, VA | Hirschler Fleischer; Ernst & Young | 137,000 | 137,000 | |||||||||||||||||
Eleven MetroTech Center |
1995 | 85.00 | % | 85.00 | % | Brooklyn, NY | City of New York - DoITT; E-911 | 216,000 | 184,000 | |||||||||||||||||
Fairmont Plaza |
1998 | 85.00 | % | 85.00 | % | San Jose, CA | Littler Mendelson; Merrill Lynch; UBS Financial; Camera 12 Cinemas; Accenture | 405,000 | 344,000 | |||||||||||||||||
Fifteen MetroTech Center |
2003 | 95.00 | % | 95.00 | % | Brooklyn, NY | Wellchoice, Inc.; City of New York - HRA | 650,000 | 618,000 | |||||||||||||||||
Halle Building |
1986 | 100.00 | % | 100.00 | % | Cleveland, OH | Case Western Reserve University; Grant Thornton; CEOGC | 409,000 | 409,000 | |||||||||||||||||
Harlem Center |
2003 | 100.00 | % | 100.00 | % | Manhattan, NY | Office of General Services-Temporary Disability & Assistance; State Liquor Authority | 147,000 | 147,000 | |||||||||||||||||
(3) | Higbee Building |
1990 | 100.00 | % | 100.00 | % | Cleveland, OH | Key Bank; Horseshoe Casino | 815,000 | 815,000 | ||||||||||||||||
Illinois Science and Technology Park |
||||||||||||||||||||||||||
- 4901 Searle (A) |
2006 | 100.00 | % | 100.00 | % | Skokie, IL | Northshore University Health System | 224,000 | 224,000 | |||||||||||||||||
- 8025 Lamon (P) |
2006 | 100.00 | % | 100.00 | % | Skokie, IL | NanoInk, Inc.; Midwest Bio Research; Vetter Development Services | 128,000 | 128,000 | |||||||||||||||||
+ | - 8030 Lamon (J) |
2010 | 100.00 | % | 100.00 | % | Skokie, IL | Leasing in progress | 147,000 | 147,000 | ||||||||||||||||
- 8045 Lamon (Q) |
2007 | 100.00 | % | 100.00 | % | Skokie, IL | Astellas; Polyera; APP Pharmaceuticals, LLC | 161,000 | 161,000 | |||||||||||||||||
Johns Hopkins - 855 North Wolfe Street |
2008 | 76.60 | % | 76.60 | % | East Baltimore, MD | Johns Hopkins; Brain Institute; Howard Hughes Institute | 279,000 | 214,000 | |||||||||||||||||
New York Times |
2007 | 100.00 | % | 100.00 | % | Manhattan, NY | ClearBridge Advisors, LLC, a Legg Mason Co.; Covington & Burling; Osler Hoskin & Harcourt; Seyfarth Shaw | 738,000 | 738,000 | |||||||||||||||||
Nine MetroTech Center North |
1997 | 85.00 | % | 85.00 | % | Brooklyn, NY | City of New York - Fire Department | 317,000 | 269,000 | |||||||||||||||||
One MetroTech Center |
1991 | 82.50 | % | 82.50 | % | Brooklyn, NY | JP Morgan Chase; National Grid | 937,000 | 773,000 | |||||||||||||||||
One Pierrepont Plaza |
1988 | 100.00 | % | 100.00 | % | Brooklyn, NY | Morgan Stanley; U.S. Probation | 659,000 | 659,000 | |||||||||||||||||
Post Office Plaza (MK Ferguson) |
1990 | 100.00 | % | 100.00 | % | Cleveland, OH | Washington Group; Chase Manhattan Mortgage Corp; Educational Loan Servicing Corp; Quicken Loans | 476,000 | 476,000 | |||||||||||||||||
Richmond Office Park |
2007 | 100.00 | % | 100.00 | % | Richmond, VA | The Brinks Co.; Wachovia Bank | 568,000 | 568,000 | |||||||||||||||||
Skylight Office Tower |
1991 | 92.50 | % | 100.00 | % | Cleveland, OH | Cap Gemini; Ulmer & Berne, LLP | 321,000 | 321,000 | |||||||||||||||||
Stapleton - 3055 Roslyn |
2006 | 90.00 | % | 90.00 | % | Denver, CO | University of Colorado Hospital | 45,000 | 41,000 | |||||||||||||||||
Ten MetroTech Center |
1992 | 100.00 | % | 100.00 | % | Brooklyn, NY | Internal Revenue Service | 365,000 | 365,000 | |||||||||||||||||
Terminal Tower |
1983 | 100.00 | % | 100.00 | % | Cleveland, OH | Forest City Enterprises, Inc.; Cuyahoga Community College | 589,000 | 589,000 | |||||||||||||||||
Twelve MetroTech Center |
2004 | 100.00 | % | 100.00 | % | Brooklyn, NY | National Union Fire Insurance Co. | 177,000 | 177,000 | |||||||||||||||||
Two MetroTech Center |
1990 | 82.50 | % | 82.50 | % | Brooklyn, NY | Securities Industry Automation Corp.; City of New York - Board of Education | 522,000 | 431,000 | |||||||||||||||||
University of Pennsylvania |
2004 | 100.00 | % | 100.00 | % | Philadelphia, PA | University of Pennsylvania | 122,000 | 122,000 | |||||||||||||||||
+ | Waterfront Station - East 4th & West 4th Buildings |
2010 | 45.00 | % | 45.00 | % | Washington, D.C. | Washington, D.C. Government | 631,000 | 284,000 | ||||||||||||||||
Consolidated Office Buildings Subtotal |
11,371,000 | 10,520,000 | ||||||||||||||||||||||||
63
Date of | Leasable | |||||||||||||||||||||||||
Opening/ | Leasable | Square | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Square | Feet at Pro- | ||||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Major Tenants | Feet | Rata % | |||||||||||||||||||
Unconsolidated Office Buildings | ||||||||||||||||||||||||||
35 Landsdowne Street |
2002 | 51.00 | % | 51.00 | % | Cambridge, MA | Millennium Pharmaceuticals | 202,000 | 103,000 | |||||||||||||||||
350 Massachusetts Ave |
1998 | 50.00 | % | 50.00 | % | Cambridge, MA | Star Market; Tofias; Novartis | 169,000 | 85,000 | |||||||||||||||||
40 Landsdowne Street |
2003 | 51.00 | % | 51.00 | % | Cambridge, MA | Millennium Pharmaceuticals | 215,000 | 110,000 | |||||||||||||||||
45/75 Sidney Street |
1999 | 51.00 | % | 51.00 | % | Cambridge, MA | Millennium Pharmaceuticals; Novartis | 277,000 | 141,000 | |||||||||||||||||
65/80 Landsdowne Street |
2001 | 51.00 | % | 51.00 | % | Cambridge, MA | Partners HealthCare System | 122,000 | 62,000 | |||||||||||||||||
(3) | 818 Mission Street |
2008 | 50.00 | % | 50.00 | % | San Francisco, CA | Dennys; Community Vocational Enterprises | 28,000 | 14,000 | ||||||||||||||||
88 Sidney Street |
2002 | 51.00 | % | 51.00 | % | Cambridge, MA | Alkermes, Inc. | 145,000 | 74,000 | |||||||||||||||||
Bulletin Building |
2006 | 50.00 | % | 50.00 | % | San Francisco, CA | Great West Life and Annuity; Corinthian School | 78,000 | 39,000 | |||||||||||||||||
Chagrin Plaza I & II |
1969 | 66.67 | % | 66.67 | % | Beachwood, OH | Nine Sigma; Benihana; H&R Block | 113,000 | 75,000 | |||||||||||||||||
Clark Building |
1989 | 50.00 | % | 50.00 | % | Cambridge, MA | Sanofi Pasteur Biologics; Agios Pharmaceuticals | 122,000 | 61,000 | |||||||||||||||||
Enterprise Place |
1998 | 50.00 | % | 50.00 | % | Beachwood, OH | University of Phoenix; Advance Payroll; PS Executive Centers; Retina Assoc. of Cleveland | 132,000 | 66,000 | |||||||||||||||||
Jackson Building |
1987 | 51.00 | % | 51.00 | % | Cambridge, MA | Ariad Pharmaceuticals | 99,000 | 50,000 | |||||||||||||||||
Liberty Center |
1986 | 50.00 | % | 50.00 | % | Pittsburgh, PA | Federated Investors; Direct Energy Business | 526,000 | 263,000 | |||||||||||||||||
Mesa del Sol - 5600 University SE |
2006 | 47.50 | % | 47.50 | % | Albuquerque, NM | MSR-FSR, LLC; CFV Solar | 87,000 | 41,000 | |||||||||||||||||
Mesa del Sol - Aperture Center |
2008 | 47.50 | % | 47.50 | % | Albuquerque, NM | Forest City Covington NM, LLC | 76,000 | 36,000 | |||||||||||||||||
Mesa del Sol - Fidelity |
2008/2009 | 47.50 | % | 47.50 | % | Albuquerque, NM | Fidelity Investments | 210,000 | 100,000 | |||||||||||||||||
Richards Building |
1990 | 51.00 | % | 51.00 | % | Cambridge, MA | Genzyme Biosurgery; Alkermes, Inc. | 126,000 | 64,000 | |||||||||||||||||
Signature Square I |
1986 | 50.00 | % | 50.00 | % | Beachwood, OH | Ciuni & Panichi; PCC Airfoils; Liberty Bank | 79,000 | 40,000 | |||||||||||||||||
Signature Square II |
1989 | 50.00 | % | 50.00 | % | Beachwood, OH | Pro Ed Communications; Goldberg Co.; Resillience Mgt. | 82,000 | 41,000 | |||||||||||||||||
Unconsolidated Office Buildings Subtotal |
2,888,000 | 1,465,000 | ||||||||||||||||||||||||
Total Office Buildings at January 31, 2011 | 14,259,000 | 11,985,000 | ||||||||||||||||||||||||
Total Office Buildings at January 31, 2010 | 14,112,000 | 12,420,000 | ||||||||||||||||||||||||
64
Date of | Total | Gross | ||||||||||||||||||||||||||||||||
Opening/ | Total | Square | Gross | Leasable | ||||||||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Square | Feet at Pro- | Leasable | Area at Pro- | ||||||||||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Major Tenants | Feet | Rata % | Area | Rata % | |||||||||||||||||||||||||
Consolidated Regional Malls | ||||||||||||||||||||||||||||||||||
Antelope Valley Mall |
1990/1999 | 78.00 | % | 78.00 | % | Palmdale, CA | Macys; Sears; JCPenney; Dillards; Forever 21; Cinemark Theatre | 1,196,000 | 933,000 | 478,000 | 373,000 | |||||||||||||||||||||||
Ballston Common Mall |
1986/1999 | 100.00 | % | 100.00 | % | Arlington, VA | Macys; Sport & Health; Regal Cinemas | 579,000 | 579,000 | 311,000 | 311,000 | |||||||||||||||||||||||
Galleria at Sunset |
1996/2002 | 100.00 | % | 100.00 | % | Henderson, NV | Dillards; Macys; JCPenney; Dicks Sporting Goods; Kohls | 1,048,000 | 1,048,000 | 412,000 | 412,000 | |||||||||||||||||||||||
Mall at Robinson |
2001 | 56.67 | % | 100.00 | % | Pittsburgh, PA | Macys; Sears; JCPenney; Dicks Sporting Goods | 880,000 | 880,000 | 384,000 | 384,000 | |||||||||||||||||||||||
Mall at Stonecrest |
2001 | 66.67 | % | 66.67 | % | Atlanta, GA | Kohls; Sears; JCPenney; Dillards; AMC Theatre, Macys | 1,226,000 | 817,000 | 397,000 | 265,000 | |||||||||||||||||||||||
Northfield at Stapleton |
2005/2006 | 95.00 | % | 100.00 | % | Denver, CO | Bass Pro; Target; Harkins Theatre; JCPenney; Macys | 1,127,000 | 1,127,000 | 664,000 | 664,000 | |||||||||||||||||||||||
Orchard Town Center |
2008 | 100.00 | % | 100.00 | % | Westminster, CO | JCPenney; Macys; Target; AMC Theatre | 1,018,000 | 1,018,000 | 482,000 | 482,000 | |||||||||||||||||||||||
Promenade Bolingbrook |
2007 | 100.00 | % | 100.00 | % | Bolingbrook, IL | Bass Pro; Macys; Gold Class Cinemas; Barnes & Noble; Designer Shoe Warehouse | 771,000 | 771,000 | 575,000 | 575,000 | |||||||||||||||||||||||
Promenade in Temecula |
1999/2002/2009 | 75.00 | % | 100.00 | % | Temecula, CA | JCPenney; Sears; Macys; Edwards Cinema | 1,275,000 | 1,275,000 | 540,000 | 540,000 | |||||||||||||||||||||||
Shops at Wiregrass |
2008 | 50.00 | % | 100.00 | % | Tampa, FL | JCPenney; Dillards; Macys; Barnes & Noble | 734,000 | 734,000 | 349,000 | 349,000 | |||||||||||||||||||||||
Short Pump Town Center |
2003/2005 | 50.00 | % | 100.00 | % | Richmond, VA | Nordstrom; Macys; Dillards; Dicks Sporting Goods | 1,303,000 | 1,303,000 | 591,000 | 591,000 | |||||||||||||||||||||||
South Bay Galleria |
1985/2001 | 100.00 | % | 100.00 | % | Redondo Beach, CA | Nordstrom; Macys; Kohls; AMC Theatre | 956,000 | 956,000 | 389,000 | 389,000 | |||||||||||||||||||||||
Victoria Gardens |
2004/2007 | 80.00 | % | 80.00 | % | Rancho Cucamonga, CA | Bass Pro; Macys; JCPenney; AMC Theater | 1,401,000 | 1,121,000 | 829,000 | 663,000 | |||||||||||||||||||||||
^* | Westchesters Ridge Hill |
2011/2012 | 70.00 | % | 100.00 | % | Yonkers, NY | Lord & Taylor; Dicks Sporting Goods; WESTMED Medical Group; National Amusements; Whole Foods; REI; LL Bean; Cheesecake Factory; Yard House; Texas De Brazil | 1,336,000 | 1,336,000 | 1,336,000 | 1,336,000 | ||||||||||||||||||||||
Consolidated Regional Malls Subtotal |
14,850,000 | 13,898,000 | 7,737,000 | 7,334,000 | ||||||||||||||||||||||||||||||
65
Date of | Total | Gross | ||||||||||||||||||||||||||||||||
Opening/ | Total | Square | Gross | Leasable | ||||||||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Square | Feet at Pro- | Leasable | Area at Pro- | ||||||||||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Major Tenants | Feet | Rata % | Area | Rata % | |||||||||||||||||||||||||
Consolidated Specialty Retail Centers | ||||||||||||||||||||||||||||||||||
42nd Street |
1999 | 100.00 | % | 100.00 | % | Manhattan, NY | AMC Theatres; Madame Tussauds Wax Museum; Modells; Dave & Busters; Ripleys Believe It or Not! | 309,000 | 309,000 | 309,000 | 309,000 | |||||||||||||||||||||||
Atlantic Center |
1996 | 100.00 | % | 100.00 | % | Brooklyn, NY | Pathmark; OfficeMax; Old Navy; Marshalls; NYC - Dept of Motor Vehicles; Best Buy | 395,000 | 395,000 | 395,000 | 395,000 | |||||||||||||||||||||||
Atlantic Center Site V |
1998 | 100.00 | % | 100.00 | % | Brooklyn, NY | Modells | 17,000 | 17,000 | 17,000 | 17,000 | |||||||||||||||||||||||
Atlantic Terminal |
2004 | 100.00 | % | 100.00 | % | Brooklyn, NY | Target; Designer Shoe Warehouse; Chuck E. Cheeses; Daffys; Guitar Center | 371,000 | 371,000 | 371,000 | 371,000 | |||||||||||||||||||||||
Avenue at Tower City Center |
1990 | 100.00 | % | 100.00 | % | Cleveland, OH | Hard Rock Café; Mortons of Chicago; Cleveland Cinemas; Horseshoe Casino (located in Higbee Building) | 365,000 | 365,000 | 365,000 | 365,000 | |||||||||||||||||||||||
Brooklyn Commons |
2004 | 100.00 | % | 100.00 | % | Brooklyn, NY | Lowes | 151,000 | 151,000 | 151,000 | 151,000 | |||||||||||||||||||||||
Bruckner Boulevard |
1996 | 100.00 | % | 100.00 | % | Bronx, NY | Conway; Old Navy; Marshalls | 113,000 | 113,000 | 113,000 | 113,000 | |||||||||||||||||||||||
Columbia Park Center |
1999 | 75.00 | % | 75.00 | % | North Bergen, NJ | Shop Rite; Old Navy; Staples; Ballys; Shoppers World; Phoenix Theatres; Sixth Avenue Electronics | 351,000 | 263,000 | 351,000 | 263,000 | |||||||||||||||||||||||
Court Street |
2000 | 100.00 | % | 100.00 | % | Brooklyn, NY | United Artists; Barnes & Noble | 102,000 | 102,000 | 102,000 | 102,000 | |||||||||||||||||||||||
East 29th Avenue Town Center |
2004 | 90.00 | % | 90.00 | % | Denver, CO | Walgreens; King Soopers; Chipotle; Starbucks | 181,000 | 163,000 | 98,000 | 88,000 | |||||||||||||||||||||||
Eastchester |
2000 | 100.00 | % | 100.00 | % | Bronx, NY | Pathmark | 63,000 | 63,000 | 63,000 | 63,000 | |||||||||||||||||||||||
Forest Avenue |
2000 | 100.00 | % | 100.00 | % | Staten Island, NY | United Artists | 70,000 | 70,000 | 70,000 | 70,000 | |||||||||||||||||||||||
Gun Hill Road |
1997 | 100.00 | % | 100.00 | % | Bronx, NY | Home Depot; Chuck E. Cheeses | 147,000 | 147,000 | 147,000 | 147,000 | |||||||||||||||||||||||
Harlem Center |
2002 | 100.00 | % | 100.00 | % | Manhattan, NY | Marshalls; CVS/Pharmacy; Staples; H&M; Planet Fitness | 126,000 | 126,000 | 126,000 | 126,000 | |||||||||||||||||||||||
Kaufman Studios |
1999 | 100.00 | % | 100.00 | % | Queens, NY | United Artists Theatres | 84,000 | 84,000 | 84,000 | 84,000 | |||||||||||||||||||||||
Market at Tobacco Row |
2002 | 100.00 | % | 100.00 | % | Richmond, VA | Rich Foods; CVS/Pharmacy | 43,000 | 43,000 | 43,000 | 43,000 | |||||||||||||||||||||||
Northern Boulevard |
1997 | 100.00 | % | 100.00 | % | Queens, NY | Stop & Shop; Marshalls; Old Navy; AJ Wright; Guitar Center | 218,000 | 218,000 | 218,000 | 218,000 | |||||||||||||||||||||||
Quartermaster Plaza |
2004 | 100.00 | % | 100.00 | % | Philadelphia, PA | Home Depot; BJs Wholesale Club; Staples; PetSmart; Walgreens | 456,000 | 456,000 | 456,000 | 456,000 | |||||||||||||||||||||||
Quebec Square |
2002 | 90.00 | % | 90.00 | % | Denver, CO | Walmart; Home Depot; Sams Club; Ross Dress for Less; Office Depot; PetSmart | 739,000 | 665,000 | 217,000 | 195,000 | |||||||||||||||||||||||
Queens Place |
2001 | 100.00 | % | 100.00 | % | Queens, NY | Target; Best Buy; Macys Furniture; Designer Shoe Warehouse | 455,000 | 455,000 | 221,000 | 221,000 | |||||||||||||||||||||||
Richmond Avenue |
1998 | 100.00 | % | 100.00 | % | Staten Island, NY | Staples | 76,000 | 76,000 | 76,000 | 76,000 | |||||||||||||||||||||||
Station Square |
1994/2002 | 100.00 | % | 100.00 | % | Pittsburgh, PA | Hard Rock Café; Grand Concourse Restaurant; Buca Di Beppo | 291,000 | 291,000 | 291,000 | 291,000 | |||||||||||||||||||||||
White Oak Village |
2008 | 50.00 | % | 100.00 | % | Richmond, VA | Target; Lowes; Sams Club; JCPenney; OfficeMax; PetSmart; Martins | 843,000 | 843,000 | 295,000 | 295,000 | |||||||||||||||||||||||
Consolidated Specialty Retail Centers Subtotal |
5,966,000 | 5,786,000 | 4,579,000 | 4,459,000 | ||||||||||||||||||||||||||||||
Consolidated Retail Centers Total |
20,816,000 | 19,684,000 | 12,316,000 | 11,793,000 | ||||||||||||||||||||||||||||||
66
Date of | Total | Gross | ||||||||||||||||||||||||||||||||
Opening/ | Total | Square | Gross | Leasable | ||||||||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Square | Feet at Pro- | Leasable | Area at Pro- | ||||||||||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Major Tenants | Feet | Rata % | Area | Rata % | |||||||||||||||||||||||||
Unconsolidated Regional Malls | ||||||||||||||||||||||||||||||||||
Boulevard Mall |
1996/2000 | 50.00 | % | 50.00 | % | Amherst, NY | JCPenney; Macys; Sears; Michaels | 912,000 | 456,000 | 336,000 | 168,000 | |||||||||||||||||||||||
Charleston Town Center |
1983 | 50.00 | % | 50.00 | % | Charleston, WV | Macys; JCPenney; Sears; Brickstreet Insurance | 897,000 | 449,000 | 363,000 | 182,000 | |||||||||||||||||||||||
San Francisco Centre |
2006 | 50.00 | % | 50.00 | % | San Francisco, CA | Nordstrom; Bloomingdales; Century Theaters; San Francisco State University; Microsoft | 1,462,000 | 731,000 | 788,000 | 394,000 | |||||||||||||||||||||||
Unconsolidated Regional Malls Subtotal |
3,271,000 | 1,636,000 | 1,487,000 | 744,000 | ||||||||||||||||||||||||||||||
Unconsolidated Specialty Retail Centers | ||||||||||||||||||||||||||||||||||
+ | East River Plaza |
2009/2010 | 35.00 | % | 50.00 | % | Manhattan, NY | Costco; Target; Best Buy; Marshalls; PetSmart; Bobs Furniture; Old Navy | 527,000 | 264,000 | 527,000 | 264,000 | ||||||||||||||||||||||
Golden Gate |
1958 | 50.00 | % | 50.00 | % | Mayfield Heights, OH | OfficeMax; Old Navy; Marshalls; Cost Plus; HH Gregg; PetSmart | 361,000 | 181,000 | 361,000 | 181,000 | |||||||||||||||||||||||
Marketplace at Riverpark |
1996 | 50.00 | % | 50.00 | % | Fresno, CA | JCPenney; Best Buy; Marshalls; OfficeMax; Old Navy; Target; Sports Authority | 471,000 | 236,000 | 296,000 | 148,000 | |||||||||||||||||||||||
Plaza at Robinson Town Center |
1989 | 50.00 | % | 50.00 | % | Pittsburgh, PA | T.J. Maxx; Marshalls; IKEA; Value City; JoAnn Fabrics | 507,000 | 254,000 | 507,000 | 254,000 | |||||||||||||||||||||||
+ | Village at Gulstream Park |
2010 | 50.00 | % | 50.00 | % | Hallandale Beach, FL | Crate & Barrel; The Container Store; Texas de Brazil; Yard House | 511,000 | 256,000 | 511,000 | 256,000 | ||||||||||||||||||||||
Unconsolidated Specialty Retail Centers Subtotal |
2,377,000 | 1,191,000 | 2,202,000 | 1,103,000 | ||||||||||||||||||||||||||||||
Unconsolidated Retail Centers Total |
5,648,000 | 2,827,000 | 3,689,000 | 1,847,000 | ||||||||||||||||||||||||||||||
Total Retail Centers at January 31, 2011 | 26,464,000 | 22,511,000 | 16,005,000 | 13,640,000 | ||||||||||||||||||||||||||||||
Total Retail Centers at January 31, 2010 | 27,826,000 | 23,753,000 | 16,877,000 | 14,409,000 | ||||||||||||||||||||||||||||||
67
Date of | ||||||||||||||||||||||||
Opening/ | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Hotel Rooms at | |||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Rooms | Pro-Rata % | ||||||||||||||||||
Consolidated Hotels | ||||||||||||||||||||||||
++ | Charleston Marriot |
1983 | 95.00 | % | 100.00 | % | Charleston, WV | 352 | 352 | |||||||||||||||
Ritz-Carlton, Cleveland |
1990 | 100.00 | % | 100.00 | % | Cleveland, OH | 206 | 206 | ||||||||||||||||
Sheraton Station Square |
1998/2001 | 100.00 | % | 100.00 | % | Pittsburgh, PA | 399 | 399 | ||||||||||||||||
Consolidated Hotels Subtotal |
957 | 957 | ||||||||||||||||||||||
Unconsolidated Hotels | ||||||||||||||||||||||||
Westin Convention Center |
1986 | 50.00 | % | 50.00 | % | Pittsburgh, PA | 616 | 308 | ||||||||||||||||
Unconsolidated Hotels Subtotal |
616 | 308 | ||||||||||||||||||||||
Total Hotel Rooms at January 31, 2011 | 1,573 | 1,265 | ||||||||||||||||||||||
Total Hotel Rooms at January 31, 2010 | 1,833 | 1,275 | ||||||||||||||||||||||
Est. Seating | |||||||||||||||||||||||||||||||||||
Est. Seating | Capacity for | ||||||||||||||||||||||||||||||||||
ARENA | Capacity for | NBA | |||||||||||||||||||||||||||||||||
Total | Total Square | NBA | Basketball | ||||||||||||||||||||||||||||||||
Square | Feet at Pro-Rata | Basketball | Event at | ||||||||||||||||||||||||||||||||
Major Tenants | Feet | % | Event | Pro-Rata % | |||||||||||||||||||||||||||||||
* Barclays Center |
2012 | 26.60 | % | 26.60 | % | Brooklyn, NY | The Nets NBA Team | 670,000 | 178,000 | 18,000 | 4,788 | ||||||||||||||||||||||||
68
Date of | ||||||||||||||||||||||||
Opening/ | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Leasable | Leasable Units at | ||||||||||||||||||||
Name | Expansion | Ownership(1) | Ownership(2) | Location | Units | Pro-Rata % | ||||||||||||||||||
Consolidated Apartment Communities | ||||||||||||||||||||||||
100 Landsdowne Street |
2005 | 100.00 | % | 100.00 | % | Cambridge, MA | 203 | 203 | ||||||||||||||||
^* | 8 Spruce Street (formerly Beekman) |
2011/2012 | 49.00 | % | 70.00 | % | Manhattan, NY | 903 | 632 | |||||||||||||||
American Cigar Company |
2000 | 100.00 | % | 100.00 | % | Richmond, VA | 171 | 171 | ||||||||||||||||
Ashton Mill |
2005 | 90.00 | % | 100.00 | % | Cumberland, RI | 193 | 193 | ||||||||||||||||
Cameron Kinney |
2007 | 100.00 | % | 100.00 | % | Richmond, VA | 259 | 259 | ||||||||||||||||
Consolidated-Carolina |
2003 | 89.99 | % | 100.00 | % | Richmond, VA | 158 | 158 | ||||||||||||||||
Cutters Ridge at Tobacco Row |
2006 | 100.00 | % | 100.00 | % | Richmond, VA | 12 | 12 | ||||||||||||||||
+ | DKLB BKLN (formerly 80 DeKalb) |
2009/2010 | 80.00 | % | 100.00 | % | Brooklyn, NY | 365 | 365 | |||||||||||||||
Drake |
1998 | 95.05 | % | 95.05 | % | Philadelphia, PA | 284 | 270 | ||||||||||||||||
Easthaven at the Village |
1994/1995 | 100.00 | % | 100.00 | % | Beachwood, OH | 360 | 360 | ||||||||||||||||
Emerald Palms |
1996/2004 | 100.00 | % | 100.00 | % | Miami, FL | 505 | 505 | ||||||||||||||||
* | Foundry Lofts |
2011 | 100.00 | % | 100.00 | % | Washington, D.C. | 170 | 170 | |||||||||||||||
Grand Lowry Lofts |
2000 | 100.00 | % | 100.00 | % | Denver, CO | 261 | 261 | ||||||||||||||||
+ | Hamel Mill Lofts |
2008/2010 | 90.00 | % | 100.00 | % | Haverhill, MA | 305 | 305 | |||||||||||||||
Heritage |
2002 | 100.00 | % | 100.00 | % | San Diego, CA | 230 | 230 | ||||||||||||||||
Kennedy Biscuit Lofts |
1990 | 98.90 | % | 100.00 | % | Cambridge, MA | 142 | 142 | ||||||||||||||||
Knolls |
1995 | 1.00 | % | 95.00 | % | Orange, CA | 260 | 247 | ||||||||||||||||
Lofts 23 |
2005 | 100.00 | % | 100.00 | % | Cambridge, MA | 51 | 51 | ||||||||||||||||
Lofts at 1835 Arch |
2001 | 95.05 | % | 95.05 | % | Philadelphia, PA | 191 | 182 | ||||||||||||||||
Lucky Strike |
2008 | 88.98 | % | 100.00 | % | Richmond, VA | 131 | 131 | ||||||||||||||||
Mercantile Place on Main |
2008 | 100.00 | % | 100.00 | % | Dallas, TX | 366 | 366 | ||||||||||||||||
Metro 417 |
2005 | 75.00 | % | 100.00 | % | Los Angeles, CA | 277 | 277 | ||||||||||||||||
Metropolitan |
1989 | 100.00 | % | 100.00 | % | Los Angeles, CA | 270 | 270 | ||||||||||||||||
Midtown Towers |
1969 | 100.00 | % | 100.00 | % | Parma, OH | 635 | 635 | ||||||||||||||||
Millender Center |
1985 | 5.25 | % | 90.53 | % | Detroit, MI | 339 | 307 | ||||||||||||||||
Museum Towers |
1997 | 100.00 | % | 100.00 | % | Philadelphia, PA | 286 | 286 | ||||||||||||||||
North Church Towers |
2009 | 100.00 | % | 100.00 | % | Parma Heights, OH | 399 | 399 |
69
Date of | ||||||||||||||||||||||||
Opening/ | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Leasable | Leasable Units | ||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Units | at Pro-Rata % | ||||||||||||||||||
Consolidated Apartment Communities (continued) | ||||||||||||||||||||||||
One Franklintown |
1988 | 100.00 | % | 100.00 | % | Philadelphia, PA | 335 | 335 | ||||||||||||||||
Parmatown Towers and Gardens |
1972-1973 | 100.00 | % | 100.00 | % | Parma, OH | 412 | 412 | ||||||||||||||||
Pavilion |
1992 | 95.00 | % | 95.00 | % | Chicago, IL | 1,114 | 1,058 | ||||||||||||||||
Perrytown Place |
1973 | 8.24 | % | 100.00 | % | Pittsurgh, PA | 231 | 231 | ||||||||||||||||
+ | Presidio Landmark |
2010 | 1.00 | % | 100.00 | % | San Francisco, CA | 161 | 161 | |||||||||||||||
Queenswood |
1990 | 93.36 | % | 93.36 | % | Corona, NY | 296 | 276 | ||||||||||||||||
Sky55 |
2006 | 100.00 | % | 100.00 | % | Chicago, IL | 411 | 411 | ||||||||||||||||
Southfield |
2002 | 100.00 | % | 100.00 | % | Whitemarsh, MD | 212 | 212 | ||||||||||||||||
Town Center (Botanica on the Green & Crescent Flats) |
2004/2007 | 90.00 | % | 90.00 | % | Denver, CO | 298 | 268 | ||||||||||||||||
Wilson Building |
2007 | 100.00 | % | 100.00 | % | Dallas, TX | 143 | 143 | ||||||||||||||||
Consolidated Apartment Communities Subtotal |
11,339 | 10,894 | ||||||||||||||||||||||
Consolidated Senior Housing Apartments | ||||||||||||||||||||||||
1251 S. Michigan |
2006 | 0.01 | % | 100.00 | % | Chicago, IL | 91 | 91 | ||||||||||||||||
Brookview Place |
1979 | 3.00 | % | 3.00 | % | Dayton, OH | 232 | 7 | ||||||||||||||||
Cedar Place |
1974 | 2.98 | % | 100.00 | % | Lansing, MI | 220 | 220 | ||||||||||||||||
Independence Place I |
1973 | 50.00 | % | 50.00 | % | Parma Heights, OH | 202 | 101 | ||||||||||||||||
Independence Place II |
2003 | 100.00 | % | 100.00 | % | Parma Heights, OH | 201 | 201 | ||||||||||||||||
Consolidated Senior Housing Apartments Subtotal |
946 | 620 | ||||||||||||||||||||||
Consolidated Supported-Living Apartments | ||||||||||||||||||||||||
Forest Trace |
2000 | 100.00 | % | 100.00 | % | Lauderhill, FL | 322 | 322 | ||||||||||||||||
Consolidated Supported-Living Apartments Subtotal |
322 | 322 | ||||||||||||||||||||||
Consolidated Apartments Total |
12,607 | 11,836 | ||||||||||||||||||||||
70
Date of | ||||||||||||||||||||||||
Opening/ | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Leasable | Leasable Units at | ||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Units | Pro-Rata % | ||||||||||||||||||
Unconsolidated Apartment Communities | ||||||||||||||||||||||||
Arbor Glen |
2001-2007 | 50.00 | % | 50.00 | % | Twinsburg, OH | 288 | 144 | ||||||||||||||||
Barrington Place |
2008 | 49.00 | % | 49.00 | % | Raleigh, NC | 274 | 134 | ||||||||||||||||
Bayside Village |
1988-1989 | 50.00 | % | 50.00 | % | San Francisco, CA | 862 | 431 | ||||||||||||||||
Big Creek |
1996-2001 | 50.00 | % | 50.00 | % | Parma Heights, OH | 516 | 258 | ||||||||||||||||
Camelot |
1967 | 50.00 | % | 50.00 | % | Parma Heights, OH | 151 | 76 | ||||||||||||||||
Cherry Tree |
1996-2000 | 50.00 | % | 50.00 | % | Strongsville, OH | 442 | 221 | ||||||||||||||||
Chestnut Lake |
1969 | 50.00 | % | 50.00 | % | Strongsville, OH | 789 | 395 | ||||||||||||||||
Cobblestone Court Apartments |
2006-2009 | 50.00 | % | 50.00 | % | Painesville, OH | 400 | 200 | ||||||||||||||||
Colonial Grand |
2003 | 50.00 | % | 50.00 | % | Tampa, FL | 176 | 88 | ||||||||||||||||
Coppertree |
1998 | 50.00 | % | 50.00 | % | Mayfield Heights, OH | 342 | 171 | ||||||||||||||||
Deer Run |
1987-1990 | 46.00 | % | 46.00 | % | Twinsburg, OH | 562 | 259 | ||||||||||||||||
Eaton Ridge |
2002-2004 | 50.00 | % | 50.00 | % | Sagamore Hills, OH | 260 | 130 | ||||||||||||||||
Fenimore Court |
1982 | 7.06 | % | 50.00 | % | Detroit, MI | 144 | 72 | ||||||||||||||||
Grand |
1999 | 42.75 | % | 42.75 | % | North Bethesda, MD | 549 | 235 | ||||||||||||||||
Hamptons |
1969 | 50.00 | % | 50.00 | % | Beachwood, OH | 651 | 326 | ||||||||||||||||
Hunters Hollow |
1990 | 50.00 | % | 50.00 | % | Strongsville, OH | 208 | 104 | ||||||||||||||||
Legacy Arboretum |
2008 | 49.00 | % | 49.00 | % | Charlotte, NC | 266 | 130 | ||||||||||||||||
Legacy Crossroads |
2008-2009 | 50.00 | % | 50.00 | % | Cary, NC | 344 | 172 | ||||||||||||||||
Lenox Club |
1991 | 47.50 | % | 47.50 | % | Arlington, VA | 385 | 183 | ||||||||||||||||
Lenox Park |
1992 | 47.50 | % | 47.50 | % | Silver Spring, MD | 406 | 193 | ||||||||||||||||
Liberty Hills |
1979-1986 | 50.00 | % | 50.00 | % | Solon, OH | 396 | 198 | ||||||||||||||||
++ | Metropolitan Lofts |
2005 | 50.00 | % | 50.00 | % | Los Angeles, CA | 264 | 132 | |||||||||||||||
Newport Landing |
2002-2005 | 50.00 | % | 50.00 | % | Coventry Township, OH | 336 | 168 | ||||||||||||||||
Parkwood Village |
2001-2002 | 50.00 | % | 50.00 | % | Brunswick, OH | 204 | 102 | ||||||||||||||||
Pine Ridge Valley |
1967-1974, 2005-2007 |
50.00 | % | 50.00 | % | Willoughby Hills, OH | 1,309 | 655 | ||||||||||||||||
Residences at University Park |
2002 | 40.00 | % | 40.00 | % | Cambridge, MA | 135 | 54 |
71
Date of | ||||||||||||||||||||||||
Opening/ | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Leasable | Leasable Units | ||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Units | at Pro-Rata % | ||||||||||||||||||
Unconsolidated Apartment Communities (continued) | ||||||||||||||||||||||||
Settlers Landing at Greentree |
2000-2004 | 50.00 | % | 50.00 | % | Streetsboro, OH | 408 | 204 | ||||||||||||||||
+ | Stratford Crossing |
2007-2010 | 50.00 | % | 50.00 | % | Wadsworth, OH | 348 | 174 | |||||||||||||||
Sutton Landing |
2007-2009 | 50.00 | % | 50.00 | % | Brimfield, OH | 216 | 108 | ||||||||||||||||
Tamarac |
1990-2001 | 50.00 | % | 50.00 | % | Willoughby, OH | 642 | 321 | ||||||||||||||||
++ | Twin Lake Towers |
1966 | 50.00 | % | 50.00 | % | Denver, CO | 254 | 127 | |||||||||||||||
Uptown Apartments |
2008 | 50.00 | % | 50.00 | % | Oakland, CA | 665 | 333 | ||||||||||||||||
Westwood Reserve |
2002 | 50.00 | % | 50.00 | % | Tampa, FL | 340 | 170 | ||||||||||||||||
Woodgate / Evergreen Farms |
2004-2006 | 33.33 | % | 33.33 | % | Olmsted Township, OH | 348 | 116 | ||||||||||||||||
Worth Street |
2003 | 50.00 | % | 50.00 | % | Manhattan, NY | 330 | 165 | ||||||||||||||||
Unconsolidated Apartment Communities Subtotal |
14,210 | 6,949 | ||||||||||||||||||||||
Unconsolidated Senior Housing Apartments | ||||||||||||||||||||||||
Autumn Ridge |
2002 | 100.00 | % | 100.00 | % | Sterling Heights, MI | 251 | 251 | ||||||||||||||||
Bowin |
1998 | 95.05 | % | 95.05 | % | Detroit, MI | 193 | 183 | ||||||||||||||||
Brookpark Place |
1976 | 100.00 | % | 100.00 | % | Wheeling, WV | 152 | 152 | ||||||||||||||||
Buckeye Towers |
1976 | 10.91 | % | 8.94 | % | New Boston, OH | 120 | 11 | ||||||||||||||||
Burton Place |
2000 | 90.00 | % | 90.00 | % | Burton, MI | 200 | 180 | ||||||||||||||||
Cambridge Towers |
2002 | 100.00 | % | 100.00 | % | Detroit, MI | 250 | 250 | ||||||||||||||||
Canton Towers |
1978 | 10.91 | % | 8.94 | % | Canton, OH | 199 | 18 | ||||||||||||||||
Carl D. Perkins |
2002 | 100.00 | % | 100.00 | % | Pikeville, KY | 150 | 150 | ||||||||||||||||
Connellsville Towers |
1981 | 9.59 | % | 9.59 | % | Connellsville, PA | 111 | 11 | ||||||||||||||||
Coraopolis Towers |
2002 | 80.00 | % | 80.00 | % | Coraopolis, PA | 200 | 160 | ||||||||||||||||
Donora Towers |
2002 | 100.00 | % | 100.00 | % | Donora, PA | 103 | 103 | ||||||||||||||||
Farmington Place |
1980 | 100.00 | % | 100.00 | % | Farmington, MI | 153 | 153 | ||||||||||||||||
Fort Lincoln II |
1979 | 45.00 | % | 45.00 | % | Washington, D.C. | 176 | 79 | ||||||||||||||||
Fort Lincoln III & IV |
1981 | 24.90 | % | 24.90 | % | Washington, D.C. | 306 | 76 | ||||||||||||||||
Frenchtown Place |
1975 | 8.24 | % | 100.00 | % | Monroe, MI | 151 | 151 | ||||||||||||||||
Glendora Gardens |
1983 | 1.99 | % | 99.00 | % | Glendora, CA | 105 | 104 |
72
Date of | ||||||||||||||||||||||||
Opening/ | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Leasable | Leasable Units | ||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Units | at Pro-Rata % | ||||||||||||||||||
Unconsolidated Senior Housing Apartments (continued) | ||||||||||||||||||||||||
Grove |
2003 | 100.00 | % | 100.00 | % | Ontario, CA | 101 | 101 | ||||||||||||||||
Lakeland |
1998 | 95.10 | % | 95.10 | % | Waterford, MI | 200 | 190 | ||||||||||||||||
Lima Towers |
1977 | 10.91 | % | 8.94 | % | Lima, OH | 200 | 18 | ||||||||||||||||
Miramar Towers |
1980 | 6.35 | % | 100.00 | % | Los Angeles, CA | 157 | 157 | ||||||||||||||||
Noble Towers |
1979 | 50.00 | % | 50.00 | % | Pittsburgh, PA | 133 | 67 | ||||||||||||||||
North Port Village |
1981 | 27.00 | % | 27.00 | % | Port Huron, MI | 251 | 68 | ||||||||||||||||
Nu Ken Tower (Citizens Plaza) |
1981 | 8.84 | % | 50.00 | % | New Kensington, PA | 101 | 51 | ||||||||||||||||
Oceanpointe Towers |
1980 | 6.35 | % | 100.00 | % | Long Branch, NJ | 151 | 151 | ||||||||||||||||
Panorama Towers |
1978 | 99.00 | % | 99.00 | % | Panorama City, CA | 154 | 152 | ||||||||||||||||
Park Place Towers |
1975 | 15.11 | % | 100.00 | % | Mt. Clemens, MI | 187 | 187 | ||||||||||||||||
Pine Grove Manor |
1973 | 10.26 | % | 100.00 | % | Muskegon Township, MI | 172 | 172 | ||||||||||||||||
Plymouth Square |
2003 | 100.00 | % | 100.00 | % | Detroit, MI | 280 | 280 | ||||||||||||||||
Potomac Heights Village |
1981 | 6.35 | % | 100.00 | % | Keyser, WV | 141 | 141 | ||||||||||||||||
Riverside Towers |
1977 | 9.63 | % | 100.00 | % | Coshocton, OH | 100 | 100 | ||||||||||||||||
Shippan Avenue |
1980 | 100.00 | % | 100.00 | % | Stamford, CT | 148 | 148 | ||||||||||||||||
St. Marys Villa |
2002 | 40.07 | % | 40.07 | % | Newark, NJ | 360 | 144 | ||||||||||||||||
Surfside Towers |
1970 | 50.00 | % | 50.00 | % | Eastlake, OH | 246 | 123 | ||||||||||||||||
The Springs |
1981 | 6.35 | % | 100.00 | % | La Mesa, CA | 129 | 129 | ||||||||||||||||
Tower 43 |
2002 | 100.00 | % | 100.00 | % | Kent, OH | 101 | 101 | ||||||||||||||||
Towne Centre Place |
1975 | 8.80 | % | 100.00 | % | Ypsilanti, MI | 170 | 170 | ||||||||||||||||
Village Center |
1983 | 100.00 | % | 100.00 | % | Detroit, MI | 254 | 254 | ||||||||||||||||
Village Square |
1978 | 100.00 | % | 100.00 | % | Williamsville, NY | 100 | 100 | ||||||||||||||||
Ziegler Place |
1978 | 100.00 | % | 100.00 | % | Livonia, MI | 141 | 141 | ||||||||||||||||
Unconsolidated Senior Housing Apartments Subtotal |
6,797 | 5,177 | ||||||||||||||||||||||
Unconsolidated Apartments Total |
21,007 | 12,126 | ||||||||||||||||||||||
Combined Apartments Total |
33,614 | 23,962 | ||||||||||||||||||||||
Federally Subsidized Housing (Total of 5 Buildings) | 741 | |||||||||||||||||||||||
Total Apartment Units at January 31, 2011 | 34,355 | |||||||||||||||||||||||
Total Apartment Units at January 31, 2010 | 34,657 | |||||||||||||||||||||||
73
Date of | ||||||||||||||||||||||||
Opening/ | ||||||||||||||||||||||||
Acquisition/ | Legal | Pro-Rata | Leasable | Leasable Units | ||||||||||||||||||||
Name | Expansion | Ownership (1) | Ownership (2) | Location | Units | at Pro-Rata % | ||||||||||||||||||
Unconsolidated Military Housing | ||||||||||||||||||||||||
^* | Air Force Academy |
2007-2013 | 50.00 | % | 50.00 | % | Colorado Springs, CO | 427 | 214 | |||||||||||||||
^* | Hawaii Phase IV |
2007-2014 | 1.00 | % | ^^ | Kaneohe, HI | 1,141 | ^^ | ||||||||||||||||
^* | Marines, Hawaii Increment II |
2007-2011 | 1.00 | % | ^^ | Honolulu, HI | 1,175 | ^^ | ||||||||||||||||
^* | Midwest Millington |
2008-2012 | 1.00 | % | ^^ | Memphis, TN | 318 | ^^ | ||||||||||||||||
^* | Navy, Hawaii Increment III |
2007-2011 | 1.00 | % | ^^ | Honolulu, HI | 2,520 | ^^ | ||||||||||||||||
^* | Navy Midwest |
2006-2012 | 1.00 | % | ^^ | Chicago, IL | 1,401 | ^^ | ||||||||||||||||
Ohana Military Communities, Hawaii Increment I |
2005-2008 | 1.00 | % | ^^ | Honolulu, HI | 1,952 | ^^ | |||||||||||||||||
^* | Pacific Northwest Communities |
2007-2011 | 20.00 | % | ^^ | Seattle, WA | 2,985 | ^^ | ||||||||||||||||
Unconsolidated Military Housing Total |
11,919 | 214 | ||||||||||||||||||||||
Total Military Housing Units at January 31, 2011 | 11,919 | |||||||||||||||||||||||
Total Military Housing Units at January 31, 2010 | 11,953 | |||||||||||||||||||||||
* | Property under construction as of January 31, 2011. | |
+ | Property opened or acquired in 2010. | |
++ | Property sold subsequent to January 31, 2011. | |
^ | Property to open in phases. | |
^^ | Our share of residual cash flow ranges from 0-20% during the life cycle of the project. | |
(1) | Represents our share of a propertys profits and losses upon settlement of any preferred returns to which we or our partner(s) may be entitled. | |
(2) | Represents our share of a propertys profits and losses adjusted for any preferred returns to which we or our partner(s) may be entitled. | |
(3) | Operating properties identified for redevelopment. |
74
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