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)) |
Exhibit | ||
Number | Description | |
99.1 | | Press Release of Forest City Enterprises, Inc. Dated March 30, 2011 |
FOREST CITY ENTERPRISES, INC. |
||||
By: | /s/ ROBERT G. OBRIEN | |||
Name: | Robert G. OBrien | |||
Title: | Executive Vice President and Chief Financial Officer | |||
Exhibit | ||
Number | Description | |
99.1 | | Press Release of Forest City Enterprises, Inc. Dated March 30, 2011 |
AT THE COMPANY
|
ON THE WEB | |
Robert OBrien
|
www.forestcity.net | |
Executive Vice President Chief Financial Officer |
||
216-621-6060 |
||
Jeff Linton |
||
Vice President Corporate Communication |
||
216-621-6060 |
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| East River Plaza, a 527,000-square-foot big-box retail center the first of its kind in Manhattan. The center, which is currently 90 percent leased, includes the first Costco and Target stores in Manhattan, as well as Best Buy, Marshalls, PetSmart, Old Navy, Bobs Discount Furniture and others. The center has brought a new type of shopping experience to many New Yorkers, and the majority of tenants report strong sales and customer traffic. |
| The East 4th and West 4th office buildings at the mixed-use Waterfront Station project in Southwest Washington, D.C. The two buildings total 631,000 square feet of office and ground-level retail space. The office component is fully leased to the District of Columbia for governmental offices, and 89 percent of the retail space is also leased. |
| The Village at Gulfstream Park, a 511,000-square-foot mixed-use retail center in Hallandale Beach, Florida. The center, which is anchored by Gulfstream Park Racetrack and Casino, includes 422,000 square feet of retail space and 89,000 square feet of Class A office space. Currently, 80 percent of the center is leased. Restaurant and home furnishings tenants have consistently reported strong sales since opening, while results for soft goods tenants have been weaker. As |
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previously referenced, as a result of the recession and a slower than anticipated ramp-up for the property, the company recognized a fourth quarter impairment of its equity investment. Forest City is committed to the market, to the long-term value proposition of the center and to the additional future entitlements at the site. |
| Presidio Landmark, a 161-unit apartment project in the Presidio National Park in San Francisco. The projects two components are a 154-unit adaptive re-use of a historically significant former U.S. Health Service hospital, and a small number of new, three-story townhomes, all built to a high standard of sustainability. Lease-up began in September, 2010 and the project is currently 38 percent leased. |
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Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
January 31, | Increase (Decrease) | January 31, | Increase (Decrease) | |||||||||||||||||||||||||||||
2011 | 2010 | Amount | Percent | 2011 | 2010 | Amount | Percent | |||||||||||||||||||||||||
Operating Results: |
||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations |
$ | (24,256 | ) | $ | 17,132 | $ | (41,388 | ) | $ | 102,268 | $ | (10,780 | ) | $ | 113,048 | |||||||||||||||||
Discontinued operations, net of tax |
27,858 | (10,520 | ) | 38,378 | (16,258 | ) | (13,261 | ) | (2,997 | ) | ||||||||||||||||||||||
Net earnings (loss) |
3,602 | 6,612 | (3,010 | ) | 86,010 | (24,041 | ) | 110,051 | ||||||||||||||||||||||||
Earnings from continuing operations attributable to noncontrolling interests |
(5,435 | ) | (525 | ) | (4,910 | ) | (22,974 | ) | (6,727 | ) | (16,247 | ) | ||||||||||||||||||||
Earnings from discontinued operations attributable to noncontrolling interests (1) |
| 114 | (114 | ) | (4,376 | ) | 117 | (4,493 | ) | |||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (1,833 | ) | $ | 6,201 | $ | (8,034 | ) | $ | 58,660 | $ | (30,651 | ) | $ | 89,311 | |||||||||||||||||
Preferred dividends |
(3,850 | ) | | (3,850 | ) | (11,807 | ) | | (11,807 | ) | ||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders |
$ | (5,683 | ) | $ | 6,201 | $ | (11,884 | ) | $ | 46,853 | $ | (30,651 | ) | $ | 77,504 | |||||||||||||||||
Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) (2) |
$ | 43,149 | $ | 78,407 | $ | (35,258 | ) | (45.0 | %) | $ | 309,875 | $ | 301,106 | $ | 8,769 | 2.9 | % | |||||||||||||||
Reconciliation of Net Earnings (Loss) to Earnings Before Depreciation,
Amortization and Deferred Taxes (EBDT) (2): |
||||||||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (1,833 | ) | $ | 6,201 | $ | (8,034 | ) | $ | 58,660 | $ | (30,651 | ) | $ | 89,311 | |||||||||||||||||
Depreciation and amortization Real Estate Groups (7) |
73,379 | 75,433 | (2,054 | ) | 286,042 | 293,869 | (7,827 | ) | ||||||||||||||||||||||||
Amortization of mortgage procurement costs Real Estate Groups (7) |
3,617 | 3,850 | (233 | ) | 14,341 | 15,583 | (1,242 | ) | ||||||||||||||||||||||||
Deferred income tax expense Real Estate Groups (8) |
(8,772 | ) | (10,558 | ) | 1,786 | 36,432 | (12,852 | ) | 49,284 | |||||||||||||||||||||||
Deferred income tax expense Non-Real Estate Groups (8) |
||||||||||||||||||||||||||||||||
Gain on disposition of other investments |
| 454 | (454 | ) | | 454 | (454 | ) | ||||||||||||||||||||||||
Current income tax expense on non-operating earnings: (8) |
||||||||||||||||||||||||||||||||
Net gain on disposition of partial interests in rental properties |
5,037 | | 5,037 | 37,483 | | 37,483 | ||||||||||||||||||||||||||
Gain on disposition included in discontinued operations |
5,000 | | 5,000 | 4,902 | 754 | 4,148 | ||||||||||||||||||||||||||
Gain on disposition of unconsolidated entities |
495 | 27,471 | (26,976 | ) | 3,926 | 27,674 | (23,748 | ) | ||||||||||||||||||||||||
Straight-line rent adjustment (4) |
(7,913 | ) | (3,689 | ) | (4,224 | ) | (18,160 | ) | (13,242 | ) | (4,918 | ) | ||||||||||||||||||||
Preference payment (6) |
585 | 585 | | 2,341 | 2,341 | | ||||||||||||||||||||||||||
Impairment of consolidated real estate, net of minority interest |
| 5,783 | (5,783 | ) | 5,277 | 8,907 | (3,630 | ) | ||||||||||||||||||||||||
Impairment of unconsolidated real estate |
35,714 | 1,693 | 34,021 | 72,459 | 36,356 | 36,103 | ||||||||||||||||||||||||||
Net gain on disposition of partial interests in rental properties |
| | | (202,878 | ) | | (202,878 | ) | ||||||||||||||||||||||||
Gain on disposition of unconsolidated entities |
(15,633 | ) | (45,263 | ) | 29,630 | (23,461 | ) | (49,761 | ) | 26,300 | ||||||||||||||||||||||
Discontinued operations: (1) |
||||||||||||||||||||||||||||||||
Gain on disposition of rental properties |
(46,527 | ) | (1,172 | ) | (45,355 | ) | (51,303 | ) | (5,720 | ) | (45,583 | ) | ||||||||||||||||||||
Impairment of real estate |
| 17,619 | (17,619 | ) | 79,603 | 27,394 | 52,209 | |||||||||||||||||||||||||
Noncontrolling interest Gain on disposition |
| | | 4,211 | | 4,211 | ||||||||||||||||||||||||||
Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) (2) |
$ | 43,149 | $ | 78,407 | $ | (35,258 | ) | (45.0 | %) | $ | 309,875 | $ | 301,106 | $ | 8,769 | 2.9 | % | |||||||||||||||
Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) (2) (3) (5) |
$ | 0.23 | $ | 0.43 | $ | (0.20 | ) | (46.5 | %) | $ | 1.59 | $ | 2.00 | $ | (0.41 | ) | (20.5 | %) | ||||||||||||||
Diluted Earnings per Common Share: |
||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations |
$ | (0.16 | ) | $ | 0.11 | $ | (0.27 | ) | $ | 0.59 | $ | (0.08 | ) | $ | 0.67 | |||||||||||||||||
Discontinued operations, net of tax |
0.18 | (0.07 | ) | 0.25 | (0.09 | ) | (0.09 | ) | | |||||||||||||||||||||||
Net earnings (loss) |
0.02 | 0.04 | (0.02 | ) | 0.50 | (0.17 | ) | 0.67 | ||||||||||||||||||||||||
Earnings from continuing operations attributable to noncontrolling interests |
(0.03 | ) | | (0.03 | ) | (0.13 | ) | (0.04 | ) | (0.09 | ) | |||||||||||||||||||||
Earnings from discontinued operations attributable to noncontrolling interests (1) |
| | | (0.03 | ) | (0.01 | ) | (0.02 | ) | |||||||||||||||||||||||
Net earnings attributable to noncontrolling interests |
(0.03 | ) | | (0.03 | ) | (0.16 | ) | (0.05 | ) | (0.11 | ) | |||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (0.01 | ) | $ | 0.04 | $ | (0.05 | ) | $ | 0.34 | $ | (0.22 | ) | $ | 0.56 | |||||||||||||||||
Preferred dividends |
(0.03 | ) | | (0.03 | ) | (0.07 | ) | | (0.07 | ) | ||||||||||||||||||||||
Interest on convertible debt |
| | | 0.02 | | 0.02 | ||||||||||||||||||||||||||
Preferred distribution on Class A Common Units |
| | | 0.01 | | 0.01 | ||||||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders |
$ | (0.04 | ) | $ | 0.04 | $ | (0.08 | ) | $ | 0.30 | $ | (0.22 | ) | $ | 0.52 | |||||||||||||||||
Basic weighted average shares outstanding (5) |
155,643,554 | 155,324,478 | 319,076 | 155,485,243 | 139,825,349 | 15,659,894 | ||||||||||||||||||||||||||
Diluted weighted average shares outstanding (5) |
202,691,428 | 187,453,699 | 15,237,729 | 200,909,266 | 151,890,543 | 49,018,723 | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||
January 31, | Increase (Decrease) | January 31, | Increase (Decrease) | |||||||||||||||||||||||||||||
2011 | 2010 | Amount | Percent | 2011 | 2010 | Amount | Percent | |||||||||||||||||||||||||
Operating Earnings (a non-GAAP financial measure) and Reconciliation to Net Earnings: |
||||||||||||||||||||||||||||||||
Revenues from real estate operations |
||||||||||||||||||||||||||||||||
Commercial Group |
$ | 231,626 | $ | 248,691 | $ | (17,065 | ) | $ | 934,045 | $ | 954,669 | $ | (20,624 | ) | ||||||||||||||||||
Residential Group |
53,597 | 63,063 | (9,466 | ) | 211,485 | 257,077 | (45,592 | ) | ||||||||||||||||||||||||
Land Development Group |
12,567 | 6,776 | 5,791 | 32,131 | 20,267 | 11,864 | ||||||||||||||||||||||||||
The Nets |
| | | | | | ||||||||||||||||||||||||||
Corporate Activities |
| | | | | | ||||||||||||||||||||||||||
Total Revenues |
297,790 | 318,530 | (20,740 | ) | (6.5 | %) | 1,177,661 | 1,232,013 | (54,352 | ) | (4.4 | %) | ||||||||||||||||||||
Operating expenses |
(182,787 | ) | (181,762 | ) | (1,025 | ) | (685,783 | ) | (704,552 | ) | 18,769 | |||||||||||||||||||||
Interest expense |
(71,105 | ) | (90,089 | ) | 18,984 | (315,340 | ) | (343,146 | ) | 27,806 | ||||||||||||||||||||||
Gain (loss) on early extinguishment of debt |
(31,688 | ) | (1,396 | ) | (30,292 | ) | (21,035 | ) | 36,569 | (57,604 | ) | |||||||||||||||||||||
Amortization of mortgage procurement costs (7) |
(3,418 | ) | (3,255 | ) | (163 | ) | (13,487 | ) | (13,709 | ) | 222 | |||||||||||||||||||||
Depreciation and amortization (7) |
(61,399 | ) | (65,911 | ) | 4,512 | (243,847 | ) | (260,223 | ) | 16,376 | ||||||||||||||||||||||
Interest and other income |
17,862 | 30,080 | (12,218 | ) | 52,826 | 53,999 | (1,173 | ) | ||||||||||||||||||||||||
Gain on disposition of partial interests in other investment Nets |
| | | 55,112 | | 55,112 | ||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated entities, including impairment |
(12,742 | ) | 30,087 | (42,829 | ) | (30,194 | ) | (15,053 | ) | (15,141 | ) | |||||||||||||||||||||
Impairment of unconsolidated real estate |
35,714 | 1,693 | 34,021 | 72,459 | 36,356 | 36,103 | ||||||||||||||||||||||||||
Gain on disposition of unconsolidated entities |
(15,633 | ) | (45,263 | ) | 29,630 | (23,461 | ) | (49,761 | ) | 26,300 | ||||||||||||||||||||||
Revenues and interest income from discontinued operations (1) |
2,169 | 5,804 | (3,635 | ) | 17,986 | 30,691 | (12,705 | ) | ||||||||||||||||||||||||
Expenses from discontinued operations (1) |
(1,843 | ) | (6,468 | ) | 4,625 | (17,661 | ) | (30,604 | ) | 12,943 | ||||||||||||||||||||||
Operating loss (a non-GAAP financial measure) |
(27,080 | ) | (7,950 | ) | (19,130 | ) | 25,236 | (27,420 | ) | 52,656 | ||||||||||||||||||||||
Income tax expense (8) |
23,231 | (13,369 | ) | 36,600 | (69,720 | ) | 12,229 | (81,949 | ) | |||||||||||||||||||||||
Income tax expense from discontinued operations (1) (8) |
(18,995 | ) | 6,591 | (25,586 | ) | 11,717 | 8,326 | 3,391 | ||||||||||||||||||||||||
Income tax expense on non-operating earnings items (see below) |
9,831 | 8,275 | 1,556 | 44,598 | (6,662 | ) | 51,260 | |||||||||||||||||||||||||
Operating earnings (loss), net of tax (a non-GAAP financial measure) |
(13,013 | ) | (6,453 | ) | (6,560 | ) | 11,831 | (13,527 | ) | 25,358 | ||||||||||||||||||||||
Impairment of consolidated real estate |
| (5,783 | ) | 5,783 | (6,803 | ) | (8,907 | ) | 2,104 | |||||||||||||||||||||||
Impairment of unconsolidated real estate |
(35,714 | ) | (1,693 | ) | (34,021 | ) | (72,459 | ) | (36,356 | ) | (36,103 | ) | ||||||||||||||||||||
Gain on disposition of unconsolidated entities |
15,633 | 45,263 | (29,630 | ) | 23,461 | 49,761 | (26,300 | ) | ||||||||||||||||||||||||
Gain (loss) on disposition of partial interest in rental properties |
| | | 202,878 | | 202,878 | ||||||||||||||||||||||||||
Gain (loss) on disposition of rental properties included in discontinued operations (1) |
46,527 | 1,172 | 45,355 | 51,303 | 5,720 | 45,583 | ||||||||||||||||||||||||||
Impairment of real estate included in discontinued operations (1) |
| (17,619 | ) | 17,619 | (79,603 | ) | (27,394 | ) | (52,209 | ) | ||||||||||||||||||||||
Income tax benefit (expense) on non-operating earnings: (8) |
||||||||||||||||||||||||||||||||
Impairment of consolidated real estate |
| 2,244 | (2,244 | ) | 2,048 | 3,455 | (1,407 | ) | ||||||||||||||||||||||||
Impairment of unconsolidated real estate |
14,277 | 656 | 13,621 | 28,527 | 14,100 | 14,427 | ||||||||||||||||||||||||||
Gain on disposition of partial interest in rental properties |
825 | | 825 | (77,852 | ) | | (77,852 | ) | ||||||||||||||||||||||||
Gain on disposition of unconsolidated entities |
(6,063 | ) | (17,554 | ) | 11,491 | (9,099 | ) | (19,299 | ) | 10,200 | ||||||||||||||||||||||
Gain on disposition of rental properties included in discontinued operations |
(18,870 | ) | (454 | ) | (18,416 | ) | (19,094 | ) | (2,218 | ) | (16,876 | ) | ||||||||||||||||||||
Impairment of real estate included in discontinued operations |
| 6,833 | (6,833 | ) | 30,872 | 10,624 | 20,248 | |||||||||||||||||||||||||
Income tax expense on non-operating earnings (see above) |
(9,831 | ) | (8,275 | ) | (1,556 | ) | (44,598 | ) | 6,662 | (51,260 | ) | |||||||||||||||||||||
Net earnings (loss) |
3,602 | 6,612 | (3,010 | ) | 86,010 | (24,041 | ) | 110,051 | ||||||||||||||||||||||||
Noncontrolling Interests |
||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to noncontrolling interests |
(5,435 | ) | (525 | ) | (4,910 | ) | (22,974 | ) | (6,727 | ) | (16,247 | ) | ||||||||||||||||||||
Earnings from discontinued operations attributable to noncontrolling interests (1) |
||||||||||||||||||||||||||||||||
Operating earnings |
| 114 | (114 | ) | (165 | ) | 117 | (282 | ) | |||||||||||||||||||||||
Impairment of Real Estate |
| | | | | | ||||||||||||||||||||||||||
Gain on disposition of rental properties |
| | | (4,211 | ) | | (4,211 | ) | ||||||||||||||||||||||||
| 114 | (114 | ) | (4,376 | ) | 117 | (4,493 | ) | ||||||||||||||||||||||||
Noncontrolling Interests |
(5,435 | ) | (411 | ) | (5,024 | ) | (27,350 | ) | (6,610 | ) | (20,740 | ) | ||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. |
$ | (1,833 | ) | $ | 6,201 | $ | (8,034 | ) | $ | 58,660 | $ | (30,651 | ) | $ | 89,311 | |||||||||||||||||
Preferred dividends |
(3,850 | ) | | (3,850 | ) | (11,807 | ) | | (11,807 | ) | ||||||||||||||||||||||
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders |
$ | (5,683 | ) | $ | 6,201 | $ | (11,884 | ) | $ | 46,853 | $ | (30,651 | ) | $ | 77,504 | |||||||||||||||||
Depreciation and Amortization | Depreciation and Amortization | |||||||||||||||
Three Months Ended January 31, | Year Ended January 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Full Consolidation |
$ | 61,399 | $ | 65,911 | $ | 243,847 | $ | 260,223 | ||||||||
Non-Real Estate |
(1,091 | ) | (3,108 | ) | (5,028 | ) | (13,480 | ) | ||||||||
Real Estate Groups Full Consolidation |
60,308 | 62,803 | 238,819 | 246,743 | ||||||||||||
Real Estate Groups related to noncontrolling interest |
(2,344 | ) | (1,717 | ) | (9,267 | ) | (5,037 | ) | ||||||||
Real Estate Groups Unconsolidated |
15,237 | 12,654 | 52,194 | 43,868 | ||||||||||||
Real Estate Groups Discontinued Operations |
178 | 1,693 | 4,296 | 8,295 | ||||||||||||
Real Estate Groups Pro-Rata Consolidation |
$ | 73,379 | $ | 75,433 | $ | 286,042 | $ | 293,869 | ||||||||
Amortization of Mortgage Procurement Costs | Amortization of Mortgage Procurement Costs | |||||||||||||||
Three Months Ended January 31, | Year Ended January 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Full Consolidation |
$ | 3,418 | $ | 3,255 | $ | 13,487 | $ | 13,709 | ||||||||
Non-Real Estate |
| | | | ||||||||||||
Real Estate Groups Full Consolidation |
3,418 | 3,255 | 13,487 | 13,709 | ||||||||||||
Real Estate Groups related to noncontrolling interest |
(422 | ) | (117 | ) | (1,514 | ) | (565 | ) | ||||||||
Real Estate Groups Unconsolidated |
614 | 639 | 2,245 | 2,126 | ||||||||||||
Real Estate Groups Discontinued Operations |
7 | 73 | 123 | 313 | ||||||||||||
Real Estate Groups Pro-Rata Consolidation |
$ | 3,617 | $ | 3,850 | $ | 14,341 | $ | 15,583 | ||||||||
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 | ) | ||||||
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 Enterprises, Inc. |
$ | (1,833 | ) | $ | | $ | | $ | | $ | (1,833 | ) | $ | 6,201 | $ | | $ | | $ | | $ | 6,201 | |||||||||||||||||||
Preferred dividends |
(3,850 | ) | | | | (3,850 | ) | | | | | | |||||||||||||||||||||||||||||
Net earnings attributable to Forest City Enterprises, 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 | |||||||||||||||||||||
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 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 | ) | |||||||||||||||||||
(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 | |||||||||||||||||||||
Net Operating Income (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended January 31, 2011 | Three Months Ended January 31, 2010 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||||||||||
Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Pro-Rata | |||||||||||||||||||||||||||||||||||||||
Full 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. |
Net Operating Income (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended January 31, 2011 | Year Ended January 31, 2010 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
Plus | Plus | ||||||||||||||||||||||||||||||||||||||||||||||||
Less | Unconsolidated | Plus | Pro-Rata | Full | Less | Unconsolidated | Plus | Pro-Rata | Full | Pro-Rata | |||||||||||||||||||||||||||||||||||||||
Full 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. |
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 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||
FOOTNOTES | ||
( 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 include 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. |
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. |
Anticipated | FCE | Cost at Full | Total Cost | No. | ||||||||||||||
Property | Location | Opening | Pro-Rata % | Consolidation | at 100% | 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 | |||||||||||||
* | The Companys share of residual cash flow ranges from 0-20% during the life cycle of the project. |
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. |