Forest City Realty Trust — Q2 2017 Earnings Presentation
21 slides from Forest City Realty Trust's earnings presentation, Aug 3, 2017
Slide 1: Supplemental Package
Supplemental Package For the Quarter Ended June 30, 2017 Forest City Realty Trust, Inc. and Subsidiaries - Supplemental Package Second Quarter 2017 Index Corporate Description Selected Financial Information Consolidated Balance Sheets Consolidated Statements of Operations Net Asset Value Components
Slide 2: Retail Sales Data
Retail Sales Data The following provides retail sales data for small shop inline tenants at our regional malls. We believe this data allows investors to better understand the productivity of our small shop inline tenants. The graph below represents regional mall sales for tenants that were open and
Slide 3: Leasing Summary
(1) All sales data is derived from schedules provided by our tenants and is not subject to the same internal control and verification procedures applied to other data supplied in this supplemental package. (2) The increase for the rolling 12-months ended March 31, 2017 over the prior periods is prim
Slide 4: Life Science NOI Margin Bridge
75.0% 70.0% 65.0% 60.0% 68.5% Life Science 5.9% 4% As Reported Less Ground Margin % Rent Expens As Adjusted
Slide 5: New York Office
New York Office 65.0% 60.0% 55.0% Margin % Less Ground Margin % AsReported Rent Expense As Adjusted
Slide 6: Other Office
Other Office 60.0% 588% 588% 55.0% Margin % Less Ground Margin % As Reported Rent Expense® As Adjusted
Slide 7: Comparable NOI Margin Bridges (continued)
* Due to the size and nature of this expense, we have made an adjustment to remove ground rent expense on our comparable office properties. Comparable NOI Margin Bridges (continued) Apartment Segment
Slide 8: Core Apartments
Core Apartments 68.0% 64.0% 60.0% Margin % Less Service & Less Comporate Margin % AsReported Management Fees* Allocations As Adjusted
Slide 9: Non-Core Apartments
Non-Core Apartments 60% Lae 55.5% 4.1% 51.0% 50.0% 46.0% Margin % Less Service & Less Comporate Margin % AsReported Management Fees* Allocations As Adjusted
Slide 10: Corporate General and Administrative Expenses
* The follow adjustments have been made exclude: (1) Comparable property-level service and management fee expense. (2) Operating expense allocations from the Corporate segment. Corporate General and Administrative Expenses The following bridge illustrates Corporate Segment general and administrative
Slide 11: NOI by Product Type
* Adjustments include Apartment segment service and management fees of $5.4 million and corporate allocations of $1.6 million, respectively, which were removed from the Apartment segment comparable NOI margin bridges shown previously in this supplemental package. Additionally, $8.6 million of remain
Slide 12: NOI by Product Type in Operations
NOI by Product Type in Operations $ 321,629 NOI by Product Type in Operations $ 323,848 Other NOI (2) : Other NOI (2) : Straight-line rent adjustments 6,643 Straight-line rent adjustments 4,979 Other Operations (1,935 ) Other Operations (4,368 ) 4,708 Recently-Opened Properties/Redevelopment (508 )
Slide 13: NOI by Market in Operations
NOI by Market in Operations $ 321,629 NOI by Market in Operations $ 323,848 Other NOI (3) : Other NOI (3) : Straight-line rent adjustments 6,643 Straight-line rent adjustments 4,979 Other Operations (1,935 ) Other Operations (4,368 ) 4,708 Recently-Opened Properties/Redevelopment (508 ) Recently-Ope
Slide 14: Operating FFO Bridge
$1200 $1100 $100.0 $90.0 Operating FFO Bridge Three Months Ended June 30, 2017 vs. Three Months Ended June 30, 2016 96.5 ‘Three Months Decreased Stapleton Lease NOlon — Change in Other Property Capitalized ‘Three Months Ended Corporate’ land sales termination mature Other NOI/ sales Interest Ended J
Slide 15: Historical Trends
Historical Trends Through the implementation of our strategic plan, we approach our business by: • Focus on the Core: Aligning our business initiatives with our core markets and products as we develop, own and operate a high-quality real estate portfolio; • Sustainable Capital Structure: Improving o
Slide 16: NOI by Market
NOI by Market Year Ended December 31, 2013* Year Ended December 31, 2014 Year Ended December 31, 2015 Year Ended December 31, 2016 Six Months Ended June 30, 2017 Hl Core a 80.0% Non-Core 100%
Slide 17: Represents data for the full year ended December 31, 2013, which is consistent with
* Represents data for the full year ended December 31, 2013, which is consistent with our calendar year-end adopted in 2013. As such, data for the year ended December 31, 2013 includes results for the month ended January 31, 2013, which was previously included in the financial results for the year e
Slide 18: Development Ratio
Development Ratio 9.00% 8.43% 76% 7.55% 7.00% 5.00%
Slide 19: Total Debt
‘Total Debt 2 ws sso | i ap? ya ap? ap ao" oo yo co yo ip
Slide 20: Adjusted EBITDA Margin
Adjusted EBITDA Margin (% of total revenues at company share) 50.00% 45.00% 40.00% 3) ane .. cor - we
Slide 21: Development Pipeline
Development Pipeline Phased Openings and Projects Under Construction June 30, 2017 Cost at Completion (b) Cost Incurred to Date (c) Anticipated Legal Cost at Cost at Opening Ownership Company Cost Company Cost Company No. of Lease % Location Date (a) % (a) at 100% Share at 100% Share Units GLA (d) (
Forest City Realty Trust — Q2 2017 Earnings Presentation on 6ix