Bedford developer ordered to stop work on new housing community

FOREST, Va. (WDBJ7) Bedford county officials have issued a "stop work" order for a local development, after neighbors complained of runoff damaging nearby lakes and streams.

This photo taken Tuesday shows mud in Lake Vista. People living in the Forest community say runoff from a nearby construction site created the mess.

Thomas Bell, owner of Thomas Builders, is constructing single family homes in a new community called "Cottontown Manor" in Forest. Bell was informed Monday that erosion and sediment control measures at his work site had failed during recent rainfall.

In an email sent from Bedford County Erosion and Sediment Control Inspector Randal Doss, Bell was ordered to stop construction of his development and begin work on corrective measures to stop mud and silt erosion.

People living in the Lake Vista community, adjacent to the Cottontown Manor construction site, complained over the weekend about excessive mud washing into their neighborhood.

"I was pleasantly surprised to find that out yesterday that work is going to be done and more thoughtfully arranged," said Mauranna Sherman, a Lake Vista resident who raised concerns about the muddy runoff.

WDBJ7 reached out to Bell Tuesday for comment. Messages left with his receptionist were not returned.

Bell has completed other developments in Bedford County, including the Lake Manor community off Everett Road. The Bedford County Board of Supervisors is considering two separate proposals from Bell, who wants to build several other large housing communities in Forest. One would include apartments, townhouses and single family homes across and would be located across from Jefferson Forest High School. The other would include 200 single family homes near the intersection of Forest Road and Gladden Circle. Final votes to approve to approve or deny rezoning for those developments have not been cast.

Source Article

Forest Whitaker splits one listing into two in the Hollywood Hills

After listing a multi-house compound late last year, actor Forest Whitaker is now offering the two adjacent properties separately. (Valerie Macon / AFP/ Getty Images)

Oscar-winner Forest Whitaker is chasing sales in Hollywood Hills West.

After listing a two-house compound for about $6 million late last year, the famed actor is now offering the two adjacent properties separately.

The smaller of the two, listed for sale at $1.5 million, is set on a tree-filled lot of about an acre. The three-story house has 2,725 square feet of living space with two living rooms, a dining area, a bonus room, five bedrooms and 5.5 bathrooms.

French doors open to an enclosed patio. Up above, a third-floor balcony overlooks the leafy lot.

The larger of the pair, a Mediterranean villa-style home, is listed for $3.499 million. Built in 1998, it features white walls, reddish-tone wood floors and terraces off most rooms.

Within roughly 5,500 square feet of interior are five bedrooms, four bathrooms and a loft gallery. A double staircase anchors gives with to a vaulted-ceiling common area. There are fireplaces in the formal living room and family room.

About three-quarters of an acre of grounds are enclosed by hedges and contain a swimming pool and spa.

Both homes have separate gated entrances and views extending from the cityscape to Santa Catalina Island.

Kelly Sutherland of Coldwell Banker Residential holds the listing for both homes, according to the Multiple Listing Service.

The 56-year-old Whitaker took home a best actor Academy Award for his role in the 2006 film “The Last King of Scotland.” More recently, the Texas native appeared in “Rogue One: A Star Wars Story” and “Black Panther.”

Twitter: @jflem94

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Source Article

Gusty winds ignite more than 100 forest fires across Virginia

RICHMOND, Va. (WHSV) — The Virginia Department of Forestry said the recent wind storm ignited several forest fires across the Commonwealth.

Spring wildfire season officially began on Feb. 15, and officials said the high winds only made things more dangerous.

The Department of Forestry said it responded to hundreds of fires across Virginia, including in Albemarle, Buckingham, Greene, Fluvanna, Frederick, Madison, Nelson, Louisa, Rockingham, and Shenandoah counties.

The VDOF said it has responded to 127 fires covering a total of 690 acres, with the largest fire spanning 302 acres.

At least 78 homes were saved from burning, which the VDOF estimated at about $12 million in total value.

"This high-risk season is made even more serious by the extreme weather conditions we’ve seen these past few days," said John Miller, VDOF director of fire and emergency response. "It’s important for people to be more aware of this elevated fire risk and to take more precautions than they otherwise might."

The VDOF said most wildfires in Virginia are the result of debris burning, which makes it extremely important to abide by the 4 p.m. burning law that recently took effect.

The law, which went into effect on Feb. 15, prohibits open burning between the hours of midnight and 4 p.m. daily.

But, in the recent extreme conditions, officials advise people to avoid burning altogether or use extra caution when burning during the permitted hours between 4 p.m. and midnight.

“Wildfires are very dangerous,” said Fred Turck, VDOF fire prevention manager. “Under such windy conditions, a wildfire can grow very quickly and be unpredictable. Even a small wildfire can destroy natural resources, homes and other buildings, and wildfires put Virginians and their firefighters in danger. If you are careful with anything that could start a wildfire, you are doing your part to prevent a wildfire.”

Source Article

Forest City Reports 2017 Fourth-Quarter and Yearend Results

CLEVELAND, Feb. 8, 2018 /PRNewswire/ — Forest City Realty Trust, Inc. (NYSE: FCEA) today announced financial results for the three months and year ended December 31, 2017.

Net Earnings/Loss

The company had 2017 fourth-quarter net earnings of $102.9 million, or $0.38 per share, compared with net earnings of $1.8 million, or $0.01 per share for the fourth quarter of 2016. For the year ended December 31, 2017, the company had net earnings of $206.0 million, or $0.78 per share, compared with a net loss of $158.4 million, or $0.61 per share, for the year ended December 31, 2016. Per share amounts throughout this release are presented on a fully diluted basis.

The primary drivers of the net earnings variance for the fourth quarter included higher gains on disposition of non-core assets, increased tax benefit and a 2016 interest rate swap breakage fee that did not recur.� These positive factors were partially offset by higher organizational transformation costs and severance, compared with the fourth quarter of 2016.

In addition to these fourth-quarter factors, the net earnings variance for the full year was driven primarily by lower 2017 impairments, partially offset by 2016 gains from dispositions.

Additional factors impacting net earnings/loss for the three months and year ended December 31, 2017, are described below under FFO and Operating FFO and are included in the company’s supplemental package for the quarter ended December 31, 2017, furnished to the SEC on Form 8-K. The Form 8-K and supplemental package are available on the company’s website, www.forestcity.net.

Revenues
Consolidated revenues for the fourth quarter were $225.9 million, compared with $239.7 million for the fourth quarter of 2016.� For the year ended December 31, 2017, revenues were $911.9 million, compared with $929.5 million for the year ended December 31, 2016.

Funds From Operations (FFO)
Fourth-quarter FFO was $113.8 million, or $0.42 per share, compared with $80.4 million, or $0.31 per share for the fourth-quarter of 2016.� FFO for the year ended December 31, 2017 was $422.1 million, or $1.58 per share, compared with $241.7 million, or $0.92 per share for the year ended December 31, 2016.��

As noted under Net Earnings/Loss, drivers of the positive quarter-over-quarter FFO variance included increased tax benefit and a 2016 interest rate swap breakage fee that did not recur in 2017, partially offset by higher organizational transformation costs and severance.� The year-over-year FFO variance was primarily driven by 2016 impairment of non-depreciable real estate that did not recur in 2017, partially offset by 2016 gains on disposition.

FFO and FFO per share are non-GAAP measures commonly used by publicly traded real estate companies. Included with this press release is a table reconciling net earnings, the most comparable GAAP measure, to FFO.

Operating FFO
Operating FFO for the fourth quarter was $102.6 million, or $0.38 per share, compared with $113.3 million, or $0.43 per share, for the fourth quarter of 2016. For the year ended December 31, 2017 Operating FFO was $412.8 million, or $1.54 per share, compared with $386.5 million, or $1.46 per share, for the year ended December 31, 2016.

Primary positive factors impacting 2017 full-year Operating FFO included decreased interest expense of $31.3 million, increased net operating income (NOI) from the mature portfolio of $13.2 million, improved other NOI/Corporate G&A of $12.7 million, most of which is reduced overhead expense, a tax credit related to Westchester’s Ridge Hill of $7.2 million, lease termination fee income of $4.1 million, increased NOI from new property openings of $3.5 million, and increased profit from land sales, primarily at Stapleton, of $1.9 million. These positive factors were partially offset by reduced Operating FFO from properties sold of $22.3 million; reduced interest capitalized to active development projects of $19.8 million; and a 2016 development fee related to Ballston Quarter that did not recur.

Factors impacting Operating FFO for the fourth quarter and year to date are illustrated in bridge diagrams included in the company’s supplemental package for the three months and year ended December 31, 2017. The supplemental package also includes additional explanations of factors impacting Net Earnings, Operating FFO and FFO for the three months and year ended December 31, 2017.

Operating FFO is a non-GAAP measure derived from FFO. The company believes Operating FFO provides investors with additional information about its core operations. Included with this press release is a table reconciling FFO to Operating FFO.

Strategic Alternatives
As previously announced, the company’s Board of Directors, together with management and in consultation with financial and legal advisors, is undertaking a comprehensive review of strategic alternatives to enhance stockholder value, including, but not limited to, an accelerated and enhanced operating plan, structural alternatives for the company’s assets, and potential merger, acquisition or sale transactions.

There is no timetable for completion of this review, and there can be no assurance that this review will result in a strategic change or any transaction being announced or agreed upon. The company will not comment further on the progress or status of the review unless the company determines that further disclosure is appropriate or required by law. While the review is underway, the company remains fully focused on its operations and on the continued execution of its strategies to create stockholder value and close the gap between its share price and net asset value.

Commentary
"We finished 2017 with outstanding results, driven by continued diligent execution of our strategies," said David J. LaRue, Forest City president and chief executive officer. "Those strategies – simplify and streamline the business, deleverage, improve margins and reduce development risk – have transformed Forest City into a focused owner, operator and placemaker with a strong balance sheet, competitive margins, high-quality assets in the nation’s best markets, and growth opportunities within the portfolio and from entitled development.

"For the full year, net earnings, FFO and Operating FFO were each up meaningfully, both in total and on a per-share basis. 2017 Operating FFO of $1.54 per share was near the top of the guidance range we introduced with our second-quarter results last year.� We are particularly pleased with the growth in Operating FFO because we achieved it in a year in which we also executed gross dispositions of� $650 million, reduced total debt by $505 million, and had nearly $20 million less in capitalized interest as a result of reduced development.

"The portfolio finished the year on a high note, as we had anticipated,with comparable property NOI in the fourth quarter up 6.4 percent in office and 5.6 percent in apartments. For the year, overall comp NOI growth was 3.1 percent, in line with the guidance we provided to investors during 2017. We also continue to see strong same-space rent growth in our office portfolio, led by University Park in Cambridge and MetroTech in Brooklyn.

"Our ratio of net debt to adjusted EBITDA finished the year at 7.4 times, on a rolling 12-month basis, a full turn of improvement from 8.4 times at the end of 2016, and well on the way to our goal of 6.5 times by 2019. The 7.4 times ratio is down nearly 40 percent from the end of 2013, and reflects elimination of approximately $2.2 billion of debt from our balance sheet over that period of time.

"Our focus on margin improvement, through both revenue enhancements and expense reduction, continues to pay off.� Results to date from our operations and corporate segments already reflect 370 basis points of improvement in our adjusted EBITDA margins, compared with yearend 2016. We are confident in our ability to achieve our goal of a stabilized run rate of 400 to 500 basis points of improvement.

"Turning to our retail dispositions, during the fourth quarter, we closed the sale of the first two regional malls in our 10-mall portfolio disposition to QIC and closed a third mall in January. We expect three more malls to sell outright in early 2018 as we obtain lender consents, with the final four malls expected to close at later dates as we secure replacement assets into which to redeploy our ownership stake. As a reminder, the overall QIC transaction values the regional malls at approximately $1.55 billion at our share.

"For our 12-center specialty retail disposition with Madison International, during the fourth quarter we closed on the conversion of our common ownership interest in those centers to a preferred interest. The transaction with Madison values the specialty portfolio at approximately $450 million at our share. We are working with our partner to identify office and/or apartment assets into which we expect to redeploy our ownership interest.

"On January 15, we announced an agreement with Greenland USA, our joint-venture partner at Pacific Park Brooklyn, to reduce our ownership in the JV going forward from 30 percent to 5 percent, and to increase Greenland’s stake from 70 percent to 95 percent. The three multifamily buildings already completed by the JV will remain in the 70/30 structure, and Forest City will complete construction of the permanent rail yard at the site. Greenland will assume primary responsibility for vertical development of the remaining entitlement. Final closing of the agreement is pending necessary approvals and consents.

"As we noted in our press release announcing this change, this is a win-win for both companies, as well as for community partners and stakeholders. It allows us to continue to execute on our strategy of reducing development risk, and gives us added flexibility in capital allocation. We remain fully engaged at Pacific Park and we continue to believe strongly in New York City, our largest core market. We intend to maintain a significant presence in this important market."

"I want to express my deep gratitude to our talented and dedicated associates, whose hard work during 2017 led directly to these outstanding results. It is difficult to overstate what they have achieved, and continue to achieve, in the face of uncertainty and the potential for distraction. Throughout our transformation, they have continued to perform at a very high level and to focus on creating value for our shareholders and driving future success."

Comparable NOI, Occupancies and Rent
Overall comparable net operating income for the three months ended December 31, 2017, increased 6.1 percent, with increases of 6.4 percent in office and 5.6 percent in apartments compared with results for the same period in 2016.

Comparable office occupancies were 97.4 percent at December�31, 2017, up from 96.3 percent in the fourth quarter of 2016. For the rolling 12-month period ended December�31, 2017, rent per square foot in new, same-space office leases increased 16.4 percent over prior rents.

In the apartment portfolio, average monthly rents per unit for the company’s comparable apartments rose to $1,537 for the year ended December 31, 2017, a 1.6 percent increase compared with average monthly rents for the year ended December 31, 2016. Comparable average rents per unit in the company’s core markets were $2,020, a 1.2 percent increase from the comparable period in 2016. Comparable economic occupancies for the year ended December 31, 2017, were 93.8 percent, down from 94.2 percent for the year ended December 31, 2016.

Comparable NOI, defined as NOI from stabilized properties operated in the three months and years ended December 31, 2017 and 2016, is a non-GAAP financial measure. Included in this release is a schedule that presents comparable NOI and a reconciliation of earnings before income taxes to NOI.�

Opening and Projects Under Construction
During the fourth quarter, Forest City began phased opening of Mint Town Center, a 399-unit apartment community with 7,000 square feet of street-level retail at Stapleton in Denver.

At December�31, 2017, Forest City had 6 projects under construction at a total cost of $616.9 million, or $191.2 million at the company’s share, for a development ratio of 5.8 percent, well below the company’s long-term target of 7.5 percent. Projects under construction include:

APARTMENTS:

Ardan, a 389-unit apartment community in Dallas that is also part of the ASRS fund, is expected to begin phased opening in the first quarter of 2018. Ballston Quarter Residential, a 406-unit apartment community, including 53,000 square feet of lower-level retail, that is part of the company’s mixed-use redevelopment of the former Ballston Common Mall in Arlington, VA. The project is expected to begin phased opening in the third quarter of 2018. Aster Conservatory Green North, a 256-unit apartment community at Stapleton in Denver, is expected to be completed in the first quarter of 2019. The Guild, a 191-unit apartment community at The Yards in Washington, D.C., is expected to be completed in the first quarter of 2019. Capper 769, a 179-unit apartment community in Washington, D.C., is expected to be completed in the first quarter of 2019.

RETAIL

Ballston Quarter Redevelopment, the 307,000-square-foot retail component of the company’s mixed-use redevelopment of the former Ballston Common Mall in Arlington, VA. The retail component is expected to be completed in the third quarter of 2018.

Outlook
"2017 was a year of outstanding performance for Forest City," said LaRue. "That performance is a direct result of executing our strategies and reflects our commitment to create shareholder value by continuously enhancing the performance of our real estate and our company.

"This management team – and all of our associates – take pride in ‘doing what we say we will do.’ We also� know that consistently meeting or exceeding our goals for the business is how we build credibility and trust with investors, partners, communities and other stakeholders. Over just the past few years, we have dramatically simplified and streamlined the business, focused our portfolio on urban placemaking and high-performing assets in top markets, significantly reduced debt and development risk, improved margins, processes, and efficiency, and positioned the company for future growth.

"Our strategy and collective efforts are supported by a strong board that, as an integral part of our transformation, has taken historic actions to significantly enhance governance practices, increase independence, eliminate our former dual-share class structure, increase shareholder returns through dividend growth and listen and respond to the input and viewpoints of shareholders.

"Together, we look ahead to 2018 and beyond knowing that we have the talent, drive, strategic vision and collective ability to grow Forest City and create substantial shareholder value going forward."

Corporate Description
Forest City Realty Trust, Inc. is an NYSE-listed national real estate company with $8.1 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of office, retail and apartment real estate throughout the United States. For more information, visit www.forestcity.net.

Supplemental Package
Please refer to the Investors section of the company’s website at www.forestcity.net for a supplemental package, which the company furnished to the SEC on Form 8-K on February 8, 2018, and is also available on the company’s website, www.forestcity.net. The supplemental package includes operating and financial information for the quarter ended December�31, 2017, with reconciliations of non-GAAP financial measures, such as Operating FFO, FFO, NOI, comparable NOI, EBITDA and Adjusted EBITDA to their most directly comparable GAAP financial measures.

Investor Presentations
Please note the company periodically posts updated investor presentations on the Investors page of its website at www.forestcity.net.� It is possible the periodic updates may include information deemed to be material. Therefore, the company encourages investors, the media, and other interested parties to review the Investors page of its website at www.forestcity.net for the most recent investor presentation.

FFO
FFO, a non-GAAP measure, along with net earnings, provides additional information about the company’s core operations. While property dispositions, acquisitions or other factors impact net earnings in the short-term, the company believes FFO presents a consistent view of the overall financial performance of its business from period-to-period since the core of its business is the recurring operations of its portfolio of real estate assets. Management believes that the exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the company’s core assets and assists in comparing those operating results between periods. Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes ratably over time. Since real estate values have historically risen or fallen with market conditions, many real estate investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets and impairment of depreciable real estate,� management believes that FFO, along with the required GAAP presentations, provides another measurement of the Company’s performance relative to its competitors and an additional basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide.

The majority of the company’s peers in the publicly traded real estate industry report operations using FFO as defined by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO is defined by NAREIT as net earnings excluding the following items at the company’s ownership: i) gain (loss) on full or partial disposition of rental properties, divisions and other investments (net of tax); ii) non-cash charges for real estate depreciation and amortization; iii)�impairment of depreciable real estate (net of tax); and iv) cumulative or retrospective effect of change in accounting principle (net of tax).

Operating FFO
In addition to reporting FFO, the company reports Operating FFO, a non-GAAP measure, as an additional measure of its operating performance. It believes it is appropriate to adjust FFO for significant items driven by transactional activity and factors relating to the financial and real estate markets, rather than factors specific to the on-going operating performance of its properties. The company uses Operating FFO as an indicator of continuing operating results in planning and executing its business strategy. Operating FFO should not be considered to be an alternative to net earnings computed under GAAP as an indicator of the company’s operating performance and may not be directly comparable to similarly-titled measures reported by other companies.

The company defines Operating FFO as FFO adjusted to exclude: i) impairment of non-depreciable real estate; ii) write-offs of abandoned development projects and demolition costs; iii) income recognized on state and federal historic and other tax credits; iv) gains or losses from extinguishment of debt; v) change in fair market value of nondesignated hedges; vi) gains or losses on change in control of interests; vii) the adjustment to recognize rental revenues and rental expense using the straight-line method; viii) participation payments to ground lessors on refinancing of our properties; ix) other transactional items; x) the Nets pre-tax FFO; and xi) income taxes on FFO. The company believes its presentation of FFO and Operating FFO provides important supplemental information to its investors.

NOI
NOI, a non-GAAP measure, reflects the company’s share of the core operations of its rental real estate portfolio, prior to any financing activity. NOI is defined as revenues less operating expenses at the company’s ownership within its Office, Apartments, Retail and Development segments, except for revenues and cost of sales associated with sales of land held in these segments. The activities of its Corporate and Other segments do not involve the operations of its rental property portfolio and therefore are not included in NOI.

The company believes NOI provides important information about its core operations and, along with earnings before income taxes, is necessary to understand its business and operating results. Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, revenues and cost of sales associated with sales of land, other non-property income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating office, apartment and retail real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. The company uses NOI to evaluate its operating performance on a portfolio basis since NOI allows it to evaluate the impact that factors such as occupancy levels, lease structure, rental rates, and tenant mix have on its financial results. Investors can use NOI as supplementary information to evaluate the company’s business. In addition, management believes NOI provides useful information to the investment community about its financial and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of performance in the real estate industry. NOI is not intended to be a performance measure that should be regarded as an alternative to, or more meaningful than, our GAAP measures, and may not be directly comparable to similarly-titled measures reported by other companies.

Comparable NOI
In addition to NOI, the company uses comparable NOI, a non-GAAP measure, as a metric to evaluate the performance of its office and apartment properties. This measure provides a same-store comparison of operating results of all stabilized properties that are open and operating in all periods presented. Non-capitalizable development costs and unallocated management and service company overhead, net of service fee revenues, are not directly attributable to an individual operating property and are considered non-comparable NOI. In addition, certain income and expense items at the property level, such as lease termination income, real estate tax assessments or rebates, certain litigation expenses incurred and any related legal settlements and NOI impacts of changes in ownership percentages, are excluded from comparable NOI. Due to the planned/ongoing disposition of substantially all of the company’s regional mall and specialty retail portfolios, it is no longer disclosing comparable NOI for its retail properties.� Other properties and activities such as Arena, federally assisted housing, military housing, straight-line rent adjustments and participation payments as a result of refinancing transactions are not evaluated on a comparable basis and the NOI from these properties and activities is considered non-comparable NOI.

Comparable NOI is an operating statistic defined as NOI from stabilized properties operated in all periods presented. The company believes comparable NOI is useful because it measures the performance of the same properties on a period-to-period basis and is used to assess operating performance and resource allocation of the operating properties. While property dispositions, acquisitions or other factors impact net earnings in the short term, the company believes comparable NOI presents a consistent view of the overall performance of its operating portfolio from period to period. A reconciliation of earnings (loss) before income taxes, the most comparable financial measure calculated in accordance with GAAP, to NOI, and a reconciliation from NOI to comparable NOI are included in this release.

EBITDA
EBITDA, a non-GAAP measure, is defined as net earnings excluding the following items at the company’s share: i) non-cash charges for depreciation and amortization; ii) interest expense; iii) amortization of mortgage procurement costs; and iv) income taxes. EBITDA may not be directly comparable to similarly-titled measures reported by other companies. The company uses EBITDA as the starting point in order to calculate Adjusted EBITDA as described below.

Adjusted EBITDA
The company defines Adjusted EBITDA, a non-GAAP measure, as EBITDA adjusted to exclude: i) impairment of real estate; ii) gains or losses from extinguishment of debt; iii) gain (loss) on full or partial disposition of rental properties and other investments; iv) gains or losses on change in control of interests; v) other transactional items, including organizational transformation and termination benefits; and vi) the Nets pre-tax EBITDA. The company believes EBITDA, Adjusted EBITDA and net debt to Adjusted EBITDA provide additional information in evaluating our credit and ability to service the company’s debt obligations. Adjusted EBITDA is used by the company’s chief operating decision maker and management to assess operating performance and resource allocations by segment and on a consolidated basis. The company’s management believes Adjusted EBITDA gives the investment community a further understanding of the company’s operating results, including the impact of general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates comparisons with competitors. However, Adjusted EBITDA should not be viewed as an alternative measure of the company’s operating performance since it excludes financing costs as well as depreciation and amortization costs which are significant economic costs that could materially impact the company’s results of operations and liquidity. Other REITs may use different methodologies for calculating Adjusted EBITDA and, accordingly, the company’s Adjusted EBITDA may not be comparable to other REITs.

Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA, a non-GAAP measure, is defined as total debt, net at the company’s share (total debt includes outstanding borrowings on the company’s revolving credit facility, term loan facility, convertible senior debt, net, nonrecourse mortgages and notes payable, net) less cash and equivalents, at the company’s share, divided by Adjusted EBITDA. Net Debt to Adjusted EBITDA is a supplemental measure derived from non-GAAP financial measures that the company uses to evaluate its capital structure and the magnitude of its debt against its operating performance. The company believes that investors use versions of this ratio in a similar manner. The company’s method of calculating the ratio may be different from methods used by other REITs and, accordingly, may not be comparable to other REITs.

Safe Harbor Language
Statements made in this news release that state the company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company’s actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the uncertain outcome, impact, effects and results of the company’s Board of Directors’ review of operating, strategic, financial and structural alternatives, the company’s ability to carry out future transactions and strategic investments, as well as the acquisition related costs, unanticipated difficulties realizing benefits expected when entering into a transaction, the company’s ability to qualify or to remain qualified as a REIT, its ability to satisfy REIT distribution requirements, the impact of issuing equity, debt or both, and selling assets to satisfy its future distributions required as a REIT or to fund capital expenditures, future growth and expansion initiatives, the impact of the amount and timing of any future distributions, the impact from complying with REIT qualification requirements limiting its flexibility or causing it to forego otherwise attractive opportunities beyond rental real estate operations, the impact of complying with the REIT requirements related to hedging, its lack of experience operating as a REIT, legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the Internal Revenue Service, the possibility that the company’s Board of Directors will unilaterally revoke its REIT election, the possibility that the anticipated benefits of qualifying as a REIT will not be realized, or will not be realized within the expected time period, the impact of current lending and capital market conditions on its liquidity, its ability to finance or refinance projects or repay its debt, the impact of the slow economic recovery on the ownership, development and management of its commercial real estate portfolio, general real estate investment and development risks, litigation risks, vacancies in its properties, risks associated with developing and managing properties in partnership with others, competition, its ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, its ability to identify and transact on chosen strategic alternatives for a portion of its retail portfolio, bankruptcy or defaults of tenants, anchor store consolidations or closings, the impact of terrorist acts and other armed conflicts, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by the company’s revolving credit facility, term loan and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, its ability to receive payment on the notes receivable issued by Onexim in connection with their purchase of our interests in the Barclays Center and the Nets, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of its insurance carriers, environmental liabilities, competing interests of its directors and executive officers, the ability to recruit and retain key personnel, risks associated with the sale of tax credits, downturns in the housing market, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, changes in federal, state or local tax laws and international trade agreements, volatility in the market price of its publicly traded securities, inflation risks, cybersecurity risks, cyber incidents, shareholder activism efforts, conflicts of interest, risks related to its organizational structure including operating through its Operating Partnership and its UPREIT structure, as well as other risks listed from time to time in the company’s SEC filings, including but not limited to, the company’s annual and quarterly reports.

Reconciliation of Net Earnings (Loss) (GAAP) to FFO (non-GAAP)

The table below reconciles net earnings (loss), the most comparable GAAP measure, to FFO, a non-GAAP measure.

Three Months Ended December 31,

Years Ended December 31,

2017

2016

2017

2016

(in thousands)

Net earnings (loss) attributable to Forest City Realty Trust, Inc. (GAAP)

$ � � � � � � � 102,906

$ � � � � � � � � � 1,825

$ � � � � � � � �206,030

$ � � � � � � �(158,402)

Depreciation and Amortization�real estate (1)

73,681

82,105

310,594

318,635

Gain on disposition of full or partial interests in rental properties

(63,460)

(3,552)

(154,958)

(129,367)

Impairment of depreciable rental properties

54,888

155,595

Income tax expense adjustment � current and deferred (2):

�� Gain on disposition of full or partial interests in rental properties

687

5,561

55,272

FFO attributable to Forest City Realty Trust, Inc. (Non-GAAP)

$ � � � � � � � 113,814

$ � � � � � � � � 80,378

$ � � � � � � � �422,115

$ � � � � � � � �241,733

FFO Per Share – Diluted

Numerator (in thousands):

FFO attributable to Forest City Realty Trust, Inc.�

$ � � � � � � � 113,814

$ � � � � � � � � 80,378

$ � � � � � � � �422,115

$ � � � � � � � �241,733

If-Converted Method (adjustments for interest):

�� 4.250% Notes due 2018

778

778

3,112

3,806

�� 3.625% Notes due 2020

363

363

1,451

2,006

FFO for per share data

$ � � � � � � � 114,955

$ � � � � � � � � 81,519

$ � � � � � � � �426,678

$ � � � � � � � �247,545

Denominator:

�� Weighted average shares outstanding�Basic

265,312,881

258,725,549

262,510,532

258,509,970

�� Effect of stock options, restricted stock and performance shares

1,758,062

1,045,086

1,533,491

1,177,562

�� Effect of convertible debt

5,153,208

5,031,753

5,153,233

6,410,539

�� Effect of convertible 2006 Class�A Common Units

1,111,044

1,940,788

1,594,238

1,940,788

�� Weighted average shares outstanding – Diluted

273,335,195

266,743,176

270,791,494

268,038,859

FFO Per Share – Diluted

$ � � � � � � � � � � 0.42

$ � � � � � � � � � � 0.31

$ � � � � � � � � � � �1.58

$ � � � � � � � � � � �0.92

(1)�� The following table provides detail of depreciation and amortization:

Three Months Ended December 31,

Years Ended December 31,

2017

2016

2017

2016

(in thousands)

Full Consolidation

$ � � � � � � � � 58,857

$ � � � � � � � � 62,327

$ � � � � � � � �248,353

$ � � � � � � � �250,848

Non-Real Estate

(713)

(779)

(2,791)

(3,114)

Real Estate Full Consolidation

58,144

61,548

245,562

247,734

Real Estate related to noncontrolling interest

(7,292)

(7,142)

(26,920)

(22,821)

Real Estate Unconsolidated

22,829

27,699

91,952

93,687

Real Estate Discontinued Operations

35

Real Estate at Company share

$ � � � � � � � � 73,681

$ � � � � � � � � 82,105

$ � � � � � � � �310,594

$ � � � � � � � �318,635

(2)�� The following table provides detail of income tax expense (benefit):

Three Months Ended December 31,

Years Ended December 31,

2017

2016

2017

2016

(in thousands)

Income tax expense on FFO

�� Operating Earnings:

��� � Current taxes

$ � � � � � � � � � 1,082

$ � � � � � � � � � 1,466

$ � � � � � � � � � �1,217

$ � � � � � � � � � �5,711

��� � Deferred taxes

(28,200)

100

(28,200)

24,122

����� Total income tax expense on FFO

(27,118)

1,566

(26,983)

29,833

Income tax expense (benefit) on non-FFO

���� Disposition of full or partial interests in rental properties:

������ �Current taxes

$ � � � � � � � � � � �687

$ � � � � � � � � � � � ��

$ � � � � � � � � � �5,561

$ � � � � � � � � �(4,351)

� �� �� Deferred taxes

59,623

���� Total income tax expense on non-FFO

687

5,561

55,272

Grand Total

$ � � � � � � � �(26,431)

$ � � � � � � � � � 1,566

$ � � � � � � � �(21,422)

$ � � � � � � � � �85,105

Reconciliation of FFO to Operating FFO

Three Months Ended December 31,

Years Ended December 31,

2017

2016

% Change

2017

2016

% Change

(in thousands)

(in thousands)

FFO attributable to Forest City Realty Trust, Inc.

$ � � � � � � 113,814

$ � � � � � � � 80,378

$ � � � � � �422,115

$ � � � � � �241,733

Impairment of non-depreciable real estate

307,630

Write-offs of abandoned development projects and demolition costs

181

601

3,703

10,659

Tax credit income

(2,444)

(3,101)

(11,572)

(12,126)

Loss on extinguishment of debt

46

3,930

4,514

33,863

Change in fair market value of nondesignated hedges

430

(1,849)

(957)

95

Interest rate swap breakage fee

24,635

24,635

Net gain on disposition of interest in development project

(136,687)

Net gain on disposition of partial interest in other investment – Nets

(136,247)

Straight-line rent adjustments

(2,670)

(2,139)

(12,402)

(10,108)

Participation payments

73

73

Organizational transformation and termination benefits

20,374

9,215

34,395

31,708

Nets pre-tax FFO

1,400

Income tax expense (benefit) on FFO

(27,118)

1,566

(26,983)

29,833

Operating FFO attributable to Forest City Realty Trust, Inc.

$ � � � � � � 102,613

$ � � � � � � 113,309

(9.4)%

$ � � � � � �412,813

$ � � � � � �386,461

6.8 %

If-Converted Method (adjustments for interest) (in thousands):

�� 4.250% Notes due 2018

778

778

3,112

3,806

�� 3.625% Notes due 2020

363

363

1,451

2,006

Operating FFO attributable to Forest City Realty Trust, Inc. (If-Converted)

$ � � � � � � 103,754

$ � � � � � � 114,450

$ � � � � � �417,376

$ � � � � � �392,273

Weighted average shares outstanding – Diluted

273,335,195

266,743,176

270,791,494

268,038,859

Operating FFO per share – Diluted

$ � � � � � � � � � 0.38

$ � � � � � � � � � 0.43

(11.6)%

$ � � � � � � � � �1.54

$ � � � � � � � � �1.46

5.5 %

Reconciliation of Earnings (Loss) Before Income Taxes (GAAP) to Net Operating Income (non-GAAP) (in thousands):

Three Months Ended December 31,

Years Ended December 31,

2017

2016

2017

2016

Earnings (loss) before income taxes (GAAP)

$ � � � � � � � � �41,922

$ � � � � � � � � � �1,307

$ � � � � � � � �144,890

$ � � � � � � �(454,173)

(Earnings) loss from unconsolidated entities

(29,768)

(4,734)

(124,784)

263,533

Earnings (loss) before income taxes and earnings from unconsolidated entities

12,154

(3,427)

20,106

(190,640)

Land sales

(14,470)

(25,599)

(59,778)

(48,078)

Cost of land sales

4,712

8,471

27,708

13,661

Other land development revenues

(3,215)

(3,403)

(7,963)

(10,183)

Other land development expenses

2,136

2,185

9,711

8,923

Corporate general and administrative expenses

16,068

10,904

62,149

62,683

Organizational transformation and termination benefits

20,374

9,215

34,395

31,708

Depreciation and amortization

58,857

62,327

248,353

250,848

Write-offs of abandoned development projects and demolition costs

290

1,596

10,348

Impairment of real estate

44,288

156,825

Interest and other income

(13,122)

(13,564)

(53,651)

(46,229)

Interest expense

31,958

30,311

120,431

131,441

Interest rate swap breakage fee

24,635

24,635

Amortization of mortgage procurement costs

1,483

1,324

5,550

5,719

Loss on extinguishment of debt

118

3,876

2,961

32,960

NOI related to unconsolidated entities (1)

49,141

58,835

209,608

223,592

NOI related to noncontrolling interest (2)

(12,927)

(9,837)

(43,664)

(37,221)

NOI related to discontinued operations (3)

1,198

Net Operating Income (Non-GAAP)

$ � � � � � � � �153,267

$ � � � � � � � �156,543

$ � � � � � � � �621,800

$ � � � � � � � �622,190

(1) NOI related to unconsolidated entities:

Equity in earnings (GAAP)

$ � � � � � � � � � �1,329

$ � � � � � � � � � �4,181

$ � � � � � � � � �25,163

$ � � � � � � � � �29,701

Exclude non-NOI activity from unconsolidated entities:

Land and non-rental activity, net

1,021

(509)

(4,559)

(3,658)

Interest and other income

(1,391)

(1,197)

(5,484)

(2,544)

Write offs of abandoned development projects and demolition costs

181

327

2,107

327

Depreciation and amortization

23,637

28,638

95,222

97,423

Interest expense and extinguishment of debt

24,364

27,395

97,159

102,343

NOI related to unconsolidated entities

$ � � � � � � � � �49,141

$ � � � � � � � � �58,835

$ � � � � � � � �209,608

$ � � � � � � � �223,592

(2) NOI related to noncontrolling interest:

Earnings from continuing operations attributable to noncontrolling interests (GAAP)

$ � � � � � � � � � � (519)

$ � � � � � � � � � � (915)

$ � � � � � � � � �(9,006)

$ � � � � � � � � �(6,078)

Exclude non-NOI activity from noncontrolling interests:

Land and non-rental activity, net

(143)

1,909

4,800

3,882

Interest and other income

487

449

1,973

1,600

Write offs of abandoned development projects and demolition costs

(16)

(16)

Depreciation and amortization

(7,662)

(7,401)

(28,271)

(23,617)

Interest expense and extinguishment of debt

(5,141)

(3,863)

(17,260)

(12,807)

Gain (loss) on disposition of full or partial interests in rental properties and interest in unconsolidated entities

51

4,100

(185)

NOI related to noncontrolling interest

$ � � � � � � � �(12,927)

$ � � � � � � � � �(9,837)

$ � � � � � � � �(43,664)

$ � � � � � � � �(37,221)

(3) NOI related to discontinued operations:

Operating loss from discontinued operations, net of tax (GAAP)

$ � � � � � � � � � � � � �

$ � � � � � � � � � � � � �

$ � � � � � � � � � � � � �

$ � � � � � � � � �(1,126)

Less loss from discontinued operations attributable to noncontrolling interests

776

Exclude non-NOI activity from discontinued operations (net of noncontrolling interest):

Depreciation and amortization

56

Interest expense

1,738

Income tax benefit

(246)

NOI related to discontinued operations

$ � � � � � � � � � � � � �

$ � � � � � � � � � � � � �

$ � � � � � � � � � � � � �

$ � � � � � � � � � �1,198

Net Operating Income (Non-GAAP) Detail (in thousands)

Three Months Ended December 31,

Years Ended December 31,

2017

2016

% Change

2017

2016

% Change

Office Segment

�� Comparable NOI

66,273

62,265

6.4 %

260,822

253,584

2.9 %

�� Non-Comparable NOI

2,656

2,641

17,514

17,727

�� Office Product Type NOI

68,929

64,906

278,336

271,311

�� Other NOI(1)

2,870

2,755

11,880

7,400

�� Total Office Segment

71,799

67,661

290,216

278,711

Apartment Segment

�� Comparable NOI

46,024

43,590

5.6 %

184,910

178,935

3.3 %

�� Non-Comparable NOI

114

628

1,354

765

�� Apartment Product Type NOI

46,138

44,218

186,264

179,700

�� Federally Assisted Housing

234

4,732

10,047

19,693

�� Other NOI(1)

(1,123)

(318)

(3,815)

(2,693)

�� Total Apartment Segment

45,249

48,632

192,496

196,700

Retail Segment

�� Retail NOI

36,044

42,110

154,703

165,203

�� Madison Preferred Return

231

231

�� Retail Product Type NOI

36,275

42,110

154,934

165,203

�� Other NOI(1)

268

2,532

(414)

3,785

�� Total Retail Segment

36,543

44,642

154,520

168,988

Operations

�� Comparable NOI

112,297

105,855

6.1 %

445,732

432,519

3.1 %

�� Retail NOI

36,275

42,110

154,934

165,203

�� Non-Comparable NOI (2)

2,770

3,269

18,868

18,492

�� Product Type NOI

151,342

151,234

619,534

616,214

�� Federally Assisted Housing

234

4,732

10,047

19,693

�� Other NOI (1):

���� Straight-line rent adjustments

2,078

1,773

10,854

9,194

���� Participation payments

(73)

(73)

���� Other Operations

(63)

3,269

(3,203)

(629)

2,015

4,969

7,651

8,492

Total Operations

153,591

160,935

637,232

644,399

Development Segment

�� Recently-Opened Properties/Redevelopment

1,965

796

3,179

3,180

�� Other Development (3)

(2,289)

(5,188)

(18,611)

(27,891)

�� Total Development Segment

(324)

(4,392)

(15,432)

(24,711)

Other Segment

2,502

Grand Total

$ � � � � �153,267

$ � � � � �156,543

$ � � � � � 621,800

$ � � � � � 622,190

(1) Includes straight-line rent adjustments, participation payments as a result of refinancing transactions on our properties and management and service company overhead, net of service fee revenues.

(2) Non-comparable NOI includes lease termination income of $1,263 and $7,482 for the three months and year ended December 31, 2017, compared with $2,079 and $3,404 for the three months and year ended December 31, 2016.

(3) Includes straight-line adjustments, non-capitalizable development overhead and other costs on our development projects.

View original content with multimedia:http://www.prnewswire.com/news-releases/forest-city-reports-2017-fourth-quarter-and-yearend-results-300596143.html

SOURCE Forest City Realty Trust, Inc.

Source Article

Your right to know: Latest property transfers and building permits

Property transfers

Amherst County

Deeds recorded:

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James A. Foster to Margaret G. and Henry S. Myers III. Parcel 1, 2, 3, and 4, near Naola, Pedlar District, $140,000

R. Fralin Construction Inc. to SD-MF Holdings LLC. Lot 32, Wynbrooke, $26,000

Nancy A. Schmitt to Kevin Gillis. Parcel, 0.65 acres off of Va. 682, Elon District, $107,000

Secretary of Housing and Urban Development of Washington D.C. to Nicholas D. Holland and Lauren E. Holland. Parcel, 0.521 acres, Courthouse District, $120,000

Lofton Leasing LLC to Thirty-Thirty LLC. Lots 2, 7, 19, 37, section 1, Stratford Place. Lots 52 and 53, section 2A, Stratford Place. Lots 59, 60 and 64, section 2B, Stratford Place. Lots 17 and 36, Elon Forest, phase I, $2,829,316

Diana C. Summers and Daniel A. Summers to Michele S. Sexton. Lo 1 and 2, 16.6 acres and 64.733 acres, remaining property, $549,000

Appomattox County

Deeds recorded:

J.C. First LLC to D & D Land Holdings LLC. Lot 1, Porter House Subdivision, Stonewall District, $22,000

Foster Ridge LLC to Joseph S. Lunsford, trustee. Lot 64, Sunset Ridge, section IIC, Stonewall District, $30,000

David Hollis to Charles C. and Dana L. Ranson. Parcel 1, 69.595 acres, Reedy Spring Road. Parcel II, 93.58 acres, 3 miles west of Spout Spring. Parcel III, near Va. 648, 44 acres and parcel IV, near Va. 648, 35 acres, Southside District, $528,000.

Cynthia M. and Kenneth E. Michael Jr. to J.C. Laughlin Builder Inc. Lot 28, Hunting Ridge, Cloverhill District, $60,000

Bedford County

Deeds recorded:

Kirk L. and Leslie A. Hicks to Joseph J. and Roseann K. Mike. Lot 9A, Valley Mill Road, Lakes District, $885,000

Suzanne M. Guilfoyle and Jerry R. Waddle to Francis M. and Suzanne M. Guilfoyle. Lot 28, section 1, Mountain View Shores, Lakes District, $567,000

Kebrca LLC to Rockydale Quarries Corporation. Parcel, 58.076 acres near Va. 634 and Va. 720, Blue Ridge District, $475,000

Douglas J. Nicol to James Rocky and Bonnie Baker Ford. Parcel, 1.049 acres, Lakes District, $441,000

Don A. Wiles to Barry L. Sledd Jr. and Bonita J. Sledd. Lot 4, block B, Family Estates, Lakes District, $130,000

Fred W. Smith to Richard Puffenbarger Jr. and Kadee A. Puffenbarger. Lot 133-B, 1.55 acres, Blue Ridge District, $119,500

Russell D. Bamber to Michael H. and Norma Roberts Bamber. Lot 34, section 3, Whisperwood Cove, Lakes District, $25,000

Brian C. and Shimila L. Keenum to Christopher and Trayci Brosovic. 415 Bedford Ave., $174,900

Ricky Lee Arthur to Jeffrey D. Witt. Parcel 1, 1.12 acres, Va. 718 and parcel 2, 2 acres, Center District, $67,000

Kimberly Lynn Robertson Ashwell to Tiffany Watson and Justin Herbert. Parcel, 0.722 acres, Va. 755, Peaks District, $101,000

Michael D. Holt to Mark P. Cousin and Linda A. Geisinger. Lot 6, Fieldcrest, Peaks District, $85,500

Secretary of Housing and Urban Development to Gary K. Clegg. Lot 13, Timber Ridge Subdivision, $50,555

Lawrence B. Mann and Ashley N. Holmes to Michelle A. McFadden. Lot 13, block 3, section 1, Forest Park Subdivision, $165,000

Norman R. and Virginia D. Fowler to John M. and Gaylyn S. Pantana. Lot 17-B, 32.326 acres, Center District, $305,000

Campbell County

Deeds recorded:

Aaron D. Humphrey and James Humphrey to Jonathan and Linda B. Arnold. Lot 56, section 3, Country Haven Estates, $49,000

DCW Rental Properties LLC, William C. Bryant III and Edward R. Turner to Altra L. Witt. Lot 2A, 1 acre, fronting U.S. 501, Long Mountain District, $150,000

Secretary of Housing and Urban Development of Washington D.C. to CBC Investments LLC. 804 Lone Jack Road, $75,000

Donovan P. Wooldridge, Thelma J. Wooldridge and Tanya W. Smeltz to Deven C. Christianer. 2 parcels, 20.16 acres and extinguishment of life estate, near Va. 623 and Va. 858, $258,000

Willie C. and Josephine D. Cox to Kendall Scott Cox. Lot B, 4.1194 acres, Vista District, $2,883.60

Brandon M. Crabtree to Mitchell B. Shorter. Parcel 3, 12.72 acres, Long Mountain District, $47,000

Dodd’s Farm Supply LLC to Robert S. and Theresa H. Long. Lots 8-15, block 5, LaPrade Property, $280,000

City of Lynchburg

Deeds recorded:

David D. and Cheryl A. Bellows to Amanda G. Adams. Lot 5, block E, Forest Townhouses, $89,000

Thomas D. Parmiter to Mihana Lee and Tory Barnard. Lot R4, block R, Cornerstone Subdivision, $345,000

Leanne T. McDaniel and Kim M. Callaway to Jeremiah Boles. 2 parcels, near Timberlake Road, 2.557 acres, 37,500

Anthony M. and Dominique D. Randall to Reid E. and Kimberly R. Burnette. Lot 2, block 9, Craddock Addition, $74,000

Judith E. and John D. George Jr. to James E. Campbell and Cari A. Kleven. Unit 114, The Gables at Wyndhurst Condominiums, $114,000

Candlewood LLC to Wanda Shook and Alisa S. Dyson. Lot 46, Candlewood Court Villas Subdivision, $209,900

Daniel Owen Smith and Phyllis Marie Garbee Smith to James B. and Tamara H. Carney. Lot 20, block V, section 12, Vista Acres Subdivision, $195,000

Clear Sight Solutions LLC to Daniel A. and Joan M. Pense. 1301 10th St., $28,000

Marie L. Colligan to Strong Tower Realty Inc. 326 Willow St., $27,000

Kelly M. and Charles S. Glenn III to Kimberly Rice Fitzgerald. Lot 2, Knollwood Townhouses, $71,000

Marjorie Peak Harton and Benjamin Kevin Peak. Unit 104, parcel 1, Tradewynd Square Condominiums, $160,000

William E. Witt III to Robert D. Hollis. Lot 14, Doral Acres Subdivision, $175,000

Horse & Reins Restoration LLC to Alexander Shrier and Jaime N. Lester. Parcel, fronting Boonsboro Road, $297,000

Gina H. Meadows to Theodore D. Stryker. Lots 8 and 9, block E, Overstreet Addition, $170,000

Building permits

Appomattox County

Russell Evans Sr., 1549 Central Church Road, storage room addition, $5,000

Robert C. Stephens, 216 Avery Lane, partially finish basement and renovations, $15,000

R.C. Stephens and Stephanie Gilliam, lot 13, 26 North, new dwelling, $140,000

Melvin J. Douglas, Oakwood Subdivision, new dwelling, $200,000

Rudolph Roethel, lot 3A Cloverhill, garage, $48,000

Stephanie and Duane Gilliam, lot 2, Beeks Lane, new dwelling, $100,000

Stephanie and Duane Gilliam, lot 1, Beeks Lane, new dwelling, $115,000

Terry Anderson, lot 2, Womack, new dwelling, $118,000

Willard Lancaster, 2914 Holiday Lake Road, alterations, $12,000

Robert C. Walker, 170 Railroad Ave., deck, $6,900

Ronald Andrews and Garry Andrews, 114 Stevens St., alterations, $40,910

Carol Yates, 230 Stevens St., alterations, $36,275

C. Shuford Builders LLC, lot 53 Sunset Ridge, new dwelling, $200,000

D & D Land Holdings LLC, lot 30 Benjamin Estates Subdivision, new dwelling, $110,000

Stewart Barney, lot 60 Sunset Ridge, new dwelling, $200,000

D & D Land Holdings LLC, lot 25 Benjamin Estates Subdivision, new dwelling, $110,000

Kevin Bryant, 254 Spring Dr., deck, $10,000

Freedom of Information laws are commonly referred to as "sunshine laws." (Credit: Metro Creative Connections).

Source Article

Forest City closes sale of Antelope Valley Mall to QIC

CLEVELAND, Jan. 22, 2018 /PRNewswire/ — Forest City Realty Trust, Inc. (NYSE:FCEA) today announced the closing of the sale of its interest in Antelope Valley Mall, a 1.2 million-square-foot regional mall in Palmdale, CA, to QIC.

Forest City logo (PRNewsfoto/Forest City Realty Trust, Inc.)

The sale is the third mall divestiture for Forest City to close as part of a previously announced 10-mall portfolio transaction with QIC. Sales of Forest City’s interest in three additional malls to QIC are expected to close in early 2018. After those sales are completed, the remaining four malls in the portfolio are expected to be transferred to QIC under a fixed-price option and to close as Forest City secures replacement assets or other opportunities into which it will redeploy its ownership stake in those malls.

"This closing continues the execution of this win-win portfolio-level transaction with our partner, QIC," said David J. LaRue, Forest City president and chief executive officer. "The dispositions of our regional malls to QIC, and our specialty retail centers to Madison International Realty, are accelerating Forest City’s transformation as a focused, urban placemaker with a strong balance sheet and a high-quality portfolio of multifamily, office and mixed-use assets in great markets."

As previously disclosed, the overall transaction values the 10 regional malls at approximately $3.175 billion, or $1.55 billion at Forest City’s share.

The three malls expected to transact in early 2018 are Westchester’s Ridge Hill in Yonkers, NY, The Shops at Wiregrass in Tampa, FL, and Mall at Robinson in Pittsburgh, PA. The final four malls in the portfolio, which are expected to transact as Forest City secures replacement assets, are Victoria Gardens in Rancho Cucamonga, CA, Galleria at Sunset in Henderson, NV, Promenade Temecula in Temecula, CA, and Short Pump Town Centre in Richmond, VA.

About Forest City
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $8.1 billion in consolidated assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.

Safe Harbor Language
Statements made in this news release that state the company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company’s actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the uncertain outcome, impact, effects and results of the company’s Board of Directors’ review of operating, strategic, financial and structural alternatives, the company’s ability to carry out future transactions and strategic investments, as well as the acquisition related costs, unanticipated difficulties realizing benefits expected when entering into a transaction, the company’s ability to qualify or to remain qualified as a REIT, its ability to satisfy REIT distribution requirements, the impact of issuing equity, debt or both, and selling assets to satisfy its future distributions required as a REIT or to fund capital expenditures, future growth and expansion initiatives, the impact of the amount and timing of any future distributions, the impact from complying with REIT qualification requirements limiting its flexibility or causing it to forego otherwise attractive opportunities beyond rental real estate operations, the impact of complying with the REIT requirements related to hedging, its lack of experience operating as a REIT, legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the Internal Revenue Service, the possibility that the company’s Board of Directors will unilaterally revoke its REIT election, the possibility that the anticipated benefits of qualifying as a REIT will not be realized, or will not be realized within the expected time period, the impact of current lending and capital market conditions on its liquidity, its ability to finance or refinance projects or repay its debt, the impact of the slow economic recovery on the ownership, development and management of its commercial real estate portfolio, general real estate investment and development risks, litigation risks, vacancies in its properties, risks associated with developing and managing properties in partnership with others, competition, its ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, its ability to identify and transact on chosen strategic alternatives for a portion of its retail portfolio, bankruptcy or defaults of tenants, anchor store consolidations or closings, the impact of terrorist acts and other armed conflicts, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by the company’s revolving credit facility, term loan and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, its ability to receive payment on the notes receivable issued by Onexim in connection with their purchase of our interests in the Barclays Center and the Nets, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of its insurance carriers, environmental liabilities, competing interests of its directors and executive officers, the ability to recruit and retain key personnel, risks associated with the sale of tax credits, downturns in the housing market, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, changes in federal, state or local tax laws and international trade agreements, volatility in the market price of its publicly traded securities, inflation risks, cybersecurity risks, cyber incidents, shareholder activism efforts, conflicts of interest, risks related to its organizational structure including operating through its Operating Partnership and its UPREIT structure, as well as other risks listed from time to time in the company’s SEC filings, including but not limited to, the company’s annual and quarterly reports.

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