Forest City Realty Trust (FCE-A) 10-K 23 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 18, 2016	Jun. 30, 2015
Entity Registrant Name	FOREST CITY REALTY TRUST, INC.
Entity Central Index Key	1,647,509
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 4,954,752,906
Common Stock Class A
Entity Common Stock, Shares Outstanding		240,897,851
Common Stock Class B
Entity Common Stock, Shares Outstanding		18,805,285

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Real Estate
Completed rental properties	$ 7,694,071,000	$ 6,813,532,000
Projects under construction and development	889,618,000	477,957,000
Land inventory	69,318,000	97,469,000
Total Real Estate	8,653,007,000	7,388,958,000
Less accumulated depreciation	(1,624,920,000)	(1,480,611,000)
Real Estate, net – (variable interest entities $668.9 million and $427.8 million, respectively)	7,028,087,000	5,908,347,000
Cash and equivalents – (variable interest entities $17.9 million and $20.6 million, respectively)	265,677,000	290,668,000
Restricted cash – (variable interest entities $8.0 million and $28.6 million, respectively)	161,891,000	251,443,000
Notes and accounts receivable, net	376,147,000	408,517,000
Investments in and advances to unconsolidated entities	678,872,000	620,466,000
Other assets – (variable interest entities $18.0 million and $19.6 million, respectively)	453,963,000	379,929,000
Deferred income taxes, net	83,645,000	0
Assets held for sale	944,727,000	955,570,000
Total Assets	9,993,009,000	8,814,940,000
Liabilities
Mortgage debt and notes payable, nonrecourse – (variable interest entities $318.2 million and $250.7 million, respectively)	4,003,450,000	3,790,918,000
Revolving credit facility	0	0
Convertible senior debt	271,006,000	700,000,000
Accounts payable, accrued expenses and other liabilities – (variable interest entities $99.4 million and $42.6 million, respectively)	862,817,000	774,159,000
Cash distributions and losses in excess of investments in unconsolidated entities	150,255,000	211,493,000
Deferred income taxes, net	0	482,474,000
Liabilities held for sale	570,947,000	520,135,000
Total Liabilities	5,858,475,000	6,479,179,000
Redeemable Noncontrolling Interest	159,978,000	183,038,000
Commitments and Contingencies	0	0
Shareholders’ Equity
Preferred stock – $.01 and without par value, respectively; 20,000,000 shares authorized, no shares issued	0	0
Common stock – $.01 and $.33 1/3 par value, respectively
Common stock, value	2,577,000	66,689,000
Additional paid-in capital	2,524,420,000	1,165,828,000
Retained earnings	1,059,240,000	563,198,000
Less treasury stock, at cost; 0 and 1,095,310 Class A shares, respectively	0	(18,922,000)
Shareholders’ equity before accumulated other comprehensive loss	3,586,237,000	1,776,793,000
Accumulated other comprehensive loss	(67,905,000)	(58,846,000)
Total Shareholders’ Equity	3,518,332,000	1,717,947,000
Noncontrolling interest	456,224,000	434,776,000
Total Equity	3,974,556,000	2,152,723,000
Total Liabilities and Equity	9,993,009,000	8,814,940,000
Common Stock Class A
Common stock – $.01 and $.33 1/3 par value, respectively
Common stock, value	2,389,000	60,286,000
Total Equity	2,389,000	60,286,000
Common Stock Class B
Common stock – $.01 and $.33 1/3 par value, respectively
Common stock, value	188,000	6,403,000
Total Equity	$ 188,000	$ 6,403,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate, net	$ 7,028,087	$ 5,908,347
Cash and equivalents	265,677	290,668
Restricted cash	161,891	251,443
Other assets	453,963	379,929
Mortgage debt and notes payable, nonrecourse	4,003,450	3,790,918
Accounts payable, accrued expenses and other liabilities	$ 862,817	$ 774,159
Preferred stock, without par value	$ 0.01	$ 0
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Variable interest entities
Real Estate, net	$ 668,900	$ 427,800
Cash and equivalents	17,900	20,600
Restricted cash	8,000	28,600
Other assets	18,000	19,600
Mortgage debt and notes payable, nonrecourse	318,200	250,700
Accounts payable, accrued expenses and other liabilities	$ 99,400	$ 42,600
Common Stock Class A
Common stock, par value per share	$ 0.010	$ 0.333
Common stock, shares authorized	371,000,000	371,000,000
Common stock, shares issued	238,949,141	180,859,262
Common stock, shares outstanding	238,949,141	179,763,952
Treasury stock, Class A Shares	0	1,095,310
Common Stock Class B
Common stock, par value per share	$ 0.010	$ 0.333
Common stock, shares authorized	56,000,000	56,000,000
Common stock, shares issued	18,805,285	19,208,517
Common stock, shares outstanding	18,805,285	19,208,517
Common stock, shares issuable	26,257,961	26,257,961

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Revenues [Abstract]
Rental	$ 537,703,000	$ 625,725,000	$ 526,966,000
Tenant recoveries	134,330,000	133,829,000	118,035,000
Service and management fees	57,156,000	45,263,000	50,522,000
Parking and other	49,067,000	62,376,000	53,765,000
Land sales	67,057,000	79,169,000	68,102,000
Military Housing	48,427,000	31,869,000	31,967,000
Total revenues	893,740,000	978,231,000	849,357,000
Expenses
Property operating and management	394,538,000	386,688,000	384,119,000
Real estate taxes	81,630,000	91,274,000	78,637,000
Ground rent	6,128,000	11,348,000	9,387,000
Cost of land sales	35,638,000	31,413,000	23,457,000
Military Housing operating	30,204,000	8,130,000	11,481,000
Corporate general and administrative	45,021,000	48,374,000	45,419,000
REIT conversion and reorganization costs	0	48,125,000	5,697,000
Operating Expenses	593,159,000	625,352,000	558,197,000
Depreciation and amortization	239,823,000	252,925,000	196,167,000
Write-offs of abandoned development projects and demolition costs	40,414,000	9,534,000	1,655,000
Impairment of real estate	421,361,000	451,434,000	277,095,000
Net loss on land held for divestiture activity	7,382,000	0	0
Total expenses	1,302,139,000	1,339,245,000	1,033,114,000
Operating loss	(408,399,000)	(361,014,000)	(183,757,000)
Interest and other income	52,283,000	37,739,000	42,780,000
Net loss on disposition of partial interest in development project	0	0	(20,298,000)
Net gain on disposition of full or partial interest in rental properties	496,092,000	1,746,000	30,281,000
Net gain on change in control of interests	2,762,000	486,279,000	230,660,000
Interest expense	(250,822,000)	(157,166,000)	(194,176,000)
Amortization of mortgage procurement costs	(7,746,000)	(7,549,000)	(7,797,000)
Gain (loss) on extinguishment of debt	4,549,000	(65,086,000)	(1,179,000)
Loss before income taxes	(111,281,000)	(65,051,000)	(103,486,000)
Income tax expense (benefit)
Current	2,488,000	7,187,000	12,515,000
Deferred	18,433,000	(588,286,000)	(21,670,000)
Total income tax expense (benefit)	20,921,000	(581,099,000)	(9,155,000)
Earnings (loss) from unconsolidated entities, gross of tax
Equity in earnings	42,197,000	22,313,000	40,792,000
Net gain on disposition of interest in unconsolidated entities	68,430,000	20,293,000	52,421,000
Impairment	0	(13,844,000)	(3,124,000)
Net gain on land held for divestiture activity	1,338,000	0	0
Total equity in earnings of unconsolidated entities	111,965,000	28,762,000	90,089,000
Earnings (loss) from continuing operations	(20,237,000)	544,810,000	(4,242,000)
Discontinued operations, net of tax:
Operating earnings (loss) from rental properties	(26,436,000)	(27,520,000)	(29,686,000)
Impairment of real estate	(46,962,000)	0	0
Gain on disposition of rental properties	24,560,000	0	14,856,000
Equity in earnings (loss)	(1,715,000)	(24,952,000)	(1,948,000)
Loss from discontinued operations	(50,553,000)	(52,472,000)	(16,778,000)
Net earnings (loss)	(70,790,000)	492,338,000	(21,020,000)
Noncontrolling interests
(Earnings) loss from continuing operations attributable to noncontrolling interests, gross of tax	54,832,000	(13,258,000)	(3,620,000)
Loss from discontinued operations attributable to noncontrolling interests	10,651,000	16,962,000	17,045,000
(Earnings) loss attributable to noncontrolling interest	65,483,000	3,704,000	13,425,000
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(5,307,000)	496,042,000	(7,595,000)
Preferred dividends	(185,000)	0	0
Net earnings (loss) attributable to common shareholders	$ (5,492,000)	$ 496,042,000	$ (7,595,000)
Basic earnings (loss) per common share
Earnings (loss) from continuing operations attributable to common shareholders	$ 0.17	$ 2.19	$ (0.04)
Loss from discontinued operations attributable to common shareholders	(0.20)	(0.14)	0
Net earnings (loss) attributable to common shareholders	(0.03)	2.05	(0.04)
Diluted earnings (loss) per common share
Earnings (loss) from continuing operations attributable to common shareholders	0.17	2.10	(0.04)
Loss from discontinued operations attributable to common shareholders	(0.20)	(0.13)	0
Net earnings (loss) attributable to common shareholders	$ (0.03)	$ 1.97	$ (0.04)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015		Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (70,790,000)	$ 492,338,000		$ (21,020,000)
Other comprehensive income (loss), net of tax:
Unrealized net gain on investment securities (net of tax of $0, $0 and $(132), respectively)	208,000	0		0
Foreign currency translation adjustments (net of tax of $(18), $(19) and $100, respectively)	(158,000)	24,000		32,000
Unrealized net gain on interest rate derivative contracts (net of tax of $(5,612), $(11,216) and $(16,833), respectively)	26,605,000	22,584,000		17,759,000
One-time adjustment to deferred taxes on OCI related to REIT conversion	0	(31,651,000)	[1]	0
Total other comprehensive income (loss), net of tax	26,655,000	(9,043,000)		17,791,000
Comprehensive income (loss)	(44,135,000)	483,295,000		(3,229,000)
Comprehensive loss attributable to noncontrolling interest	65,449,000	3,688,000		13,370,000
Total comprehensive income attributable to Forest City Realty Trust, Inc.	$ 21,314,000	$ 486,983,000		$ 10,141,000
[1]	(2)In conjunction with the REIT conversion, the deferred tax asset related to accumulated OCI was reversed. See W – Income Taxes for further information.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Tax amount related to unrealized net gains on investment securities	$ (132,000)	$ 0	$ 0
Tax amount related to foreign currency translation adjustments	100,000	(18,000)	(19,000)
Tax amount related to unrealized net gains (losses) on interest rate derivative contracts	$ (16,833,000)	$ (5,612,000)	$ (11,216,000)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest	Series A Preferred Stock	Common Stock Class A	Common Stock Class B	Additional Paid-In Capital
Balance, Shares at Jan. 31, 2013				7,000			211,000	163,729,000	20,235,000
Balance at Jan. 31, 2013	$ 1,738,571,000	$ 932,045,000	$ 576,285,000	$ (108,000)	$ (103,203,000)	$ 261,679,000	$ 10,552,000	$ 54,576,000	$ 6,745,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss), net of amounts attributable to redeemable noncontrolling interest	(53,943,000)		(5,307,000)			(48,636,000)
Other comprehensive income (loss), net of tax	$ 26,655,000				26,621,000	34,000
Purchase of treasury stock, Shares	179,907			180,000
Purchase of treasury stock	$ (3,167,000)			$ (3,167,000)
Conversion of Class B to Class A Shares, shares								62,000	(62,000)
Conversion of Class B to Class A shares	0							$ 20,000	$ (20,000)
Issuance of Class A shares in exchange for Series A preferred stock, shares							(110,000)	363,000
Issuance of Class A shares in exchange for Series A preferred stock	0	5,368,000					$ (5,489,000)	$ 121,000
Redemption of Series A preferred stock, shares							(101,000)
Redemption of Series A preferred stock	(5,063,000)						$ (5,063,000)
Proceeds from settlement of equity call hedge related to issuance of preferred stock, shares				765,000
Proceeds from settlement of equity call hedge related to issuance of preferred stock	10,231,000	23,099,000		$ (12,868,000)
Issuance of Class A shares in exchange for Puttable Equity-Linked Senior Notes due 2014, shares								13,679,000
Issuance of Class A shares in exchange for Puttable Equity-Linked Senior Notes due 2014	194,345,000	189,786,000						$ 4,559,000
Restricted stock vested, shares								600,000
Restricted stock vested	0	(202,000)						$ 202,000
Exercise of stock options, shares				(10,000)				66,000
Exercise of stock options	1,020,000	833,000		$ 165,000				$ 22,000
Preferred stock dividends	(185,000)		(185,000)				$ (185,000)
Stock-based compensation	16,197,000	16,197,000
Redeemble noncontrolling interest adjustment	50,546,000	50,546,000
Acquisition of partner's noncontrolling interest in consolidated subsidiaries	(98,687,000)	(95,924,000)				(2,763,000)
Contributions from noncontrolling interests	80,339,000					80,339,000
Distributions to noncontrolling interests	(36,400,000)					(36,400,000)
Change to equity method of accounting for subsidiaries	5,660,000					5,660,000
Adjustment due to change in ownership of consolidated subsidiaries	0	(26,000,000)				26,000,000
Balance, Shares at Dec. 31, 2013				942,000			0	178,499,000	20,173,000
Balance at Dec. 31, 2013	1,926,119,000	1,095,748,000	570,793,000	$ (15,978,000)	(76,582,000)	285,913,000	$ 0	$ 59,500,000	$ 6,725,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss), net of amounts attributable to redeemable noncontrolling interest	(3,925,000)		(7,595,000)			3,670,000
Other comprehensive income (loss), net of tax	$ 17,791,000				17,736,000	55,000
Purchase of treasury stock, Shares	215,632			215,000
Purchase of treasury stock	$ (4,009,000)			$ (4,009,000)
Conversion of Class B to Class A Shares, shares								964,000	(964,000)
Conversion of Class B to Class A shares	0							$ 322,000	$ (322,000)
Restricted stock vested, shares								723,000
Restricted stock vested	0	(240,000)						$ 240,000
Exercise of stock options, shares				(62,000)
Exercise of stock options	370,000	(695,000)		$ 1,065,000
Stock-based compensation	19,673,000	19,673,000
Exchange of 2006 Class A Common Units for Class A shares, shares								673,000
Exchange of 2006 Class A Common Units for Class A shares	0	34,134,000				(34,358,000)		$ 224,000
Redeemble noncontrolling interest adjustment	(28,390,000)	(28,390,000)
Acquisition of partner's noncontrolling interest in consolidated subsidiaries	(99,863,000)	(32,505,000)				(67,358,000)
Contributions from noncontrolling interests	175,274,000					175,274,000
Distributions to noncontrolling interests	(14,634,000)					(14,634,000)
Adjustment due to change in ownership of consolidated subsidiaries	(3,935,000)	78,103,000				(82,038,000)
Change in control of equity method subsidiary	168,252,000					168,252,000
Balance, Shares at Dec. 31, 2014				1,095,000			0	180,859,000	19,209,000
Balance at Dec. 31, 2014	2,152,723,000	1,165,828,000	563,198,000	$ (18,922,000)	(58,846,000)	434,776,000	$ 0	$ 60,286,000	$ 6,403,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss), net of amounts attributable to redeemable noncontrolling interest	509,300,000		496,042,000			13,258,000
Other comprehensive income (loss), net of tax	(9,043,000)				(9,059,000)	16,000
Issuance of Class A shares in equity offering, shares								37,375,000
Issuance of Class A shares in equity offering	806,500,000	794,042,000						$ 12,458,000
Adjustment of Class A and Class B par value from $.33 to $.01	$ 0							$ (77,252,000)	$ (6,080,000)	$ 83,332,000
Purchase of treasury stock, Shares	222,537			223,000
Purchase of treasury stock	$ (5,543,000)			$ (5,543,000)
Conversion of Class B to Class A Shares, shares								404,000	(404,000)
Conversion of Class B to Class A shares	0							$ 135,000	$ (135,000)
Proceeds and Class A shares received from termination of Convertible Senior Notes hedge, shares				258,000
Proceeds and Class A shares received from termination of Convertible Senior Notes hedge, value	17,818,000	24,321,000		$ (6,503,000)
Issuance of Class A shares in exchange for Convertible Senior Notes, shares								19,967,000
Issuance of Class A shares in exchange for Convertible Senior Notes	410,580,000	403,924,000						$ 6,656,000
Restricted stock vested, shares								810,000
Restricted stock vested	0	(253,000)						$ 253,000
Repurchase of Class A common shares, shares								(26,000)
Repurchase of Class A common shares	$ (579,000)	(579,000)
Exercise of stock options, shares	104,110			(104,000)
Exercise of stock options	$ (48,000)	(2,079,000)		$ 2,031,000
Stock-based compensation	31,835,000	31,835,000
Exchange of 2006 Class A Common Units for Class A shares, shares								1,032,000
Exchange of 2006 Class A Common Units for Class A shares	0	52,319,000				(52,663,000)		$ 344,000
Acquisition of partner's noncontrolling interest in consolidated subsidiaries	(312,000)	(303,000)				(9,000)
Contributions from noncontrolling interests	106,244,000					106,244,000
Distributions to noncontrolling interests	(44,624,000)					(44,624,000)
Adjustment due to change in ownership of consolidated subsidiaries	(295,000)	479,000				(774,000)
Retirement of treasury stock, shares				(1,472,000)				(1,472,000)
Retirement of treasury stock	0	(28,446,000)		$ 28,937,000				$ (491,000)
Balance, Shares at Dec. 31, 2015				0			0	238,949,000	18,805,000
Balance at Dec. 31, 2015	$ 3,974,556,000	$ 2,524,420,000	$ 1,059,240,000	$ 0	$ (67,905,000)	$ 456,224,000	$ 0	$ 2,389,000	$ 188,000

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling Interest
Net loss attributable to redeemable noncontrolling interest	$ 16,847	$ 16,962	$ 17,095

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Net earnings (loss)	$ (70,790,000)	$ 492,338,000	$ (21,020,000)
Depreciation and amortization	239,823,000	252,925,000	196,167,000
Amortization of mortgage procurement costs	7,746,000	7,549,000	7,797,000
Impairment of real estate	421,361,000	451,434,000	277,095,000
Impairment of unconsolidated entities	0	13,844,000	3,124,000
Write-offs of abandoned development projects	30,214,000	4,430,000	283,000
(Gain) loss on extinguishment of debt	(4,549,000)	65,086,000	1,179,000
Other income - net gain on sale of a fiber optics network	(6,734,000)	0	0
Net loss on land held for divestiture activity	7,382,000	0	0
Net loss on disposition of partial interest in development project	0	0	20,298,000
Net gain on disposition of full or partial interest in rental properties	(496,092,000)	(1,746,000)	(30,281,000)
Net gain on change in control of interests	(2,762,000)	(486,279,000)	(230,660,000)
Deferred income tax expense (benefit)	18,433,000	(588,286,000)	(21,670,000)
Earnings from unconsolidated entities	(110,627,000)	(42,606,000)	(93,213,000)
Net gain on land held for divestiture activity of unconsolidated entities	(1,338,000)	0	0
Stock-based compensation expense	10,371,000	24,118,000	13,729,000
Amortization and mark-to-market adjustments of derivative instruments	7,951,000	(2,886,000)	3,889,000
Cash distributions from operations of unconsolidated entities	64,346,000	60,029,000	82,725,000
Non-cash operating expenses and deferred taxes included in discontinued operations	100,053,000	18,569,000	43,091,000
Earning from unconsolidated entities included in discontinued operations	2,802,000	40,760,000	3,181,000
Gain on disposition of rental properties included in discontinued operations	(41,831,000)	0	(28,100,000)
Decrease in land inventory	8,966,000	6,776,000	14,170,000
(Increase) decrease in notes and accounts receivable	(12,684,000)	(6,422,000)	11,928,000
(Increase) decrease in other assets	38,811,000	(27,283,000)	(285,000)
(Decrease) increase in accounts payable, accrued expenses and other liabilities	(48,047,000)	(6,874,000)	8,595,000
Net cash provided by operating activities	162,805,000	275,476,000	262,022,000
Cash Flows from Investing Activities
Capital expenditures	(405,767,000)	(536,569,000)	(388,909,000)
Capital expenditures of assets included in discontinued operations	(47,347,000)	(20,811,000)	(10,972,000)
Acquisitions	(8,514,000)	(397,275,000)	(19,988,000)
Payment of lease procurement costs	(8,308,000)	(12,662,000)	(13,251,000)
Decrease (increase) in notes receivable	(42,158,000)	25,237,000	39,435,000
Decrease in restricted cash	58,555,000	111,257,000	82,276,000
Proceeds from disposition of rental properties or development project	625,027,000	35,950,000	279,012,000
Contributions to unconsolidated entities	(41,093,000)	(115,496,000)	(147,698,000)
Distributions from unconsolidated entities	97,602,000	24,599,000	136,338,000
Net cash (used in) provided by investing activities	227,997,000	(885,770,000)	(43,757,000)
Cash Flows from Financing Activities
Proceeds from nonrecourse mortgage debt and notes payable	629,714,000	312,841,000	602,939,000
Principal payments on nonrecourse mortgage debt and notes payable	(889,566,000)	(523,346,000)	(796,898,000)
Borrowings on revolving credit facility	899,794,000	111,850,000	965,925,000
Payments on revolving credit facility	(899,794,000)	(111,850,000)	(965,925,000)
Proceeds from issuance of Class A common stock, net of $34,438 of transaction costs	0	806,500,000	0
Proceeds from issuance of Convertible Senior Notes due 2020, net of issuance costs	291,250,000	0	0
Proceeds received from termination of convertible senior note hedge	0	17,818,000	0
Payments to noteholders related to exchange of convertible senior notes	(5,490,000)	(63,135,000)	0
Transaction costs related to exchanges of Senior Notes for Class A common stock	(2,300,000)	(6,950,000)	0
Redemption of Puttable Equity-Linked Senior Notes due 2014	(1,058,000)	0	0
Redemption of Senior Notes due 2015, 2017 & 2034	(404,348,000)	0	0
Payment of deferred financing costs	(10,239,000)	(16,808,000)	(20,803,000)
Purchase of treasury stock	(3,167,000)	(5,543,000)	(4,009,000)
Repurchase of Class A common shares	0	(579,000)	0
Redemption of Series A preferred stock	(5,063,000)	0	0
Proceeds from equity call hedge related to the issuance of Series A preferred stock	10,231,000	0	0
Exercise of stock options	1,153,000	1,488,000	789,000
Dividends paid to preferred shareholders	(185,000)	0	0
Net distributions to redeemable noncontrolling interests	0	(6,098,000)	0
Acquisitions of noncontrolling interests	(98,687,000)	(312,000)	(94,168,000)
Contributions from noncontrolling interests	80,339,000	106,244,000	154,831,000
Distributions to noncontrolling interests	(36,400,000)	(44,624,000)	(14,634,000)
Net cash provided by (used in) financing activities	(443,816,000)	577,496,000	(171,953,000)
Net (decrease) increase in cash and equivalents	(53,014,000)	(32,798,000)	46,312,000
Cash and equivalents at beginning of period	333,220,000	326,518,000	280,206,000
Cash and equivalents at end of period (including cash held for sale)	$ 280,206,000	$ 293,720,000	$ 326,518,000

Consolidated Statements of Ca10

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Cash Flows Parentheticals [Abstract]
Payments of Stock Issuance Costs	$ 34,438

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Accounting Policies	Summary of Significant Accounting Policies General Forest City Realty Trust, Inc. (with its subsidiaries, the “Company”) principally engages in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. The Company had approximately $10.0 billion of consolidated assets in 24 states and the District of Columbia at December 31, 2015 . The Company’s core markets include Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington D.C. The Company has regional offices in Boston, Dallas, Denver, Los Angeles, New York City, San Francisco, Washington, D.C. , and the Company’s corporate headquarters in Cleveland, Ohio. REIT Conversion On January 13, 2015, the board of directors of Forest City Enterprises, Inc., the Company’s predecessor, approved a plan to pursue conversion to REIT status. On May 29, 2015, Forest City Enterprises, Inc. formed the Company as a Maryland corporation and wholly-owned subsidiary of Forest City Enterprises, Inc. On October 20, 2015, the shareholders of Forest City Enterprises, Inc. approved and adopted the merger agreement that implemented the restructuring of Forest City Enterprises, Inc. into a holding company so as to facilitate its conversion to a REIT. Pursuant to the merger agreement, effective as of 11:59 pm, Eastern Time, on December 31, 2015 (the “Effective Time”), (i) a wholly-owned subsidiary of the Company merged with and into Forest City Enterprises, Inc., with Forest City Enterprises, Inc. as the surviving corporation, (ii) each outstanding share of Forest City Enterprises, Inc. Class A common stock, par value $.33 1/3 per share, and Class B common stock, par value $.33 1/3 per share, automatically converted into one share of Forest City Realty Trust, Inc. Class A common stock, $.01 par value per share, and Class B common stock, $.01 par value per share, respectively, (iii) Forest City Enterprises, Inc. became a wholly-owned subsidiary of the Company and (iv) the Company became the publicly-traded New York Stock Exchange-listed parent company that succeeded to and continued to operate substantially all of the existing businesses of Forest City Enterprises, Inc. and its subsidiaries. In addition, each share of Class A common stock of Forest City Enterprises, Inc. held in treasury at December 31, 2015 ceased to be outstanding at the Effective Time of the Merger, and a corresponding adjustment was recorded to Class A common stock and additional paid-in capital. Immediately following the merger, Forest City Enterprises, Inc. converted into a Delaware limited partnership named “Forest City Enterprises, L.P.” (the “Operating Partnership”). In this annual report on Form 10-K, unless otherwise specifically stated or the context otherwise requires, all references to “the Company,” “Forest City,” “we,” “our,” “us” and similar terms refer to Forest City Enterprises, Inc. and its consolidated subsidiaries prior to the Effective Time and Forest City Realty Trust, Inc. and its consolidated subsidiaries, including the Operating Partnership, as of the Effective Time and thereafter. Company Operations As of January 1, 2016, the Company believes it is organized in a manner that enables it to qualify, and intends to operate in a manner that will allow it to continue to qualify, as a real estate investment trust (“REIT”) for federal income tax purposes. As such, the Company intends to elect REIT status for its taxable year ending December 31, 2016, upon filing the 2016 Form 1120-REIT with the Internal Revenue Service on or before September 15, 2017. The Company holds substantially all of its assets, and conducts substantially all of its business, through the Operating Partnership. The Company is the sole general partner of the Operating Partnership and, as of December 31, 2015, following the conversion of Forest City Enterprises, Inc. into the Operating Partnership, the Company directly or indirectly owns all of the limited partnership interests in the Operating Partnership. The Company holds and operates certain of its assets through one or more taxable REIT subsidiaries (“TRSs”). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax. The Company’s use of TRSs enables it to continue to engage in certain businesses while complying with REIT qualification requirements and also allows the Company to retain income generated by these businesses for reinvestment without the requirement of distributing those earnings. The non-REIT qualified businesses that the Company holds through TRSs primarily include its investments in the Land Development Group, Barclays Center arena and the Brooklyn Nets (the “Nets”), a member of the National Basketball Association (“NBA”) (subsequently sold in January 2016), B2 BKLYN, an apartment building under construction in Brooklyn, New York , military housing operations (subsequently sold in February 2016), and Pacific Park Brooklyn project. In the future, the Company may elect to reorganize and transfer certain assets or operations from its TRSs to other subsidiaries, including qualified REIT subsidiaries. The Company changed its year-end to December 31 from January 31, effective December 31, 2013 (the “Year-end change”). As a result, the Company presents the 11 month period ended December 31, 2013 as its transition period (the “2013 Transition period”). Due to the Year-end change, many of the differences in comparisons of the Company’s results are impacted by the one-month difference between the 2013 Transition period and the full years presented. The Company believes the Year-end change was useful to its financial statement users to allow for increased comparability of its performance to its peers and to allow for the flexibility to convert to a REIT. The years 2015 , 2014 and 2013 refer to the year ended December 31, 2015 , the year ended December 31, 2014 and the 11 months ended December 31, 2013 , respectively. The Company operates through five reportable operating segments. The Commercial Group, Residential Group and Land Development Group (collectively, the “Real Estate Groups”) represent four reportable operating segments: • Commercial Group owns, develops, acquires and operates regional malls, specialty/urban retail centers, office and life science buildings and mixed-use projects. Additionally, it operated Barclays Center , a sports and entertainment arena located in Brooklyn, New York, which is reported as a separate operating segment (“ Arena ”). The Arena, which was disposed of during January 2016 , is classified as held for sale and reported in discontinued operations for all periods presented. • Residential Group owns, develops, acquires and operates residential rental properties, including upscale and middle-market apartments, adaptive re-use developments, for-sale condominium projects and subsidized senior housing. Additionally, it owns interests in entities that develop and manage military family housing, which was disposed of during February 2016. • Land Development Group acquires and sells both land and developed lots to residential, commercial and industrial customers at its Stapleton project in Denver, Colorado. Corporate Activities is the other reportable operating segment, which includes the Company’s equity method investment in the Nets, which was disposed of during January 2016 . The Nets is reported in discontinued operations for all periods presented. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Forest City Realty Trust, Inc., its wholly-owned subsidiaries and entities in which it has a controlling interest in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accounting guidance for consolidation of variable interest entities (“VIEs”) requires an ongoing reassessment of determining whether a variable interest gives a company a controlling financial interest in a VIE. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or the holders of the equity investment at risk do not have a controlling financial interest. The Company continuously reassesses whether or not it has the (a) power to direct the activities of the VIE that most significantly affect its economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related notes. Some of the critical estimates made by the Company include, but are not limited to, determination of the primary beneficiary of VIEs, estimates of useful lives for long-lived assets, reserves for collection on accounts and notes receivable and other investments, the fair value estimate of redeemable noncontrolling interest, net gain on change in control of interests, impairment of real estate and other-than-temporary impairments on equity method investments. Actual results could differ from those estimates. In April 2013, management approved a plan to demolish Ten MetroTech Center , an office building in Brooklyn, New York, to clear the land for sale. Accordingly, the original useful life, set to expire in 2042, was adjusted to expire at the demolition date in October 2013, which resulted in $45,500,000 of accelerated depreciation expense recognized in the Consolidated Statements of Operations during the 11 months ended December 31, 2013. Reclassifications Certain prior year amounts related to discontinued operations and assets and liabilities held for sale in the accompanying consolidated financial statements have been reclassified to conform to the current year’s presentation. New Accounting Guidance In January 2015, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting guidance to eliminate the concept of extraordinary items from GAAP. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently has been retained and expanded to include items that are both unusual in nature and infrequently occurring. This guidance was early adopted effective January 1, 2015 and did not have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued an amendment to the consolidation accounting guidance. This guidance changes the required analysis to determine whether certain types of legal entities should be consolidated. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and may affect the consolidation analysis of entities involved in VIEs, particularly those having fee arrangements and related party relationships. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance on January 1, 2016 will not have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued an Accounting Standards Update to simplify the presentation of debt issuance costs. This guidance requires that third-party debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt. Debt issuance costs related to revolving lines of credit are not within the scope of this new guidance. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance on January 1, 2016 will not have a material impact on the Company’s consolidated financial statements. The following new accounting pronouncements will be adopted on their respective effective dates: In May 2014, the FASB issued an amendment to the accounting guidance for revenue from contracts with customers. The core principle of this guidance is an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance defines steps an entity should apply to achieve the core principle. This guidance is effective for annual reporting periods beginning after December 15, 2017 and interim reporting periods within that annual period and allows for both retrospective and modified retrospective methods of adoption. Early adoption is permitted for annual periods beginning after December 15, 2016. The Company is currently in the process of determining the method of adoption and evaluating the impact of adopting this guidance on its consolidated financial statements. In August 2014, the FASB issued an amendment to the accounting guidance on disclosure of uncertainties about an entity’s ability to continue as a going concern. This guidance requires management to assess the Company’s ability to continue as a going concern and to provide disclosures under certain circumstances. This guidance is effective for annual reporting periods ending after December 15, 2016 and interim reporting periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. Acquisition of Rental Properties Upon acquisition of a rental property, the purchase price is allocated to net tangible and identified intangible assets acquired based on estimated fair values. Above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) the Company’s estimated fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. Above-market lease values are amortized as a reduction of rental revenues (or rental expense for ground leases in which the Company is the lessee) over the remaining non-cancelable terms of the respective leases. Below-market lease values are amortized as an increase to rental revenues (or rental expense for ground leases in which the Company is the lessee) over the remaining non-cancelable terms of the respective leases, including any fixed-rate renewal periods that are probable of being exercised. For the Company’s below-market lease and in-place lease intangibles remaining at December 31, 2015 and 2014 , the Company assumed fixed rate renewals for the in-place leases deemed to be below market and includes the assumed renewals in the calculation of intangible asset values and related amortization period. Intangible assets also include amounts representing the value of tenant relationships and in-place leases based on the Company’s evaluation of each tenant’s lease and its overall relationship with the respective tenant. The Company estimates the cost to execute leases with terms similar to in-place leases, including leasing commissions, legal and other related expenses. This intangible asset is amortized to expense over the remaining term of the respective lease. The Company’s estimates of value are made using methods similar to those used by independent appraisers or by using independent appraisals. Factors considered by the Company in this analysis include an estimate of the carrying costs during the expected lease-up periods, current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from three to twelve months. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also uses the information obtained as a result of its pre-acquisition due diligence in considering any conditional asset retirement obligations, and when necessary, will record a conditional asset retirement obligation as part of its purchase price. The value of in-place leases is amortized over the remaining non-cancelable term of the respective leases and any fixed-rate renewal periods deemed probable. When calculating the estimated value to assign to a tenant relationship intangible asset, the Company estimates the likelihood a lessee will execute a lease renewal and other factors relative to the relationship. In determining the likelihood of lease renewal, the Company utilizes a probability weighted model based on many factors. Other qualitative factors related to the relationship the Company considers include, but are not limited to, the nature and extent of the business relationship with the tenant, growth prospects for developing new business with the tenant and the tenant’s credit quality. The value of tenant relationship intangibles is amortized over the remaining initial lease term and expected renewals, but in no event longer than the remaining depreciable life of the building. In the event a lease is terminated, the unamortized portion of each related intangible is charged to income or expense, as applicable. Cash and Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes the risk of loss is minimal. Cash flows associated with items intended as hedges of identifiable transactions or events are classified in the same category as the cash flows from the items being hedged. Cash flows from derivatives not designated as cash flow or fair value hedges are generally classified in the investing section in the Consolidated Statements of Cash Flows. Cash flows associated with lease procurement costs are classified as investing activities and consist primarily of lease commissions and related legal fees associated with procuring first generation tenants under long-term lease agreements for office buildings, retail regional malls or specialty retail centers. The Company primarily incurs these costs during the development phase of the project and they are integral to starting construction and ultimately completing the project. Management views these lease procurement costs as part of the initial investment to obtain long-term cash inflow. Restricted Cash Restricted cash represents amounts for debt service payments, taxes and insurance, collateral, security deposits, capital replacement, improvement and operating reserves, bond funds, and development and construction escrows. Allowance for Doubtful Accounts Allowances against notes and accounts receivables are based on management’s estimate of amounts that will not be realized from cash receipts or any applicable collateral in subsequent periods. If the estimate of expected future cash flows does not accurately reflect actual events, the allowance may be over or understated. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. The Company also maintains an allowance for receivables arising from the straight-lining of rents.This receivable arises from earnings recognized in excess of amounts currently due under lease agreements. The allowance against the straight-line rent receivable is based on historical experience with early lease terminations as well as specific review of significant tenants and tenants having known financial difficulties. There is a risk the estimate of the expected activity of current tenants may not accurately reflect future events. If the estimate does not accurately reflect future tenant vacancies, the allowance for straight-line rent receivable may be over or understated. Investments in Unconsolidated Entities Investments in unconsolidated entities include investments in and advances to unconsolidated entities and cash distributions and losses in excess of investments in unconsolidated entities the Company does not control and/or is not deemed to be the primary beneficiary. The Company accounts for its investments in unconsolidated entities using the equity method of accounting whereby the cost of an investment is adjusted for the Company’s share of income or loss from the date of acquisition, increased for equity contributions made and reduced by distributions received. The income or loss for each unconsolidated entity is allocated in accordance with the provisions of the applicable operating agreements, including distribution priorities, which may change upon the achievement of certain return thresholds and may differ from the legal ownership interest held. Differences between the Company’s carrying value of its investment in unconsolidated entities and the Company’s underlying equity of such unconsolidated entities are amortized over the respective lives of the underlying assets or liabilities, as applicable. Certain investments in unconsolidated entities’ share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. As a result, the carrying value of certain investments in unconsolidated entities is negative, based on the Company’s ongoing potential funding requirements. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Consolidated Balance Sheets. The Company may provide funding in excess of its legal ownership. These fundings are typically interest-bearing or entitle the Company to a preference on and of such advances of property cash flows and are included in investments in and advances to unconsolidated entities. Other Assets Other assets include costs incurred with obtaining financing, which are deferred and amortized over the life of the related debt and costs incurred with leasing space to tenants which are deferred and amortized using the straight-line method over the lives of the related leases. Intangible Assets Upon an acquisition of a rental property, the Company records intangible assets at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets with finite lives on a straight-line basis over the period the assets are expected to contribute directly or indirectly to the future cash flows of the acquired property. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value. In connection with the Company’s military housing projects, intangible assets are recorded based upon the costs associated with acquiring military housing development and management contracts. Intangible assets related to the military housing development contracts are amortized based upon the ratio of development fees earned in relation to overall fee income to be earned throughout the contract period. Intangible assets related to the military housing management contracts are amortized based upon a straight-line basis over the remaining term of the management contracts. Variable Interest Entities The Company’s VIEs consist of joint ventures engaged in the ownership, development and management of office buildings, specialty retail centers, apartment communities, military housing and the Nets. As of December 31, 2015 , the Company determined it was the primary beneficiary of 25 VIEs representing 20 consolidated properties. The creditors of the consolidated VIEs do not have recourse to the Company’s general credit. As of December 31, 2015 , the Company determined it was not the primary beneficiary of 65 VIEs and accounts for these interests as equity method investments. The maximum exposure to loss of these unconsolidated VIEs is limited to $349,000,000 , the Company’s investment balances at December 31, 2015 . Derivative Instruments and Hedging Activities Derivatives are recorded at fair value. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and whether it meets the hedge accounting requirements. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of gain or loss recognition on the instrument with the recognition of the change in the fair value of the hedged asset or liability attributable to the hedged risk (in a fair value hedge) or the earnings effect of the hedged forecasted transactions (in a cash flow hedge). The Company may enter into derivative contracts intended to economically hedge certain interest rate risk, even though the contracts do not qualify for or the Company has elected not to apply hedge accounting. Accumulated Other Comprehensive Loss The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”): December 31, 2015 2014 2013 (in thousands) Unrealized losses on foreign currency translation $ 95 $ 137 $ 189 Unrealized losses on interest rate derivative contracts (1) 67,888 96,084 125,059 67,983 96,221 125,248 Income tax benefit (2) — (37,281 ) (48,517 ) Noncontrolling interest (78 ) (94 ) (149 ) Accumulated Other Comprehensive Loss $ 67,905 $ 58,846 $ 76,582 The following table summarizes the changes, net of tax and noncontrolling interest, of accumulated OCI by component: Securities Foreign Currency Translation Interest Rate Contracts Total (in thousands) Balance, February 1, 2013 $ (208 ) $ 42 $ (103,037 ) $ (103,203 ) Gain (loss) recognized in accumulated OCI 430 (158 ) (457 ) (185 ) Loss reclassified from accumulated OCI (222 ) — 27,028 26,806 Total other comprehensive income (loss) 208 (158 ) 26,571 26,621 Balance, December 31, 2013 $ — $ (116 ) $ (76,466 ) $ (76,582 ) Gain (loss) recognized in accumulated OCI — 32 (10,294 ) (10,262 ) Loss reclassified from accumulated OCI — — 27,998 27,998 Total other comprehensive income (loss) — 32 17,704 17,736 Balance, December 31, 2014 $ — $ (84 ) $ (58,762 ) $ (58,846 ) Gain (loss) recognized in accumulated OCI — 24 (6,445 ) (6,421 ) Loss reclassified from accumulated OCI — — 29,013 29,013 One-time adjustment to deferred taxes on OCI related to REIT conversion (2) — (35 ) (31,616 ) (31,651 ) Total other comprehensive income (loss) — (11 ) (9,048 ) (9,059 ) Balance, December 31, 2015 $ — $ (95 ) $ (67,810 ) $ (67,905 ) (1) Included in the amounts as of December 31, 2015 , 2014 and 2013 are $48,002 , $73,536 and $97,360 , respectively, of unrealized loss on an interest rate swap associated with the New York Times office building on its nonrecourse mortgage debt with a notional amount of $640,000 . This swap effectively fixes the mortgage at an all-in lender interest rate of 6.40% and expires in September 2017. (2) In conjunction with the REIT conversion, the deferred tax asset related to accumulated OCI was reversed. See W – Income Taxes for further information. The following table summarizes losses reclassified from accumulated OCI and their location on the Consolidated Statements of Operations: Accumulated OCI Components Loss Reclassified from Accumulated OCI Location on Consolidated Statements of Operations (in thousands) Year Ended December 31, 2015 Interest rate contracts $ 37,852 Interest expense Interest rate contracts (900 ) Net gain on change in control of interests Interest rate contracts 3,722 Earnings (loss) from unconsolidated entities, gross of tax 40,674 Total before income tax and noncontrolling interest (11,645 ) Income tax benefit (16 ) Noncontrolling interest $ 29,013 Loss reclassified from accumulated OCI Year Ended December 31, 2014 Interest rate contracts $ 38,093 Interest expense Interest rate contracts 3,666 Discontinued operations Interest rate contracts 4,006 Earnings (loss) from unconsolidated entities, gross of tax 45,765 Total before income tax and noncontrolling interest (17,737 ) Income tax benefit (30 ) Noncontrolling interest $ 27,998 Loss reclassified from accumulated OCI 11 Months Ended December 31, 2013 Interest rate contracts $ 40,353 Interest expense Interest rate contracts 3,814 Earnings (loss) from unconsolidated entities, gross of tax 44,167 Total before income tax and noncontrolling interest (17,123 ) Income tax benefit (16 ) Noncontrolling interest $ 27,028 Loss reclassified from accumulated OCI Noncontrolling Interest Interests held by partners in consolidated entities are reflected in noncontrolling interest, which represents the noncontrolling interests’ share of the underlying net assets of the Company’s consolidated subsidiaries. Noncontrolling interest that is not redeemable is reported in the equity section of the Consolidated Balance Sheets. Noncontrolling interests where the Company may be required to repurchase the noncontrolling interest at fair value under a put option or other contractual redemption requirements are reported in the mezzanine section of the Consolidated Balance Sheets as redeemable noncontrolling interest. The Company adjusts the redeemable noncontrolling interest to redemption value (which approximates fair value) at each balance sheet date with changes recognized as an adjustment to additional paid-in capital. In the event the historical cost of the redeemable noncontrolling interest, which represents initial cost, adjusted for contributions, distributions and the allocation of profits or losses, is in excess of estimated fair value, the Company records the redeemable noncontrolling interest at historical cost. As of January 29, 2016, the entire redeemable noncontrolling interest was extinguished in connection with the sale of Barclays Center . In connection with the closing of a joint venture with Greenland Atlantic Yards, LLC, a subsidiary of Shanghai-based Greenland Holding Group Company Limited (“Greenland”) to develop Pacific Park Brooklyn , a 22 acre mixed-use project in Brooklyn, New York during the year ended December 31, 2014, the Company became obligated to purchase certain noncontrolling interests of the fully consolidated entity that contributed the development project into the joint venture. See Note S – Net Loss on Disposition of Partial Interest in Development Project for detailed information on the joint venture. In addition, the Company acquired certain other partners’ noncontrolling interest in Shops at Wiregrass , a regional mall in Tampa, Florida, Waterfront Station , a mixed-use development project in Washington, D.C., and the under construction B2 BKLYN , an apartment building in Brooklyn, New York, during the year ended December 31, 2014. The fair value of consideration exchanged or accrued related to all noncontrolling interest acquisitions in excess of the historical cost was $32,505,000 , resulting in a decrease in additional paid-in-capital as reflected in the Consolidated Statements of Equity. During the year ended December 31, 2014 , the Company contributed two operating and three under construction apartment communities into our strategic capital partnership with Arizona State Retirement System (“ASRS”). The fair value of consideration exchanged re

Notes and Accounts Receivable,

Notes and Accounts Receivable, Net	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Notes and Accounts Receivable, Net	Notes and Accounts Receivable, Net The following table summarizes the components of notes and accounts receivable, net: December 31, 2015 2014 (dollars in thousands) Straight-line rent - tenants $ 135,278 $ 131,887 Military Housing, primarily reimbursable construction costs 23,624 27,024 Stapleton advances 128,241 150,111 Accounts receivable - tenants 19,873 16,298 Notes receivable 21,637 34,922 Other 56,519 59,046 385,172 419,288 Allowance for doubtful accounts (9,025 ) (10,771 ) Notes and Accounts Receivable, Net $ 376,147 $ 408,517 Weighted average interest rate on notes receivable 5.01 % 6.81 % Stapleton Advances The Company has made interest-bearing advances to the Park Creek Metropolitan District for in-tract infrastructure at its Stapleton project. The Company recorded $13,892,000 , $12,252,000 and $10,047,000 of interest income related to these advances for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively. The advances had a weighted average interest rate of 8.67% at December 31, 2015 .

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The following table is a reconciliation of members’ and partners’ equity to the Company’s carrying value: December 31, 2015 2014 (in thousands) Total members’ and partners’ equity $ 1,535,339 $ 1,234,612 Equity of other members and partners 1,165,523 1,079,695 Company’s net investment in unconsolidated entities 369,816 154,917 Basis differences (1) 137,495 238,606 Advances to and on behalf of affiliates 7,624 15,450 Total Investments in Unconsolidated Entities, net $ 514,935 $ 408,973 Assets - Investments in and advances to unconsolidated entities $ 678,872 $ 620,466 Liabilities - Cash distributions and losses in excess of investments in unconsolidated entities (163,937 ) (211,493 ) Total Investments in Unconsolidated Entities, net $ 514,935 $ 408,973 (1) Represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the equity method venture level, which is typically amortized over the life of the related assets or liabilities. Basis differences relate to certain acquisition, transaction and other costs, as well as other-than-temporary impairments not reflected in the net assets at the equity method venture level. The following table presents summarized financial information for equity method investments, including those shown separately later in this Note C: (Combined 100%) December 31, 2015 2014 (in thousands) Balance Sheets: Real Estate Completed rental properties $ 7,630,583 $ 7,971,011 Projects under construction and development 1,298,356 840,797 Land inventory 116,379 114,301 Total Real Estate 9,045,318 8,926,109 Less accumulated depreciation (1,725,082 ) (1,709,243 ) Real Estate, net 7,320,236 7,216,866 Cash and equivalents 161,832 203,301 Restricted cash - military housing bond funds 176,725 161,460 Other restricted cash 523,589 381,190 Other assets 730,498 836,422 Assets held for sale 205,384 218,716 Total Assets $ 9,118,264 $ 9,017,955 Mortgage debt and notes payable, nonrecourse $ 6,752,756 $ 6,986,514 Other liabilities 517,194 509,008 Liabilities held for sale 312,975 287,821 Members’ and partners’ equity 1,535,339 1,234,612 Total Liabilities and Members’ and Partners’ Equity $ 9,118,264 $ 9,017,955 (Combined 100%) Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Operations: Revenues $ 1,100,094 $ 1,175,200 $ 1,013,154 Operating expenses (491,804 ) (540,241 ) (466,487 ) Depreciation and amortization (244,126 ) (243,952 ) (198,908 ) Net gain on land held for divestiture activity — — 2,742 Interest and other income 19,721 22,693 14,797 Net gain on disposition of full or partial interest in rental properties — 36,356 — Interest expense including extinguishment of debt (314,332 ) (347,008 ) (298,567 ) Earnings from continuing operations $ 69,553 $ 103,048 $ 66,731 Discontinued operations: Operating loss from rental properties (64,766 ) (115,900 ) (72,901 ) Gain on disposition of rental properties — — 68,311 Discontinued operations subtotal (64,766 ) (115,900 ) (4,590 ) Net earnings (loss) $ 4,787 $ (12,852 ) $ 62,141 Company’s portion of net earnings (loss) 22,313 58,469 77,816 Impairment of investments in unconsolidated entities (13,844 ) (3,124 ) — Net gain on disposition of full or partial interest in equity method investments 20,293 34,744 34,149 Net earnings from unconsolidated entities $ 28,762 $ 90,089 $ 111,965 Net Gain on Disposition of Full or Partial Interest in Rental Properties and Equity Method Investments The following table summarizes gains and losses on the disposition or partial disposition of unconsolidated entities which are included in equity from unconsolidated entities: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Net gain on disposition of full or partial interest in rental properties: Golden Gate (Specialty Retail Center) Mayfield Heights, Ohio $ — $ 33,881 $ — Liberty Center (Office Building) Pittsburgh, Pennsylvania — 2,475 2,829 Westin Convention Center (Hotel) Pittsburgh, Pennsylvania — — 65,482 Total gain on disposition of full or partial interest in rental properties $ — $ 36,356 $ 68,311 Company’s portion of gain on disposition of full or partial interest in rental properties $ — $ 17,677 $ 34,281 Net gain (loss) on disposition of full or partial interest in equity method investments: Apartment Communities: Newport Landing Coventry Township, Ohio $ 5,765 $ — $ — Eaton Ridge Sagamore Hills, Ohio 4,745 — — Arbor Glen Twinsburg, Ohio 3,422 — — Parkwood Village Brunswick, Ohio 2,817 — — Sutton Landing Brimfield, Ohio 2,535 — — Westwood Reserve Tampa, Florida — 8,904 — Legacy Crossroads Cary, North Carolina — 6,216 — Colonial Grand Tampa, Florida — 4,904 — Legacy Arboretum Charlotte, North Carolina — 3,257 — Woodgate / Evergreen Farms Olmsted Township, Ohio — 2,346 — Barrington Place Raleigh, North Carolina — 1,515 — Regional Malls: Mall at Stonecrest Atlanta, Georgia — 7,952 — Charleston Town Center Charleston, West Virginia — — 27,080 Specialty Retail Center: Marketplace at Riverpark Fresno, California — — 8,579 Other 1,009 (350 ) (1,510 ) Total gain on disposition of full or partial interest in equity method investments $ 20,293 $ 34,744 $ 34,149 In April 2015, the Company acquired its partner’s 50% equity ownership interest in three operating apartment communities ( Cherry Tree, Chestnut Lake and Stratford Crossing) in exchange for the Company’s 50% equity ownership in five operating apartment communities ( Arbor Glen, Eaton Ridge, Newport Landing, Parkwood Village and Sutton Landing ) in a non-cash transaction. As a result, the Company recorded gains on disposition of interest in unconsolidated entities as noted above during the year ended December 31, 2015 . See Note U – Net Gain on Change in Control of Interests for d etailed information on the net gain on change in control of interests related to the three retained operating apartment communities. The Company had four real estate equity method investments that were deemed significant subsidiaries for the year ended December 31, 2014. Financial information for these four real estate investments as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014 and the 11 months ended December 31, 2013 is as follows: FC HCN Bayside Village University FC Bernstein Emporium As of December 31, 2015 Associates, L.P. (1) Park, LLC (1) Business Trust Development LLC Total (in thousands) Balance Sheets: Completed rental properties $ — $ — $ 195,319 $ 467,155 $ 662,474 Less accumulated depreciation — — (32,334 ) (82,892 ) (115,226 ) Real Estate, net — — 162,985 384,263 547,248 Cash and equivalents — — 1,342 1,111 2,453 Restricted cash — — 4,223 — 4,223 Other assets — — 2,858 20,512 23,370 Total Assets $ — $ — $ 171,408 $ 405,886 $ 577,294 Mortgage debt and notes payable, nonrecourse $ — $ — $ 196,406 $ 435,000 $ 631,406 Other liabilities — — 4,009 9,107 13,116 Members’ equity — — (29,007 ) (38,221 ) (67,228 ) Total Liabilities and Members’ and Partners’ Equity $ — $ — $ 171,408 $ 405,886 $ 577,294 Members' equity per above $ — $ — $ (29,007 ) $ (38,221 ) $ (67,228 ) Percentage of ownership in equity method investments — — 43% - 48% 50 % $ — $ — $ (11,159 ) $ (19,111 ) $ (30,270 ) Net basis differences — — 3,430 35,487 38,917 Company's investment in unconsolidated entities $ — $ — $ (7,729 ) $ 16,376 $ 8,647 FC HCN Bayside Village University FC Bernstein Emporium As of December 31, 2014 Associates, L.P. (1) Park, LLC Business Trust Development LLC Total (in thousands) Balance Sheets: Completed rental properties $ — $ 342,864 $ 193,076 $ 449,433 $ 985,373 Less accumulated depreciation — (131,076 ) (28,159 ) (71,529 ) (230,764 ) Real Estate, net — 211,788 164,917 377,904 754,609 Cash and equivalents — 15,108 2,171 2,374 19,653 Restricted cash — 16,071 3,934 — 20,005 Other assets — 22,240 3,184 15,593 41,017 Total Assets $ — $ 265,207 $ 174,206 $ 395,871 $ 835,284 Mortgage debt and notes payable, nonrecourse $ — $ 357,474 $ 196,621 $ 435,000 $ 989,095 Other liabilities — 17,121 3,930 8,810 29,861 Members’ equity — (109,388 ) (26,345 ) (47,939 ) (183,672 ) Total Liabilities and Members’ and Partners’ Equity $ — $ 265,207 $ 174,206 $ 395,871 $ 835,284 Members' equity per above $ — $ (109,388 ) $ (26,345 ) $ (47,939 ) $ (183,672 ) Percentage of ownership in equity method investments — 51 % 43% - 48% 50 % $ — $ (55,788 ) $ (10,283 ) $ (23,970 ) $ (90,041 ) Net basis differences — (6,746 ) 3,362 39,171 35,787 Company's investment in unconsolidated entities $ — $ (62,534 ) $ (6,921 ) $ 15,201 $ (54,254 ) (1) Fully consolidated as of December 31, 2014 (Bayside Village Associates, L.P.) and December 31, 2015 (FC HCN University Park, LLC). See Note U – Net Gain on Change in Control of Interests for discussion of the change in accounting methods. FC HCN Bayside Village University FC Bernstein Emporium The Year Ended December 31, 2015 Associates, L.P. Park, LLC (2) Business Trust Development LLC Total (dollars in thousands) Operations: Revenues $ — $ 38,740 $ 32,310 $ 58,203 $ 129,253 Operating expenses — (16,966 ) (12,214 ) (26,737 ) (55,917 ) Depreciation and amortization — (7,482 ) (5,984 ) (13,200 ) (26,666 ) Interest and other income — 2,803 2 33 2,838 Interest expense, net — (8,665 ) (4,704 ) (26,337 ) (39,706 ) Net earnings (loss) before intercompany eliminations $ — $ 8,430 $ 9,410 $ (8,038 ) $ 9,802 Intercompany eliminations — (3,026 ) — — (3,026 ) Net earnings (loss) $ — $ 5,404 $ 9,410 $ (8,038 ) $ 6,776 Percentage of ownership in equity method investments — 51 % 43% - 48% 50 % Equity in earnings (loss) before special allocation $ — $ 2,756 $ 4,360 $ (4,019 ) $ 3,097 Special allocation — — 206 — 206 Equity in earnings (loss) $ — $ 2,756 $ 4,566 $ (4,019 ) $ 3,303 (2) Amounts represent activity from January 1, 2015 to June 23, 2015, the period the Company accounted for the joint venture as an equity method investment. FC HCN Bayside Village University FC Bernstein Emporium The Year Ended December 31, 2014 Associates, L.P. Park, LLC Business Trust Development LLC Total (dollars in thousands) Operations: Revenues $ 28,245 $ 77,310 $ 32,326 $ 53,268 $ 191,149 Operating expenses (8,983 ) (35,737 ) (12,343 ) (23,482 ) (80,545 ) Depreciation and amortization (2,348 ) (11,733 ) (6,478 ) (11,768 ) (32,327 ) Interest and other income 9 6,337 9 — 6,355 Interest expense, net (4,061 ) (16,918 ) (4,940 ) (26,338 ) (52,257 ) Net earnings (loss) before intercompany eliminations $ 12,862 $ 19,259 $ 8,574 $ (8,320 ) $ 32,375 Intercompany eliminations — (6,059 ) — — (6,059 ) Net earnings (loss) $ 12,862 $ 13,200 $ 8,574 $ (8,320 ) $ 26,316 Percentage of ownership in equity method investments 50 % 51 % 43% - 48% 50 % Equity in earnings (loss) before special allocation $ 6,431 $ 6,732 $ 3,959 $ (4,160 ) $ 12,962 Special allocation (486 ) — 873 — 387 Equity in earnings (loss) $ 5,945 $ 6,732 $ 4,832 $ (4,160 ) $ 13,349 FC HCN Bayside Village University FC Bernstein Emporium The 11 Months Ended December 31, 2013 Associates, L.P. Park, LLC Business Trust Development LLC Total (dollars in thousands) Operations: Revenues $ 24,612 $ 75,817 $ 32,097 $ 51,944 $ 184,470 Operating expenses (8,127 ) (28,969 ) (12,366 ) (23,112 ) (72,574 ) Depreciation and amortization (2,172 ) (9,084 ) (5,900 ) (11,561 ) (28,717 ) Interest and other income 5 6,102 9 3 6,119 Interest expense, net (5,782 ) (16,345 ) (5,151 ) (26,340 ) (53,618 ) Net earnings (loss) before intercompany eliminations $ 8,536 $ 27,521 $ 8,689 $ (9,066 ) $ 35,680 Intercompany eliminations — (6,136 ) — — (6,136 ) Net earnings (loss) $ 8,536 $ 21,385 $ 8,689 $ (9,066 ) $ 29,544 Percentage of ownership in equity method investments 50 % 51 % 43% - 48% 50 % Equity in earnings (loss) before special allocation $ 4,268 $ 10,906 $ 3,991 $ (4,533 ) $ 14,632 Special allocation (626 ) — 873 — 247 Equity in earnings (loss) $ 3,642 $ 10,906 $ 4,864 $ (4,533 ) $ 14,879 For the year ended December 31, 2015, Brooklyn Basketball Holdings, LLC ("BBH"), the equity method investment of NS&E that owns the Nets, was deemed a significant subsidiary. On January 29, 2016, the Company disposed of its ownership interests in BBH. Summarized financial information for BBH is as follows: December 31, 2015 2014 (in thousands) Balance Sheets: Property and equipment $ 12,156 $ 11,572 Less accumulated depreciation (8,057 ) (7,086 ) Real Estate, net 4,099 4,486 Cash and equivalents 3,089 8,232 Other assets 198,196 205,998 Total Assets $ 205,384 $ 218,716 Mortgage debt and notes payable, nonrecourse $ 222,218 $ 189,574 Other liabilities 90,757 98,247 Members’ equity (107,591 ) (69,105 ) Total Liabilities and Members’ Equity $ 205,384 $ 218,716 Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Operations: Revenues $ 143,894 $ 156,675 $ 147,076 Operating expenses (191,091 ) (251,723 ) (203,061 ) Depreciation and amortization (5,265 ) (9,129 ) (8,823 ) Interest expense, net (12,304 ) (11,938 ) (12,716 ) Net loss $ (64,766 ) $ (116,115 ) $ (77,524 ) Company’s portion of net loss $ (40,760 ) $ (3,181 ) $ (2,802 )

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table summarizes the components of other assets: December 31, 2015 2014 (in thousands) Intangible assets, net $ 198,672 $ 123,778 Prepaid expenses and other deferred costs, net 111,619 102,112 Lease procurement costs, net 95,924 101,773 Mortgage procurement costs, net 47,748 52,266 Other Assets $ 453,963 $ 379,929 During the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , the Company recorded $28,019,000 , $3,509,000 and $4,311,000 , respectively, of amortization expense related to intangible assets. The following table summarizes the estimated amortization expense related to intangible assets for the next five years: Years Ending December 31, (in thousands) 2016 $ 30,353 2017 20,487 2018 16,696 2019 14,100 2020 9,721

Mortgage Debt and Notes Payable

Mortgage Debt and Notes Payable, Nonrecourse	12 Months Ended
	Dec. 31, 2015
Mortgage Debt and Notes Payable, Nonrecourse [Abstract]
Mortgage Debt and Notes Payable, Nonrecourse	Mortgage Debt and Notes Payable, Nonrecourse The following tables summarize nonrecourse mortgage debt and notes payable, including $457,745,000 and $447,283,000 classified as held for sale at December 31, 2015 and 2014 , respectively, which is collateralized solely by completed rental properties, projects under construction and development and undeveloped land: December 31, 2015 Operating Properties Development Projects Total Total Weighted Average Rate (dollars in thousands) Fixed $ 2,402,942 $ 46,434 $ 2,449,376 5.47 % Variable Taxable 1,404,132 24,282 1,428,414 4.81 % Tax-Exempt 533,984 49,421 583,405 1.11 % $ 4,341,058 $ 120,137 $ 4,461,195 4.69 % December 31, 2014 Operating Properties Development Projects Total Total Weighted Average Rate (dollars in thousands) Fixed $ 2,234,801 $ 58,790 $ 2,293,591 5.57 % Variable Taxable 1,327,961 19,804 1,347,765 4.85 % Tax-Exempt 551,845 45,000 596,845 1.45 % $ 4,114,607 $ 123,594 $ 4,238,201 4.76 % The following table summarizes the mortgage debt and notes payable, nonrecourse maturities, as of December 31, 2015 : Years Ending December 31, Total Maturities (in thousands) 2016 $ 273,129 2017 1,277,779 2018 402,745 2019 362,266 2020 160,951 Thereafter 1,984,325 Total $ 4,461,195

Revolving Credit Facility

Revolving Credit Facility	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility In November 2015, the Company entered into a new Credit Agreement (the “Credit Facility”) which provides total available borrowings of $500,000,000 and contains an accordion provision, subject to bank approval, allowing the Company to increase total available borrowings to $750,000,000 . The Credit Facility matures in November 2019, and provides for two additional six-month extension periods, subject to certain conditions. Borrowings bear interest at the Company’s option at either London Interbank Offered Rate (“LIBOR”) plus a margin of 1.15% - 1.80% ( 1.30% at December 31, 2015) or the Prime Rate plus a margin of 0.15% - 0.85% ( 0.30% at December 31, 2015). The applicable margins are based on the Company’s total leverage ratio. In addition, the Credit Agreement is subject to an annual facility fee of 0.30% of total available borrowings. Up to $150,000,000 of the available borrowings can be used for letters of credit. The Credit Facility does not restrict the Company from declaring or paying dividends. The Credit Facility has restrictive covenants, including a prohibition on certain types of dispositions, mergers, consolidations, and limitations on lines of business the Company is allowed to conduct. Additionally, the Credit Facility contains financial covenants, including the maintenance of a maximum total leverage ratio, maximum secured and unsecured leverage ratios, maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, and a minimum unencumbered interest coverage ratio (all as specified in the Credit Facility). The first required reporting period for these financial covenants, except for the maximum total leverage ratio, is effective for the three months ending March 31, 2016; however, at December 31, 2015, the Company would have been in compliance with all of these financial covenants. Prior to November 2015, the Company’s Fourth Amended and Restated Credit Agreement and Fourth Amended and Restated Guaranty of Payment of Debt, provided total available borrowings of $500,000,000 and was scheduled to mature on February 21, 2016. Borrowings bore interest at LIBOR plus 3.50% . Up to $100,000,000 of the available borrowings could be used, in the aggregate, for letters of credit and/or surety bonds. The Credit Facility had restrictive covenants, including a prohibition on certain consolidations and mergers, limitations on the amount of debt, guarantees and property liens and restrictions on the pledging of ownership interests in subsidiaries. The Company could repurchase up to $100,000,000 of Class A common stock and declare or pay dividends in an amount not to exceed $24,000,000 in the aggregate in any four quarter period to Class A or B common shareholders, subject to certain conditions. The Credit Facility contained development limitations and financial covenants, including the maintenance of minimum liquidity, debt yield, debt service and cash flow coverage ratios, and specified levels of shareholders’ equity (all as specified in the Credit Facility). The following table summarizes the available credit on the Credit Facility: December 31, 2015 2014 (in thousands) Maximum borrowings $ 500,000 $ 500,000 Less outstanding balances: Borrowings — — Letters of credit 59,800 85,768 Surety bonds — — Available credit $ 440,200 $ 414,232

Convertible Senior Debt

Convertible Senior Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Convertible Senior Debt	Convertible Senior Debt The following table summarizes the Company’s convertible senior debt: December 31, 2015 2014 (in thousands) 5.000% Notes due 2016 $ 125 $ 50,000 4.250% Notes due 2018 154,526 350,000 3.625% Notes due 2020 116,355 300,000 Total $ 271,006 $ 700,000 All of the senior debt are unsecured senior obligations and rank equally with all existing and future unsecured indebtedness; however, they are effectively subordinated to the Credit Facility and all existing and future secured indebtedness and other liabilities of the Company’s subsidiaries to the extent of the value of the collateral securing that other debt. During 2015, the Company entered into separate, privately negotiated exchange agreements with certain holders of the Company’s convertible senior notes. Under the terms of the agreements, holders agreed to exchange certain notes for shares of Class A common stock and cash payments. The cash payments were primarily for accrued and unpaid interest and in consideration for additional interest payable through maturity. The additional interest payable through maturity was based in part on the daily Volume Weighted Average Price (“VWAP”) during a 20 -trading day measurement period following the agreement date for the 2018 and 2020 Senior Notes exchanges (that occurred in February 2015) and a 5 -trading day measurement period commencing July 16, 2015 for the 2018 and 2020 Note exchanges (that occurred in July 2015). Under the accounting guidance for induced conversions of convertible debt, additional amounts paid to induce the holders to exchange the notes were expensed resulting in a non-tax deductible loss on extinguishment of debt. For the year ended December 31, 2015 , the Company recorded $58,577,000 as a non-tax deductible loss on extinguishment of debt related to the exchange agreement transactions. The following table summarizes the exchange agreement transactions completed during the year ended December 31, 2015 : Agreement Date Issuance Aggregate Principal Class A Common Shares Issued Cash Payments to Noteholders Loss on Extinguishment (in thousands, except share data) February 26, 2015 2018 Senior Notes $ 120,087 5,541,115 $ 13,641 $ 13,372 February 26, 2015 2020 Senior Notes 128,238 5,297,885 19,283 19,038 March 5, 2015 2016 Senior Notes 40,481 2,805,513 6,163 2,732 July 15, 2015 2016 Senior Notes 8,151 555,016 1,305 489 July 15/16, 2015 2018 Senior Notes 75,387 3,478,511 13,052 11,664 July 15, 2015 2020 Senior Notes 55,407 2,289,013 11,371 10,500 December 9/15, 2015 2016 Senior Notes 1,243 — 2,034 782 Total $ 428,994 19,967,053 $ 66,849 $ 58,577 Amounts paid to noteholders for consideration of additional interest through maturity are presented as cash used in financing activities in the Consolidated Statement of Cash Flows. In connection with the 2016 Senior Notes issuance, the Company entered into a convertible note hedge transaction intended to reduce, subject to a limit, the potential dilution with respect to the Company’s Class A common stock upon conversion of the 2016 Senior Notes. On March 3, 2015, the Company terminated and settled the convertible note hedge and received proceeds of $17,818,000 and 258,350 shares of Class A common stock, which the Company initially put into treasury. Under the accounting guidance, the total consideration received was recorded as an increase to additional paid in capital. Convertible Senior Notes due 2016 In October 2009, the Company issued $200,000,000 of 5.000% Convertible Senior Notes due October 15, 2016 (“2016 Senior Notes”) in a private placement. The 2016 Senior Notes were issued at par and accrued interest is payable semi-annually on April 15 and October 15. During 2011, the Company entered into separate, privately negotiated exchange agreements with certain holders of the 2016 Senior Notes to exchange $150,000,000 of such notes for 13,218,332 shares of Class A common stock. During 2015, the Company entered into separate, privately negotiated exchange agreements with certain holders of the 2016 Senior Notes to exchange $49,875,000 of such notes for 3,360,529 shares of Class A common stock and cash payments of $9,502,000 . During January 2016, the Company entered into a privately negotiated exchange agreement to exchange $125,000 of the 2016 Senior Notes for 9,298 shares of Class A common stock. As of January 20, 2016, no 2016 Senior Notes remain outstanding. Convertible Senior Notes due 2018 In July 2011, the Company issued $350,000,000 of 4.250% Convertible Senior Notes due August 15, 2018 (“2018 Senior Notes”) in a private placement. The 2018 Senior Notes were issued at par and accrued interest is payable semi-annually on February 15 and August 15. Holders may convert their 2018 Senior Notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date. Upon conversion, a noteholder would receive 46.1425 shares of Class A common stock per $1,000 principal amount of 2018 Senior Notes, based on a conversion price of approximately $21.67 per share of Class A common stock, subject to adjustment. The amount payable upon a conversion is only payable in shares of Class A common stock, except for cash paid in lieu of fractional shares. If the daily VWAP of the Class A common stock has equaled or exceeded 130% ( $28.17 at December 31, 2015 ) of the conversion price then in effect for at least 20 trading days in any 30 trading day period, the Company may, at its option, elect to terminate the conversion rights of the holders at any time. If it so elects, the Company is required to issue a conversion rights termination notice that designates an effective date on which the holders conversion rights will be terminated, which shall be a date at least 20 days after the mailing of such conversion rights termination notice. Convertible Senior Notes due 2020 In July 2013, the Company issued $300,000,000 of 3.625% Convertible Senior Notes due August 15, 2020 (“2020 Senior Notes”) in a private placement. The 2020 Senior Notes were issued at par and accrued interest is payable semi-annually on February 15 and August 15. Holders may convert their 2020 Senior Notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date. Upon conversion, a noteholder would receive 41.3129 shares of Class A common stock per $1,000 principal amount of 2020 Senior Notes converted, based on a conversion price of approximately $24.21 per share of Class A common stock, subject to adjustment. The amount payable upon a conversion of the 2020 Senior Notes is only payable in shares of Class A common stock, except for cash paid in lieu of fractional shares. If the daily VWAP of the Class A common stock has equaled or exceeded 130% ( $31.47 at December 31, 2015 ) of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any period of 30 consecutive trading days, the Company may, at its option, elect to redeem any or all of the 2020 Senior Notes at any time up to August 15, 2018 at par, plus accrued and unpaid interest. If elected, the Company is required to issue a redemption notice that designates the effective date the 2020 Senior Notes will be redeemed, which shall be a date at least 30 days (but not more than 60 days) after the mailing of such redemption notice (the “Redemption Date”). Holders electing to convert their 2020 Senior Notes after the mailing of a redemption notice and before the Redemption Date shall in certain circumstances be entitled to receive a make-whole premium payable in additional shares of Class A common stock. Consolidated Interest Expense The following table summarizes interest incurred, capitalized and paid on all forms of indebtedness (included in Notes E , F and G ): Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Interest incurred $ 194,041 $ 218,587 $ 267,515 Interest capitalized (36,875 ) (24,411 ) (16,693 ) Net interest expense from continuing operations $ 157,166 $ 194,176 $ 250,822 Interest incurred from discontinued operations $ 40,125 $ 45,767 $ 46,235 Cash paid for interest (net of amount capitalized) $ 200,781 $ 235,373 $ 292,692

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Risk Management Objective of Using Derivatives The Company maintains an overall interest rate risk management strategy using derivative instruments to minimize significant unplanned impact on earnings and cash flows caused by interest rate volatility. The strategy uses interest rate swaps and option contracts having indices related to the pricing of specific liabilities. The Company enters into interest rate swaps to convert floating-rate debt to fixed-rate long-term debt, and vice-versa, depending on market conditions, or forward starting swaps to hedge the changes in benchmark interest rates on forecasted financings. Interest rate swaps are generally for periods of one to ten years. Option products are primarily interest rate caps for periods of one to three years. The use of option products is consistent with the Company’s risk management objective to reduce or eliminate exposure to variability in future cash flows primarily attributable to changes in benchmark rates relating to forecasted financings, and the variability in cash flows attributable to increases relating to interest payments on its floating-rate debt. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. The Company primarily uses interest rate caps and swaps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated OCI and is subsequently reclassified into earnings during the period the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Ineffectiveness was insignificant during the year ended December 31, 2015 . During the year ended December 31, 2014 , the Company recorded $3,673,000 as an increase to interest expense primarily related to ineffectiveness from a missed forecasted transaction arising from the early reclassification of OCI related to debt associated with an entity disposed of during the year ended December 31, 2014 . During the 11 months ended December 31, 2013 , the Company recorded $2,963,000 as an increase to interest expense related to ineffectiveness arising primarily from the early reclassification of OCI related to debt associated with entities included in the partial disposition of real estate. The hedged debt for these entities was deconsolidated and is now accounted for under the equity method of accounting. The increase to interest expense was also related to ineffectiveness arising from the early termination of an interest rate swap. The swap was terminated because the hedged debt was paid off early as a result of an asset sale. As of December 31, 2015 , the Company expects it will reclassify amounts recorded in accumulated OCI into earnings as an increase in interest expense of approximately $37,038,000 within the next twelve months. However, the actual amount reclassified could vary due to future changes in fair value of these derivatives. Fair Value Hedges of Interest Rate Risk The Company enters into total rate of return swaps (“TROR”) on various tax-exempt fixed-rate borrowings. The TROR convert borrowings from a fixed rate to a variable rate. In exchange for a fixed rate, the TROR requires the payment of a variable interest rate, generally equivalent to the Securities Industry and Financial Markets Association (“SIFMA”) rate ( 0.01% at December 31, 2015 ) plus a spread. Additionally, the Company has guaranteed the fair value of the underlying borrowings. Fluctuation in the value of the TROR is offset by the fluctuation in the value of the underlying borrowings, resulting in minimal financial impact. At December 31, 2015 , the aggregate notional amount of TROR designated as fair value hedging instruments is $471,985,000 . The underlying TROR borrowings are subject to a fair value adjustment. Nondesignated Hedges of Interest Rate Risk The Company uses derivative contracts to hedge certain interest rate risk, even though the contracts do not qualify for, or the Company has elected not to apply, hedge accounting. In these situations, the derivative is recorded at its fair value with changes reflected in earnings. The Company has certain TROR where the associated debt is held by unrelated third parties. The change in fair value of these TROR is recognized in earnings. At December 31, 2015 , the aggregate notional amount of these TROR is $63,871,000 . In instances where the Company enters into separate derivative instruments effectively hedging the same debt for consecutive annual periods, the duplicate amount of notional is excluded from the following table in an effort to provide information enabling the financial statement user to understand the Company’s volume of derivative activity. The following table summarizes the fair values and location in the Consolidated Balance Sheets of all derivative instruments: Fair Value of Derivative Instruments December 31, 2015 Asset Derivatives (included in Other Assets) Liability Derivatives (included in Accounts Payable, Accrued Expenses and Other Liabilities) Current Notional Fair Value Current Notional Fair Value (in thousands) Derivatives Designated as Hedging Instruments Interest rate caps $ 330,000 $ — $ — $ — Interest rate swaps 65,124 340 669,154 50,045 TROR 149,200 7,471 322,785 10,281 Total $ 544,324 $ 7,811 $ 991,939 $ 60,326 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 303,111 $ 122 $ — $ — TROR 101,114 5,378 37,757 13,353 Total $ 404,225 $ 5,500 $ 37,757 $ 13,353 December 31, 2014 Derivatives Designated as Hedging Instruments Interest rate caps $ 330,000 $ 114 $ — $ — Interest rate swaps — — 869,154 75,281 TROR 149,200 6,379 217,785 11,983 Total $ 479,200 $ 6,493 $ 1,086,939 $ 87,264 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 205,522 $ 12 $ — $ — TROR 101,410 1,857 38,425 15,098 Total $ 306,932 $ 1,869 $ 38,425 $ 15,098 The following table summarizes the impact of gains and losses related to derivative instruments designated as cash flow hedges included in the accumulated OCI section of the Consolidated Balance Sheets and in equity in earnings (loss) and interest expense in the Consolidated Statements of Operations: Gain (Loss) Reclassified from Accumulated OCI Derivatives Designated as Cash Flow Hedging Instruments Gain (Loss) Recognized in OCI (Effective Portion) Location on Consolidated Statements of Operations Effective Amount Ineffective Amount (in thousands) Year Ended December 31, 2015 Interest rate caps and interest rate swaps $ (12,478 ) Interest expense $ (37,831 ) $ (21 ) Net gain on change in control of interest 900 — Earnings (loss) from unconsolidated entities, gross of tax (3,721 ) (1 ) Total $ (12,478 ) $ (40,652 ) $ (22 ) Year Ended December 31, 2014 Interest rate caps and interest rate swaps $ (16,792 ) Interest expense $ (38,086 ) $ (7 ) Discontinued operations — (3,666 ) Earnings (loss) from unconsolidated entities, gross of tax (4,006 ) — Total $ (16,792 ) $ (42,092 ) $ (3,673 ) 11 Months Ended December 31, 2013 Interest rate caps and interest rate swaps $ (729 ) Interest expense $ (37,390 ) $ (2,963 ) Earnings (loss) from unconsolidated entities, gross of tax (3,818 ) 4 Total $ (729 ) $ (41,208 ) $ (2,959 ) The following table summarizes the impact of gains and losses related to derivative instruments not designated as cash flow hedges in the Consolidated Statements of Operations: Net Gain (Loss) Recognized Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ 2,794 $ 3,265 $ 1,081 Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ (157 ) $ 17 $ (319 ) TROR 5,266 2,236 (1,091 ) Total $ 5,109 $ 2,253 $ (1,410 ) (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(2,794) , $(3,265) and $(1,081) for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively, offsetting the gain (loss) recognized on the TROR. Credit-risk-related Contingent Features The principal credit risk of the Company’s interest rate risk management strategy is the potential inability of a counterparty to cover its obligations. If a counterparty fails to fulfill its obligation, the risk of loss approximates the fair value of the derivative. To mitigate this exposure, the Company generally purchases derivative financial instruments from the financial institution that issues the related debt, from financial institutions with which the Company has other lending relationships, or from financial institutions with a minimum credit rating of AA at the time of the transaction. Agreements with derivative counterparties contain provisions under which the counterparty could terminate the derivative obligations if the Company defaults on its obligations under the Credit Facility and designated conditions are fulfilled. In instances where the Company’s subsidiaries have derivative obligations secured by a mortgage, the derivative obligations could be terminated if the indebtedness between the two parties is terminated, either by loan payoff or default of the indebtedness. In addition, certain subsidiaries have agreements containing provisions whereby the subsidiaries must maintain certain minimum financial ratios. As of December 31, 2015 , the Company does not have any derivative contracts containing credit-risk related contingent features, such as a credit rating downgrade, that may trigger collateral to be posted with a counterparty. The following table summarizes information about collateral posted for derivatives in liability positions as of December 31, 2015 : Collateral Information Notional Amount Fair Value Prior to Nonperformance Risk Nonperformance Risk Collateral Posted Nature of Collateral Credit Risk Contingent Feature (in thousands) Property Specific Swaps $ 669,154 $ 51,794 $ (1,749 ) $ — Mortgage liens None TROR 360,542 23,577 57 50,577 Restricted cash, notes receivable, letters of credit None Totals $ 1,029,696 $ 75,371 $ (1,692 ) $ 50,577

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial assets and liabilities subject to fair value measurements are interest rate caps, interest rate swaps, TROR and borrowings subject to TROR (see Note H – Derivative Instruments and Hedging Activities ). Impairment of real estate and unconsolidated entities is also subject to fair value measurements (see Note Q – Impairment of Real Estate and Impairment of Unconsolidated Entities and Note X – Assets and Liabilities Held for Sale and Discontinued Operations ). Fair Value Hierarchy The accounting guidance related to estimating fair value specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (also referred to as observable inputs). The following summarizes the fair value hierarchy: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant observable inputs are available, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals; and • Level 3 – Prices or valuations that require inputs that are unobservable. Inputs used to measure fair value may fall into different levels of the fair value hierarchy. In these cases, the level in the fair value hierarchy is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Measurement of Fair Value The Company estimates the fair value of its hedging instruments based on interest rate market and bond pricing models. Although the Company has determined the significant inputs used to value its hedging instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2015 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its hedging instruments’ positions and has determined the credit valuation adjustments are not significant to the overall valuation of all of its hedging instruments. As a result, one interest rate swap that had been classified in Level 3 at December 31, 2014 was transferred to Level 2 on December 31, 2015. It is the Company’s policy to recognize all transfers between levels of the fair value hierarchy at the end of the reporting period in which they occur. The Company’s TROR have termination values equal to the difference between the fair value of the underlying bonds and the bonds base (acquired) price times the stated par amount of the bonds. Upon termination of the contract with the counterparty, the Company is entitled to receive the termination value if the underlying fair value of the bonds is greater than the base price and is obligated to pay the termination value if the underlying fair value of the bonds is less than the base price. The underlying borrowings generally have call features at par and without prepayment penalties. The call features of the underlying borrowings would result in a significant discount factor to any value attributed to the exchange of cash flows in these contracts by another market participant willing to purchase the Company’s positions. Therefore, the Company believes the termination value of the TROR approximates the fair value another market participant would assign to these contracts. The Company compares estimates of fair value to those provided by the respective counterparties on a quarterly basis. The Company has determined its fair value estimate of TROR is classified in Level 3 of the fair value hierarchy. To determine the fair value of the underlying borrowings subject to TROR, the base price is initially used as the estimate of fair value. The Company adjusts the fair value based upon observable and unobservable measures such as the financial performance of the underlying collateral, interest rate risk spreads for similar transactions and loan to value ratios. In the absence of such evidence, management’s best estimate is used. At December 31, 2015 , the notional amount of TROR borrowings subject to fair value adjustments is approximately $471,985,000 . Items Measured at Fair Value on a Recurring Basis The Company’s financial assets consist of interest rate caps, interest rate swaps and TROR with positive fair values included in other assets. The Company’s financial liabilities consist of interest rate swaps and TROR with negative fair values included in accounts payable, accrued expenses and other liabilities and borrowings subject to TROR included in mortgage debt and notes payable, nonrecourse. At December 31, 2015 and 2014 , the Company recorded the redeemable noncontrolling interest related to Brooklyn Arena, LLC at historical cost since its initial cost adjusted for contributions, distributions and the allocation of profits or losses, is greater than the estimated redemption value, which approximates fair value. In the event the redemption value of the redeemable noncontrolling interest exceeds historical cost, the Company would be required to record the redeemable noncontrolling interest at redemption value, with a corresponding adjustment to additional paid-in capital. As of January 29, 2016, the entire redeemable noncontrolling interest was extinguished in connection with the sale of Barclays Center. The following table summarizes information about financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis (if applicable), and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: Fair Value Measurements December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Interest rate caps (assets) $ — $ 122 $ — $ 122 Interest rate swaps (assets) — 340 — 340 Interest rate swaps (liabilities) — (50,045 ) — (50,045 ) TROR (assets) — — 12,849 12,849 TROR (liabilities) — — (23,634 ) (23,634 ) Fair value adjustment to the borrowings subject to TROR — — 2,810 2,810 Redeemable noncontrolling interest — — (159,978 ) (159,978 ) Total $ — $ (49,583 ) $ (167,953 ) $ (217,536 ) December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Interest rate caps (assets) $ — $ 126 $ — $ 126 Interest rate swaps (liabilities) — (1,745 ) (73,536 ) (75,281 ) TROR (assets) — — 8,236 8,236 TROR (liabilities) — — (27,081 ) (27,081 ) Fair value adjustment to the borrowings subject to TROR — — 5,604 5,604 Redeemable noncontrolling interest — — (183,038 ) (183,038 ) Total $ — $ (1,619 ) $ (269,815 ) $ (271,434 ) The following table presents a reconciliation of financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Fair Value Measurements Redeemable Noncontrolling Interest Interest Rate Swaps Net Fair value Total Total (in thousands) Balance, December 31, 2013 $ (171,743 ) $ (97,360 ) $ (24,346 ) $ 8,869 $ (15,477 ) $ (284,580 ) Loss attributable to redeemable noncontrolling interest 17,095 — — — — 17,095 Total realized and unrealized gains (losses): Included in earnings — — 5,501 (3,265 ) 2,236 2,236 Included in other comprehensive income — 23,824 — — — 23,824 Included in additional paid-in capital (28,390 ) — — — — (28,390 ) Balance, December 31, 2014 $ (183,038 ) $ (73,536 ) $ (18,845 ) $ 5,604 $ (13,241 ) $ (269,815 ) Contribution from redeemable noncontrolling interest (1,552 ) — — — — (1,552 ) Distribution to redeemable noncontrolling interest 7,650 — — — — 7,650 Loss attributable to redeemable noncontrolling interest 16,962 — — — — 16,962 Total realized and unrealized gains (losses): Included in earnings — — 8,060 (2,794 ) 5,266 5,266 Included in other comprehensive income — 25,534 — — — 25,534 Transfer out to level 2 — 48,002 — — — 48,002 Balance, December 31, 2015 $ (159,978 ) $ — $ (10,785 ) $ 2,810 $ (7,975 ) $ (167,953 ) As of December 31, 2013, the fair value of the redeemable noncontrolling interest was incorrectly recorded and presented at less than the historical cost. Management evaluated the impact of the error and determined the previously issued financial statements were not materially misstated. Additionally, management determined the impact of correcting the presentation of the redeemable noncontrolling interest was not material to the financial statements as of and for the year and 11 months ended December 31, 2014 and 2013, respectively. Accordingly, at March 31, 2014, the Company corrected the carrying value of the redeemable noncontrolling interest by recording an adjustment of $28,390,000 to increase the redeemable noncontrolling interest with a corresponding decrease to additional paid-in capital. Such amount should have been reflected at December 31, 2013. The following table presents quantitative information about the significant unobservable inputs used to estimate the fair value of financial instruments measured on a recurring basis as of December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value December 31, 2015 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (10,785 ) Third party bond pricing Bond valuation 79.59 - 115.69 Fair value adjustment to the borrowings subject to TROR $ 2,810 Third party bond pricing Bond valuation 79.59 - 115.69 Third party service providers involved in fair value measurements are evaluated for competency and qualifications. Fair value measurements, including unobservable inputs, are evaluated based on current transactions and experience in the real estate and capital markets. The impact of changes in unobservable inputs used to determine the fair market value of the credit valuation adjustment, TROR and fair value adjustment to the borrowings subject to TROR are not deemed to be significant. Fair Value of Other Financial Instruments The carrying amount of notes and accounts receivable, excluding the Stapleton advances, and accounts payable, accrued expenses and other liabilities approximates fair value based upon the short-term nature of the instruments or the prevailing interest rate if long-term. The carrying amount of the Stapleton advances approximates fair value since the interest rates on these advances approximates current market rates. The Company estimates the fair value of its debt instruments by discounting future cash payments at interest rates the Company believes approximate the current market. Estimated fair value is based upon market prices of public debt, available industry financing data, current treasury rates, recent financing transactions, conversion features on convertible senior debt and loan to value ratios. The fair value of the Company’s debt instruments is classified as Level 3 in the fair value hierarchy. The following table summarizes the fair value of nonrecourse mortgage debt and notes payable (exclusive of the fair value of derivatives), revolving credit facility and convertible senior debt: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Fixed Rate Debt $ 2,720,382 $ 2,987,646 $ 2,993,591 $ 3,421,373 Variable Rate Debt 2,011,819 2,001,701 1,944,610 1,924,823 Total $ 4,732,201 $ 4,989,347 $ 4,938,201 $ 5,346,196

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has various guarantees, including indirect guarantees of indebtedness of others. The Company believes the risk of payment under these guarantees, as described below, is remote and, to date, no payments have been made under these guarantees. As of December 31, 2015 , the Company had $1,000,000 in guarantees associated with a property sold in 2013. The Company had outstanding letters of credit of $59,800,000 as of December 31, 2015 , which represents the maximum potential amount of future payments on the letters of credit the Company could be required to make. The Company has entered into certain partnerships whereby the outside investment partner is allocated certain tax credits. These partnerships typically require the Company to indemnify, on an after-tax or “grossed up” basis, the investment partner against the failure to receive or the loss of allocated tax credits and tax losses. At December 31, 2015 , the maximum potential payment under these tax indemnity guarantees was approximately $136,570,000 . During 2014, the Company entered into an agreement with one historic tax credit investment partner that obligated the Company to reimburse the tax credit partner for the full amount of the tax credit allocated to them in a prior year. The agreement was a result of an Internal Revenue Service (“IRS”) audit inquiry related to the validity of the tax credit Partnership structure. The IRS audit did not question the qualifying expenditures or the validity of the actual tax credit. The Company believes it will be able to fully utilize these Federal tax credits on its 2015 Federal income tax return. Although the Company believes the tax credit partnership was in full compliance with IRC section 47, and the tax credit itself is valid, the Company and its tax credit partner decided not to pursue an audit appeal and entered into the agreement to avoid the lengthy and costly process of an audit appeal. As a result, during the year ended December 31, 2014 , the Company recorded an $11,476,000 reduction to interest and other income which represents the reversal of the tax credit income previously recognized on this individual tax credit plus the additional amount owed to our tax credit partner under the agreement and a $13,423,000 deferred tax benefit for the recognition of a deferred tax asset related to the tax credit. The Company believes all remaining requirements for qualifications of tax credits and partnership structures have been and will continue to be met and the Company’s investment partners will be able to receive expense allocations associated with the properties. The Company does not expect to make any remaining payments under these guarantees. The Company’s mortgage loans are nonrecourse; however, in some cases, lenders carve out certain items from the nonrecourse provisions. These carve-out items enable the lenders to seek recourse if the Company or the joint venture engages in certain acts as defined in the respective agreements such as commit fraud, intentionally misapply funds, or intentionally misrepresent facts. The Company has also provided certain environmental guarantees. Under these environmental remediation guarantees, the Company must remediate any hazardous materials brought onto the property in violation of environmental laws. The maximum potential amount of future payments the Company could be required to make on the environmental guarantees is limited to the actual losses suffered or actual remediation costs incurred. A portion of these carve-outs and guarantees have been made on behalf of joint ventures and the Company believes any liability would not exceed its partners’ share of the outstanding principal balance of the loans in which these carve-outs and environmental guarantees have been made. At December 31, 2015 , the outstanding balance of the partners’ share of these loans was approximately $1,202,099,000 . The Company believes the risk of payment on the carve-out guarantees is mitigated, in most cases, by the fact that the Company manages the property, and in the event the Company’s partner violated one of the carve-out items, the Company would seek recovery from its partner for any payments the Company would make. Additionally, the Company further mitigates its exposure through environmental insurance and other types of insurance coverage. The Company monitors its properties for the presence of hazardous or toxic substances. Other than those environmental matters identified during the acquisition of a site (which are generally remediated prior to the commencement of development), the Company is not aware of any environmental liability with respect to its operating properties that would have a material adverse effect on its financial position, cash flows or results of operations. However, there can be no assurance such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on the Company’s results of operations and cash flow. The Company carries environmental insurance and believes the policy terms, conditions, limits and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage and current industry practice. The Company customarily guarantees lien-free completion of projects under construction. Upon completion, as defined, the guarantees are released. The Company currently provides the following completion guarantees on its completed projects and projects under construction and development (including unconsolidated properties): Total Costs Percent Completed (Unaudited) (dollars in thousands) At December 31, 2015 Openings and acquisitions $ 336,816 82 % Under construction 2,234,000 44 % Total Real Estate $ 2,570,816 49 % Additionally, the Company has provided a guaranty of payment, performance and completion of certain obligations associated with certain Military Housing Privatization Initiative (“MHPI”) projects. These guarantees do not include a guaranty of available MHPI project funds and the Company cannot be compelled to replace a deficiency in funding. In the event the guaranty were called upon, any money advanced by the Company would be replaced by funds available within the MHPI project. Inclusive of the available MHPI project funds, the Company believes its maximum net exposure to be $281,677,000 at December 31, 2015 . Currently, the Company anticipates further MHPI project funds will cover this maximum exposure and future advances by the Company will not be required. In connection with the February 2016 disposition of Military Housing, the guarantees were transferred to the buyers. In addition to what is stated above, the Company has guaranteed the lender the lien free completion of certain horizontal infrastructure associated with certain land development projects. The maximum amount due by the Company under these completion guarantees is limited to $2,990,000 . The Company is also involved in certain claims and litigation related to its operations and development. Based on the facts known at this time, management has consulted with legal counsel and is of the opinion that the ultimate outcome of all such claims and litigation will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. Certain ground leases include provisions requiring the Company to indemnify the ground lessor against claims or damages occurring on or about the leased property during the term of the ground lease. These indemnities generally were entered into prior to the effective date of accounting guidance related to guarantees; therefore, they have not been recorded in the Company’s consolidated financial statements at December 31, 2015 . The maximum potential amount of future payments the Company could be required to make is limited to the actual losses suffered. The Company mitigates its exposure to loss related to these indemnities through insurance coverage. The Company is party to an easement agreement under which it has agreed to indemnify a third party for any claims or damages arising from the use of the easement area in one of its unconsolidated apartment communities. The Company mitigates its exposure to loss related to the easement agreement through insurance coverage. See Note M – Class A Common Units and Related Party Transactions regarding certain tax indemnification payments in connection with a Master Contribution and Sale Agreement entered into during 2006.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Capital Stock	Common Stock The Company’s authorized common stock consists of Class A common stock and Class B common stock. The economic rights of each class of common stock are identical, but the voting rights differ. The Class A common stock, voting as a separate class, is entitled to elect four of the members of the Company’s board of directors, while the Class B common stock, voting as a separate class, is entitled to elect the remaining nine members of the Company’s board of directors. When the Class A common stock and Class B common stock vote together as a single class, each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share . Class B common stock is convertible into Class A common stock on a share-for-share basis at the option of the holder. Pursuant to the merger agreement facilitating the Company’s conversion to REIT status, effective as of 11:59 pm, Eastern Time, on December 31, 2015 (the “Effective Time”), each outstanding share of Forest City Enterprises, Inc., the Company’s predecessor, Class A common stock, par value $.33 1/3 per share, and Class B common stock, par value $.33 1/3 per share, automatically converted into one share of Forest City Realty Trust, Inc. Class A common stock, $.01 par value per share, and Class B common stock, $.01 par value per share, respectively. I n May 2015, the Company issued 37,375,000 shares of Class A common stock in an underwritten public offering at a price of $22.50 per share, which included the underwriters’ exercise of their over-allotment option in full. The offering generated net proceeds of $806,500,000 after deducting underwriting discounts, commissions and other offering expenses. The Company used $386,156,000 of the net proceeds to finance the June 2015 acquisition of the Company’s partner’s 49% equity interest in seven life science office properties and two parking facilities at University Park at MIT , a mixed-use life science office campus in Cambridge, Massachusetts. Subsequent to the acquisition, the Company owns 100% of these assets. The Company used substantially all of the remaining net proceeds to retire a combination of nonrecourse mortgage debt and revolving credit facility borrowings. During the year ended December 31, 2015 , the Company issued shares of Class A common stock in connection with the separate, privately negotiated exchange transactions involving a portion of the Company’s 2016, 2018 and 2020 Senior Notes. See Note G – Convertible Senior Debt for detailed information on these Class A common stock issuances, as well as the receipt of Class A common stock in connection with the termination of a convertible note hedge related to the 2016 Senior Notes. During the years ended December 31, 2015 and 2014 , the Company issued shares of Class A common stock to certain BCR entities in exchange of 2006 Units pursuant to the Master Contribution Agreement. See the Note M – Class A Common Units and Related Party Transactions for detailed information on these transactions. In April 2013, the Company entered into separate, privately negotiated exchange agreements with certain holders of its Puttable Equity-Linked Senior Notes due 2014 (“2014 Senior Notes”) to exchange $138,853,000 in aggregate principal amount of 2014 Senior Notes for 9,549,721 shares of Class A common stock and cash payments totaling $4,860,000 for additional exchange consideration, accrued interest and in lieu of fractional shares. In May 2013, pursuant to the terms of the Indenture governing the 2014 Senior Notes, the Company issued a put termination notice to the remaining noteholders. As of July 12, 2013, the last settlement date for noteholders to put the 2014 Senior Notes to the Company, $60,033,000 aggregate principal amount of the 2014 Senior Notes were put, for which noteholders received 4,128,806 shares of Class A common stock and cash payments totaling $1,088,000 for interest payable to October 15, 2013 and in lieu of fractional shares. Preferred Stock The Company is authorized to issue shares of preferred stock. Pursuant to the merger agreement facilitating the Company’s conversion to a REIT, at the Effective Time, the par value of the preferred stock was set at $.01 per share. Prior to the Effective Time, the preferred stock of Forest City Enterprises, Inc. (“Series A Preferred stock”) had no par value. Currently, the Company has no outstanding shares of preferred stock. Holders were able to convert the Series A preferred stock into shares of Class A common stock at any time. Upon conversion, the holder would receive approximately 3.3 shares of Class A common stock per $50 liquidation preference of Series A preferred stock. From January 31, 2013 to March 14, 2013, 109,768 shares of Series A preferred stock were converted by holders into 362,990 shares of Class A common stock in accordance with the original terms of the Series A preferred stock. On March 15, 2013, the Company redeemed the remaining 101,270 shares of Series A preferred stock for approximately $5,100,000 , the aggregate amount of liquidation preference plus the dividend due and payable on March 15, 2013. On March 13, 2013, the Company settled an equity call hedge transaction that was entered into in connection with the original issuance of the Series A preferred stock. As a result, the Company received 765,134 shares of Class A common stock valued at $16.82 per share for a total of $12,868,000 and cash payments of $10,231,000 . In accordance with accounting guidance on equity hedge transactions, amounts received upon settlement of equity call hedge transactions in which the Company had the choice of net share settlement or net cash settlement are reflected as an increase to additional paid-in capital. The Company declared and paid Series A preferred stock dividends of $185,000 during the 11 months ended December 31, 2013 .

Dividends Dividends

Dividends Dividends	12 Months Ended
	Dec. 31, 2015
Dividends [Abstract]
Dividends [Text Block]	Dividends Prior to the taxable year ending December 31, 2016, our predecessor, Forest City Enterprises, Inc., operated as a C corporation. A REIT is not permitted to retain earnings and profits (“E&P”) accumulated during the periods when the company or its predecessor was taxed as a C corporation or accumulated by the Company’s or its predecessor’s TRS not converted to a qualified REIT subsidiary. The Company must make one or more distributions to its shareholders that equals or exceeds its accumulated positive E&P. On February 18, 2016, the Board of Directors declared a $0.10 per share cash dividend on the Company’s Class A and Class B common stock (“Common Stock”) based on the cumulative positive E&P of its predecessor. In addition, on February 18, 2016, in connection with the Company’s intention to elect REIT status for its taxable year ending December 31, 2016, the Board of Directors reinstated dividends declaring a $0.06 per share cash dividend on the Company’s Common Stock for the first quarter of 2016. The E&P dividend together with the first-quarter 2016 cash dividend will be payable on March 18, 2016, to shareholders of record at the close of business on March 4, 2016. There will be no Common Stock paid as part of these dividends.

Class A Common Units and Relate

Class A Common Units and Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Class A Common Units and Related Party Transactions	Master Contribution Agreement The Company and certain of its affiliates entered into a Master Contribution and Sale Agreement (the “Master Contribution Agreement”) with Bruce C. Ratner (“Mr. Ratner”), Executive Vice President and Director, and certain entities and individuals affiliated with Mr. Ratner (the “BCR Entities”) in August 2006 to purchase their interests in a total of 30 retail, office and residential operating properties and service companies in the Greater New York City metropolitan area. The Company issued 3,646,755 Class A Common Units (“2006 Units”) in a jointly-owned, limited liability company in exchange for their interests. The 2006 Units may be exchanged for one of the following forms of consideration at the Company’s sole discretion: (i) an equal number of shares of the Company’s Class A common stock or, (ii) cash based on a formula using the average closing price of the Class A common stock at the time of conversion or, (iii) a combination of cash and shares of the Company’s Class A common stock. The Company has no rights to redeem or repurchase the 2006 Units. Pursuant to the Master Contribution Agreement, certain projects under development would remain owned jointly until each project was completed and achieved “stabilization.” Upon stabilization, each project would be valued and the Company, in its discretion, would choose among various ownership options for the project. As described below, the Company and Mr. Ratner have agreed upon the value of each development project that has reached stabilization. As of December 31, 2015 , air rights for any future residential vertical development at East River Plaza , a specialty retail center in Manhattan, New York, remains the only asset subject to this agreement. The development projects were not covered by the Tax Protection Agreement (the “Tax Protection Agreement”) that the parties entered into in connection with the Master Contribution Agreement. The Tax Protection Agreement indemnified the BCR Entities included in the initial closing against taxes payable by reason of any subsequent sale of certain operating properties and expires in 2018. Upon the closing of the January 2016 sale of 625 Fulton Avenue , a development site in Brooklyn, New York adjacent to our DKLB BKLN apartment community, the Company is obligated pursuant to the terms of the Master Contribution Agreement to make a $6,238,000 tax indemnity payment to the BCR Entities. The payment, which will be accrued during the three months ending March 31, 2016, is expected to be paid in quarterly installments during the year ending December 31, 2016. As a result of the March 2014 disposal of Quartermaster Plaza , a specialty retail center in Philadelphia, Pennsylvania, the Company accrued $1,646,000 during the year ended December 31, 2014 related to a tax indemnity payment due to the BCR Entities, of which $1,235,000 was paid as of December 31, 2014 . The remaining amount was paid during the year ended December 31, 2015 . The Company made no payments to the BCR Entities for tax indemnification during the 11 months ended December 31, 2013 . Class A Common Unit Exchanges In September 2015, certain BCR Entities exchanged 1,032,402 of the 2006 Units. The Company issued 1,032,402 shares of its Class A common stock for the exchanged 2006 Units. The Company accounted for the exchange as a purchase of noncontrolling interests, resulting in a reduction of noncontrolling interests of $52,663,000 , an increase to Class A common stock of $344,000 and a combined increase to additional paid-in capital of $52,319,000 , accounting for the fair value of common stock issued and the difference between the fair value of consideration exchanged and the noncontrolling interest balance. At December 31, 2015 , 1,940,788 2006 Units were outstanding. In June 2014, one of the BCR Entities exchanged 673,565 of the 2006 Units. The Company issued 673,565 shares of its Class A common stock for the exchanged 2006 Units. The Company accounted for the exchange as a purchase of noncontrolling interests, resulting in a reduction of noncontrolling interests of $34,358,000 , an increase to Class A common stock of $224,000 and a combined increase to additional paid-in capital of $34,134,000 , accounting for the fair value of common stock issued and the difference between the fair value of consideration exchanged and the noncontrolling interest balance. At December 31, 2014 , 2,973,190 2006 Units were outstanding. The carrying value of the 2006 Units of $99,000,000 and $151,663,000 is included as noncontrolling interests at December 31, 2015 and 2014 , respectively. Westchester’s Ridge Hill Pursuant to the terms of the Master Contribution Agreement, in December 2015, the Company caused certain of its affiliates to acquire the BCR Entities’ interests in Westchester’s Ridge Hill , a regional mall in Yonkers, New York for $10 . Subsequent to the December 2015 transaction, the Company owns 100% of the asset. During the year ended December 31, 2014 , in accordance with the Master Contribution Agreement, the Company accrued and capitalized into the cost basis of the asset an $11,000,000 development fee payable to Mr. Ratner related to Westchester’s Ridge Hill, as certain milestones had been reached in the development and operation of the property. As of December 31, 2015 and 2014 , the entire amount was included in accounts payable, accrued expenses and other liabilities. In January 2016, the Company paid the $11,000,000 development fee to Mr. Ratner. 8 Spruce Street, DKLB BKLN and East River Plaza Pursuant to the terms of the Master Contribution Agreement, in January 2014, the Company caused certain of its affiliates to acquire the BCR Entities’ interests in three stabilized projects, 8 Spruce Street , an apartment community in Manhattan, New York, DKLB BKLN , an apartment community in Brooklyn, New York, and East River Plaza , for $14,286,000 . Prior to the transaction, the Company accounted for the three projects using the equity method of accounting and subsequently accounts for the projects as equity method investments as the other outside partners continue to have joint control. New York Times and Twelve MetroTech Center Pursuant to the terms of the Master Contribution Agreement, in May 2008, the Company caused certain of its affiliates to acquire the BCR Entities’ interests in two stabilized projects, New York Times , an office building in Manhattan, New York, and Twelve MetroTech Center , an office building in Brooklyn, New York. In accordance with the purchase agreements, the applicable BCR Entities assigned and transferred their interests in the two projects to affiliates of the Company and will receive approximately $121,000,000 over a 15 year period. An affiliate of the Company had also agreed to indemnify the applicable BCR Entity against taxes payable by it by reason of a subsequent sale or other disposition of one of the projects. This agreement expired on December 31, 2014. The consideration exchanged by the Company for the BCR Entities’ interest in the two development projects was accounted for under the purchase method of accounting. Pursuant to the agreements, the BCR Entities received an initial cash amount of $49,249,000 . The Company calculated the net present value of the remaining payments over the 15 year period using a discounted interest rate. This initial discounted amount of $56,495,000 was recorded and will be accreted up to the total liability through interest expense over the 15 year period using the effective interest method. At December 31, 2015 and 2014 , $3,497,000 and $3,330,000 , respectively, is recorded in accounts payable, accrued expenses and other liabilities related to this obligation.

Leases

Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leases	Leases The Company as Lessor The following table summarizes the minimum future rental income to be received on non-cancelable operating leases of commercial properties that generally extend for periods of more than one year: Years Ending December 31, (in thousands) 2016 $ 453,047 2017 415,248 2018 383,091 2019 323,647 2020 288,656 Thereafter 1,261,934 $ 3,125,623 The Company as Lessee The Company is a lessee under various operating leasing arrangements for real property and equipment. The most significant of these involve ground leases which expire between the years 2019 and 2100, excluding optional renewal periods. The Company is subject to participation payments under certain of its ground leases, the most significant of which are in New York City. These payments are triggered by defined events within the respective lease agreements and the timing and future amounts are not determinable by the Company. The following table summarizes the minimum fixed rental payments under long-term leases (over one year) in effect at December 31, 2015: Years Ending December 31, (in thousands) 2016 $ 9,333 2017 8,298 2018 7,706 2019 7,585 2020 7,623 Thereafter 262,502 $ 303,047 The following table summarizes rent expense: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Rent expense $ 14,032 $ 11,013 $ 8,243

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company’s 1994 Stock Plan (the “Plan”) permits the award of Class A stock options, restricted shares, performance shares and other equity awards to key employees and nonemployee directors of the Company. The aggregate maximum number of shares that may be issued under the Plan is 21,750,000 for all types of awards. As of December 31, 2015 , the total number of shares available for granting of all types of awards was 5,579,656 . The maximum annual award to an individual is 500,000 of the aggregate stock options and 500,000 of the aggregate restricted shares and performance shares. In addition, the aggregate grant-date fair value of awards granted to a nonemployee director during any calendar year shall not exceed $250,000 . Stock options have a maximum term of 10 years and are awarded with an exercise price at least equal to the market value of the stock on the date of grant. Class A common stock issued upon the exercise of stock options may be issued out of authorized and unissued shares or treasury stock. Subsequent to December 31, 2015 , Class A common stock issued upon the exercise of stock options will be issued out of authorized and unissued shares. The Plan, which is administered by the Compensation Committee of the Board of Directors, does not allow the reduction of option prices without shareholder approval, except for the anti-dilution adjustments. The Company has not amended the terms of any previously issued equity award. All outstanding stock options have an exercise price equal to the fair market value of the underlying stock at the date of grant and a 10 -year term. Stock options and restricted shares have graded vesting over three to four years for employees and one to three years for nonemployee directors. The following table summarizes stock-based compensation costs and related deferred income tax benefit recognized in the financial statements: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Stock option costs $ 1,314 $ 3,381 $ 3,051 Restricted stock costs 17,211 12,279 10,672 Performance share costs 13,310 4,013 2,474 Total stock-based compensation costs 31,835 19,673 16,197 Less amount capitalized into qualifying real estate projects (7,717 ) (5,944 ) (5,826 ) Amount charged to operating expenses 24,118 13,729 10,371 Depreciation expense on capitalized stock-based compensation 894 800 876 Total stock-based compensation expense $ 25,012 $ 14,529 $ 11,247 Deferred income tax benefit $ 9,629 $ 5,426 $ 4,111 The amount of grant-date fair value expensed immediately for awards granted to retirement-eligible grantees during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 was $1,926,000 , $1,358,000 and $973,000 , respectively. Stock Options The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for options granted during the respective years: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 Risk-free interest rate 1.71 % 1.91 % 0.78 % Expected volatility 30.80 % 71.50 % 74.10 % Expected dividend yield 0.00 % 0.00 % 0.00 % Expected term (in years) 5.5 5.5 5.5 The risk-free interest rate was based on published yields of U.S. zero coupon bonds having a maturity date approximating the expected term of the options. Expected volatility was based on the historical volatility of the Company’s stock using the daily closing prices of the Company’s Class A common stock over a period of time equivalent to the expected term of the options. The expected dividend yield was based on the Company’s recent annual dividend divided by the average price of the Company’s Class A common stock during that period. Historical plan experience was used to estimate the expected term of options granted. The following table summarizes stock option activity for the year ended December 31, 2015 : Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in months) Intrinsic Value (in thousands) Outstanding at January 1, 2015 4,126,935 $ 34.07 Granted 28,240 $ 24.62 Exercised (104,110 ) $ 14.29 Forfeited/expired (742,806 ) $ 35.63 Outstanding at December 31, 2015 3,308,259 $ 34.26 41 $ 9,808 Options exercisable (fully vested) at December 31, 2015 2,773,150 $ 37.43 32 $ 7,533 The weighted average grant-date fair value of stock options granted during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 was $7.79 , $11.60 and $10.97 , respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 was $841,000 , $439,000 and $145,000 , respectively. Cash received from stock options exercised during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 was $1,488,000 , $789,000 and $1,153,000 , respectively. There was no income tax benefit realized as a reduction of income taxes payable from stock options exercised during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 . At December 31, 2015 , there was $1,405,000 of unrecognized compensation cost related to stock options expected to be recognized over a weighted-average period of 21 months . Restricted Stock The following table summarizes restricted stock activity for the year ended December 31, 2015 : Shares Weighted Average Grant-Date Fair Value Unvested shares at January 1, 2015 2,010,460 $ 17.20 Granted 826,718 $ 24.62 Vested (810,652 ) $ 17.13 Forfeited (57,166 ) $ 18.90 Unvested shares at December 31, 2015 1,969,360 $ 20.30 Restricted stock represents a grant of Class A common stock to key employees and nonemployee directors subject to restrictions on disposition, transferability and risk of forfeiture, while having the rights to vote the shares and receive dividends. Restricted shares subject to the restrictions mentioned above are considered to be nonvested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. At December 31, 2015 , all unvested shares of restricted stock were excluded from issued and outstanding shares of Class A common stock in the accompanying consolidated financial statements. The weighted average grant-date fair value of restricted stock granted during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 was $24.62 , $18.74 and $17.60 , respectively. The total fair value of shares that vested during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 was $13,883,000 , $11,647,000 and $7,770,000 , respectively. At December 31, 2015 , there was $18,340,000 of unrecognized compensation cost related to restricted stock expected to be recognized over a weighted-average period of 25 months . In connection with the vesting of restricted stock during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , the Company repurchased into treasury 222,537 shares, 215,632 shares and 179,907 shares, respectively, of Class A common stock to satisfy the employees’ related minimum statutory tax withholding requirements. These shares were placed in treasury with an aggregate cost basis of $5,543,000 , $4,009,000 and $3,167,000 , respectively. Performance Shares Performance shares may be granted to selected executives and the vesting of the shares is contingent upon meeting management objectives established by the Compensation Committee of the Board of Directors. The management objectives may be company-wide or business unit performance goals and may include market conditions and service requirements. The performance period may not be less than one year . Performance shares will generally be granted at target levels and the ultimate number of shares earned will depend upon the degree performance goals are met at the end of the performance period. The fair value of performance shares that do not have a market condition are based on the closing price of the underlying stock on the date of grant and recorded as stock-based compensation cost over the requisite service period. If the performance goals are not met or below target, then any related recognized compensation costs will be reversed. If the performance goals are exceeded, additional compensation costs will be recorded, as applicable, up to the maximum specified in the grant. The fair value of performance shares that have a market condition is based on a Monte Carlo simulation and is recorded as stock-based compensation cost over the requisite service period. The cost is recognized even if the market condition is not satisfied, provided the service requirement is met. The weighted average grant-date fair value of performance shares granted during the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 was $32.14 , $18.23 and $17.78 , respectively. All grants have performance goals that include a market condition and the fair values were computed using a Monte Carlo simulation. At December 31, 2015 , there was $13,864,000 of unrecognized compensation costs related to performance shares expected to be recognized over a weighted-average period of 23 months . The following table summarizes performance share activity for the year ended December 31, 2015 : Shares Weighted Average Grant-Date Fair Value Unvested shares at January 1, 2015 871,326 $ 18.88 Granted 627,385 $ 32.14 Vested — $ — Forfeited (44,446 ) $ 26.27 Unvested shares at December 31, 2015 1,454,265 $ 24.38 The following table summarizes the range of performance shares that can be earned as of December 31, 2015 : Performance Period Range Minimum Shares Target Shares Maximum Shares February 1, 2013 to December 31, 2016 0% to 200% — 286,179 572,358 January 1, 2014 to December 31, 2017 0% to 200% — 288,246 576,492 January 1, 2015 to December 31, 2017 0% to 200% — 215,756 431,512 January 1, 2015 to December 31, 2017 0% to 300% — 386,000 1,158,000 — 1,176,181 2,738,362 In February 2016, 338,895 shares vested based on results for the performance period from February 1, 2012 to December 31, 2015.

Write-Off of Abandoned Developm

Write-Off of Abandoned Development Projects and Demolition Costs	12 Months Ended
	Dec. 31, 2015
Write-off of Abandoned Development Projects and Demolition Costs [Abstract]
Write-Off of Abandoned Development Projects and Demolition Costs [Text Block]	Write-Offs of Abandoned Development Projects and Demolition Costs The Company recorded write-offs of abandoned development projects and demolition costs of $9,534,000 , $1,655,000 and $40,414,000 for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively. Non-capitalizable demolition costs of $1,372,000 and $8,200,000 for the year ended December 31, 2014 and the 11 months ended December 31, 2013 , respectively, are included in write-offs of abandoned development projects and demolition costs. There were no non-capitalizable demolition costs recorded during the year ended December 31, 2015 . The Company recorded write-offs of abandoned development projects of unconsolidated entities of $10,191,000 during the year ended December 31, 2015 , which is included in equity in earnings (loss). There were no write-offs of abandoned development projects of unconsolidated entities during the year ended December 31, 2014 and the 11 months ended December 31, 2013 .

Impairment of Real Estate and I

Impairment of Real Estate and Impairment of Unconsolidated Entities	12 Months Ended
	Dec. 31, 2015
Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Text Block]	Impairment of Real Estate and Impairment of Unconsolidated Entities The impairments recorded during the periods presented represent write-downs to estimated fair value due to a change in events, such as a change in strategy for certain assets, bona fide third-party purchase offers or changes in certain assumptions, including estimated holding periods and current market conditions and the impact of these assumptions to the properties’ estimated future cash flows. The assumptions used to estimate fair value are Level 2 or 3 inputs. Impairment of Real Estate The following table summarizes the Company’s impairment of real estate included in continuing operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Westchester's Ridge Hill (Regional Mall) Yonkers, New York $ 398,558 $ — $ — Office Buildings: Illinois Science and Technology Park Skokie, Illinois 26,246 — 17,474 Terminal Tower Cleveland, Ohio — 42,208 — Post Office Plaza Cleveland, Ohio — 14,378 — Land inventory Las Vegas, Nevada 16,307 — 112,838 B2 BKLYN Brooklyn, New York — 146,300 — Avenue at Tower City Center (Specialty Retail Center) Cleveland, Ohio — 72,473 — Pacific Park Brooklyn Brooklyn, New York — — 289,864 Other 10,323 1,736 1,185 $ 451,434 $ 277,095 $ 421,361 During the year ended December 31, 2015, the Company decided to pursue the partial sale, through a joint venture, of three of its consolidated regional malls, including Westchester's Ridge Hill . At December 31, 2015, discussions with the potential joint venture partner were ongoing and remained subject to further negotiation and applicable due diligence periods. The advanced status of the discussions triggered management to update its undiscounted cash flow analysis including its probability weighted estimated holding period of each asset. In each case the Company increased the likelihood of a near-term partial sale to a 70% probability at an estimated selling price equal to that indicated by the potential joint venture partner. The Company assigned a 30% probability that each of these assets would be held long-term. As a result, the updated estimated probability weighted undiscounted cash flows exceeded the carrying value of two of the malls but no longer exceeded the carrying value of Westchester’s Ridge Hill , requiring the Company to adjust the carrying value to its estimated fair value. The Company had been considering strategies to recapitalize Westchester’s Ridge Hill in the past but had not formally marketed or entered into advanced discussions until the three months ended September 30, 2015. The previous undiscounted cash flow analysis assigned a 10% probability of near-term sale. In order to adjust the carrying value of Westchester’s Ridge Hill to its estimated fair value, the Company recorded an impairment charge of $398,558,000 during the year ended December 31, 2015 . During January 2016, the Company entered into a joint venture agreement with outside partners, affiliated entities of QIC, one of the largest institutional investment managers in Australia. See Note AA – Subsequent Events for additional information on the January 2016 closing of the joint venture agreement. The Company continues to execute its strategy of focusing on core products located in core markets. In executing this strategy, the Company had been marketing for sale all operating assets at Illinois Science & Technology Park in Skokie, Illinois. During 2015, the Company had several interested parties in the assets at pricing that approximated the carrying value of the assets. During the three months ended September 30, 2015, the high bidder withdrew their offer and certain market conditions, including the loss of possible redevelopment incentives, negatively impacted the pricing from other interested parties. At September 30, 2015, discussions with a potential purchaser were ongoing and remained subject to further negotiation. Based on these factors, the Company increased the likelihood of a near-term sale and reduced the pricing in such scenario in its estimated probability weighted undiscounted cash flows. As a result, these estimated undiscounted cash flows no longer exceed the carrying value of the assets, requiring the Company to adjust the carrying value to its estimated fair value. As such, the Company recorded an impairment charge of $26,246,000 during the year ended December 31, 2015 . During the three months ended December 31, 2015, discussions with the potential buyer ceased, as mutually agreeable terms could not be reached. During 2013, the Company made a strategic business decision to modify its redevelopment plan for Building J at Illinois Science and Technology Park . The building, currently vacant, would require a significant amount of capital in order to re-tenant and continue to hold on a long term basis. The Company has determined it is no longer willing to invest any additional capital in this building without a tenant for a substantial portion of the building or without some form of significant financial subsidy. As a result, the Company’s estimated undiscounted cash flows no longer exceeded the carrying value of the asset, requiring the Company to adjust the carrying value to its estimated fair value. As such, the Company recorded an impairment charge of $17,474,000 during the 11 months ended December 31, 2013. During 2013, the Company made a strategic business decision to reduce the expected level of development on 13.5 acres of land inventory located in Las Vegas, Nevada and considered ways to maximize the near-term value of the investment, which included build to suit development, equity joint venture or marketing a portion of the land parcels to third parties. The change in strategy reduced the estimated hold period and expected cash flows. As a result, the Company’s estimated undiscounted cash flows no longer exceed the carrying value of the asset, requiring the Company to adjust the carrying value to its estimated fair value. As such, the Company recorded an impairment charge of $112,838,000 during the 11 months ended December 31, 2013. The Company has been marketing the land for sale for over twelve months without closing a sale of any of the parcels. During the year ended December 31, 2015, it became evident the expected sale price was less than originally estimated and lower than carrying value. At September 30, 2015, the Company had a letter of intent for a portion of the land and continues to market the remaining parcels. Using the letter of intent pricing, in addition to other information gathered from other market participants, including verbal bids, the Company adjusted its estimated selling price, less cost to sell, of this land, which was less than its carrying value. As such, the Company recorded an impairment charge of $16,307,000 during the year ended December 31, 2015 . During the three months ended December 31, 2015, the Company sold 6.1 acres of the land at amounts that approximated the carrying value. B2 BKYLN is being built using modular construction, whereby the modular units are fabricated and assembled at a nearby factory originally owned fifty - fifty between the Company and Skanska USA (the “Construction Manager”). The Construction Manager was hired under a fixed-price contract. During the three months ended September 30, 2014, the Construction Manager ceased construction and on September 23, 2014, purported to terminate the construction contract. The Company and the Construction Manager have each filed lawsuits relating primarily to the project’s delays and associated additional completion costs. During the three months ended December 31, 2014, the Company completed its evaluation of various scenarios to complete B2 BKLYN and in November 2014, terminated the construction contract for cause and purchased the Construction Manager’s entire 50% ownership interest in the factory used to construct the modular units. In December 2014, the Company engaged a new construction manager to oversee the construction of B2 BKLYN and began preparations to recommence construction of modular units. Based on current information available, including the Company’s decision to complete B2 BKLYN using modular units and to purchase the modular factory, the Company updated its impairment calculation. As a result, the Company’s estimated undiscounted cash flows no longer exceed the carrying value of the asset, requiring the Company to adjust the carrying value to its estimated fair value as of December 31, 2014. As such, the Company recorded an impairment charge of $146,300,000 during the year ended December 31, 2014. The Company began negotiations for the sale of several operating assets in Cleveland, Ohio during the three months ended June 30, 2014. At June 30, 2014, discussions with a potential purchaser were at various stages for each of the assets and remained subject to further negotiation and applicable due diligence periods. Based on the advanced status of the discussions, the Company reviewed and adjusted the estimated holding periods of each applicable asset and in each case increased the likelihood of a near term sale. As a result, the estimated probability weighted undiscounted cash flows no longer exceed the carrying value of certain assets, requiring the Company to adjust the carrying value of those assets as described in the above table, to their estimated fair value. During the three months ended September 30, 2014, the negotiations with the potential buyer ceased, as mutually agreeable terms could not be reached. In December 2013, the Company signed an agreement with Greenland to form a joint venture to develop Pacific Park Brooklyn , a 22 acre mixed-use project in Brooklyn, New York (see Note S – Net Loss on Disposition of Partial Interest in Development Project ). Upon signing of the agreement, the Company determined it was likely the sale transaction would close. As a result, the Company classified the assets and liabilities as held for sale on its Consolidated Balance Sheet as of December 31, 2013 and recorded the asset at estimated fair value less costs to sell, resulting in an impairment charge of $289,864,000 ( $242,417,000 , net of noncontrolling interest) during the 11 months ended December 31, 2013. Impairment of Real Estate - Discontinued Operations The following table summarizes the Company’s impairment of real estate included in discontinued operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Regional Malls: Promenade Bolingbrook Bolingbrook, Illinois $ — $ — $ 54,194 Orchard Town Center Westminster, Colorado — — 15,649 Investment in triple net lease retail property Kansas City, Missouri — — 6,870 $ — $ — $ 76,713 During 2013, the Company actively marketed Promenade Bolingbrook as it was considered a non-core asset. At December 31, 2013, discussions with a potential purchaser were ongoing and remained subject to further negotiation and applicable due diligence periods. However, based on the status of the discussions, the possibility of a sale of the asset increased and was reasonably possible. As a result, the Company reviewed and updated the impairment analysis. The estimated probability weighted undiscounted cash flows no longer exceed the carrying value of the asset requiring the Company to adjust the carrying value to its estimated fair value. As such, the Company recorded an impairment charge of $54,194,000 during the 11 months ended December 31, 2013. Impairment of Unconsolidated Entities The Company recorded $13,844,000 and $3,124,000 of impairments of unconsolidated entities during the years ended December 31, 2015 and 2014 , respectively. There were no impairments of unconsolidated entities recorded during the 11 months ended December 31, 2013 . As part of the Company’s strategy to focus on core products in core markets, the Company executed a master purchase and sale agreement for the sale of 47 (including 44 unconsolidated investments and 3 consolidated properties) federally assisted housing apartment communities in January 2016. Based on the pricing established during the negotiations, the Company updated its impairment calculations. As a result, the Company recorded an other-than-temporary impairment of $10,295,000 in the year ended December 31, 2015 related to six of these unconsolidated investments. Impairment - Fair Value Information The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of real estate and unconsolidated investments for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) December 31, 2015 Impairment of real estate $ 615,797 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 5,128 Comparable property market analysis Price per square foot $18 per square foot Impairment of unconsolidated investments $ 8,847 Indicative bids Indicative bids N/A (1) December 31, 2014 Impairment of real estate $ 84,738 Discounted cash flows Market capitalization rate 4.5% - 10.0% (2) Discount rate 6.0% - 12.0% (2) Impairment of real estate $ 38,750 Indicative bids Indicative bids N/A (1) Impairment of unconsolidated investments $ — Discounted cash flows Discount rate N/A (3) December 31, 2013 Impairment of real estate $ 734,240 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 29,500 Comparable property market analysis Price per square foot $22 to $55 per square foot (4) (1) These fair value measurements were derived from bona fide purchase offers from third party prospective buyers, subject to the Company’s corroboration for reasonableness. (2) Weighted average market capitalization and discount rates are 6.7% and 8.6% , respectively. (3) Discount rate is N/A as the equity method investment fair value analysis resulted in negative cash flows. (4) Weighted average price of $45 per square foot.

Net Gain (Loss) on Land Held fo

Net Gain (Loss) on Land Held for Divestiture Activity	12 Months Ended
	Dec. 31, 2015
Land Held for Divestiture disclosures [Abstract]
Net Gain (Loss) on Land Held for Divestiture Activity	Net Gain (Loss) on Land Held for Divestiture Activity On January 31, 2012, the Board of Directors approved the decision to reposition portions of the Land Development Group and focus on core rental properties in core markets. The Company disposed of the land held for divestiture through December 31, 2013 and recorded the activity for consolidated land projects and those accounted for on the equity method of accounting on separate financial statement line items in the Consolidated Statements of Operations. The Company recorded $7,382,000 as net loss on land held for divestiture activity and $1,338,000 as net gain on land held for divestiture activity of unconsolidated entities for the 11 months ended December 31, 2013.

Net Loss on Disposition of Part

Net Loss on Disposition of Partial Interest in Development Project	12 Months Ended
	Dec. 31, 2015
Net Loss on Disposition of Partial Interest in Development Project [Abstract]
Net Loss on Disposition of Partial Interest in Development Project	Net Loss on Disposition of Partial Interest in Development Project On June 30, 2014, the Company entered into a joint venture with Greenland to develop Pacific Park Brooklyn . Greenland acquired 70% of the joint venture and will share in the total project costs in proportion to their ownership interests. The joint venture intends to co-develop the entire project including the infrastructure and vertical construction of the residential units, excluding Barclays Center arena and the under-construction B2 BKLYN apartment community. For its 70% equity interest, Greenland invested cash and assumed 70% of the nonrecourse mortgage debt on the project. The transaction resulted in net cash proceeds of $208,275,000 , net of transaction costs, and a net loss on disposition of partial interest in development project of $20,298,000 ( $16,919,000 , net of noncontrolling interests) during the year ended December 31, 2014. The loss was primarily due to estimated costs required to complete the Company’s obligations prior to closing were higher than those originally estimated. The original estimate as of December 31, 2013 was based on the most current available information (see Note Q – Impairment of Real Estate and Impairment of Unconsolidated Entities for a discussion of the impairment recognized on Pacific Park Brooklyn during the 11 months ended December 31, 2013).

Net Gain on Disposition of Full

Net Gain on Disposition of Full or Partial Interest in Rental Properties	12 Months Ended
	Dec. 31, 2015
Net Gain (Loss) on Disposition of Full or Partial Interest in Rental Properties [Abstract]
Net Gain on Disposition of Full or Partial Interests in Rental Properties	Net Gain on Disposition of Full or Partial Interest in Rental Properties The following table summarizes the net gain (loss) on disposition of full or partial interest in rental properties: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Office Buildings: Skylight Office Tower Cleveland, Ohio $ 1,746 $ — $ — Halle Building Cleveland, Ohio — 7,881 — Stapleton - 3055 Roslyn Denver, Colorado — (146 ) — Forest Trace (Supported Living Apartments) Lauderhill, Florida — 23,013 — QIC Joint Venture — (467 ) 381,627 New York Retail Joint Venture — — 114,465 $ 1,746 $ 30,281 $ 496,092 Effective April 1, 2014, the Company adopted the new accounting guidance for reporting discontinued operations. As a result, the sales of Skylight Office Tower , Halle Building, Stapleton - 3055 Roslyn and Forest Trace during the years ended December 31, 2015 and 2014 did not qualify for discontinued operations. The gains (losses) on disposition of these properties is included in net gain on disposition of full or partial interest in rental properties for the years ended December 31, 2015 and 2014 . Prior to the adoption of the new accounting guidance, full disposals of consolidated real estate qualified for and were recorded as discontinued operations and, accordingly, were excluded from this financial statement line item. QIC Joint Venture During the 11 months ended December 31, 2013, the Company entered into joint venture agreements with outside partners, affiliated entities of QIC, one of the largest institutional investment managers in Australia. The outside partners invested in and received 49% of the Company’s equity interests in eight regional retail malls ( seven fully consolidated assets in September 2013 and one equity method investment in December 2013). For its 49% equity interests, the outside partner invested cash and assumed debt of $477,100,000 , representing 49% of the nonrecourse mortgage debt on the eight properties. As of December 31, 2013, the Company received approximately $421,700,000 of proceeds, net of transaction costs, of which approximately $187,700,000 represented cash, with the remainder being in the form of a loan. Based on the amount of cash received, the outside partner’s minimum initial investment requirement was met and the transaction qualified for full gain recognition. As such, the Company recognized a net gain on disposition of partial interest in rental properties of $381,627,000 related to the seven fully consolidated assets and a gain on disposition of partial interest in equity method investments of $27,080,000 , which is included in equity in earnings during the 11 months ended December 31, 2013. The seven fully consolidated properties are adequately capitalized and do not contain the characteristics of a VIE. Based on this and the substantive participating rights held by the outside partner with regards to the properties, the Company concluded it appropriate to deconsolidate the seven fully consolidated entities and account for them under the equity method of accounting. During the 11 months ended December 31, 2013 and prior to admitting the outside party into the joint ventures, the Company acquired noncontrolling interests in two of the regional retail malls for approximately $92,400,000 , which has been reflected in the Consolidated Statement of Equity. New York Retail Joint Venture In March 2011, the Company entered into joint venture agreements with an outside partner, an affiliated entity of Madison International Realty LLC. The outside partner invested in and received a 49% equity interest in 15 mature retail properties located in the Greater New York City metropolitan area. For its 49% equity interests, the outside partner invested cash and assumed debt of $244,952,000 , representing 49% of the nonrecourse mortgage debt on the 15 properties. As of January 31, 2012, the Company received proceeds of $178,286,000 , primarily in the form of a loan. Based on the net amount of cash received, the outside partner’s minimum initial investment requirement of 20% was not met. Since the transaction did not qualify for full gain recognition, the installment method of gain recognition was applied and a net gain on disposition of partial interest in rental properties of $9,561,000 was recorded during the year ended January 31, 2012. As of January 31, 2013, the remaining gain of $114,465,000 continued to be deferred and was included in accounts payable, accrued expenses and other liabilities. During the 11 months ended December 31, 2013, the Company used distribution proceeds from the joint ventures to pay down a portion of the loan, which increased the net cash received for purposes of measuring whether full gain recognition is appropriate. As a result, the outside partner’s investment requirement was met and the Company recognized the remaining deferred gain of $114,465,000 as net gain on disposition of partial interests in rental properties.

Net Gain on Change in Control o

Net Gain on Change in Control of Interests	12 Months Ended
	Dec. 31, 2015
Net Gain on Change in Control of Interests [Abstract]
Net Gain on Change in Control of Interests	Net Gain on Change in Control of Interests The following table summarizes the net gain on change in control of interests: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) University Park at MIT Cambridge, Massachusetts $ 463,643 $ — $ — Apartment Communities: Cherry Tree Strongsville, Ohio 7,391 — — Chestnut Lake Strongsville, Ohio 8,525 — — Stratford Crossing Wadsworth, Ohio 8,125 — — Bayside Village San Francisco, California — 191,199 — Boulevard Mall (Regional Mall) Amherst, New York — 36,702 — Other (1,405 ) 2,759 2,762 $ 486,279 $ 230,660 $ 2,762 Apartment Communities In April 2015, the Company acquired its partner’s 50% equity ownership interest in three operating apartment communities ( Cherry Tree, Chestnut Lake and Stratford Crossing) in exchange for the Company’s 50% equity ownership in five operating apartment communities ( Arbor Glen, Eaton Ridge, Newport Landing, Parkwood Village and Sutton Landing ) in a non-cash transaction. Subsequent to the transaction, the Company owns 100% of the three retained operating apartment communities. See Note C – Investments in Unconsolidated Entities for d etailed information on the net gain on disposition of interest in unconsolidated entities related to the five operating apartment communities exchanged. University Park at MIT In June 2015, the Company completed the share purchase and redemption agreement with its partner to acquire the partner’s 49% equity ownership interest in seven life science office properties and two parking facilities at University Park at MIT , a mixed-use life science office campus in Cambridge, Massachusetts (“MIT Assets”) . The Company used $386,156,000 of the net proceeds from the May 2015 equity offering to finance this acquisition. See Note K – Capital Stock for information on the equity offering. Prior to the acquisition, the Company owned 51% and had accounted for the MIT Assets using the equity method of accounting. Subsequent to the transaction, the Company owns 100% of these assets and has concluded it appropriate to consolidate the assets. As a result, the Company remeasured its equity interests, as required by the accounting guidance, at fair value (based upon the income approach using current rents and market cap rates and discount rates) and recorded a net gain on change in control of interests as noted above. The fair value of the acquisition was allocated as follows. All amounts are presented in thousands. Real Estate, net $ 1,121,786 Restricted cash 17,235 Notes and accounts receivable, net 1,801 Other assets (1) 103,804 1,244,626 Mortgage debt and notes payable, nonrecourse (363,147 ) Accounts payable, accrued expenses and other liabilities (2) (94,214 ) Net assets acquired $ 787,265 Net gain on change in control of interests $ 463,643 Carrying value of previously held equity interests (62,534 ) Fair value of previously held equity interests (3) 401,109 Cash paid 386,156 Total $ 787,265 (1) Primarily consists of $78,000 of in-place leases and $20,000 of below-market ground leases with weighted-average lives at the time of acquisition of 3.6 years and 60 years , respectively. (2) Primarily consists of $49,000 of below-market tenant leases and $24,000 of above-market ground leases with weighted-average lives at the time of acquisition of 3.6 years and 58 years , respectively. (3) The significant assumptions used to value the previously held equity interests in the MIT Assets were determined to be Level 3 inputs. The weighted-average discount rate applied to cash flows and the weighted-average terminal capitalization rate were 7.0% and 6.0% , respectively. Bayside Village In December 2014, the Company and its existing partner which owns Bayside Village entered into an amendment to its partnership agreement whereby the rights to manage and control the day-to-day activities were transferred to the Company. The amendment was done to accommodate the request of the Company’s current partner, who was in the process of donating its entire ownership interest to an unrelated third party passive investor. Prior to this agreement, the Company owned 50% and had accounted for the property under the equity method of accounting, as the Company’s partner managed the operations of the property and there was joint control of the key decisions. The property is adequately capitalized and does not contain the characteristics of a VIE. Based on the lack of substantive participating rights held by the new outside partner, the Company concluded it appropriate to fully consolidate the entity. The Company remeasured its equity interest in the property, as required by the accounting guidance, at fair value (based upon the income approach using current rents and market discount rates) and recorded a net gain on change in control of interests of $191,199,000 during the year ended December 31, 2014. The consolidation resulted in increases to the December 31, 2014 Consolidated Balance Sheet of $436,700,000 to real estate, net, $44,300,000 to investments in and advances to unconsolidated entities, $5,300,000 to other assets, $126,900,000 to mortgage debt and notes payable, nonrecourse and $168,252,000 to noncontrolling interest. Boulevard Mall In December 2014, the Company acquired its partner’s 50% equity ownership interest in Boulevard Mall for $9,000,000 . The purchase price, in the form of a note payable, is due no later than February 2017, was recorded at its estimated net present value. Prior to the acquisition, the Company owned 50% and had accounted for the property under the equity method of accounting. The Company now owns 100% of the property and has concluded it appropriate to consolidate the asset. The Company remeasured its equity interest in the property, as required by the accounting guidance, at fair value (based upon the income approach using current rents and market discount rates) and recorded a net gain on change in control of interests of $36,702,000 during the year ended December 31, 2014. The consolidation resulted in increases to the Consolidated Balance Sheet of $106,300,000 to real estate, net, $26,200,000 to investments in and advances to unconsolidated entities, $17,000,000 to other assets and $100,800,000 to mortgage debt and notes payable, nonrecourse. Pro Forma Information The following unaudited supplemental pro forma operating data is presented for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013, as if the step acquisition related to the MIT Assets was effective on January 1, 2014 and the step acquisitions related to Bayside Village and Boulevard Mall were effective February 1, 2013. The gain on change in control of interests related to this acquisition was adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the Company’s actual results of operations would have been assuming the transactions had been effective as set forth above, nor do they purport to represent the Company’s results of operations for future periods. The qualitative and quantitative effect to the pro forma operating data related to the remaining acquisitions described in the table above was not material. Pro Forma Adjustments As Reported Year Ended December 31, 2015 Remove: Net Gain on Change in Control of Interests (1) Pro Forma Adjustments (3) Pro Forma Year Ended December 31, 2015 (in thousands, except per share data) Revenues $ 978,231 $ — $ 43,742 $ 1,021,973 Earnings from continuing operations $ 544,810 $ (283,828 ) $ (15,211 ) $ 245,771 Net earnings attributable to common shareholders $ 496,042 $ (283,828 ) $ (15,211 ) $ 197,003 Weighted average shares outstanding - Basic 237,559,598 237,559,598 Net earnings attributable to common shareholders - Basic $ 2.05 $ 0.81 Weighted average shares outstanding - Diluted 250,848,286 250,848,286 Net earnings attributable to common shareholders - Diluted $ 1.97 $ 0.80 Pro Forma Adjustments As Reported Year Ended December 31, 2014 Add/Remove: Net Gain on Change in Control of Interests (1) (2) Pro Forma Adjustments (3) Pro Forma Year Ended December 31, 2014 (in thousands, except per share data) Revenues $ 849,357 $ — $ 129,095 $ 978,452 Earnings (loss) from continuing operations $ (4,242 ) $ 144,314 $ (41,122 ) $ 98,950 Net earnings (loss) attributable to common shareholders $ (7,595 ) $ 144,314 $ (44,753 ) $ 91,966 Weighted average shares outstanding - Basic 198,480,783 198,480,783 Net earnings (loss) attributable to common shareholders - Basic $ (0.04 ) $ 0.45 Weighted average shares outstanding - Diluted 198,480,783 202,737,337 Net earnings (loss) attributable to common shareholders - Diluted $ (0.04 ) $ 0.45 Pro Forma Adjustments As Reported 11 Months Ended December 31, 2013 Add: Net Gain on Change in Control of Interests (2) Pro Forma Adjustments (3) Pro Forma 11 Months Ended December 31, 2013 (in thousands, except per share data) Revenues $ 893,740 $ — $ 39,819 $ 933,559 Earnings (loss) from continuing operations $ (20,237 ) $ 139,514 $ (10,801 ) $ 108,476 Net earnings (loss) attributable to common shareholders $ (5,492 ) $ 139,514 $ (10,625 ) $ 123,397 Weighted average shares outstanding - Basic 193,465,572 193,465,572 Net earnings (loss) attributable to common shareholders - Basic $ (0.03 ) $ 0.62 Weighted average shares outstanding - Diluted 194,031,292 220,548,773 Net earnings (loss) attributable to common shareholders - Diluted $ (0.03 ) $ 0.60 (1) Gain on change in control of interests related to MIT Assets of $463,643 , net of tax of $179,815 . (2) Gain on change in control of interests related to Bayside Village and Boulevard Mall of $227,901 , net of tax of $88,387 . (3) Represents additional depreciation and amortization expense related to the increased basis of real estate and intangible assets, plus pro forma earnings of the current ownership interests, less actual equity in earnings related to the Company’s prior ownership for the periods presented.

Gain (Loss) on Extinguishment o

Gain (Loss) on Extinguishment of Debt	12 Months Ended
	Dec. 31, 2015
Gains (Losses) on Extinguishment of Debt [Abstract]
Gain (Loss) on Extinguishment of Debt	Gain (Loss) on Extinguishment of Debt For the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , the Company recorded $(65,086,000) , $(1,179,000) and $4,549,000 , respectively, as gain (loss) on extinguishment of debt . The loss on extinguishment of debt recorded for 2015 primarily relates to the February, March and July 2015 separate, privately negotiated exchange transactions involving a portion of the Company’s 2016, 2018 and 2020 Senior Notes. See Note G – Convertible Senior Debt for detailed information on the non-tax deductible loss on extinguishment of debt. The amount for 2013 primarily relates to a $24,669,000 gain on the extinguishment of nonrecourse mortgage debt at Ten MetroTech Center partially offset by a $13,077,000 loss on the redemptions of the Senior Notes due 2034 and 2017 and a $4,762,000 loss on the exchange of the 2014 Senior Notes for Class A common stock.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On January 13, 2015, the Company announced its Board of Directors approved a plan to pursue conversion to REIT status. The Company has filed for the prior taxable years, and for its taxable year ended December 31, 2015 will file, a consolidated United States federal tax return, which includes all of its wholly owned subsidiaries. For its taxable year ending December 31, 2016, the Company intends to file as a REIT, which it will accomplish by filing the 2016 Form 1120-REIT with the Internal Revenue Service on or before September 15, 2017. The Company’s TRSs will file as C corporations. The Company also files individual separate income tax returns in various states. During the three months ended December 31, 2015 , the Company completed the necessary preparatory work, receipt of necessary third party consents and necessary approvals, including shareholders approvals, such that the Company believes it has been organized and operates in a manner that enables it to qualify, and intends to operate in a manner that will allow it to continue to qualify, as a REIT for federal income tax purposes. As a result, the income tax provision for the year ended December 31, 2015 includes a $588,607,000 deferred tax benefit from de-recognizing the deferred tax assets and liabilities associated with the entities included in the REIT and adjusting the valuation allowance to the reserve required on the TRS deferred tax assets. As a REIT, the Company will generally be allowed a deduction for dividends that it pays, and therefore, will not be subject to United States federal corporate income tax on its taxable income that is currently distributed to shareholders. The Company may be subject to certain state gross income and franchise taxes, as well as taxes on any undistributed income and federal and state corporate taxes on any income earned by its TRSs. In addition, the Company could be subject to corporate income taxes related to assets held by the REIT which are sold during the 5 year period following the date of conversion, to the extent such sold assets had a built-in gain on the date of conversion. The following table summarizes the income tax expense (benefit) related to continuing operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Current Federal $ 5,951 $ 4,830 $ (88 ) State 1,236 7,685 2,576 7,187 12,515 2,488 Deferred Federal (483,776 ) (29,323 ) 18,891 State (104,510 ) 7,653 (458 ) (588,286 ) (21,670 ) 18,433 Total income tax expense (benefit) $ (581,099 ) $ (9,155 ) $ 20,921 The effective tax rate for income taxes from continuing operations varies from the federal statutory rate of 35% due to the following items: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (dollars in thousands) Loss before income taxes $ (65,051 ) $ (103,486 ) $ (111,281 ) Equity in earnings of unconsolidated entities, net of impairment 28,762 90,089 111,965 Less: Noncontrolling interests (13,258 ) (3,620 ) 54,832 Earnings (loss) from continuing operations, including noncontrolling interest, before income taxes (49,547 ) (17,017 ) 55,516 Income taxes computed at the statutory rate (17,341 ) (5,956 ) 19,431 Increase (decrease) in tax resulting from: State taxes, net of federal benefit 2,207 8,643 (43 ) State net operating loss, net of federal benefit 1,544 (3,899 ) 2,845 General business credits (307 ) (15,099 ) (1,638 ) Valuation allowance (912 ) 5,658 (5,205 ) Charitable contributions 1,127 2,135 3,356 Permanent adjustments 668 (859 ) (18 ) Conversion/Exchange of senior debt 20,501 — 1,667 Deferred tax adjustment due to REIT conversion (688,233 ) — — Valuation allowance adjustment due to REIT conversion 99,626 — — Other items 21 222 526 Total income tax expense (benefit) $ (581,099 ) $ (9,155 ) $ 20,921 Effective tax rate 1,172.82 % 53.80 % 37.68 % The components of the deferred income tax expense (benefit) for continuing operations are as follows: Excess of tax over financial statement depreciation and amortization $ 2,097 $ 11,587 $ (4,357 ) Costs on land and rental properties under development expensed for tax purposes 13,520 2,919 4,818 Revenues and expenses recognized in different periods for tax and financial statement purposes 174,072 119,548 134,424 Difference between tax and financial statements related to unconsolidated entities (24,474 ) 2,673 (5,246 ) Impairment of real estate and land held for divestiture (158,002 ) (96,892 ) (128,357 ) Deferred state taxes, net of federal benefit 2,893 1,090 1,934 Utilization of (addition to) tax loss carryforward excluding effect of stock options (8,566 ) (54,272 ) 21,916 Valuation allowance (912 ) 5,658 (5,205 ) General business credits (307 ) (15,099 ) (520 ) Deferred tax adjustment due to REIT conversion (688,233 ) — — Valuation allowance adjustment due to REIT conversion 99,626 — — Alternative Minimum Tax credits — 1,118 (974 ) Deferred income tax expense (benefit) $ (588,286 ) $ (21,670 ) $ 18,433 The following table summarizes the components of the deferred income tax asset/(liability): Temporary Differences Deferred Tax December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (in thousands) Depreciation $ (123,253 ) $ (539,977 ) $ (49,727 ) $ (209,419 ) Capitalized costs 390,089 (765,081 ) 158,668 (296,721 ) Tax loss carryforward 46,950 254,201 16,432 88,970 State loss carryforward, net of federal benefit — — 5,130 25,061 Valuation allowance — — (152,449 ) (53,735 ) Federal tax credits and other carryforwards — — 446 69,619 Other comprehensive income — 96,127 — 37,281 Basis in unconsolidated entities 34,151 (420,705 ) 13,707 (163,162 ) Other 218,435 34,142 91,438 19,632 Total $ 566,372 $ (1,341,293 ) $ 83,645 $ (482,474 ) Income taxes paid were $6,936,000 , $6,469,000 and $5,541,000 for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively. At December 31, 2015 , the TRS had a federal net operating loss carryforward of $46,950,000 available to use on its tax return expiring in the years ending December 31, 2029 through 2035, a charitable contribution deduction carryforward of $913,000 expiring in the years ending December 31, 2016 through 2019 and general business credit carryovers of $125,000 expiring in the years ending December 31, 2027 through 2035. At December 31, 2015 , the Company had a federal net operating loss carryforward of $282,758,000 available to use on its REIT tax return expiring in the years ending December 31, 2029 through 2035. The Company’s policy is to consider a variety of tax-deferral strategies, including tax deferred exchanges, when evaluating its future tax position. The Company has a full valuation allowance against the deferred tax assets associated with the TRS; with the exception of anticipated 2016 losses on sales of assets owned in the TRS that are expected to be offset by the 2016 gains on sales of our interests in entities that develop and manage Military Housing and our equity interests in Barclays Center and the Nets, which are currently owned by the TRS. The valuation allowance exists because management believes it is more likely than not the Company will not realize these benefits. December 31, 2015 December 31, 2014 (in thousands) Deferred tax liabilities $ 334,423 $ 1,668,655 Deferred tax assets 570,517 1,239,916 Less: valuation allowance (152,449 ) (53,735 ) 418,068 1,186,181 Net deferred tax asset/(liability) $ 83,645 $ (482,474 ) Accounting for Uncertainty in Income Taxes Unrecognized tax benefits represent those tax benefits related to tax positions that have been taken or are expected to be taken in tax returns that are not recognized in the financial statements because management has either concluded it is not more likely than not the tax position will be sustained if audited by the appropriate taxing authority or the amount of the benefit will be less than the amount taken or expected to be taken in its income tax returns. As of December 31, 2015 and 2014 , the Company had unrecognized tax benefits of $478,000 and $804,000 , respectively. The Company recognizes estimated interest payable on underpayments of income taxes and estimated penalties as components of income tax expense. As of December 31, 2015 and 2014 , the Company had approximately $172,000 and $240,000 , respectively, of accrued interest and penalties related to uncertain income tax positions. The Company recorded income tax expense (benefit) relating to interest and penalties on uncertain tax positions of $(68,000) , $(59,000) and $135,000 for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively. The Company files a consolidated United States federal income tax return. Where applicable, the Company files combined income tax returns in various states and it files individual separate income tax returns in other states. The Company’s federal consolidated income tax returns for the year ended January 31, 2013 and subsequent years are subject to examination by the IRS. Certain of the Company’s state returns for the years ended January 31, 2003 through January 31, 2012 and all state returns for the year ended January 31, 2013 and subsequent years are subject to examination by various taxing authorities. A reconciliation of the total amounts of the Company’s unrecognized tax benefits, exclusive of interest and penalties, is depicted in the following table: Unrecognized Tax Benefit December 31, 2015 December 31, 2014 (in thousands) Beginning balance, January 1, 2015 and 2014 $ 804 $ 968 Settlements (252 ) (164 ) Lapse of statutes of limitation (74 ) — Unrecognized tax benefits balance at December 31, 2015 and 2014 $ 478 $ 804 The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate, if recognized as of December 31, 2015 and 2014 , is $311,000 and $523,000 , respectively. Based upon the Company’s assessment of the outcome of examinations that are in progress, the settlement of liabilities, or as a result of the expiration of the statutes of limitation for certain jurisdictions, it is reasonably possible the related unrecognized tax benefits for tax positions taken regarding previously filed tax returns will change from those recorded at December 31, 2015 . Due to the reasons above, the entire $478,000 of unrecognized benefits could decrease during the next twelve months.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations On January 29, 2016, the Company sold its 55% ownership interest in the Arena and 20% equity method ownership interest in the Nets, (collectively, the “Disposal Group”). The Disposal Group met the requirements to be classified as held for sale and qualifies to be reported as discontinued operations. Additionally, a development opportunity, comprised of land at 625 Fulton Avenue , in Brooklyn, New York, which the Company sold on January 13, 2016, met the requirements to be classified as held for sale . See Note AA – Subsequent Events for additional information on these transactions. The following table summarizes the components of the assets and liabilities classified as held for sale as of December 31, 2015: December 31, 2015 2014 (in thousands) Assets Real Estate Completed rental properties - Arena $ 951,070 $ 940,029 Project under development - Land 9,265 — Less accumulated depreciation (109,462 ) (75,354 ) Real Estate, net 850,873 864,675 Cash and equivalents 28,043 35,850 Restricted cash 10,127 15,087 Notes and accounts receivable, net 20,021 10,521 Other assets 35,663 29,437 Total Assets $ 944,727 $ 955,570 Liabilities Mortgage debt and notes payable, nonrecourse $ 457,745 $ 447,283 Accounts payable, accrued expenses and other liabilities 99,520 72,852 Cash distributions and losses in excess of investments in unconsolidated entities 13,682 — Total Liabilities $ 570,947 $ 520,135 The following table summarizes the rental properties included in discontinued operations: Property/Asset Location Square Feet/ Number of Units (Unaudited) Period Disposed Year Ended 12/31/15 Year Ended 12/31/14 11 Months Ended 12/31/13 Barclays Center Arena and The Nets Brooklyn, New York Q1-2016 Yes Yes Yes Commercial Group: Promenade Bolingbrook Bolingbrook, Illinois 771,000 square feet Q2-2014 — Yes Yes Quartermaster Plaza Philadelphia, Pennsylvania 456,000 square feet Q1-2014 — Yes Yes Mesa del Sol - 5600 University SE Albuquerque, New Mexico 87,000 square feet Q1-2014 — Yes Yes Orchard Town Center Westminster, Colorado 603,000 square feet Q4-2013 — — Yes Colorado Studios Denver, Colorado 75,000 square feet Q3-2013 — — Yes Higbee Building Cleveland, Ohio 815,000 square feet Q2-2013 — — Yes Sheraton Station Square Pittsburgh, Pennsylvania 399 rooms Q2-2013 — — Yes Seven triple net lease properties Various 422,000 square feet Various — — Yes Residential Group: Millender Center Detroit, Michigan 339 units Q1-2013 — — Yes The following table summarizes the operating results related to discontinued operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Revenues $ 138,154 $ 123,729 $ 168,625 Expenses Operating expenses 97,021 79,122 108,040 Depreciation and amortization 34,554 35,286 46,140 Impairment of real estate — — 76,713 131,575 114,408 230,893 Interest income — — 274 Gain on disposition of rental properties — 28,100 41,831 Interest expense (40,125 ) (45,767 ) (46,235 ) Amortization of mortgage procurement costs (664 ) (762 ) (1,105 ) Loss on extinguishment of debt — (448 ) (40 ) Loss before income taxes (34,210 ) (9,556 ) (67,543 ) Income tax expense (benefit) (22,498 ) 4,041 (19,792 ) Loss from unconsolidated entities, gross of tax (40,760 ) (3,181 ) (2,802 ) Loss from discontinued operations (52,472 ) (16,778 ) (50,553 ) Noncontrolling interests Gain on disposition of rental properties — 58 5,960 Operating earnings (loss) from rental properties (16,962 ) (17,103 ) (16,611 ) (16,962 ) (17,045 ) (10,651 ) Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc. $ (35,510 ) $ 267 $ (39,902 ) The following table summarizes the pre-tax gain (loss) on disposition of rental properties: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Quartermaster Plaza (Specialty Retail Center) $ — $ 26,373 $ — Promenade Bolingbrook (Regional Mall) — 1,276 — Millender Center (Apartment Community) — — 21,660 Sheraton Station Square (Hotel) — — 18,096 Other — 451 2,075 $ — $ 28,100 $ 41,831

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The loss from continuing operations attributable to Forest City Realty Trust, Inc. for the year ended December 31, 2014 was allocated solely to holders of common stock as the participating security holders do not share in the losses. The reconciliation of the basic and diluted EPS computations is shown in the following table: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 Numerators (in thousands) Earnings (loss) from continuing operations attributable to Forest City Realty Trust, Inc. $ 531,552 $ (7,862 ) $ 34,595 Preferred dividends — — (185 ) Undistributed earnings allocated to participating securities (10,410 ) — (1,004 ) Earnings (loss) from continuing operations attributable to common shareholders - Basic $ 521,142 $ (7,862 ) $ 33,406 Interest on convertible debt 6,606 — — Earnings (loss) from continuing operations attributable to common shareholders - Diluted $ 527,748 $ (7,862 ) $ 33,406 Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 496,042 $ (7,595 ) $ (5,307 ) Preferred dividends — — (185 ) Undistributed earnings allocated to participating securities (9,715 ) — — Net earnings (loss) attributable to common shareholders - Basic $ 486,327 $ (7,595 ) $ (5,492 ) Interest on convertible debt 6,606 — — Net earnings (loss) attributable to common shareholders - Diluted $ 492,933 $ (7,595 ) $ (5,492 ) Denominators Weighted average shares outstanding - Basic 237,559,598 198,480,783 193,465,572 Effect of stock options and performance shares 1,342,524 — 565,720 Effect of convertible debt 11,946,164 — — Weighted average shares outstanding - Diluted (1) 250,848,286 198,480,783 194,031,292 Earnings Per Share Earnings (loss) from continuing operations attributable to common shareholders - Basic $ 2.19 $ (0.04 ) $ 0.17 Earnings (loss) from continuing operations attributable to common shareholders - Diluted $ 2.10 $ (0.04 ) $ 0.17 Net earnings (loss) attributable to common shareholders - Basic $ 2.05 $ (0.04 ) $ (0.03 ) Net earnings (loss) attributable to common shareholders - Diluted $ 1.97 $ (0.04 ) $ (0.03 ) (1) Incremental shares from restricted stock and convertible securities aggregating 9,706,419 and 34,866,026 for the year ended December 31, 2015 and 11 months ended December 31, 2013 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. Incremental shares from dilutive options, restricted stock and convertible securities aggregating 37,146,769 for the year ended December 31, 2014 were not included in the computation of diluted EPS because their effect is anti-dilutive due to loss from continuing operations. Weighted-average options, restricted stock and performance shares of 2,392,982 , 3,483,885 and 3,601,719 for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The following tables summarize financial data for the Company’s reportable operating segments. All amounts are presented in thousands. December 31, 2015 December 31, 2014 Identifiable Assets Commercial Group $ 4,989,200 $ 4,210,714 Residential Group 3,609,438 3,172,188 Arena 943,147 955,570 Land Development Group 240,204 250,833 Corporate Activities 211,020 225,635 $ 9,993,009 $ 8,814,940 Years Ended 11 Months Ended Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 December 31, 2015 December 31, 2014 December 31, 2013 Revenues Operating Expenses Commercial Group $ 587,020 $ 517,487 $ 593,714 $ 315,250 $ 300,123 $ 334,996 Residential Group 312,954 256,009 249,677 181,009 174,472 179,405 Land Development Group 78,257 75,861 50,349 32,594 32,486 33,737 Corporate Activities — — — 96,499 51,116 45,021 $ 978,231 $ 849,357 $ 893,740 $ 625,352 $ 558,197 $ 593,159 Depreciation and Amortization Interest and Other Income Commercial Group $ 163,272 $ 124,821 $ 181,697 $ 7,113 $ 7,929 $ 18,078 Residential Group 86,503 68,089 55,031 13,596 21,081 21,742 Land Development Group 568 359 364 16,814 13,597 12,218 Corporate Activities 2,582 2,898 2,731 216 173 245 $ 252,925 $ 196,167 $ 239,823 $ 37,739 $ 42,780 $ 52,283 Interest Expense Capital Expenditures Commercial Group $ 118,797 $ 129,515 $ 168,056 $ 171,771 $ 119,343 $ 159,069 Residential Group 15,823 28,108 32,409 364,578 269,514 245,647 Land Development Group (1,143 ) (1,090 ) (320 ) 15 37 819 Corporate Activities 23,689 37,643 50,677 205 15 232 $ 157,166 $ 194,176 $ 250,822 $ 536,569 $ 388,909 $ 405,767 The Company uses Funds From Operations (“FFO”) to report its operating results. FFO, a non-GAAP measure as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), is a measure of performance used by publicly traded REITs. Although the Company did not operate as a REIT for the periods presented, management believes it is important to publish this measure to allow for easier comparison of its performance to its peers. FFO is defined by NAREIT as net earnings excluding the following items at the Company’s proportional share: i) gain (loss) on 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). In connection with our conversion to REIT status, the Company was required to reverse its net deferred tax liabilities related to the Company’s subsidiaries that will be held as qualified REIT investments of $588,607,000 during the three months ended December 31, 2015, which the Company has excluded from its December 31, 2015 FFO calculation. See Note W – Income Taxes for additional information. The Company believes that, although its business has many facets such as development, acquisitions, disposals, and property management, the core of its business is the recurring operations of its portfolio of real estate assets. The Company’s Chief Executive Officer, the chief operating decision maker, uses FFO, as presented, to assess performance of the Company’s real estate assets by reportable operating segment because it provides information on the financial performance of the core real estate portfolio operations. FFO measures the profitability of a real estate segment’s operations of collecting rent, paying operating expenses and servicing its debt. The reconciliations of net earnings (loss) to FFO by segment are shown in the following tables. All amounts are presented in thousands. Year Ended December 31, 2015 Commercial Group Residential Group Arena Land Development Group Corporate Activities Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 24,832 $ 50,899 $ (17,248 ) $ 55,850 $ 381,709 $ 496,042 Depreciation and amortization – Real Estate Groups 214,339 102,900 — 462 — 317,701 Net gain on disposition of full interest in rental properties (1,746 ) — — — — (1,746 ) Gain on disposition of unconsolidated entities (1,009 ) (19,284 ) — — — (20,293 ) Impairment of consolidated depreciable real estate 426,704 8,423 — — — 435,127 Impairment of unconsolidated depreciable real estate — 12,460 — — — 12,460 Discontinued operations: Depreciation and amortization – Real Estate Groups — — 20,039 — — 20,039 Income tax expense (benefit) on non-FFO: Gain on disposition of rental properties — — — — 8,549 8,549 Impairment of depreciable real estate — — — — (173,590 ) (173,590 ) One-time adjustment to deferred taxes related to REIT conversion — — — — (588,607 ) (588,607 ) FFO attributable to Forest City Realty Trust, Inc. $ 663,120 $ 155,398 $ 2,791 $ 56,312 $ (371,939 ) $ 505,682 Year Ended December 31, 2014 Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ (67,682 ) $ 115,833 $ (17,555 ) $ 51,360 $ (89,551 ) $ (7,595 ) Depreciation and amortization – Real Estate Groups 178,169 97,173 — 159 — 275,501 Net gain on disposition of full or partial interest in rental properties (7,241 ) (23,013 ) — — — (30,254 ) Gain on disposition of unconsolidated entities (25,279 ) (27,142 ) — — — (52,421 ) Impairment of consolidated depreciable real estate 129,059 146,039 — — — 275,098 Impairment of unconsolidated depreciable real estate 3,124 — — — — 3,124 Discontinued operations: Depreciation and amortization – Real Estate Groups 986 — 19,895 — — 20,881 Gain on disposition of rental properties (28,042 ) — — — — (28,042 ) Income tax expense (benefit) on non-FFO: Gain on disposition of rental properties — — — — 44,988 44,988 Impairment of depreciable real estate — — — — (106,691 ) (106,691 ) FFO attributable to Forest City Realty Trust, Inc. $ 183,094 $ 308,890 $ 2,340 $ 51,519 $ (151,254 ) $ 394,589 11 Months Ended December 31, 2013 Net earnings (loss) attributable to common shareholders $ 84,294 $ 31,220 $ (19,514 ) $ 18,915 $ (120,407 ) $ (5,492 ) Preferred dividends — — — — 185 185 Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 84,294 $ 31,220 $ (19,514 ) $ 18,915 $ (120,222 ) $ (5,307 ) Depreciation and amortization – Real Estate Groups 220,135 83,154 — 258 — 303,547 Net gain on disposition of partial interests in rental properties (496,092 ) — — — — (496,092 ) Gain on disposition of unconsolidated entities (68,430 ) — — — — (68,430 ) Impairment of consolidated depreciable real estate 17,474 1,185 — — — 18,659 Discontinued operations: Depreciation and amortization – Real Estate Groups 12,766 165 19,119 — — 32,050 Gain on disposition of rental properties (19,843 ) (16,028 ) — — — (35,871 ) Impairment of consolidated depreciable real estate 76,713 — — — — 76,713 Income tax expense (benefit) on non-FFO: Gain on disposition of rental properties — — — — 233,980 233,980 Impairment of depreciable real estate — — — — (36,988 ) (36,988 ) FFO attributable to Forest City Realty Trust, Inc. $ (172,983 ) $ 99,696 $ (395 ) $ 19,173 $ 76,770 $ 22,261

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2015
Subsequent Event [Abstract]
Subsequent Event	Subsequent Events Barclays Center and The Nets On January 29, 2016, the Company completed the sale of Barclays Center and the Nets. The sales price for our equity interest in Barclays Center was $162,600,000 , generating cash proceeds of $70,000,000 ( $54,000,000 , net of estimated transaction costs) and a note receivable of $92,600,000 , which bears interest at 4.50% per annum payable semi-annually and matures in 2019. In addition, the buyer assumed the debt that amounted to $457,745,000 on our Consolidated Balance Sheet at December 31, 2015. The sales price for our equity interest in the Nets was $125,100,000 payable entirely in the form of a note receivable, which bears interest at 4.50% per annum payable at maturity and matures in 2021. Westchester’s Ridge Hill On January 29, 2016, the Company entered into a joint venture agreement with outside partners, affiliated entities of QIC, one of the largest institutional investment managers in Australia. The outside partner invested in and received 51% of our equity interests in Westchester’s Ridge Hill, a formerly wholly owned regional mall in Yonkers, New York. The Company received net cash proceeds of approximately $83,000,000 along with the buyer assuming debt of $169,369,000 , representing 51% of the nonrecourse mortgage debt of the property. Military Housing On February 22, 2016, the Company completed the sale of our interests in entities that develop and manage military family housing. The sale generated net cash proceeds of approximately $200,000,000 . 625 Fulton Avenue On January 13, 2016, the Company completed the sale of 625 Fulton Avenue , a development site in Brooklyn, New York adjacent to our DKLB BKLN apartment community. The sale generated net cash proceeds of $152,000,000 , of which the remaining $58,000,000 is expected to be received in April 2016.

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Description Balance at Beginning of Period Additions Charged to Costs and Expenses Deductions Balance at End of Period (in thousands) Allowance for doubtful accounts and notes receivable December 31, 2015 $ 10,771 $ 2,744 $ 4,490 $ 9,025 December 31, 2014 $ 15,141 $ 3,128 $ 7,498 $ 10,771 December 31, 2013 $ 25,858 $ 13,467 $ 24,184 $ 15,141 Valuation reserve on other investments December 31, 2015 $ 5,320 $ 16 $ — $ 5,336 December 31, 2014 $ 5,312 $ 43 $ 35 $ 5,320 December 31, 2013 $ 5,277 $ 35 $ — $ 5,312 Valuation allowances for deferred tax assets December 31, 2015 (1) $ 53,735 $ 145,351 $ 46,637 $ 152,449 December 31, 2014 $ 48,077 $ 11,893 $ 6,235 $ 53,735 December 31, 2013 $ 53,282 $ 1,047 $ 6,252 $ 48,077 (1) See Note W – Income Taxes in the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	(c) Financial Statements Schedules (continued) SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION Forest City Realty Trust, Inc. and Subsidiaries Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of December 31, 2015 Accumulated Depreciation at December 31, 2015 (C) Date of Construction/ Acquisition Range of Lives on Which Depreciation in Latest Income Statement is Computed Name Location Amount of Encumbrance at December 31, 2015 Land and Improvements Buildings and Improvements Improvements and Carrying Costs Land and Improvements Buildings and Improvements Total (A)(B) Office (in thousands) Atlantic Terminal Office Brooklyn, NY $ 104,056 $ — $ 108,940 $ 4,550 $ — $ 113,490 $ 113,490 $ 25,887 2004 (1) Ballston Common Office Center Arlington, VA — 7,301 45,964 6,829 7,301 52,793 60,094 12,568 2005 (1) Commerce Court Pittsburgh, PA 23,666 3,432 20,873 6,952 3,441 27,816 31,257 9,359 2007 (1) Edgeworth Building Richmond, VA 19,540 942 29,353 2,676 951 32,020 32,971 5,740 2006 (1) Glen Forest Office Park Richmond, VA 59,189 11,766 88,632 11,065 11,818 99,645 111,463 23,399 2007 (1) Harlem Office Manhattan, NY — — 31,672 8,422 — 40,094 40,094 9,069 2003 (1) Illinois Science and Technology Park - 4901 Searle Skokie, IL 20,333 837 16,227 826 837 17,053 17,890 4,099 2006 (1) - 4930 Oakton Skokie, IL — 670 1,842 1,701 869 3,344 4,213 791 2006 (1) - 8025 Lamon Skokie, IL 14,378 978 6,426 13,636 978 20,062 21,040 4,258 2006 (1) - 8045 Lamon Skokie, IL 17,817 3,301 21,198 20,014 2,761 41,752 44,513 8,856 2007 (1) Johns Hopkins - 855 North Wolfe Street Baltimore, MD 67,573 7,314 76,318 15,090 7,314 91,408 98,722 14,350 2008 (1) Johns Hopkins Parking Garage Baltimore, MD — 1,600 26,185 875 1,488 27,172 28,660 1,660 2012 (1) Mesa del Sol Aperture Center Albuquerque, NM — 834 3,010 (28 ) 834 2,982 3,816 1,072 2008 (1) Fidelity Investments Albuquerque, NM 17,701 5,003 29,872 293 5,003 30,165 35,168 4,132 2008 (1) Metrotech Campus One MetroTech Center Brooklyn, NY — — 212,153 73,310 23,543 261,920 285,463 120,214 1991 (1) Two MetroTech Center Brooklyn, NY 72,131 — 155,280 34,023 7,137 182,166 189,303 81,501 1990 (1) Nine MetroTech Center Brooklyn, NY 58,398 — 64,303 12,018 380 75,941 76,321 26,591 1997 (1) Eleven MetroTech Center Brooklyn, NY 61,000 — 41,290 17,047 6,270 52,067 58,337 26,113 1995 (1) Twelve MetroTech Center Brooklyn, NY — — 42,344 16,140 1,847 56,637 58,484 12,706 2004 (1) Fifteen MetroTech Center Brooklyn, NY 162,320 3,762 163,414 8,482 — 175,658 175,658 42,553 2003 (1) New York Times Manhattan, NY 640,000 91,737 375,931 140,107 141,479 466,296 607,775 76,876 2007 (1) One Pierrepont Plaza Brooklyn, NY — — 86,863 102,173 558 188,478 189,036 110,515 1988 (1) Post Office Plaza Cleveland, OH 14,108 — 57,213 15,638 — 72,851 72,851 43,011 1990 (1) Terminal Tower Cleveland, OH — — 29,422 47,592 — 77,014 77,014 60,925 1983 (1) University of Pennsylvania Philadelphia, PA 42,427 — 41,146 10,707 — 51,853 51,853 11,428 2004 (1) University Park at MIT 26 Landsdowne Street Cambridge, MA 28,554 90 79,470 — 90 79,470 79,560 1,893 1987 (1) 35 Landsdowne Street Cambridge, MA 63,610 196 181,779 — 196 181,779 181,975 2,736 2002 (1) 40 Landsdowne Street Cambridge, MA 65,980 236 192,897 — 236 192,897 193,133 2,924 2003 (1) 45/75 Sidney Street Cambridge, MA 85,669 793 289,942 — 793 289,942 290,735 6,498 1999 (1) 64 Sidney Street Cambridge, MA 50,641 50 110,850 — 50 110,850 110,900 2,567 1990 (1) 65 Landsdowne Street Cambridge, MA 63,252 198 125,278 — 198 125,278 125,476 1,918 2001 (1) 88 Sidney Street Cambridge, MA 37,521 274 145,426 — 274 145,426 145,700 2,752 2002 (1) Miscellaneous Investments Various 8,758 — 26,424 1,079 — 27,503 27,503 13,522 Various (1) Office Subtotal $ 1,798,622 $ 141,314 $ 2,927,937 $ 571,217 $ 226,646 $ 3,413,822 $ 3,640,468 $ 772,483 (c) Financial Statements Schedules (continued) SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION Forest City Realty Trust, Inc. and Subsidiaries Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of December 31, 2015 Accumulated Depreciation at December 31, 2015 (C) Date of Construction/ Acquisition Range of Lives on Which Depreciation in Latest Income Statement is Computed Name Location Amount of Encumbrance at December 31, 2015 Land and Improvements Buildings and Improvements Improvements and Carrying Costs Land and Improvements Buildings and Improvements Total (A)(B) Retail Avenue at Tower City Center Cleveland, OH $ — $ — $ 174,726 $ (44,552 ) $ 192 $ 129,982 $ 130,174 $ 103,707 1990 (1) Ballston Quarter (Ballston Common) Arlington, VA 42,500 170 18,069 66,354 442 84,151 84,593 46,808 1986 (1) Boulevard Mall Amherst, NY 96,468 17,050 89,992 11,047 17,613 100,476 118,089 5,423 1996 (1) Brooklyn Commons Brooklyn, NY 19,519 — 23,794 1,289 19,618 5,465 25,083 1,833 2004 (1) Shops at Atlantic Center Site V Brooklyn, NY — — 3,238 1,485 1,047 3,676 4,723 1,418 1998 (1) Shops at Northfield Stapleton Denver, CO — 4,830 80,687 90,892 25,276 151,133 176,409 37,529 2005 (1) Shops at Wiregrass Tampa, FL 83,545 28,842 109,587 5,275 26,255 117,449 143,704 25,980 2008 (1) Station Square Pittsburgh, PA 34,057 8,611 37,484 39,837 24,705 61,227 85,932 29,722 1994 (1) The Yards Boilermaker Shops Washington, D.C. 12,089 529 12,468 4,895 527 17,365 17,892 1,101 2012 (1) Lumber Shed Washington, D.C. 10,000 306 12,820 1,049 306 13,869 14,175 756 2013 (1) Tower City Parking Cleveland, OH — 2,317 11,789 16,908 2,048 28,966 31,014 13,580 1990 (1) Westchester’s Ridge Hill Yonkers, NY 332,096 236,692 661,705 (346,939 ) 160,389 391,069 551,458 98,885 2011 (1) Miscellaneous Investments Various 1,627 306 1,710 400 306 2,110 2,416 1,216 Various (1) Retail Subtotal $ 631,901 $ 299,653 $ 1,238,069 $ (152,060 ) $ 278,724 $ 1,106,938 $ 1,385,662 $ 367,958 Arena Barclays Center Brooklyn, NY $ 457,745 $ — $ 890,213 $ 60,857 $ — $ 951,070 $ 951,070 $ 109,462 2012 (1) Apartments 100 (100 Landsdowne) Cambridge, MA $ 45,000 $ 728 $ 60,020 $ 852 $ 828 $ 60,772 $ 61,600 $ 15,540 2005 (1) 1111 Stratford Stratford, CT — 2,414 15,798 4,874 2,432 20,654 23,086 1,921 2013 (1) 1251 S. Michigan Chicago, IL 9,500 97 13,978 1,306 106 15,275 15,381 3,473 2006 (1) 2175 Market Street San Fransisco, CA 30,000 3,793 34,508 648 3,855 35,094 38,949 1,783 2014 (1) 500 Sterling Place Brooklyn, NY 35,389 8,006 39,789 — 8,006 39,789 47,795 1,066 2015 (1) 91 Sidney Cambridge, MA 28,336 213 42,276 539 217 42,811 43,028 2,450 2002 (1) American Cigar Lofts Richmond, VA 11,530 1,395 23,533 1,735 855 25,808 26,663 5,162 2000 (1) Aster Conservatory Green Denver, CO 36,000 1,325 13,125 33,335 1,599 46,186 47,785 3,753 2013 (1) Aster Town Center North Denver, CO 14,014 406 12,573 — 406 12,573 12,979 107 2015 (1) Bayside Village San Francisco, CA 126,896 153,894 282,807 1,564 153,576 284,689 438,265 8,197 1988 (1) Botanica Eastbridge Denver, CO 13,000 765 13,698 535 765 14,233 14,998 1,809 2012 (1) Brookview Place Dayton, OH 2,102 155 4,588 754 155 5,342 5,497 3,888 1979 (1) Cameron Kinney Lofts Richmond, VA — 2,340 23,206 3,850 2,501 26,895 29,396 5,694 2007 (1) Cedar Place Lansing, MI 3,787 399 7,000 476 399 7,476 7,875 4,034 1974 (1) Cherry Tree Strongsville, OH 17,360 4,838 22,028 — 4,838 22,028 26,866 762 1996 (1) Chestnut Lake Strongsville, OH — 5,494 16,466 — 5,494 16,466 21,960 463 1969 (1) Consolidated-Carolina Lofts Richmond, VA 20,937 1,028 30,425 2,042 1,042 32,453 33,495 8,532 2003 (1) Cutter’s Ridge Richmond, VA — 389 4,356 (98 ) 400 4,247 4,647 1,255 2006 (1) (c) Financial Statements Schedules (continued) SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION Forest City Realty Trust, Inc. and Subsidiaries Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of December 31, 2015 Accumulated Depreciation at December 31, 2015 (C) Date of Construction/ Acquisition Range of Lives on Which Depreciation in Latest Income Statement is Computed Name Location Amount of Encumbrance at December 31, 2015 Land and Improvements Buildings and Improvements Improvements and Carrying Costs Land and Improvements Buildings and Improvements Total (A)(B) Apartments (continued) Drake Tower Philadelphia, PA 26,147 1,353 38,104 8,674 1,353 46,778 48,131 14,852 1998 (1) Easthaven at the Village Beachwood, OH 24,794 7,919 39,768 8,021 8,104 47,604 55,708 21,568 1994 (1) Grand Lowry Lofts Denver, CO — 1,448 22,726 3,836 1,637 26,373 28,010 6,669 2000 (1) Hamel Mill Lofts Haverhill, MA 38,999 3,974 72,902 3,591 3,368 77,099 80,467 12,677 2008 (1) Heritage San Diego, CA — 7,433 42,202 10,031 7,505 52,161 59,666 16,696 2002 (1) Hummingbird Pointe Apartments Parma, OH 5,890 330 5,059 17,798 1,364 21,823 23,187 10,328 1972 (1) Independence Place I Parma Heights, OH 4,011 210 6,671 1,366 229 8,018 8,247 4,410 1973 (1) Independence Place II Parma Heights, OH 3,480 498 3,931 5,294 766 8,957 9,723 2,370 2003 (1) Kapolei Lofts Kapolei, HI 40,601 9,205 32,515 — 9,205 32,515 41,720 428 2015 (1) KBL Cambridge, MA 15,600 716 23,645 5,278 719 28,920 29,639 16,817 1990 (1) Knolls Orange, CA 32,163 53 23,759 726 53 24,485 24,538 12,178 1995 (1) Lofts 23 Cambridge, MA 5,884 221 17,026 353 315 17,285 17,600 4,977 2005 (1) Lofts at 1835 Arch Philadelphia, PA 38,291 2,076 27,430 12,978 2,082 40,402 42,484 11,993 2001 (1) Lucky Strike Lofts Richmond, VA 16,975 1,105 34,095 1,221 1,106 35,315 36,421 7,051 2008 (1) Mercantile Place on Main Dallas, TX 35,629 8,876 75,478 8,513 8,798 84,069 92,867 17,859 2008 (1) Metro 417 Los Angeles, CA 46,970 8,545 67,326 5,665 8,547 72,989 81,536 16,655 2005 (1) Midtown Towers Parma, OH 12,732 1,215 11,091 13,111 1,309 24,108 25,417 10,822 1969 (1) Museum Towers Philadelphia, PA 30,138 3,474 18,158 4,091 1,331 24,392 25,723 10,062 1997 (1) North Church Towers and Gardens Parma Heights, OH 4,872 789 4,037 3,414 848 7,392 8,240 2,078 2009 (1) One Franklin Town Philadelphia, PA 36,520 1,658 31,489 10,423 1,854 41,716 43,570 21,444 1988 (1) Pavilion Chicago, IL 50,317 5,250 29,505 16,937 5,250 46,442 51,692 14,179 1992 (1) Perrytown Place Pittsburgh, PA 4,507 463 6,898 570 463 7,468 7,931 4,305 1973 (1) Presidio Landmark San Francisco, CA 42,790 2,060 92,687 5,264 2,068 97,943 100,011 16,224 2010 (1) Queenswood Corona, NY 28,729 321 39,243 1,284 327 40,521 40,848 18,910 1990 (1) River Lofts at Ashton Mill Cumberland, RI 16,695 2,885 33,844 12,601 3,247 46,083 49,330 11,252 2005 (1) Sky55 Chicago, IL 68,388 3,965 80,930 4,037 4,016 84,916 88,932 22,047 2006 (1) Stratford Crossings Wadsworth, OH 17,661 2,813 27,357 — 2,813 27,357 30,170 875 2007 (1) The Aster Town Center Denver, CO 8,364 487 9,901 365 493 10,260 10,753 1,394 2012 (1) The Continental Dallas, TX 36,852 1,586 48,455 1,012 1,586 49,467 51,053 5,193 2013 (1) The Met Los Angeles, CA 38,900 4,420 36,557 10,297 4,500 46,774 51,274 24,347 1989 (1) The Uptown Oakland, CA 128,509 — 138,710 699 954 138,455 139,409 10,163 2013 (1) The Wilson Dallas, TX 12,776 2,217 16,565 3,954 1,937 20,799 22,736 4,579 2007 (1) The Yards Foundry Lofts Washington, D.C. 44,323 2,086 52,806 6,772 2,096 59,568 61,664 6,659 2011 (1) Twelve12 Washington, D.C. 72,356 5,444 106,509 2,158 5,479 108,632 114,111 4,751 2014 (1) Town Center Denver, CO 36,766 3,436 63,073 5,176 3,345 68,340 71,685 20,256 2004 (1) Winchester Lofts New Haven, CT 23,400 — 45,650 62 — 45,712 45,712 2,086 2014 (1) Miscellaneous Investments Various 7,910 60 47,522 (10,653 ) 63 36,866 36,929 15,835 Various (1) Apartments Subtotal $ 1,452,790 $ 286,270 $ 2,133,798 $ 237,331 $ 286,604 $ 2,370,795 $ 2,657,399 $ 474,878 (c) Financial Statements Schedules (continued) SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION Forest City Realty Trust, Inc. and Subsidiaries Initial Cost to Company Cost Capitalized Subsequent to Acquisition Gross Amount at Which Carried at Close of December 31, 2015 Accumulated Depreciation at December 31, 2015 (C) Date of Construction/ Acquisition Range of Lives on Which Depreciation in Latest Income Statement is Computed Name Location Amount of Encumbrance at December 31, 2015 Land and Improvements Buildings and Improvements Improvements and Carrying Costs Land and Improvements Buildings and Improvements Total (A)(B) Land Inventory Stapleton Denver, CO $ — $ 49,240 $ — $ — $ 49,240 $ — $ 49,240 $ — Various N/A Commercial Outlots Various — 20,078 — — 20,078 — 20,078 — Various N/A Land Inventory Subtotal $ — $ 69,318 $ — $ — $ 69,318 $ — $ 69,318 $ — Corporate and Other Equipment Corporate Office Various $ — $ — $ 10,542 $ — $ — $ 10,542 $ 10,542 $ 9,601 Various (1) Construction Projects Office 1812 Ashland Ave Baltimore, MD 28,167 — 35,701 — — 35,701 35,701 — Various N/A The Bridge at Cornell Tech Roosevelt Island, NY — — 48,552 — — 48,552 48,552 — Various N/A Apartments B2 BKLYN Brooklyn, NY — — 129,850 — — 129,850 129,850 — Various N/A Blossom Plaza Los Angeles, CA 9,692 — 65,831 — — 65,831 65,831 — Various N/A Broadway and Hill Los Angeles, CA — 27,129 33,463 — 27,129 33,463 60,592 — Various N/A Eliot on 4th Washington, D.C. — 8,439 34,409 — 8,439 34,409 42,848 — Various N/A Kapolei Lofts Kapolei, HI — 14,749 58,788 — 14,749 58,788 73,537 — Various N/A Mint Town Center Denver, CO — 954 3,971 — 954 3,971 4,925 — Various N/A Museum Towers II Philadelphia, PA — — 46,124 — — 46,124 46,124 — Various N/A The Yards - Arris Washington, D.C. 49,421 8,395 104,145 — 8,395 104,145 112,540 — Various N/A The Yards - Marina Washington, D.C. — — 1,490 — — 1,490 1,490 — Various N/A Miscellaneous Investments Various — — 7,837 — — 7,837 7,837 — Various N/A Development Projects Office The Science + Technology Park at Johns Hopkins Baltimore, MD — 5,386 15,983 — 5,386 15,983 21,369 — Various N/A Retail Ballston Quarter Mall Redevelopment Arlington, VA — 13,237 11,551 — 13,237 11,551 24,788 — Various N/A Mixed-use 5M San Francisco, CA — 455 24,718 — 455 24,718 25,173 — Various N/A Pier 70 San Francisco, CA — — 19,605 — — 19,605 19,605 — Various N/A The Yards Washington, D.C. 4,300 — 65,053 — — 65,053 65,053 — Various N/A Waterfront Station Washington, D.C. — 7,431 11,135 — 7,431 11,135 18,566 — Various N/A Miscellaneous Investments Various 28,557 26,173 68,329 — 26,173 68,329 94,502 — Various N/A Construction and Development Subtotal $ 120,137 $ 112,348 $ 786,535 $ — $ 112,348 $ 786,535 $ 898,883 $ — Total Real Estate $ 4,461,195 $ 908,903 $ 7,987,094 $ 717,345 $ 973,640 $ 8,639,702 $ 9,613,342 $ 1,734,382 (A) The aggregate cost at December 31, 2015 for federal income tax purposes was $8,283,343 . For (B) and (C) refer to the following page. (1) Depreciation is computed based upon the following estimated useful lives: Years Building and improvements (other than Arena) 40 – 50 Arena 34.5 Equipment and fixtures 5 – 15 Tenant improvements Shorter of useful life or applicable lease term Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) (B) Reconciliations of total real estate carrying value are as follows: Balance at beginning of period $ 8,328,987 $ 8,475,571 $ 10,026,010 Additions during period - Improvements 621,127 399,411 471,653 Other additions, primarily as a result of change in accounting method of property — 436,701 171,260 Acquisitions 1,254,270 166,888 8,514 1,875,397 1,003,000 651,427 Deductions during period - Cost of real estate sold or retired (105,927 ) (302,181 ) (439,130 ) Cost of real estate in connection with disposal of partial interests — (536,255 ) (1,180,016 ) Other deductions, primarily due to impairments and as a result of change in accounting method of property (485,115 ) (311,148 ) (582,720 ) (591,042 ) (1,149,584 ) (2,201,866 ) Balance at end of period $ 9,613,342 $ 8,328,987 $ 8,475,571 (C) Reconciliations of accumulated depreciation are as follows: Balance at beginning of period $ 1,555,965 $ 1,469,328 $ 1,654,632 Additions during period - Charged to profit or loss 241,654 206,041 255,824 Net other additions (deductions) during period - Acquisitions, retirements, sales or disposals (63,237 ) (119,404 ) (441,128 ) Balance at end of period $ 1,734,382 $ 1,555,965 $ 1,469,328

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Forest City Realty Trust, Inc., its wholly-owned subsidiaries and entities in which it has a controlling interest in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accounting guidance for consolidation of variable interest entities (“VIEs”) requires an ongoing reassessment of determining whether a variable interest gives a company a controlling financial interest in a VIE. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or the holders of the equity investment at risk do not have a controlling financial interest. The Company continuously reassesses whether or not it has the (a) power to direct the activities of the VIE that most significantly affect its economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related notes. Some of the critical estimates made by the Company include, but are not limited to, determination of the primary beneficiary of VIEs, estimates of useful lives for long-lived assets, reserves for collection on accounts and notes receivable and other investments, the fair value estimate of redeemable noncontrolling interest, net gain on change in control of interests, impairment of real estate and other-than-temporary impairments on equity method investments. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts related to discontinued operations and assets and liabilities held for sale in the accompanying consolidated financial statements have been reclassified to conform to the current year’s presentation.
New Accounting Guidance	New Accounting Guidance In January 2015, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting guidance to eliminate the concept of extraordinary items from GAAP. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently has been retained and expanded to include items that are both unusual in nature and infrequently occurring. This guidance was early adopted effective January 1, 2015 and did not have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued an amendment to the consolidation accounting guidance. This guidance changes the required analysis to determine whether certain types of legal entities should be consolidated. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and may affect the consolidation analysis of entities involved in VIEs, particularly those having fee arrangements and related party relationships. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance on January 1, 2016 will not have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued an Accounting Standards Update to simplify the presentation of debt issuance costs. This guidance requires that third-party debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt. Debt issuance costs related to revolving lines of credit are not within the scope of this new guidance. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2015. The adoption of this guidance on January 1, 2016 will not have a material impact on the Company’s consolidated financial statements. The following new accounting pronouncements will be adopted on their respective effective dates: In May 2014, the FASB issued an amendment to the accounting guidance for revenue from contracts with customers. The core principle of this guidance is an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance defines steps an entity should apply to achieve the core principle. This guidance is effective for annual reporting periods beginning after December 15, 2017 and interim reporting periods within that annual period and allows for both retrospective and modified retrospective methods of adoption. Early adoption is permitted for annual periods beginning after December 15, 2016. The Company is currently in the process of determining the method of adoption and evaluating the impact of adopting this guidance on its consolidated financial statements. In August 2014, the FASB issued an amendment to the accounting guidance on disclosure of uncertainties about an entity’s ability to continue as a going concern. This guidance requires management to assess the Company’s ability to continue as a going concern and to provide disclosures under certain circumstances. This guidance is effective for annual reporting periods ending after December 15, 2016 and interim reporting periods thereafter. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.
Acquisition of Rental Properties	Acquisition of Rental Properties Upon acquisition of a rental property, the purchase price is allocated to net tangible and identified intangible assets acquired based on estimated fair values. Above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) the Company’s estimated fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. Above-market lease values are amortized as a reduction of rental revenues (or rental expense for ground leases in which the Company is the lessee) over the remaining non-cancelable terms of the respective leases. Below-market lease values are amortized as an increase to rental revenues (or rental expense for ground leases in which the Company is the lessee) over the remaining non-cancelable terms of the respective leases, including any fixed-rate renewal periods that are probable of being exercised. For the Company’s below-market lease and in-place lease intangibles remaining at December 31, 2015 and 2014 , the Company assumed fixed rate renewals for the in-place leases deemed to be below market and includes the assumed renewals in the calculation of intangible asset values and related amortization period. Intangible assets also include amounts representing the value of tenant relationships and in-place leases based on the Company’s evaluation of each tenant’s lease and its overall relationship with the respective tenant. The Company estimates the cost to execute leases with terms similar to in-place leases, including leasing commissions, legal and other related expenses. This intangible asset is amortized to expense over the remaining term of the respective lease. The Company’s estimates of value are made using methods similar to those used by independent appraisers or by using independent appraisals. Factors considered by the Company in this analysis include an estimate of the carrying costs during the expected lease-up periods, current market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, which primarily range from three to twelve months. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company also uses the information obtained as a result of its pre-acquisition due diligence in considering any conditional asset retirement obligations, and when necessary, will record a conditional asset retirement obligation as part of its purchase price. The value of in-place leases is amortized over the remaining non-cancelable term of the respective leases and any fixed-rate renewal periods deemed probable. When calculating the estimated value to assign to a tenant relationship intangible asset, the Company estimates the likelihood a lessee will execute a lease renewal and other factors relative to the relationship. In determining the likelihood of lease renewal, the Company utilizes a probability weighted model based on many factors. Other qualitative factors related to the relationship the Company considers include, but are not limited to, the nature and extent of the business relationship with the tenant, growth prospects for developing new business with the tenant and the tenant’s credit quality. The value of tenant relationship intangibles is amortized over the remaining initial lease term and expected renewals, but in no event longer than the remaining depreciable life of the building. In the event a lease is terminated, the unamortized portion of each related intangible
Cash and Equivalents	Cash and Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. Cash equivalents are stated at cost, which approximates market value. The Company maintains operating cash and reserves for replacement balances in financial institutions which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes the risk of loss is minimal. Cash flows associated with items intended as hedges of identifiable transactions or events are classified in the same category as the cash flows from the items being hedged. Cash flows from derivatives not designated as cash flow or fair value hedges are generally classified in the investing section in the Consolidated Statements of Cash Flows. Cash flows associated with lease procurement costs are classified as investing activities and consist primarily of lease commissions and related legal fees associated with procuring first generation tenants under long-term lease agreements for office buildings, retail regional malls or specialty retail centers. The Company primarily incurs these costs during the development phase of the project and they are integral to starting construction and ultimately completing the project. Management views these lease procurement costs as part of the initial investment to obtain long-term cash inflow.
Restricted Cash	Restricted Cash Restricted cash represents amounts for debt service payments, taxes and insurance, collateral, security deposits, capital replacement, improvement and operating reserves, bond funds, and development and construction escrows.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Allowances against notes and accounts receivables are based on management’s estimate of amounts that will not be realized from cash receipts or any applicable collateral in subsequent periods. If the estimate of expected future cash flows does not accurately reflect actual events, the allowance may be over or understated. Management exercises judgment in establishing these allowances and considers payment history and current credit status in developing these estimates. The Company also maintains an allowance for receivables arising from the straight-lining of rents.This receivable arises from earnings recognized in excess of amounts currently due under lease agreements. The allowance against the straight-line rent receivable is based on historical experience with early lease terminations as well as specific review of significant tenants and tenants having known financial difficulties. There is a risk the estimate of the expected activity of current tenants may not accurately reflect future events. If the estimate does not accurately reflect future tenant vacancies, the allowance for straight-line rent receivable may be over or understated.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities Investments in unconsolidated entities include investments in and advances to unconsolidated entities and cash distributions and losses in excess of investments in unconsolidated entities the Company does not control and/or is not deemed to be the primary beneficiary. The Company accounts for its investments in unconsolidated entities using the equity method of accounting whereby the cost of an investment is adjusted for the Company’s share of income or loss from the date of acquisition, increased for equity contributions made and reduced by distributions received. The income or loss for each unconsolidated entity is allocated in accordance with the provisions of the applicable operating agreements, including distribution priorities, which may change upon the achievement of certain return thresholds and may differ from the legal ownership interest held. Differences between the Company’s carrying value of its investment in unconsolidated entities and the Company’s underlying equity of such unconsolidated entities are amortized over the respective lives of the underlying assets or liabilities, as applicable. Certain investments in unconsolidated entities’ share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. As a result, the carrying value of certain investments in unconsolidated entities is negative, based on the Company’s ongoing potential funding requirements. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Consolidated Balance Sheets. The Company may provide funding in excess of its legal ownership. These fundings are typically interest-bearing or entitle the Company to a preference on and of such advances of property cash flows and are included in investments in and advances to unconsolidated entities.
Other Assets	Other Assets Other assets include costs incurred with obtaining financing, which are deferred and amortized over the life of the related debt and costs incurred with leasing space to tenants which are deferred and amortized using the straight-line method over the lives of the related leases.
Intangible Assets	Intangible Assets Upon an acquisition of a rental property, the Company records intangible assets at their estimated fair value separate and apart from goodwill. The Company amortizes identified intangible assets with finite lives on a straight-line basis over the period the assets are expected to contribute directly or indirectly to the future cash flows of the acquired property. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate their carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its estimated fair value. In connection with the Company’s military housing projects, intangible assets are recorded based upon the costs associated with acquiring military housing development and management contracts. Intangible assets related to the military housing development contracts are amortized based upon the ratio of development fees earned in relation to overall fee income to be earned throughout the contract period. Intangible assets related to the military housing management contracts are amortized based upon a straight-line basis over the remaining term of the management contracts.
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Derivatives are recorded at fair value. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and whether it meets the hedge accounting requirements. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of gain or loss recognition on the instrument with the recognition of the change in the fair value of the hedged asset or liability attributable to the hedged risk (in a fair value hedge) or the earnings effect of the hedged forecasted transactions (in a cash flow hedge). The Company may enter into derivative contracts intended to economically hedge certain interest rate risk, even though the contracts do not qualify for or the Company has elected not to apply hedge accounting.
Noncontrolling Interest	Noncontrolling Interest Interests held by partners in consolidated entities are reflected in noncontrolling interest, which represents the noncontrolling interests’ share of the underlying net assets of the Company’s consolidated subsidiaries. Noncontrolling interest that is not redeemable is reported in the equity section of the Consolidated Balance Sheets. Noncontrolling interests where the Company may be required to repurchase the noncontrolling interest at fair value under a put option or other contractual redemption requirements are reported in the mezzanine section of the Consolidated Balance Sheets as redeemable noncontrolling interest. The Company adjusts the redeemable noncontrolling interest to redemption value (which approximates fair value) at each balance sheet date with changes recognized as an adjustment to additional paid-in capital. In the event the historical cost of the redeemable noncontrolling interest, which represents initial cost, adjusted for contributions, distributions and the allocation of profits or losses, is in excess of estimated fair value, the Company records the redeemable noncontrolling interest at historical cost.
Reacquired Stock	Reacquired Stock Effective December 31, 2015, the Company accounts for purchases of capital stock consistent with Maryland law, which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of Class A common stock (at $0.01 par value per share) and an increase in additional paid-in capital.
Recognition of Revenues	Recognition of Revenues Rental – Lease terms in retail centers and office buildings generally range from 1 to 30 years, excluding leases with certain anchor tenants, which typically are longer. Minimum rents are recognized on a straight-line basis over the non-cancelable term of the lease, which include the effects of rent steps and rent abatements under the leases. Overage rents are recognized after sales thresholds have been achieved. Residential lease terms are generally one year. Tenant Recoveries – Reimbursements from commercial tenants for common area maintenance, taxes, insurance and other commercial property operating expenses as provided in the lease agreements are recognized in the period the applicable costs are incurred. Service and Management Fees – Management, leasing, finance, development and other service fee revenue is recognized in the period in which the services are performed. Revenues and profit on long-term fixed-price contracts are recorded using the percentage-of-completion method. Revenues on reimbursable cost-plus fee contracts are recorded in the amount of the accrued reimbursable costs plus proportionate fees at the time the costs are incurred. Parking and Other – Revenues derived from monthly and transient tenant parking and other revenue is recognized in the period the services are performed. Arena (reported in discontinued operations) – The Arena naming rights agreement commenced with the opening of the Arena, has a 20 year term and is subject to certain extension rights. Arena naming rights revenue is recognized on a straight-line basis over the term of the agreement. Arena founding partner and sponsor agreements entitle the parties to certain sponsorship, promotional, media, hospitality and other rights and entitlements. These agreements expire at various terms ranging from one to seven years and revenue is recognized on a straight-line basis over the term of the agreements. Arena suite licenses entitle the licensee to the use of a luxury suite in the Arena. The terms of the suite license agreements range from one to seven years. Revenue is recognized on a straight-line basis over the term of the agreements. Ticketing fee revenue is based on the Arena’s share of ticket sale fees in accordance with an agreement with Ticketmaster. Revenue from ticketing fees is deferred and recognized upon settlement of the related event. Land Sales – Sales of land to residential, commercial and industrial customers, primarily at the Company’s Stapleton project, and sales of commercial and residential outlots adjacent to the Company’s operating property portfolio are recognized at closing or upon completion of all conditions precedent to the sales contract (whichever is later). Military Housing – Property management and asset management fees are earned based on a contractual percentage of the annual net rental income and annual operating income, respectively, generated by the military housing projects as defined in the agreements. Additional property management incentive fees are recognized based upon successful completion of criteria set forth in the property management agreements. Development fees are earned based on a contractual percentage of the actual development costs incurred. Additional development incentive fees are recognized based upon successful completion of criteria, such as incentives to realize development cost savings, encourage small and local business participation, comply with specified safety standards and other project management incentives as specified in the development agreements. Construction management fees are earned based on a contractual percentage of the actual construction costs incurred. Additional construction incentive fees are recognized based upon successful completion of certain criteria as set forth in the construction contracts.
Real Estate Sales and Assets Held for Sale	Real Estate Sales and Assets Held for Sale The specific timing of a sale transaction and recognition of profit is measured against various criteria in the real estate sales accounting guidance covering the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, the Company defers gain recognition and accounts for the transaction by applying the deposit, finance, installment or cost recovery methods, as appropriate. Prior to the adoption of new accounting guidance on discontinued operations in April 2014, typically all consolidated operating properties sold or classified as held for sale met the requirements to be reported as a discontinued operation. The new accounting guidance on discontinued operations significantly increased the threshold for a property to be classified as a discontinued operation. As a result, the Company’s number of disposed or held for sale assets classified as a discontinued operation significantly decreased from previous periods. The determination of when an asset qualifies as held for sale continues to require significant judgment. The Company considers various factors when evaluating whether an asset qualifies as held for sale including, among others, whether the potential sale is approved by management, the status of any marketing efforts, interest from potential buyers, the status of any sale negotiations and the probability of whether the asset will be sold in twelve months. Each potential sale is evaluated based on its separate facts and circumstances.
Recognition of Expenses	Recognition of Expenses Property Operating and Management – Expenses incurred at the operating property level and general business unit expenses, including non-capitalizable development costs and management and service company expenses, are recognized as incurred. Real Estate Taxes – Real estate taxes on operating properties are recognized over the applicable tax period. Real estate taxes during active development and construction are capitalized as a project cost. Ground Rent – Expenses related to ground leases are recognized using the straight-line method over the non-cancelable lease term. Participation payments triggered by defined events within the respective lease agreements such as refinancings, sales or other capital transactions are expensed when incurred. Ground rent during active development and construction is capitalized as a project cost. Arena Operating (reported in discontinued operations) – Operating expenses related to the Arena are recognized as incurred. Cost of Land Sales – Cost of land associated with land sales is recognized in the same period as the respective revenue from the sale qualifies for recognition. Military Housing – Operating expenses related to the Military Housing are recognized as incurred. Corporate General and Administrative – Expenses related to the Company’s Corporate segment are recognized as incurred.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation cost is measured at the date of grant and is based on the fair value of the equity award. The fair value of stock options is computed using the Black-Scholes option pricing model, which incorporates assumptions for risk-free rate, expected volatility, dividend yield, and expected life of the options. The fair value of restricted stock is equal to the closing price of the stock on the date of grant. The fair value cost of stock options and restricted stock, as adjusted for estimated forfeitures, is recognized over the requisite service period of the grantee using the straight-line attribution method. Cost recognition is accelerated if the grantee is retirement-eligible (as defined in the 1994 Stock Plan, as amended) or becomes retirement-eligible before the end of the nominal vesting period. The cost is recognized immediately if the grantee is retirement-eligible at the date of grant or on a straight-line basis over the period ending with the first anniversary from the date of grant when the individual becomes retirement-eligible. The fair value of performance shares that do not have a market condition is equal to the closing price of the underlying stock on the date of grant. The fair value cost is recognized on a straight-line basis over the requisite service period if it is probable the performance goals will be achieved. The fair value of performance shares that have a market condition is computed using a Monte Carlo simulation. The fair value cost is recognized over the requisite service period if the requisite service is rendered, even if the market condition is never satisfied. Cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those options or shares (excess tax benefits) are classified as financing cash flows in the Consolidated Statements of Cash Flows. The Company records excess tax benefits only if the excess tax deductions reduce taxes payable computed on a with-and-without basis. There were no excess tax benefits classified as financing cash flows for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 .
Depreciation and Amortization	Depreciation and Amortization Depreciation and amortization is generally computed using the straight-line method over the estimated useful life of the asset. The estimated useful lives of buildings (other than the Arena) and certain first generation tenant allowances considered by management as a component of the building are 40 to 50 years. The estimated useful life of the Arena is 34.5 years, reflecting the ground leases on which the Arena was built. Subsequent tenant improvements and those first generation tenant allowances not considered a component of the building are amortized over the lesser of the remaining useful life of the asset or the term of the tenant’s lease. This estimated life is based on the length of time the asset is expected to generate positive operating cash flows. Actual events and circumstances can cause the life of the building and tenant improvement to be different than the estimates made. Additionally, lease terminations can affect the economic life of the tenant improvements.
Cost Capitalization	Capitalization Major improvements and tenant improvements determined to be Company assets are capitalized and expensed through depreciation charges. Tenant improvements qualifying as lease inducements are capitalized into other assets and amortized as a reduction of rental revenues over the term of the tenant’s lease. Repairs, maintenance and minor improvements are expensed as incurred. A variety of costs are incurred in the development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of the benefited project. Determination of when a development project is substantially complete and when capitalization must cease involves judgment. The Company’s capitalization policy on development properties is based on accounting guidance for the capitalization of interest cost and accounting guidance for costs and the initial rental operations of real estate properties. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. The Company ceases capitalization on any portion substantially completed and occupied or held available for occupancy, and capitalizes only those costs associated with the portion under construction. Costs and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts and any resulting gains or losses are reported in the Consolidated Statements of Operations.
Write-offs of Abandoned Development Projects and Demolition Costs	Write-offs of Abandoned Development Projects and Demolition Costs On a quarterly basis, the Company reviews each project under development to determine whether it is probable the project will be developed. If management determines the project will not be developed, its project costs and other related expenses are written off as an abandoned development project cost. The Company abandons projects under development for a number of reasons, including, but not limited to, changes in local market conditions, increases in construction or financing costs or third party challenges related to entitlements or public financing. In addition, costs expensed to demolish existing structures, if any, are included in these amounts.
Impairment of Real Estate	Impairment of Real Estate The Company reviews its real estate for impairment whenever events or changes indicate its carrying value may not be recoverable. Impairment indicators include, but are not limited to, significant decreases in property net operating income, significant decreases in occupancy rates, the physical condition of the property and general economic conditions. A property’s value is impaired if the aggregate future cash flows (undiscounted and without interest charges) to be generated are less than the carrying value of the property. In addition, the undiscounted cash flows may consider a probability-weighted cash flow estimation approach when alternative courses of action to recover the carrying amount of a long-lived asset are under consideration or a range is estimated at the balance sheet date. Significant estimates are made in the determination of future undiscounted cash flows including future net operating income, estimated hold periods, probability of alternative courses of action, risk of foreclosure and estimated cash proceeds received upon disposition of the asset. To the extent an impairment has occurred, the loss will be measured as the excess of the carrying amount of the property over the estimated fair value of the property. Determining fair value of real estate involves significant judgments and estimates including timing and amounts of expected cash flows, discount rates, capitalization rates and comparable sales data, which are considered Level 3 inputs. Changes to these estimates could affect whether or not an impairment charge would be required and/or the amount of impairment charges recognized.
Impairment of Unconsolidated Entities	Impairment of Unconsolidated Entities The Company reviews its portfolio of unconsolidated entities for other-than-temporary impairments whenever events or changes indicate its carrying value in the investments may be in excess of fair value. A loss in value of an equity method investment which is other-than-temporary is recognized as an impairment of unconsolidated entities. This determination is based upon the length of time elapsed, severity of decline, possible recovery period and other relevant facts. Determining fair value of a real estate investment and whether or not a loss is other-than-temporary involves significant judgments and estimates. Examples of these estimates include timing and amounts of expected cash flows, discount rates, capitalization rates and comparable sales data, which are considered Level 3 inputs. Changes to these estimates could affect whether or not an impairment charge would be required and/or the amount of impairment charges recognized.
Historic and New Market Tax Credit Entities	Historic and New Market Tax Credit Entities The Company has investments in properties that have received, or the Company believes are entitled to receive, historic preservation tax credits on qualifying expenditures under Internal Revenue Code (“IRC”) section 47 and new market tax credits on qualifying investments in designated community development entities (“CDEs”) under IRC section 45D, as well as various state credit programs, including participation in the New York State Brownfield Tax Credit Program, which entitles the members to tax credits based on qualified expenditures at the time those qualified expenditures are placed in service. The Company typically enters into these investments with sophisticated financial investors. In exchange for the financial investors’ initial contribution into the investment, the financial investor is entitled to substantially all of the benefits derived from the tax credit. Typically, these arrangements have put/call provisions (which range up to seven years) whereby the Company may be obligated (or entitled) to repurchase the financial investors’ interest. The Company has consolidated each of these entities in its consolidated financial statements and has included these investor contributions in accounts payable, accrued expenses and other liabilities. The Company guarantees to the financial investor that in the event of a subsequent recapture by a taxing authority due to the Company’s noncompliance with applicable tax credit guidelines, it will indemnify the financial investor for any recaptured tax credits. The Company initially records a liability for the cash received from the financial investor. The Company generally records income upon completion and certification of the qualifying development expenditures for historic preservation tax credits and upon certification of the qualifying investments in designated CDEs for new market tax credits, resulting in an adjustment of the liability at each balance sheet date to the amount that would be paid to the financial investor based upon the tax credit compliance regulations, which range from 0 to 7 years . Income related to the sale of tax credits is recorded in interest and other income.
Income Taxes	Income Taxes To qualify as a REIT, the Company is required to meet a number of organizational and operational requirements, including distributing as a dividend to shareholders at least 90% of the Company’s annual REIT taxable income, computed without regard to the dividends paid deduction and the Company’s net capital gains. As a REIT, the Company will generally not be subject to federal income taxes on its income and gains that are distributed to its shareholders. The states in which the Company operates follow rules similar to the federal rules with respect to the taxation of REITs. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes at regular corporate rates. In addition, the Company may not be able to requalify as a REIT for the four subsequent taxable years. However, certain activities will be conducted in TRSs and will continue to be subject to federal income taxes. In addition, the Company will be subject to corporate income taxes related to assets sold during the 5 year period following the date of conversion, to the extent such assets had a built-in gain on the date of conversion. This gain can be offset against any remaining federal net operating loss carryforwards. Furthermore, the Company does not intend to dispose of any assets after the REIT conversion within the specified period, unless net operating losses or various tax planning strategies, including Internal Revenue Code Section 1031 like-kind exchanges or other deferred tax structures are available, to mitigate the built-in gain tax liability. During the three months ended December 31, 2015, all remaining contingencies to convert to a REIT were satisfied, including shareholder approval on October 20, 2015. As a result, the Company recorded a $588,607,000 one-time reversal of its net deferred tax liability related to its qualified REIT investments. Deferred tax assets and liabilities related to the Company’s TRSs were not reversed and remain on the books of the Company as of December 31, 2015. See Note W – Income Taxes for additional information. Prior to the conversion to a REIT and subsequent to the REIT conversion as it relates to the Company’s TRSs, deferred tax assets and liabilities are recorded to reflect the expected tax consequences on future years attributable to temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The Company has recognized the benefit of its tax loss carryforward, which it expects to use as a reduction of the deferred tax expense. The Company records valuation allowances against deferred tax assets if it is more likely than not a portion or all of the deferred tax asset will not be realized. The Company’s financial statements reflect the expected future tax consequences of a tax position if that tax position is more likely than not of being sustained upon examination, presuming the taxing authorities have full knowledge of the position and all relevant facts. The Company records interest and penalties related to uncertain income tax positions as a component of income tax expense.
Earnings Per Share	Earnings Per Share The Company’s restricted stock is considered a participating security pursuant to the two-class method for computing basic earnings per share (“EPS”). The 2006 Class A Common Units (“2006 Units”) issued in exchange for Bruce C. Ratner’s noncontrolling interests in the Forest City Ratner Company portfolio in November 2006, which are reflected as noncontrolling interests in the Consolidated Balance Sheets, are considered convertible participating securities as they are entitled to participate in dividends paid to the Company’s common shareholders. The 2006 Units are included in the computation of basic EPS using the two-class method and are included in the computation of diluted EPS using the if-converted method. The Class A common stock issuable in connection with a put or conversion of the Puttable Equity-Linked Senior Notes due 2014 (which were redeemed during 2013), Convertible Senior Notes due 2016, Convertible Senior Notes due 2018, Convertible Senior Notes due 2020 and Series A Cumulative Perpetual Convertible Preferred Stock (which were redeemed during 2013) are included in the computation of diluted EPS using the if-converted method.

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”): December 31, 2015 2014 2013 (in thousands) Unrealized losses on foreign currency translation $ 95 $ 137 $ 189 Unrealized losses on interest rate derivative contracts (1) 67,888 96,084 125,059 67,983 96,221 125,248 Income tax benefit (2) — (37,281 ) (48,517 ) Noncontrolling interest (78 ) (94 ) (149 ) Accumulated Other Comprehensive Loss $ 67,905 $ 58,846 $ 76,582
Schedule of Changes of Accumulated Other Comprehensive Income by Component	The following table summarizes the changes, net of tax and noncontrolling interest, of accumulated OCI by component: Securities Foreign Currency Translation Interest Rate Contracts Total (in thousands) Balance, February 1, 2013 $ (208 ) $ 42 $ (103,037 ) $ (103,203 ) Gain (loss) recognized in accumulated OCI 430 (158 ) (457 ) (185 ) Loss reclassified from accumulated OCI (222 ) — 27,028 26,806 Total other comprehensive income (loss) 208 (158 ) 26,571 26,621 Balance, December 31, 2013 $ — $ (116 ) $ (76,466 ) $ (76,582 ) Gain (loss) recognized in accumulated OCI — 32 (10,294 ) (10,262 ) Loss reclassified from accumulated OCI — — 27,998 27,998 Total other comprehensive income (loss) — 32 17,704 17,736 Balance, December 31, 2014 $ — $ (84 ) $ (58,762 ) $ (58,846 ) Gain (loss) recognized in accumulated OCI — 24 (6,445 ) (6,421 ) Loss reclassified from accumulated OCI — — 29,013 29,013 One-time adjustment to deferred taxes on OCI related to REIT conversion (2) — (35 ) (31,616 ) (31,651 ) Total other comprehensive income (loss) — (11 ) (9,048 ) (9,059 ) Balance, December 31, 2015 $ — $ (95 ) $ (67,810 ) $ (67,905 )
Losses reclassified from Accumulated Other Comprehensive Income	The following table summarizes losses reclassified from accumulated OCI and their location on the Consolidated Statements of Operations: Accumulated OCI Components Loss Reclassified from Accumulated OCI Location on Consolidated Statements of Operations (in thousands) Year Ended December 31, 2015 Interest rate contracts $ 37,852 Interest expense Interest rate contracts (900 ) Net gain on change in control of interests Interest rate contracts 3,722 Earnings (loss) from unconsolidated entities, gross of tax 40,674 Total before income tax and noncontrolling interest (11,645 ) Income tax benefit (16 ) Noncontrolling interest $ 29,013 Loss reclassified from accumulated OCI Year Ended December 31, 2014 Interest rate contracts $ 38,093 Interest expense Interest rate contracts 3,666 Discontinued operations Interest rate contracts 4,006 Earnings (loss) from unconsolidated entities, gross of tax 45,765 Total before income tax and noncontrolling interest (17,737 ) Income tax benefit (30 ) Noncontrolling interest $ 27,998 Loss reclassified from accumulated OCI 11 Months Ended December 31, 2013 Interest rate contracts $ 40,353 Interest expense Interest rate contracts 3,814 Earnings (loss) from unconsolidated entities, gross of tax 44,167 Total before income tax and noncontrolling interest (17,123 ) Income tax benefit (16 ) Noncontrolling interest $ 27,028 Loss reclassified from accumulated OCI
Summary of components of REIT conversion and reorganization costs [Table Text Block]	The following table summarizes the components of REIT conversion and reorganization costs: Years Ended December 31, 2015 December 31, 2014 (in thousands) REIT conversion costs $ 11,095 $ 3,311 Reorganization costs 19,050 2,386 Termination benefits 17,980 — Total $ 48,125 $ 5,697
Schedule of Accrued Severance	The following table summarizes the activity in the accrued severance balance for termination costs: Total (in thousands) Accrued severance benefits at December 31, 2013 $ 2,682 Termination benefits expense 5,782 Payments (3,482 ) Accrued severance benefits at December 31, 2014 $ 4,982 Termination benefits expense 17,980 Payments (6,624 ) Accrued severance benefits at December 31, 2015 $ 16,338
Schedule of Transition Period Comparative Data	The following table presents certain financial information for the 11 months ended December 31, 2013 and 2012, for comparability purposes: 11 Months Ended December 31, 2013 2012 (Unaudited) (in thousands) Revenues $ 893,740 $ 921,898 Expenses Operating expenses 593,159 556,018 Depreciation and amortization 239,823 181,982 Write-offs of abandoned development projects and demolition costs 40,414 14,029 Impairment of real estate 421,361 30,660 Net loss on land held for divestiture activity 7,382 4,457 Total expenses 1,302,139 787,146 Operating income (loss) (408,399 ) 134,752 Interest and other income 52,283 42,245 Net gain on disposition of partial interest in rental properties 496,092 — Net gain on change in control of interests 2,762 8,351 Interest expense (250,822 ) (232,176 ) Amortization of mortgage procurement costs (7,746 ) (9,804 ) Gain on extinguishment of debt 4,549 7,436 Loss before income taxes (111,281 ) (49,196 ) Income tax expense (benefit) 20,921 (10,809 ) Earnings from unconsolidated entities, including impairment, gross of tax 110,627 89,799 Net gain (loss) on land held for divestiture activity, gross of tax 1,338 (42,606 ) 111,965 47,193 Earnings (loss) from continuing operations (20,237 ) 8,806 Discontinued operations, net of tax (50,553 ) 48,284 Net earnings (loss) (70,790 ) 57,090 Noncontrolling interests 65,483 (5,635 ) Net earnings (loss) attributable to Forest City Realty Trust, Inc. (5,307 ) 51,455 Preferred dividends and inducements of preferred stock conversions (185 ) (32,129 ) Net earnings (loss) attributable to common shareholders $ (5,492 ) $ 19,326
Supplemental Non-Cash Disclosures	Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Non-cash changes to balance sheet - Investing activities Projects under construction and development $ 55,484 $ (313,480 ) $ (87,857 ) Completed rental properties 825,582 368,588 (842,261 ) Restricted cash 8,969 1,272 (4,326 ) Investments in and advances to affiliates - due to dispositions or change in control 81,978 168,463 6,345 Investments in and advances to affiliates - other activity 20,852 34,459 25,733 Total non-cash effect on investing activities $ 992,865 $ 259,302 $ (902,366 ) Non-cash changes to balance sheet - Financing activities Accounts payable, accrued expenses and other liabilities $ — $ 5,552 $ — Nonrecourse mortgage debt and notes payable 433,499 (153,345 ) (903,085 ) Convertible senior debt (424,433 ) — (218,675 ) Preferred stock — — (5,489 ) Class A common stock (76,823 ) 225 4,680 Additional paid-in capital 531,246 111,150 241,268 Treasury stock 22,434 — (12,868 ) Redeemable noncontrolling interest — 28,390 (50,546 ) Noncontrolling interest (53,426 ) 44,876 31,702 Total non-cash effect on financing activities $ 432,497 $ 36,848 $ (913,013 )

Notes and Accounts Receivable42

Notes and Accounts Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Components of Notes and Accounts Receivable	The following table summarizes the components of notes and accounts receivable, net: December 31, 2015 2014 (dollars in thousands) Straight-line rent - tenants $ 135,278 $ 131,887 Military Housing, primarily reimbursable construction costs 23,624 27,024 Stapleton advances 128,241 150,111 Accounts receivable - tenants 19,873 16,298 Notes receivable 21,637 34,922 Other 56,519 59,046 385,172 419,288 Allowance for doubtful accounts (9,025 ) (10,771 ) Notes and Accounts Receivable, Net $ 376,147 $ 408,517 Weighted average interest rate on notes receivable 5.01 % 6.81 %

Investments in Unconsolidated43

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Reconciliation of Members' and Partners' Equity to the Company's Carrying Value	The following table is a reconciliation of members’ and partners’ equity to the Company’s carrying value: December 31, 2015 2014 (in thousands) Total members’ and partners’ equity $ 1,535,339 $ 1,234,612 Equity of other members and partners 1,165,523 1,079,695 Company’s net investment in unconsolidated entities 369,816 154,917 Basis differences (1) 137,495 238,606 Advances to and on behalf of affiliates 7,624 15,450 Total Investments in Unconsolidated Entities, net $ 514,935 $ 408,973 Assets - Investments in and advances to unconsolidated entities $ 678,872 $ 620,466 Liabilities - Cash distributions and losses in excess of investments in unconsolidated entities (163,937 ) (211,493 ) Total Investments in Unconsolidated Entities, net $ 514,935 $ 408,973 (1) Represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the equity method venture level, which is typically amortized over the life of the related assets or liabilities. Basis differences relate to certain acquisition, transaction and other costs, as well as other-than-temporary impairments not reflected in the net assets at the equity method venture level.
Summarized Financial Information for the Equity Method Investments	The following table presents summarized financial information for equity method investments, including those shown separately later in this Note C: (Combined 100%) December 31, 2015 2014 (in thousands) Balance Sheets: Real Estate Completed rental properties $ 7,630,583 $ 7,971,011 Projects under construction and development 1,298,356 840,797 Land inventory 116,379 114,301 Total Real Estate 9,045,318 8,926,109 Less accumulated depreciation (1,725,082 ) (1,709,243 ) Real Estate, net 7,320,236 7,216,866 Cash and equivalents 161,832 203,301 Restricted cash - military housing bond funds 176,725 161,460 Other restricted cash 523,589 381,190 Other assets 730,498 836,422 Assets held for sale 205,384 218,716 Total Assets $ 9,118,264 $ 9,017,955 Mortgage debt and notes payable, nonrecourse $ 6,752,756 $ 6,986,514 Other liabilities 517,194 509,008 Liabilities held for sale 312,975 287,821 Members’ and partners’ equity 1,535,339 1,234,612 Total Liabilities and Members’ and Partners’ Equity $ 9,118,264 $ 9,017,955 (Combined 100%) Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Operations: Revenues $ 1,100,094 $ 1,175,200 $ 1,013,154 Operating expenses (491,804 ) (540,241 ) (466,487 ) Depreciation and amortization (244,126 ) (243,952 ) (198,908 ) Net gain on land held for divestiture activity — — 2,742 Interest and other income 19,721 22,693 14,797 Net gain on disposition of full or partial interest in rental properties — 36,356 — Interest expense including extinguishment of debt (314,332 ) (347,008 ) (298,567 ) Earnings from continuing operations $ 69,553 $ 103,048 $ 66,731 Discontinued operations: Operating loss from rental properties (64,766 ) (115,900 ) (72,901 ) Gain on disposition of rental properties — — 68,311 Discontinued operations subtotal (64,766 ) (115,900 ) (4,590 ) Net earnings (loss) $ 4,787 $ (12,852 ) $ 62,141 Company’s portion of net earnings (loss) 22,313 58,469 77,816 Impairment of investments in unconsolidated entities (13,844 ) (3,124 ) — Net gain on disposition of full or partial interest in equity method investments 20,293 34,744 34,149 Net earnings from unconsolidated entities $ 28,762 $ 90,089 $ 111,965
Summary of the Gain (Loss) on the Disposition of Unconsolidated Entities	The following table summarizes gains and losses on the disposition or partial disposition of unconsolidated entities which are included in equity from unconsolidated entities: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Net gain on disposition of full or partial interest in rental properties: Golden Gate (Specialty Retail Center) Mayfield Heights, Ohio $ — $ 33,881 $ — Liberty Center (Office Building) Pittsburgh, Pennsylvania — 2,475 2,829 Westin Convention Center (Hotel) Pittsburgh, Pennsylvania — — 65,482 Total gain on disposition of full or partial interest in rental properties $ — $ 36,356 $ 68,311 Company’s portion of gain on disposition of full or partial interest in rental properties $ — $ 17,677 $ 34,281 Net gain (loss) on disposition of full or partial interest in equity method investments: Apartment Communities: Newport Landing Coventry Township, Ohio $ 5,765 $ — $ — Eaton Ridge Sagamore Hills, Ohio 4,745 — — Arbor Glen Twinsburg, Ohio 3,422 — — Parkwood Village Brunswick, Ohio 2,817 — — Sutton Landing Brimfield, Ohio 2,535 — — Westwood Reserve Tampa, Florida — 8,904 — Legacy Crossroads Cary, North Carolina — 6,216 — Colonial Grand Tampa, Florida — 4,904 — Legacy Arboretum Charlotte, North Carolina — 3,257 — Woodgate / Evergreen Farms Olmsted Township, Ohio — 2,346 — Barrington Place Raleigh, North Carolina — 1,515 — Regional Malls: Mall at Stonecrest Atlanta, Georgia — 7,952 — Charleston Town Center Charleston, West Virginia — — 27,080 Specialty Retail Center: Marketplace at Riverpark Fresno, California — — 8,579 Other 1,009 (350 ) (1,510 ) Total gain on disposition of full or partial interest in equity method investments $ 20,293 $ 34,744 $ 34,149
Summarized Financial Information for Significant Subsidiaries-Equity Method Investments	The Company had four real estate equity method investments that were deemed significant subsidiaries for the year ended December 31, 2014. Financial information for these four real estate investments as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014 and the 11 months ended December 31, 2013 is as follows: FC HCN Bayside Village University FC Bernstein Emporium As of December 31, 2015 Associates, L.P. (1) Park, LLC (1) Business Trust Development LLC Total (in thousands) Balance Sheets: Completed rental properties $ — $ — $ 195,319 $ 467,155 $ 662,474 Less accumulated depreciation — — (32,334 ) (82,892 ) (115,226 ) Real Estate, net — — 162,985 384,263 547,248 Cash and equivalents — — 1,342 1,111 2,453 Restricted cash — — 4,223 — 4,223 Other assets — — 2,858 20,512 23,370 Total Assets $ — $ — $ 171,408 $ 405,886 $ 577,294 Mortgage debt and notes payable, nonrecourse $ — $ — $ 196,406 $ 435,000 $ 631,406 Other liabilities — — 4,009 9,107 13,116 Members’ equity — — (29,007 ) (38,221 ) (67,228 ) Total Liabilities and Members’ and Partners’ Equity $ — $ — $ 171,408 $ 405,886 $ 577,294 Members' equity per above $ — $ — $ (29,007 ) $ (38,221 ) $ (67,228 ) Percentage of ownership in equity method investments — — 43% - 48% 50 % $ — $ — $ (11,159 ) $ (19,111 ) $ (30,270 ) Net basis differences — — 3,430 35,487 38,917 Company's investment in unconsolidated entities $ — $ — $ (7,729 ) $ 16,376 $ 8,647 FC HCN Bayside Village University FC Bernstein Emporium As of December 31, 2014 Associates, L.P. (1) Park, LLC Business Trust Development LLC Total (in thousands) Balance Sheets: Completed rental properties $ — $ 342,864 $ 193,076 $ 449,433 $ 985,373 Less accumulated depreciation — (131,076 ) (28,159 ) (71,529 ) (230,764 ) Real Estate, net — 211,788 164,917 377,904 754,609 Cash and equivalents — 15,108 2,171 2,374 19,653 Restricted cash — 16,071 3,934 — 20,005 Other assets — 22,240 3,184 15,593 41,017 Total Assets $ — $ 265,207 $ 174,206 $ 395,871 $ 835,284 Mortgage debt and notes payable, nonrecourse $ — $ 357,474 $ 196,621 $ 435,000 $ 989,095 Other liabilities — 17,121 3,930 8,810 29,861 Members’ equity — (109,388 ) (26,345 ) (47,939 ) (183,672 ) Total Liabilities and Members’ and Partners’ Equity $ — $ 265,207 $ 174,206 $ 395,871 $ 835,284 Members' equity per above $ — $ (109,388 ) $ (26,345 ) $ (47,939 ) $ (183,672 ) Percentage of ownership in equity method investments — 51 % 43% - 48% 50 % $ — $ (55,788 ) $ (10,283 ) $ (23,970 ) $ (90,041 ) Net basis differences — (6,746 ) 3,362 39,171 35,787 Company's investment in unconsolidated entities $ — $ (62,534 ) $ (6,921 ) $ 15,201 $ (54,254 ) (1) Fully consolidated as of December 31, 2014 (Bayside Village Associates, L.P.) and December 31, 2015 (FC HCN University Park, LLC). See Note U – Net Gain on Change in Control of Interests for discussion of the change in accounting methods. FC HCN Bayside Village University FC Bernstein Emporium The Year Ended December 31, 2015 Associates, L.P. Park, LLC (2) Business Trust Development LLC Total (dollars in thousands) Operations: Revenues $ — $ 38,740 $ 32,310 $ 58,203 $ 129,253 Operating expenses — (16,966 ) (12,214 ) (26,737 ) (55,917 ) Depreciation and amortization — (7,482 ) (5,984 ) (13,200 ) (26,666 ) Interest and other income — 2,803 2 33 2,838 Interest expense, net — (8,665 ) (4,704 ) (26,337 ) (39,706 ) Net earnings (loss) before intercompany eliminations $ — $ 8,430 $ 9,410 $ (8,038 ) $ 9,802 Intercompany eliminations — (3,026 ) — — (3,026 ) Net earnings (loss) $ — $ 5,404 $ 9,410 $ (8,038 ) $ 6,776 Percentage of ownership in equity method investments — 51 % 43% - 48% 50 % Equity in earnings (loss) before special allocation $ — $ 2,756 $ 4,360 $ (4,019 ) $ 3,097 Special allocation — — 206 — 206 Equity in earnings (loss) $ — $ 2,756 $ 4,566 $ (4,019 ) $ 3,303 (2) Amounts represent activity from January 1, 2015 to June 23, 2015, the period the Company accounted for the joint venture as an equity method investment. FC HCN Bayside Village University FC Bernstein Emporium The Year Ended December 31, 2014 Associates, L.P. Park, LLC Business Trust Development LLC Total (dollars in thousands) Operations: Revenues $ 28,245 $ 77,310 $ 32,326 $ 53,268 $ 191,149 Operating expenses (8,983 ) (35,737 ) (12,343 ) (23,482 ) (80,545 ) Depreciation and amortization (2,348 ) (11,733 ) (6,478 ) (11,768 ) (32,327 ) Interest and other income 9 6,337 9 — 6,355 Interest expense, net (4,061 ) (16,918 ) (4,940 ) (26,338 ) (52,257 ) Net earnings (loss) before intercompany eliminations $ 12,862 $ 19,259 $ 8,574 $ (8,320 ) $ 32,375 Intercompany eliminations — (6,059 ) — — (6,059 ) Net earnings (loss) $ 12,862 $ 13,200 $ 8,574 $ (8,320 ) $ 26,316 Percentage of ownership in equity method investments 50 % 51 % 43% - 48% 50 % Equity in earnings (loss) before special allocation $ 6,431 $ 6,732 $ 3,959 $ (4,160 ) $ 12,962 Special allocation (486 ) — 873 — 387 Equity in earnings (loss) $ 5,945 $ 6,732 $ 4,832 $ (4,160 ) $ 13,349 FC HCN Bayside Village University FC Bernstein Emporium The 11 Months Ended December 31, 2013 Associates, L.P. Park, LLC Business Trust Development LLC Total (dollars in thousands) Operations: Revenues $ 24,612 $ 75,817 $ 32,097 $ 51,944 $ 184,470 Operating expenses (8,127 ) (28,969 ) (12,366 ) (23,112 ) (72,574 ) Depreciation and amortization (2,172 ) (9,084 ) (5,900 ) (11,561 ) (28,717 ) Interest and other income 5 6,102 9 3 6,119 Interest expense, net (5,782 ) (16,345 ) (5,151 ) (26,340 ) (53,618 ) Net earnings (loss) before intercompany eliminations $ 8,536 $ 27,521 $ 8,689 $ (9,066 ) $ 35,680 Intercompany eliminations — (6,136 ) — — (6,136 ) Net earnings (loss) $ 8,536 $ 21,385 $ 8,689 $ (9,066 ) $ 29,544 Percentage of ownership in equity method investments 50 % 51 % 43% - 48% 50 % Equity in earnings (loss) before special allocation $ 4,268 $ 10,906 $ 3,991 $ (4,533 ) $ 14,632 Special allocation (626 ) — 873 — 247 Equity in earnings (loss) $ 3,642 $ 10,906 $ 4,864 $ (4,533 ) $ 14,879 For the year ended December 31, 2015, Brooklyn Basketball Holdings, LLC ("BBH"), the equity method investment of NS&E that owns the Nets, was deemed a significant subsidiary. On January 29, 2016, the Company disposed of its ownership interests in BBH. Summarized financial information for BBH is as follows: December 31, 2015 2014 (in thousands) Balance Sheets: Property and equipment $ 12,156 $ 11,572 Less accumulated depreciation (8,057 ) (7,086 ) Real Estate, net 4,099 4,486 Cash and equivalents 3,089 8,232 Other assets 198,196 205,998 Total Assets $ 205,384 $ 218,716 Mortgage debt and notes payable, nonrecourse $ 222,218 $ 189,574 Other liabilities 90,757 98,247 Members’ equity (107,591 ) (69,105 ) Total Liabilities and Members’ Equity $ 205,384 $ 218,716 Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Operations: Revenues $ 143,894 $ 156,675 $ 147,076 Operating expenses (191,091 ) (251,723 ) (203,061 ) Depreciation and amortization (5,265 ) (9,129 ) (8,823 ) Interest expense, net (12,304 ) (11,938 ) (12,716 ) Net loss $ (64,766 ) $ (116,115 ) $ (77,524 ) Company’s portion of net loss $ (40,760 ) $ (3,181 ) $ (2,802 )

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Components of Other Assets	The following table summarizes the components of other assets: December 31, 2015 2014 (in thousands) Intangible assets, net $ 198,672 $ 123,778 Prepaid expenses and other deferred costs, net 111,619 102,112 Lease procurement costs, net 95,924 101,773 Mortgage procurement costs, net 47,748 52,266 Other Assets $ 453,963 $ 379,929
Schedule of Future Amortization Expense Related to Intangible Assets	The following table summarizes the estimated amortization expense related to intangible assets for the next five years: Years Ending December 31, (in thousands) 2016 $ 30,353 2017 20,487 2018 16,696 2019 14,100 2020 9,721

Mortgage Debt and Notes Payab45

Mortgage Debt and Notes Payable, Nonrecourse (Tables)	12 Months Ended
	Dec. 31, 2015
Mortgage Debt and Notes Payable, Nonrecourse [Abstract]
Schedule of Mortgage Debt and Notes Payable, Nonrecourse	The following tables summarize nonrecourse mortgage debt and notes payable, including $457,745,000 and $447,283,000 classified as held for sale at December 31, 2015 and 2014 , respectively, which is collateralized solely by completed rental properties, projects under construction and development and undeveloped land: December 31, 2015 Operating Properties Development Projects Total Total Weighted Average Rate (dollars in thousands) Fixed $ 2,402,942 $ 46,434 $ 2,449,376 5.47 % Variable Taxable 1,404,132 24,282 1,428,414 4.81 % Tax-Exempt 533,984 49,421 583,405 1.11 % $ 4,341,058 $ 120,137 $ 4,461,195 4.69 % December 31, 2014 Operating Properties Development Projects Total Total Weighted Average Rate (dollars in thousands) Fixed $ 2,234,801 $ 58,790 $ 2,293,591 5.57 % Variable Taxable 1,327,961 19,804 1,347,765 4.85 % Tax-Exempt 551,845 45,000 596,845 1.45 % $ 4,114,607 $ 123,594 $ 4,238,201 4.76 %
Composition of Mortgage Debt and Notes Payable, Nonrecourse Maturities	The following table summarizes the mortgage debt and notes payable, nonrecourse maturities, as of December 31, 2015 : Years Ending December 31, Total Maturities (in thousands) 2016 $ 273,129 2017 1,277,779 2018 402,745 2019 362,266 2020 160,951 Thereafter 1,984,325 Total $ 4,461,195

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Available Credit on the Credit Facility	The following table summarizes the available credit on the Credit Facility: December 31, 2015 2014 (in thousands) Maximum borrowings $ 500,000 $ 500,000 Less outstanding balances: Borrowings — — Letters of credit 59,800 85,768 Surety bonds — — Available credit $ 440,200 $ 414,232

Convertible Senior Debt (Tables

Convertible Senior Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Convertible Senior Debt	The following table summarizes the Company’s convertible senior debt: December 31, 2015 2014 (in thousands) 5.000% Notes due 2016 $ 125 $ 50,000 4.250% Notes due 2018 154,526 350,000 3.625% Notes due 2020 116,355 300,000 Total $ 271,006 $ 700,000
Schedule of Debt Conversions [Table Text Block]	The following table summarizes the exchange agreement transactions completed during the year ended December 31, 2015 : Agreement Date Issuance Aggregate Principal Class A Common Shares Issued Cash Payments to Noteholders Loss on Extinguishment (in thousands, except share data) February 26, 2015 2018 Senior Notes $ 120,087 5,541,115 $ 13,641 $ 13,372 February 26, 2015 2020 Senior Notes 128,238 5,297,885 19,283 19,038 March 5, 2015 2016 Senior Notes 40,481 2,805,513 6,163 2,732 July 15, 2015 2016 Senior Notes 8,151 555,016 1,305 489 July 15/16, 2015 2018 Senior Notes 75,387 3,478,511 13,052 11,664 July 15, 2015 2020 Senior Notes 55,407 2,289,013 11,371 10,500 December 9/15, 2015 2016 Senior Notes 1,243 — 2,034 782 Total $ 428,994 19,967,053 $ 66,849 $ 58,577
Summary of Interest Incurred, Capitalized and Paid	The following table summarizes interest incurred, capitalized and paid on all forms of indebtedness (included in Notes E , F and G ): Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Interest incurred $ 194,041 $ 218,587 $ 267,515 Interest capitalized (36,875 ) (24,411 ) (16,693 ) Net interest expense from continuing operations $ 157,166 $ 194,176 $ 250,822 Interest incurred from discontinued operations $ 40,125 $ 45,767 $ 46,235 Cash paid for interest (net of amount capitalized) $ 200,781 $ 235,373 $ 292,692

Derivative Instruments and He48

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	The following table summarizes the fair values and location in the Consolidated Balance Sheets of all derivative instruments: Fair Value of Derivative Instruments December 31, 2015 Asset Derivatives (included in Other Assets) Liability Derivatives (included in Accounts Payable, Accrued Expenses and Other Liabilities) Current Notional Fair Value Current Notional Fair Value (in thousands) Derivatives Designated as Hedging Instruments Interest rate caps $ 330,000 $ — $ — $ — Interest rate swaps 65,124 340 669,154 50,045 TROR 149,200 7,471 322,785 10,281 Total $ 544,324 $ 7,811 $ 991,939 $ 60,326 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 303,111 $ 122 $ — $ — TROR 101,114 5,378 37,757 13,353 Total $ 404,225 $ 5,500 $ 37,757 $ 13,353 December 31, 2014 Derivatives Designated as Hedging Instruments Interest rate caps $ 330,000 $ 114 $ — $ — Interest rate swaps — — 869,154 75,281 TROR 149,200 6,379 217,785 11,983 Total $ 479,200 $ 6,493 $ 1,086,939 $ 87,264 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 205,522 $ 12 $ — $ — TROR 101,410 1,857 38,425 15,098 Total $ 306,932 $ 1,869 $ 38,425 $ 15,098
Gains and Losses Related to Derivative Instruments Designated as Cash Flow Hedges Included in Accumulated OCI	The following table summarizes the impact of gains and losses related to derivative instruments designated as cash flow hedges included in the accumulated OCI section of the Consolidated Balance Sheets and in equity in earnings (loss) and interest expense in the Consolidated Statements of Operations: Gain (Loss) Reclassified from Accumulated OCI Derivatives Designated as Cash Flow Hedging Instruments Gain (Loss) Recognized in OCI (Effective Portion) Location on Consolidated Statements of Operations Effective Amount Ineffective Amount (in thousands) Year Ended December 31, 2015 Interest rate caps and interest rate swaps $ (12,478 ) Interest expense $ (37,831 ) $ (21 ) Net gain on change in control of interest 900 — Earnings (loss) from unconsolidated entities, gross of tax (3,721 ) (1 ) Total $ (12,478 ) $ (40,652 ) $ (22 ) Year Ended December 31, 2014 Interest rate caps and interest rate swaps $ (16,792 ) Interest expense $ (38,086 ) $ (7 ) Discontinued operations — (3,666 ) Earnings (loss) from unconsolidated entities, gross of tax (4,006 ) — Total $ (16,792 ) $ (42,092 ) $ (3,673 ) 11 Months Ended December 31, 2013 Interest rate caps and interest rate swaps $ (729 ) Interest expense $ (37,390 ) $ (2,963 ) Earnings (loss) from unconsolidated entities, gross of tax (3,818 ) 4 Total $ (729 ) $ (41,208 ) $ (2,959 )
Impact of Gains and Losses Related to Derivative Instruments Not Designated as Cash Flow Hedges	The following table summarizes the impact of gains and losses related to derivative instruments not designated as cash flow hedges in the Consolidated Statements of Operations: Net Gain (Loss) Recognized Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ 2,794 $ 3,265 $ 1,081 Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ (157 ) $ 17 $ (319 ) TROR 5,266 2,236 (1,091 ) Total $ 5,109 $ 2,253 $ (1,410 ) (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(2,794) , $(3,265) and $(1,081) for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively, offsetting the gain (loss) recognized on the TROR.
Collateral Posted for Derivatives in Liability Positions	The following table summarizes information about collateral posted for derivatives in liability positions as of December 31, 2015 : Collateral Information Notional Amount Fair Value Prior to Nonperformance Risk Nonperformance Risk Collateral Posted Nature of Collateral Credit Risk Contingent Feature (in thousands) Property Specific Swaps $ 669,154 $ 51,794 $ (1,749 ) $ — Mortgage liens None TROR 360,542 23,577 57 50,577 Restricted cash, notes receivable, letters of credit None Totals $ 1,029,696 $ 75,371 $ (1,692 ) $ 50,577

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities and Redeemable Noncontrolling Interest Measured on a Recurring Basis	The following table summarizes information about financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis (if applicable), and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: Fair Value Measurements December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Interest rate caps (assets) $ — $ 122 $ — $ 122 Interest rate swaps (assets) — 340 — 340 Interest rate swaps (liabilities) — (50,045 ) — (50,045 ) TROR (assets) — — 12,849 12,849 TROR (liabilities) — — (23,634 ) (23,634 ) Fair value adjustment to the borrowings subject to TROR — — 2,810 2,810 Redeemable noncontrolling interest — — (159,978 ) (159,978 ) Total $ — $ (49,583 ) $ (167,953 ) $ (217,536 ) December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Interest rate caps (assets) $ — $ 126 $ — $ 126 Interest rate swaps (liabilities) — (1,745 ) (73,536 ) (75,281 ) TROR (assets) — — 8,236 8,236 TROR (liabilities) — — (27,081 ) (27,081 ) Fair value adjustment to the borrowings subject to TROR — — 5,604 5,604 Redeemable noncontrolling interest — — (183,038 ) (183,038 ) Total $ — $ (1,619 ) $ (269,815 ) $ (271,434 )
Reconciliation of Financial Assets and Liabilities and Redeemable Noncontrolling Interest Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	The following table presents a reconciliation of financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Fair Value Measurements Redeemable Noncontrolling Interest Interest Rate Swaps Net Fair value Total Total (in thousands) Balance, December 31, 2013 $ (171,743 ) $ (97,360 ) $ (24,346 ) $ 8,869 $ (15,477 ) $ (284,580 ) Loss attributable to redeemable noncontrolling interest 17,095 — — — — 17,095 Total realized and unrealized gains (losses): Included in earnings — — 5,501 (3,265 ) 2,236 2,236 Included in other comprehensive income — 23,824 — — — 23,824 Included in additional paid-in capital (28,390 ) — — — — (28,390 ) Balance, December 31, 2014 $ (183,038 ) $ (73,536 ) $ (18,845 ) $ 5,604 $ (13,241 ) $ (269,815 ) Contribution from redeemable noncontrolling interest (1,552 ) — — — — (1,552 ) Distribution to redeemable noncontrolling interest 7,650 — — — — 7,650 Loss attributable to redeemable noncontrolling interest 16,962 — — — — 16,962 Total realized and unrealized gains (losses): Included in earnings — — 8,060 (2,794 ) 5,266 5,266 Included in other comprehensive income — 25,534 — — — 25,534 Transfer out to level 2 — 48,002 — — — 48,002 Balance, December 31, 2015 $ (159,978 ) $ — $ (10,785 ) $ 2,810 $ (7,975 ) $ (167,953 )
Significant Unobservable Inputs Used to Estimate Fair Value of Financial Instruments	The following table presents quantitative information about the significant unobservable inputs used to estimate the fair value of financial instruments measured on a recurring basis as of December 31, 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value December 31, 2015 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (10,785 ) Third party bond pricing Bond valuation 79.59 - 115.69 Fair value adjustment to the borrowings subject to TROR $ 2,810 Third party bond pricing Bond valuation 79.59 - 115.69
Schedule of Fair Value of Nonrecourse Mortgage Debt and Notes Payable, Bank Revolving Credit Facility and Senior and Subordinated Debt	The following table summarizes the fair value of nonrecourse mortgage debt and notes payable (exclusive of the fair value of derivatives), revolving credit facility and convertible senior debt: December 31, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Fixed Rate Debt $ 2,720,382 $ 2,987,646 $ 2,993,591 $ 3,421,373 Variable Rate Debt 2,011,819 2,001,701 1,944,610 1,924,823 Total $ 4,732,201 $ 4,989,347 $ 4,938,201 $ 5,346,196

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Completion Guarantees	The Company currently provides the following completion guarantees on its completed projects and projects under construction and development (including unconsolidated properties): Total Costs Percent Completed (Unaudited) (dollars in thousands) At December 31, 2015 Openings and acquisitions $ 336,816 82 % Under construction 2,234,000 44 % Total Real Estate $ 2,570,816 49 %

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Minimum Future Rental Income	The following table summarizes the minimum future rental income to be received on non-cancelable operating leases of commercial properties that generally extend for periods of more than one year: Years Ending December 31, (in thousands) 2016 $ 453,047 2017 415,248 2018 383,091 2019 323,647 2020 288,656 Thereafter 1,261,934 $ 3,125,623
Minimum Fixed Rental Payments Under Long-term Leases	The following table summarizes the minimum fixed rental payments under long-term leases (over one year) in effect at December 31, 2015: Years Ending December 31, (in thousands) 2016 $ 9,333 2017 8,298 2018 7,706 2019 7,585 2020 7,623 Thereafter 262,502 $ 303,047
Rent Expense	The following table summarizes rent expense: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Rent expense $ 14,032 $ 11,013 $ 8,243

Stock-Based Compensation (Tabl

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation Costs and Related Deferred Income Tax Benefit	The following table summarizes stock-based compensation costs and related deferred income tax benefit recognized in the financial statements: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Stock option costs $ 1,314 $ 3,381 $ 3,051 Restricted stock costs 17,211 12,279 10,672 Performance share costs 13,310 4,013 2,474 Total stock-based compensation costs 31,835 19,673 16,197 Less amount capitalized into qualifying real estate projects (7,717 ) (5,944 ) (5,826 ) Amount charged to operating expenses 24,118 13,729 10,371 Depreciation expense on capitalized stock-based compensation 894 800 876 Total stock-based compensation expense $ 25,012 $ 14,529 $ 11,247 Deferred income tax benefit $ 9,629 $ 5,426 $ 4,111
Schedule of Stock Options Valuation Assumptions	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for options granted during the respective years: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 Risk-free interest rate 1.71 % 1.91 % 0.78 % Expected volatility 30.80 % 71.50 % 74.10 % Expected dividend yield 0.00 % 0.00 % 0.00 % Expected term (in years) 5.5 5.5 5.5
Schedule of Stock Options Activity	The following table summarizes stock option activity for the year ended December 31, 2015 : Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in months) Intrinsic Value (in thousands) Outstanding at January 1, 2015 4,126,935 $ 34.07 Granted 28,240 $ 24.62 Exercised (104,110 ) $ 14.29 Forfeited/expired (742,806 ) $ 35.63 Outstanding at December 31, 2015 3,308,259 $ 34.26 41 $ 9,808 Options exercisable (fully vested) at December 31, 2015 2,773,150 $ 37.43 32 $ 7,533
Schedule of Restricted Stock Activity	The following table summarizes restricted stock activity for the year ended December 31, 2015 : Shares Weighted Average Grant-Date Fair Value Unvested shares at January 1, 2015 2,010,460 $ 17.20 Granted 826,718 $ 24.62 Vested (810,652 ) $ 17.13 Forfeited (57,166 ) $ 18.90 Unvested shares at December 31, 2015 1,969,360 $ 20.30
Schedule of Performance Share Activity	The following table summarizes performance share activity for the year ended December 31, 2015 : Shares Weighted Average Grant-Date Fair Value Unvested shares at January 1, 2015 871,326 $ 18.88 Granted 627,385 $ 32.14 Vested — $ — Forfeited (44,446 ) $ 26.27 Unvested shares at December 31, 2015 1,454,265 $ 24.38 The following table summarizes the range of performance shares that can be earned as of December 31, 2015 : Performance Period Range Minimum Shares Target Shares Maximum Shares February 1, 2013 to December 31, 2016 0% to 200% — 286,179 572,358 January 1, 2014 to December 31, 2017 0% to 200% — 288,246 576,492 January 1, 2015 to December 31, 2017 0% to 200% — 215,756 431,512 January 1, 2015 to December 31, 2017 0% to 300% — 386,000 1,158,000 — 1,176,181 2,738,362

Impairment of Real Estate and53

Impairment of Real Estate and Impairment of Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]
Impairment of Real Estate Included in Continuing Operations	The following table summarizes the Company’s impairment of real estate included in continuing operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Westchester's Ridge Hill (Regional Mall) Yonkers, New York $ 398,558 $ — $ — Office Buildings: Illinois Science and Technology Park Skokie, Illinois 26,246 — 17,474 Terminal Tower Cleveland, Ohio — 42,208 — Post Office Plaza Cleveland, Ohio — 14,378 — Land inventory Las Vegas, Nevada 16,307 — 112,838 B2 BKLYN Brooklyn, New York — 146,300 — Avenue at Tower City Center (Specialty Retail Center) Cleveland, Ohio — 72,473 — Pacific Park Brooklyn Brooklyn, New York — — 289,864 Other 10,323 1,736 1,185 $ 451,434 $ 277,095 $ 421,361
Impairment of Real Estate included in Discontinued Operations	The following table summarizes the Company’s impairment of real estate included in discontinued operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Regional Malls: Promenade Bolingbrook Bolingbrook, Illinois $ — $ — $ 54,194 Orchard Town Center Westminster, Colorado — — 15,649 Investment in triple net lease retail property Kansas City, Missouri — — 6,870 $ — $ — $ 76,713
Unobservable Inputs Used to Determine the Fair Value of the Impairment of Real Estate	The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of real estate and unconsolidated investments for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) December 31, 2015 Impairment of real estate $ 615,797 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 5,128 Comparable property market analysis Price per square foot $18 per square foot Impairment of unconsolidated investments $ 8,847 Indicative bids Indicative bids N/A (1) December 31, 2014 Impairment of real estate $ 84,738 Discounted cash flows Market capitalization rate 4.5% - 10.0% (2) Discount rate 6.0% - 12.0% (2) Impairment of real estate $ 38,750 Indicative bids Indicative bids N/A (1) Impairment of unconsolidated investments $ — Discounted cash flows Discount rate N/A (3) December 31, 2013 Impairment of real estate $ 734,240 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 29,500 Comparable property market analysis Price per square foot $22 to $55 per square foot (4) (1) These fair value measurements were derived from bona fide purchase offers from third party prospective buyers, subject to the Company’s corroboration for reasonableness. (2) Weighted average market capitalization and discount rates are 6.7% and 8.6% , respectively. (3) Discount rate is N/A as the equity method investment fair value analysis resulted in negative cash flows. (4) Weighted average price of $45 per square foot.

Net Gain on Disposition of Fu54

Net Gain on Disposition of Full or Partial Interest in Rental Properties (Tables)	12 Months Ended
	Dec. 31, 2015
Net Gain (Loss) on Disposition of Full or Partial Interest in Rental Properties [Abstract]
Net Gain on Disposition of Full or Partial Interest in Rental Properties	The following table summarizes the net gain (loss) on disposition of full or partial interest in rental properties: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Office Buildings: Skylight Office Tower Cleveland, Ohio $ 1,746 $ — $ — Halle Building Cleveland, Ohio — 7,881 — Stapleton - 3055 Roslyn Denver, Colorado — (146 ) — Forest Trace (Supported Living Apartments) Lauderhill, Florida — 23,013 — QIC Joint Venture — (467 ) 381,627 New York Retail Joint Venture — — 114,465 $ 1,746 $ 30,281 $ 496,092

Net Gain on Change in Control55

Net Gain on Change in Control of Interests (Tables)	12 Months Ended
	Dec. 31, 2015
Net Gain on Change in Control of Interests [Abstract]
Schedule of Net Gains on Change in Control of Interests	The following table summarizes the net gain on change in control of interests: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) University Park at MIT Cambridge, Massachusetts $ 463,643 $ — $ — Apartment Communities: Cherry Tree Strongsville, Ohio 7,391 — — Chestnut Lake Strongsville, Ohio 8,525 — — Stratford Crossing Wadsworth, Ohio 8,125 — — Bayside Village San Francisco, California — 191,199 — Boulevard Mall (Regional Mall) Amherst, New York — 36,702 — Other (1,405 ) 2,759 2,762 $ 486,279 $ 230,660 $ 2,762
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The fair value of the acquisition was allocated as follows. All amounts are presented in thousands. Real Estate, net $ 1,121,786 Restricted cash 17,235 Notes and accounts receivable, net 1,801 Other assets (1) 103,804 1,244,626 Mortgage debt and notes payable, nonrecourse (363,147 ) Accounts payable, accrued expenses and other liabilities (2) (94,214 ) Net assets acquired $ 787,265 Net gain on change in control of interests $ 463,643 Carrying value of previously held equity interests (62,534 ) Fair value of previously held equity interests (3) 401,109 Cash paid 386,156 Total $ 787,265 (1) Primarily consists of $78,000 of in-place leases and $20,000 of below-market ground leases with weighted-average lives at the time of acquisition of 3.6 years and 60 years , respectively. (2) Primarily consists of $49,000 of below-market tenant leases and $24,000 of above-market ground leases with weighted-average lives at the time of acquisition of 3.6 years and 58 years , respectively. (3) The significant assumptions used to value the previously held equity interests in the MIT Assets were determined to be Level 3 inputs. The weighted-average discount rate applied to cash flows and the weighted-average terminal capitalization rate were 7.0% and 6.0% , respectively.
Pro Forma Information of Business Acquisitions	The following unaudited supplemental pro forma operating data is presented for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013, as if the step acquisition related to the MIT Assets was effective on January 1, 2014 and the step acquisitions related to Bayside Village and Boulevard Mall were effective February 1, 2013. The gain on change in control of interests related to this acquisition was adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the Company’s actual results of operations would have been assuming the transactions had been effective as set forth above, nor do they purport to represent the Company’s results of operations for future periods. The qualitative and quantitative effect to the pro forma operating data related to the remaining acquisitions described in the table above was not material. Pro Forma Adjustments As Reported Year Ended December 31, 2015 Remove: Net Gain on Change in Control of Interests (1) Pro Forma Adjustments (3) Pro Forma Year Ended December 31, 2015 (in thousands, except per share data) Revenues $ 978,231 $ — $ 43,742 $ 1,021,973 Earnings from continuing operations $ 544,810 $ (283,828 ) $ (15,211 ) $ 245,771 Net earnings attributable to common shareholders $ 496,042 $ (283,828 ) $ (15,211 ) $ 197,003 Weighted average shares outstanding - Basic 237,559,598 237,559,598 Net earnings attributable to common shareholders - Basic $ 2.05 $ 0.81 Weighted average shares outstanding - Diluted 250,848,286 250,848,286 Net earnings attributable to common shareholders - Diluted $ 1.97 $ 0.80 Pro Forma Adjustments As Reported Year Ended December 31, 2014 Add/Remove: Net Gain on Change in Control of Interests (1) (2) Pro Forma Adjustments (3) Pro Forma Year Ended December 31, 2014 (in thousands, except per share data) Revenues $ 849,357 $ — $ 129,095 $ 978,452 Earnings (loss) from continuing operations $ (4,242 ) $ 144,314 $ (41,122 ) $ 98,950 Net earnings (loss) attributable to common shareholders $ (7,595 ) $ 144,314 $ (44,753 ) $ 91,966 Weighted average shares outstanding - Basic 198,480,783 198,480,783 Net earnings (loss) attributable to common shareholders - Basic $ (0.04 ) $ 0.45 Weighted average shares outstanding - Diluted 198,480,783 202,737,337 Net earnings (loss) attributable to common shareholders - Diluted $ (0.04 ) $ 0.45 Pro Forma Adjustments As Reported 11 Months Ended December 31, 2013 Add: Net Gain on Change in Control of Interests (2) Pro Forma Adjustments (3) Pro Forma 11 Months Ended December 31, 2013 (in thousands, except per share data) Revenues $ 893,740 $ — $ 39,819 $ 933,559 Earnings (loss) from continuing operations $ (20,237 ) $ 139,514 $ (10,801 ) $ 108,476 Net earnings (loss) attributable to common shareholders $ (5,492 ) $ 139,514 $ (10,625 ) $ 123,397 Weighted average shares outstanding - Basic 193,465,572 193,465,572 Net earnings (loss) attributable to common shareholders - Basic $ (0.03 ) $ 0.62 Weighted average shares outstanding - Diluted 194,031,292 220,548,773 Net earnings (loss) attributable to common shareholders - Diluted $ (0.03 ) $ 0.60 (1) Gain on change in control of interests related to MIT Assets of $463,643 , net of tax of $179,815 . (2) Gain on change in control of interests related to Bayside Village and Boulevard Mall of $227,901 , net of tax of $88,387 . (3) Represents additional depreciation and amortization expense related to the increased basis of real estate and intangible assets, plus pro forma earnings of the current ownership interests, less actual equity in earnings related to the Company’s prior ownership for the periods presented.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense (Benefit)	The following table summarizes the income tax expense (benefit) related to continuing operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Current Federal $ 5,951 $ 4,830 $ (88 ) State 1,236 7,685 2,576 7,187 12,515 2,488 Deferred Federal (483,776 ) (29,323 ) 18,891 State (104,510 ) 7,653 (458 ) (588,286 ) (21,670 ) 18,433 Total income tax expense (benefit) $ (581,099 ) $ (9,155 ) $ 20,921
Reconciliation of Effective Tax Rate for Income Taxes from Continuing Operations	The effective tax rate for income taxes from continuing operations varies from the federal statutory rate of 35% due to the following items: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (dollars in thousands) Loss before income taxes $ (65,051 ) $ (103,486 ) $ (111,281 ) Equity in earnings of unconsolidated entities, net of impairment 28,762 90,089 111,965 Less: Noncontrolling interests (13,258 ) (3,620 ) 54,832 Earnings (loss) from continuing operations, including noncontrolling interest, before income taxes (49,547 ) (17,017 ) 55,516 Income taxes computed at the statutory rate (17,341 ) (5,956 ) 19,431 Increase (decrease) in tax resulting from: State taxes, net of federal benefit 2,207 8,643 (43 ) State net operating loss, net of federal benefit 1,544 (3,899 ) 2,845 General business credits (307 ) (15,099 ) (1,638 ) Valuation allowance (912 ) 5,658 (5,205 ) Charitable contributions 1,127 2,135 3,356 Permanent adjustments 668 (859 ) (18 ) Conversion/Exchange of senior debt 20,501 — 1,667 Deferred tax adjustment due to REIT conversion (688,233 ) — — Valuation allowance adjustment due to REIT conversion 99,626 — — Other items 21 222 526 Total income tax expense (benefit) $ (581,099 ) $ (9,155 ) $ 20,921 Effective tax rate 1,172.82 % 53.80 % 37.68 % The components of the deferred income tax expense (benefit) for continuing operations are as follows: Excess of tax over financial statement depreciation and amortization $ 2,097 $ 11,587 $ (4,357 ) Costs on land and rental properties under development expensed for tax purposes 13,520 2,919 4,818 Revenues and expenses recognized in different periods for tax and financial statement purposes 174,072 119,548 134,424 Difference between tax and financial statements related to unconsolidated entities (24,474 ) 2,673 (5,246 ) Impairment of real estate and land held for divestiture (158,002 ) (96,892 ) (128,357 ) Deferred state taxes, net of federal benefit 2,893 1,090 1,934 Utilization of (addition to) tax loss carryforward excluding effect of stock options (8,566 ) (54,272 ) 21,916 Valuation allowance (912 ) 5,658 (5,205 ) General business credits (307 ) (15,099 ) (520 ) Deferred tax adjustment due to REIT conversion (688,233 ) — — Valuation allowance adjustment due to REIT conversion 99,626 — — Alternative Minimum Tax credits — 1,118 (974 ) Deferred income tax expense (benefit) $ (588,286 ) $ (21,670 ) $ 18,433
Deferred Tax Liability Components	The following table summarizes the components of the deferred income tax asset/(liability): Temporary Differences Deferred Tax December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 (in thousands) Depreciation $ (123,253 ) $ (539,977 ) $ (49,727 ) $ (209,419 ) Capitalized costs 390,089 (765,081 ) 158,668 (296,721 ) Tax loss carryforward 46,950 254,201 16,432 88,970 State loss carryforward, net of federal benefit — — 5,130 25,061 Valuation allowance — — (152,449 ) (53,735 ) Federal tax credits and other carryforwards — — 446 69,619 Other comprehensive income — 96,127 — 37,281 Basis in unconsolidated entities 34,151 (420,705 ) 13,707 (163,162 ) Other 218,435 34,142 91,438 19,632 Total $ 566,372 $ (1,341,293 ) $ 83,645 $ (482,474 )
Schedule of Net Deferred Tax Liability	December 31, 2015 December 31, 2014 (in thousands) Deferred tax liabilities $ 334,423 $ 1,668,655 Deferred tax assets 570,517 1,239,916 Less: valuation allowance (152,449 ) (53,735 ) 418,068 1,186,181 Net deferred tax asset/(liability) $ 83,645 $ (482,474 )
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the total amounts of the Company’s unrecognized tax benefits, exclusive of interest and penalties, is depicted in the following table: Unrecognized Tax Benefit December 31, 2015 December 31, 2014 (in thousands) Beginning balance, January 1, 2015 and 2014 $ 804 $ 968 Settlements (252 ) (164 ) Lapse of statutes of limitation (74 ) — Unrecognized tax benefits balance at December 31, 2015 and 2014 $ 478 $ 804

Assets and Liabilities Held f57

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Summary of the components of assets and liabilities held for sale [Table Text Block]	The following table summarizes the components of the assets and liabilities classified as held for sale as of December 31, 2015: December 31, 2015 2014 (in thousands) Assets Real Estate Completed rental properties - Arena $ 951,070 $ 940,029 Project under development - Land 9,265 — Less accumulated depreciation (109,462 ) (75,354 ) Real Estate, net 850,873 864,675 Cash and equivalents 28,043 35,850 Restricted cash 10,127 15,087 Notes and accounts receivable, net 20,021 10,521 Other assets 35,663 29,437 Total Assets $ 944,727 $ 955,570 Liabilities Mortgage debt and notes payable, nonrecourse $ 457,745 $ 447,283 Accounts payable, accrued expenses and other liabilities 99,520 72,852 Cash distributions and losses in excess of investments in unconsolidated entities 13,682 — Total Liabilities $ 570,947 $ 520,135
Summary of Rental Properties Included in Discontinued Operations	The following table summarizes the rental properties included in discontinued operations: Property/Asset Location Square Feet/ Number of Units (Unaudited) Period Disposed Year Ended 12/31/15 Year Ended 12/31/14 11 Months Ended 12/31/13 Barclays Center Arena and The Nets Brooklyn, New York Q1-2016 Yes Yes Yes Commercial Group: Promenade Bolingbrook Bolingbrook, Illinois 771,000 square feet Q2-2014 — Yes Yes Quartermaster Plaza Philadelphia, Pennsylvania 456,000 square feet Q1-2014 — Yes Yes Mesa del Sol - 5600 University SE Albuquerque, New Mexico 87,000 square feet Q1-2014 — Yes Yes Orchard Town Center Westminster, Colorado 603,000 square feet Q4-2013 — — Yes Colorado Studios Denver, Colorado 75,000 square feet Q3-2013 — — Yes Higbee Building Cleveland, Ohio 815,000 square feet Q2-2013 — — Yes Sheraton Station Square Pittsburgh, Pennsylvania 399 rooms Q2-2013 — — Yes Seven triple net lease properties Various 422,000 square feet Various — — Yes Residential Group: Millender Center Detroit, Michigan 339 units Q1-2013 — — Yes
Summary of Operating Results of Discontinued Operations	The following table summarizes the operating results related to discontinued operations: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Revenues $ 138,154 $ 123,729 $ 168,625 Expenses Operating expenses 97,021 79,122 108,040 Depreciation and amortization 34,554 35,286 46,140 Impairment of real estate — — 76,713 131,575 114,408 230,893 Interest income — — 274 Gain on disposition of rental properties — 28,100 41,831 Interest expense (40,125 ) (45,767 ) (46,235 ) Amortization of mortgage procurement costs (664 ) (762 ) (1,105 ) Loss on extinguishment of debt — (448 ) (40 ) Loss before income taxes (34,210 ) (9,556 ) (67,543 ) Income tax expense (benefit) (22,498 ) 4,041 (19,792 ) Loss from unconsolidated entities, gross of tax (40,760 ) (3,181 ) (2,802 ) Loss from discontinued operations (52,472 ) (16,778 ) (50,553 ) Noncontrolling interests Gain on disposition of rental properties — 58 5,960 Operating earnings (loss) from rental properties (16,962 ) (17,103 ) (16,611 ) (16,962 ) (17,045 ) (10,651 ) Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc. $ (35,510 ) $ 267 $ (39,902 )
Summary of Gains (Losses) on Disposition of Rental Properties	The following table summarizes the pre-tax gain (loss) on disposition of rental properties: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 (in thousands) Quartermaster Plaza (Specialty Retail Center) $ — $ 26,373 $ — Promenade Bolingbrook (Regional Mall) — 1,276 — Millender Center (Apartment Community) — — 21,660 Sheraton Station Square (Hotel) — — 18,096 Other — 451 2,075 $ — $ 28,100 $ 41,831

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted EPS Computations	The reconciliation of the basic and diluted EPS computations is shown in the following table: Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 Numerators (in thousands) Earnings (loss) from continuing operations attributable to Forest City Realty Trust, Inc. $ 531,552 $ (7,862 ) $ 34,595 Preferred dividends — — (185 ) Undistributed earnings allocated to participating securities (10,410 ) — (1,004 ) Earnings (loss) from continuing operations attributable to common shareholders - Basic $ 521,142 $ (7,862 ) $ 33,406 Interest on convertible debt 6,606 — — Earnings (loss) from continuing operations attributable to common shareholders - Diluted $ 527,748 $ (7,862 ) $ 33,406 Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 496,042 $ (7,595 ) $ (5,307 ) Preferred dividends — — (185 ) Undistributed earnings allocated to participating securities (9,715 ) — — Net earnings (loss) attributable to common shareholders - Basic $ 486,327 $ (7,595 ) $ (5,492 ) Interest on convertible debt 6,606 — — Net earnings (loss) attributable to common shareholders - Diluted $ 492,933 $ (7,595 ) $ (5,492 ) Denominators Weighted average shares outstanding - Basic 237,559,598 198,480,783 193,465,572 Effect of stock options and performance shares 1,342,524 — 565,720 Effect of convertible debt 11,946,164 — — Weighted average shares outstanding - Diluted (1) 250,848,286 198,480,783 194,031,292 Earnings Per Share Earnings (loss) from continuing operations attributable to common shareholders - Basic $ 2.19 $ (0.04 ) $ 0.17 Earnings (loss) from continuing operations attributable to common shareholders - Diluted $ 2.10 $ (0.04 ) $ 0.17 Net earnings (loss) attributable to common shareholders - Basic $ 2.05 $ (0.04 ) $ (0.03 ) Net earnings (loss) attributable to common shareholders - Diluted $ 1.97 $ (0.04 ) $ (0.03 ) (1) Incremental shares from restricted stock and convertible securities aggregating 9,706,419 and 34,866,026 for the year ended December 31, 2015 and 11 months ended December 31, 2013 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. Incremental shares from dilutive options, restricted stock and convertible securities aggregating 37,146,769 for the year ended December 31, 2014 were not included in the computation of diluted EPS because their effect is anti-dilutive due to loss from continuing operations. Weighted-average options, restricted stock and performance shares of 2,392,982 , 3,483,885 and 3,601,719 for the years ended December 31, 2015 and 2014 , and the 11 months ended December 31, 2013 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Financial Data of Reportable Operating Segments	The following tables summarize financial data for the Company’s reportable operating segments. All amounts are presented in thousands. December 31, 2015 December 31, 2014 Identifiable Assets Commercial Group $ 4,989,200 $ 4,210,714 Residential Group 3,609,438 3,172,188 Arena 943,147 955,570 Land Development Group 240,204 250,833 Corporate Activities 211,020 225,635 $ 9,993,009 $ 8,814,940 Years Ended 11 Months Ended Years Ended 11 Months Ended December 31, 2015 December 31, 2014 December 31, 2013 December 31, 2015 December 31, 2014 December 31, 2013 Revenues Operating Expenses Commercial Group $ 587,020 $ 517,487 $ 593,714 $ 315,250 $ 300,123 $ 334,996 Residential Group 312,954 256,009 249,677 181,009 174,472 179,405 Land Development Group 78,257 75,861 50,349 32,594 32,486 33,737 Corporate Activities — — — 96,499 51,116 45,021 $ 978,231 $ 849,357 $ 893,740 $ 625,352 $ 558,197 $ 593,159 Depreciation and Amortization Interest and Other Income Commercial Group $ 163,272 $ 124,821 $ 181,697 $ 7,113 $ 7,929 $ 18,078 Residential Group 86,503 68,089 55,031 13,596 21,081 21,742 Land Development Group 568 359 364 16,814 13,597 12,218 Corporate Activities 2,582 2,898 2,731 216 173 245 $ 252,925 $ 196,167 $ 239,823 $ 37,739 $ 42,780 $ 52,283 Interest Expense Capital Expenditures Commercial Group $ 118,797 $ 129,515 $ 168,056 $ 171,771 $ 119,343 $ 159,069 Residential Group 15,823 28,108 32,409 364,578 269,514 245,647 Land Development Group (1,143 ) (1,090 ) (320 ) 15 37 819 Corporate Activities 23,689 37,643 50,677 205 15 232 $ 157,166 $ 194,176 $ 250,822 $ 536,569 $ 388,909 $ 405,767
Reconciliation of Net Earnings (Loss) to FFO by Segment	The reconciliations of net earnings (loss) to FFO by segment are shown in the following tables. All amounts are presented in thousands. Year Ended December 31, 2015 Commercial Group Residential Group Arena Land Development Group Corporate Activities Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 24,832 $ 50,899 $ (17,248 ) $ 55,850 $ 381,709 $ 496,042 Depreciation and amortization – Real Estate Groups 214,339 102,900 — 462 — 317,701 Net gain on disposition of full interest in rental properties (1,746 ) — — — — (1,746 ) Gain on disposition of unconsolidated entities (1,009 ) (19,284 ) — — — (20,293 ) Impairment of consolidated depreciable real estate 426,704 8,423 — — — 435,127 Impairment of unconsolidated depreciable real estate — 12,460 — — — 12,460 Discontinued operations: Depreciation and amortization – Real Estate Groups — — 20,039 — — 20,039 Income tax expense (benefit) on non-FFO: Gain on disposition of rental properties — — — — 8,549 8,549 Impairment of depreciable real estate — — — — (173,590 ) (173,590 ) One-time adjustment to deferred taxes related to REIT conversion — — — — (588,607 ) (588,607 ) FFO attributable to Forest City Realty Trust, Inc. $ 663,120 $ 155,398 $ 2,791 $ 56,312 $ (371,939 ) $ 505,682 Year Ended December 31, 2014 Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ (67,682 ) $ 115,833 $ (17,555 ) $ 51,360 $ (89,551 ) $ (7,595 ) Depreciation and amortization – Real Estate Groups 178,169 97,173 — 159 — 275,501 Net gain on disposition of full or partial interest in rental properties (7,241 ) (23,013 ) — — — (30,254 ) Gain on disposition of unconsolidated entities (25,279 ) (27,142 ) — — — (52,421 ) Impairment of consolidated depreciable real estate 129,059 146,039 — — — 275,098 Impairment of unconsolidated depreciable real estate 3,124 — — — — 3,124 Discontinued operations: Depreciation and amortization – Real Estate Groups 986 — 19,895 — — 20,881 Gain on disposition of rental properties (28,042 ) — — — — (28,042 ) Income tax expense (benefit) on non-FFO: Gain on disposition of rental properties — — — — 44,988 44,988 Impairment of depreciable real estate — — — — (106,691 ) (106,691 ) FFO attributable to Forest City Realty Trust, Inc. $ 183,094 $ 308,890 $ 2,340 $ 51,519 $ (151,254 ) $ 394,589 11 Months Ended December 31, 2013 Net earnings (loss) attributable to common shareholders $ 84,294 $ 31,220 $ (19,514 ) $ 18,915 $ (120,407 ) $ (5,492 ) Preferred dividends — — — — 185 185 Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 84,294 $ 31,220 $ (19,514 ) $ 18,915 $ (120,222 ) $ (5,307 ) Depreciation and amortization – Real Estate Groups 220,135 83,154 — 258 — 303,547 Net gain on disposition of partial interests in rental properties (496,092 ) — — — — (496,092 ) Gain on disposition of unconsolidated entities (68,430 ) — — — — (68,430 ) Impairment of consolidated depreciable real estate 17,474 1,185 — — — 18,659 Discontinued operations: Depreciation and amortization – Real Estate Groups 12,766 165 19,119 — — 32,050 Gain on disposition of rental properties (19,843 ) (16,028 ) — — — (35,871 ) Impairment of consolidated depreciable real estate 76,713 — — — — 76,713 Income tax expense (benefit) on non-FFO: Gain on disposition of rental properties — — — — 233,980 233,980 Impairment of depreciable real estate — — — — (36,988 ) (36,988 ) FFO attributable to Forest City Realty Trust, Inc. $ (172,983 ) $ 99,696 $ (395 ) $ 19,173 $ 76,770 $ 22,261

Summary of Significant Accoun60

Summary of Significant Accounting Policies (Details) - USD ($)		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2013
Accounting Policies [Abstract]
Unrealized losses on foreign currency translation		$ 95,000	$ 137,000	$ 189,000
Unrealized losses on interest rate derivative contracts	[1]	67,888,000	96,084,000	125,059,000
Total unrealized losses		67,983,000	96,221,000	125,248,000
Income tax benefit	[2]	0	(37,281,000)	(48,517,000)
Noncontrolling Interest		(78,000)	(94,000)	(149,000)
Accumulated Other Comprehensive Loss		$ 67,905,000	$ 58,846,000	$ 76,582,000	$ 103,203,000
[1]	(1)Included in the amounts as of December 31, 2015, 2014 and 2013 are $48,002, $73,536 and $97,360, respectively, of unrealized loss on an interest rate swap associated with the New York Times office building on its nonrecourse mortgage debt with a notional amount of $640,000. This swap effectively fixes the mortgage at an all-in lender interest rate of 6.40% and expires in September 2017.
[2]	(2)In conjunction with the REIT conversion, the deferred tax asset related to accumulated OCI was reversed. See W – Income Taxes for further information.

Summary of Significant Accoun61

Summary of Significant Accounting Policies (Details 1) - USD ($)		11 Months Ended	12 Months Ended
		Dec. 31, 2013	Dec. 31, 2015		Dec. 31, 2014
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Beginning Balance		$ (103,203,000)	$ (58,846,000)		$ (76,582,000)
Gain (loss) recognized in accumulated OCI		(185,000)	(6,421,000)		(10,262,000)
(Gain) loss reclassified from accumulated OCI		26,806,000	29,013,000		27,998,000
One-time adjustment to deferred taxes on OCI related to REIT conversion		0	(31,651,000)	[1]	0
Total other comprehensive income (loss)		26,621,000	(9,059,000)		17,736,000
Ending Balance		(76,582,000)	(67,905,000)		(58,846,000)
Securities [Member]
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Beginning Balance		(208,000)	0		0
Gain (loss) recognized in accumulated OCI		430,000	0		0
(Gain) loss reclassified from accumulated OCI		(222,000)	0		0
One-time adjustment to deferred taxes on OCI related to REIT conversion	[1]		0
Total other comprehensive income (loss)		208,000	0		0
Ending Balance		0	0		0
Foreign Currency Translation [Member]
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Beginning Balance		42,000	(84,000)		(116,000)
Gain (loss) recognized in accumulated OCI		(158,000)	24,000		32,000
(Gain) loss reclassified from accumulated OCI		0	0		0
One-time adjustment to deferred taxes on OCI related to REIT conversion	[1]		(35,000)
Total other comprehensive income (loss)		(158,000)	(11,000)		32,000
Ending Balance		(116,000)	(95,000)		(84,000)
Interest Rate Contracts [Member]
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Beginning Balance		(103,037,000)	(58,762,000)		(76,466,000)
Gain (loss) recognized in accumulated OCI		(457,000)	(6,445,000)		(10,294,000)
(Gain) loss reclassified from accumulated OCI		27,028,000	29,013,000		27,998,000
One-time adjustment to deferred taxes on OCI related to REIT conversion	[1]		(31,616,000)
Total other comprehensive income (loss)		26,571,000	(9,048,000)		17,704,000
Ending Balance		$ (76,466,000)	$ (67,810,000)		$ (58,762,000)
[1]	(2)In conjunction with the REIT conversion, the deferred tax asset related to accumulated OCI was reversed. See W – Income Taxes for further information.

Summary of Significant Accoun62

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 250,822	$ 232,176	$ 157,166	$ 194,176
Net gain on change in control of interests	(2,762)	(8,351)	(486,279)	(230,660)
Discontinued operations	26,436		27,520	29,686
Equity (loss) from unconsolidated entities, gross of tax	(42,197)		(22,313)	(40,792)
Income tax benefit	20,921	$ (10,809)	(581,099)	(9,155)
Noncontrolling interest	(54,832)		13,258	3,620
Loss reclassified from accumulated OCI	(26,806)		(29,013)	(27,998)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	40,353		37,852	38,093
Net gain on change in control of interests			(900)
Discontinued operations				3,666
Equity (loss) from unconsolidated entities, gross of tax	3,814		3,722	4,006
Total before income tax and noncontrolling interest	44,167		40,674	45,765
Income tax benefit	(17,123)		(11,645)	(17,737)
Noncontrolling interest	(16)		(16)	(30)
Loss reclassified from accumulated OCI	$ 27,028		$ 29,013	$ 27,998

Summary of Significant Accoun63

Summary of Significant Accounting Policies (Details 3) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
REIT conversion costs		$ 11,095,000	$ 3,311,000
Reorganization costs		19,050,000	2,386,000
Termination benefits		17,980,000	0
REIT conversion and reorganization costs	$ 0	$ 48,125,000	$ 5,697,000

Summary of Significant Accoun64

Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Accrued severance benefits, beginning balance	$ 4,982	$ 2,682
Termination benefits expense	17,980	5,782
Severance payments	(6,624)	(3,482)
Accrued severance benefits, ending balance	$ 16,338	$ 4,982

Summary of Significant Accoun65

Summary of Significant Accounting Policies (Details 5) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Schedule of Transition Period Comparative Data [Line Items]
Revenues	$ 893,740,000	$ 921,898,000	$ 978,231,000	$ 849,357,000
Expenses [Abstract]
Operating expenses	593,159,000	556,018,000	625,352,000	558,197,000
Depreciation and amortization	239,823,000	181,982,000	252,925,000	196,167,000
Write-offs of abandoned development projects and demolition costs	40,414,000	14,029,000	9,534,000	1,655,000
Impairment of real estate	421,361,000	30,660,000	451,434,000	277,095,000
Net loss on land held for divestiture activity	7,382,000	4,457,000	0	0
Total expenses	1,302,139,000	787,146,000	1,339,245,000	1,033,114,000
Operating income (loss)	(408,399,000)	134,752,000	(361,014,000)	(183,757,000)
Interest and other income	52,283,000	42,245,000	37,739,000	42,780,000
Net gain on disposition of partial interest in rental properties	496,092,000	0	1,746,000	30,281,000
Net gain on change in control of interests	2,762,000	8,351,000	486,279,000	230,660,000
Interest expense	(250,822,000)	(232,176,000)	(157,166,000)	(194,176,000)
Amortization of mortgage procurement costs	(7,746,000)	(9,804,000)	(7,549,000)	(7,797,000)
Gain (loss) on extinguishment of debt	4,549,000	7,436,000	(65,086,000)	(1,179,000)
Loss before income taxes	(111,281,000)	(49,196,000)	(65,051,000)	(103,486,000)
Income tax expense (benefit)	20,921,000	(10,809,000)	(581,099,000)	(9,155,000)
Earnings from unconsolidated entities, including impairment, gross of tax	110,627,000	89,799,000
Net gain (loss) on land held for divestiture activity, gross of tax	1,338,000	(42,606,000)	0	0
Total equity in earnings of unconsolidated entities	111,965,000	47,193,000	28,762,000	90,089,000
Earnings (Loss) from continuing operations	(20,237,000)	8,806,000	544,810,000	(4,242,000)
Discontinued operations, net of tax	(50,553,000)	48,284,000	(52,472,000)	(16,778,000)
Net earnings (loss)	(70,790,000)	57,090,000	492,338,000	(21,020,000)
Noncontrolling interests	65,483,000	(5,635,000)	3,704,000	13,425,000
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(5,307,000)	51,455,000	496,042,000	(7,595,000)
Preferred dividends and inducement of preferred stock conversions	(185,000)	(32,129,000)	0	0
Net earnings (loss) attributable to common shareholders	$ (5,492,000)	$ 19,326,000	$ 496,042,000	$ (7,595,000)

Summary of Significant Accoun66

Summary of Significant Accounting Policies (Details 6) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Investing Activities
Projects under construction and development	$ (87,857,000)	$ 55,484,000	$ (313,480,000)
Completed rental properties	(842,261,000)	825,582,000	368,588,000
Restricted cash	(4,326,000)	8,969,000	1,272,000
Investments in and advances to affiliates - due to dispositions or change in control	6,345,000	81,978,000	168,463,000
Investments in and advances to affiliates - other activity	25,733,000	20,852,000	34,459,000
Total non-cash effect on investing activities	(902,366,000)	992,865,000	259,302,000
Financing Activities
Accounts payable, accrued expenses and other liabilities	0	0	5,552,000
Nonrecourse mortgage debt and notes payable	(903,085,000)	433,499,000	(153,345,000)
Convertible senior debt	(218,675,000)	(424,433,000)	0
Preferred stock	(5,489,000)	0	0
Class A common stock	4,680,000	(76,823,000)	225,000
Additional paid-in capital	241,268,000	531,246,000	111,150,000
Treasury stock	(12,868,000)	22,434,000	0
Redeemable noncontrolling interest	(50,546,000)	0	28,390,000
Noncontrolling interest	31,702,000	(53,426,000)	44,876,000
Total non-cash effect on financing activities	$ (913,013,000)	$ 432,497,000	$ 36,848,000

Summary of Significant Accoun67

Summary of Significant Accounting Policies (Details Textual 1)	11 Months Ended	12 Months Ended
	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)unit$ / shares	Dec. 31, 2014USD ($)property$ / shares
Accounting Policies (Textual) [Abstract]
Assets		$ 9,993,009,000	$ 8,814,940,000
Number of states in which entity has consolidated assets		24
Number of reportable segments | unit		5
Number of reportable operating segments | unit		4
Fair value of consideration exchanged or accrued related to all noncontrolling interest acquisitions in excess of historical cost	$ 98,687,000	$ 312,000	99,863,000
Fair value of consideration exchanged related to contribution of properties in excess of book value	0	(295,000)	(3,935,000)
Excess tax benefits from share-based compensation as financing cash flows	0	$ 0	0
Maximum period from cessation of construction activity to project completion and availability for occupancy		1 year
Put/call provisions maximum contract term		7 years
Percentage of annual REIT taxable income to be distributed to as a dividend to shareholders		90.00%
Period after REIT conversion assets sold subject to income taxes		5 years
One-time adjustment to deferred taxes related to REIT conversion		$ 588,607,000
Residential [Member]
Accounting Policies (Textual) [Abstract]
Lease term		1 year
Arena [Member]
Accounting Policies (Textual) [Abstract]
Arena naming rights agreement term		20 years
Estimated useful life of property		34 years 6 months
Minimum [Member]
Accounting Policies (Textual) [Abstract]
Expected lease-up period		3 months
Term of compliance regulation on tax credit		0 years
Minimum [Member] | Retail Centers and Office Buildings [Member]
Accounting Policies (Textual) [Abstract]
Lease term		1 year
Minimum [Member] | Arena [Member]
Accounting Policies (Textual) [Abstract]
Arena founding partner and sponsor agreement term		1 year
Arena suite license agreement term		1 year
Minimum [Member] | Building and Building Improvements [Member]
Accounting Policies (Textual) [Abstract]
Estimated useful life of property		40 years
Maximum [Member]
Accounting Policies (Textual) [Abstract]
Expected lease-up period		12 months
Term of compliance regulation on tax credit		7 years
Maximum [Member] | Retail Centers and Office Buildings [Member]
Accounting Policies (Textual) [Abstract]
Lease term		30 years
Maximum [Member] | Arena [Member]
Accounting Policies (Textual) [Abstract]
Arena founding partner and sponsor agreement term		7 years
Arena suite license agreement term		7 years
Maximum [Member] | Building and Building Improvements [Member]
Accounting Policies (Textual) [Abstract]
Estimated useful life of property		50 years
Additional Paid-in Capital [Member]
Accounting Policies (Textual) [Abstract]
Fair value of consideration exchanged or accrued related to all noncontrolling interest acquisitions in excess of historical cost	95,924,000	$ 303,000	32,505,000
Fair value of consideration exchanged related to contribution of properties in excess of book value	$ (26,000,000)	$ 479,000	$ 78,103,000
Operating apartment communities [Member]
Accounting Policies (Textual) [Abstract]
Number of properties | property			2
Apartment communities under construction [Member]
Accounting Policies (Textual) [Abstract]
Number of properties | property			3
Common Class A [Member]
Accounting Policies (Textual) [Abstract]
Common Stock, Par Value Per Share Prior to Adjustment | $ / shares		$ 0.333
Common Stock, Par or Stated Value Per Share | $ / shares		0.010	$ 0.333
Common Class B [Member]
Accounting Policies (Textual) [Abstract]
Common Stock, Par Value Per Share Prior to Adjustment | $ / shares		0.333
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.010	$ 0.333

Summary of Significant Accoun68

Summary of Significant Accounting Policies (Details Textual 2) $ in Millions	Dec. 31, 2015USD ($)propertyentity
Variable Interest Entity [Line Items]
Maximum exposure to loss | $	$ 349
Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities	25
Number of properties represented by variable interest entities | property	20
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities	65

Summary of Significant Accoun69

Summary of Significant Accounting Policies (Details Textual 3) $ in Millions	11 Months Ended
	Dec. 31, 2013USD ($)
Ten MetroTech Center [Member]
Depreciation, by Property [Line Items]
Accelerated depreciation expense	$ 45.5

Summary of Significant Accoun70

Summary of Significant Accounting Policies (Details Textual 4) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies (Textual) [Abstract]
Unrealized losses on an interest rate swap associated with office building	$ 97,360	$ 48,002	$ 73,536
New York Times [Member]
Accounting Policies (Textual) [Abstract]
Notional amount		$ 640,000
Mortgages [Member]
Accounting Policies (Textual) [Abstract]
All-in lender interest rate		6.40%

Notes and Accounts Receivable71

Notes and Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Components of notes and accounts receivable
Notes receivable	$ 21,637	$ 34,922
Notes and accounts receivable, gross	385,172	419,288
Allowance for doubtful accounts	(9,025)	(10,771)
Notes and Accounts Receivable, Net	$ 376,147	$ 408,517
Weighted average interest rate on notes receivable	5.01%	6.81%
Straight-line rent from tenants [Member]
Components of notes and accounts receivable
Accounts receivable	$ 135,278	$ 131,887
Military Housing, primarily reimbursable construction costs [Member]
Components of notes and accounts receivable
Accounts receivable	23,624	27,024
Stapleton advances [Member]
Components of notes and accounts receivable
Accounts receivable	128,241	150,111
Accounts receivables - Tenants [Member]
Components of notes and accounts receivable
Accounts receivable	19,873	16,298
Other [Member]
Components of notes and accounts receivable
Accounts receivable	$ 56,519	$ 59,046

Notes and Accounts Receivable N

Notes and Accounts Receivable Net (Details Textual) - Stapleton advances [Member] - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Notes and Accounts Receivable, Net (Textual) [Abstract]
Interest income	$ 10,047	$ 13,892	$ 12,252
Weighted average interest rate		8.67%

Investments in Unconsolidated73

Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Reconciliation of members' and partners' equity to the Company's Carrying Value
Total members’ and partners’ equity		$ 1,535,339	$ 1,234,612
Equity of other members and partners		1,165,523	1,079,695
Company’s net investment in unconsolidated entities		369,816	154,917
Basis differences	[1]	137,495	238,606
Advances to and on behalf of affiliates		7,624	15,450
Assets - Investments in and advances to unconsolidated entities		678,872	620,466
Liabilities - Cash Distributions and Losses in Excess of Investments in Unconsolidated Entities		(163,937)	(211,493)
Total Investments in Unconsolidated Entities, net		$ 514,935	$ 408,973
[1]	Represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the equity method venture level, which is typically amortized over the life of the related assets or liabilities. Basis differences relate to certain acquisition, transaction and other costs, as well as other-than-temporary impairments not reflected in the net assets at the equity method venture level.

Investments in Unconsolidated74

Investments in Unconsolidated Entities (Details 1) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Real Estate
Completed rental properties			$ 7,694,071,000	$ 6,813,532,000
Projects under construction and development			889,618,000	477,957,000
Land inventory			69,318,000	97,469,000
Total Real Estate			8,653,007,000	7,388,958,000
Less accumulated depreciation			(1,624,920,000)	(1,480,611,000)
Real Estate, net			7,028,087,000	5,908,347,000
Cash and equivalents			265,677,000	290,668,000
Other restricted cash			161,891,000	251,443,000
Other assets			453,963,000	379,929,000
Assets held for sale			944,727,000	955,570,000
Mortgage debt and notes payable, nonrecourse			4,003,450,000	3,790,918,000
Liabilities held for sale			570,947,000	520,135,000
Members' and partners' equity			1,535,339,000	1,234,612,000
Operations:
Operating expenses	$ (593,159,000)	$ (556,018,000)	(625,352,000)	(558,197,000)
Depreciation and amortization	(239,823,000)	(181,982,000)	(252,925,000)	(196,167,000)
Net gain (loss) on land held for divestiture activity	(7,382,000)	(4,457,000)	0	0
Interest and other income	52,283,000	$ 42,245,000	37,739,000	42,780,000
Discontinued operations:
Gain on disposition of rental properties	41,831,000		0	28,100,000
Discontinued operations subtotal	(67,543,000)		(34,210,000)	(9,556,000)
Impairment of investments in unconsolidated entities	0		(13,844,000)	(3,124,000)
Net gain on disposition of full or partial interest in equity method investments	34,149,000		20,293,000	34,744,000
Equity Method Investee [Member]
Real Estate
Completed rental properties			7,630,583,000	7,971,011,000
Projects under construction and development			1,298,356,000	840,797,000
Land inventory			116,379,000	114,301,000
Total Real Estate			9,045,318,000	8,926,109,000
Less accumulated depreciation			(1,725,082,000)	(1,709,243,000)
Real Estate, net			7,320,236,000	7,216,866,000
Cash and equivalents			161,832,000	203,301,000
Restricted cash - military housing bond funds			176,725,000	161,460,000
Other restricted cash			523,589,000	381,190,000
Other assets			730,498,000	836,422,000
Assets held for sale			205,384,000	218,716,000
Total Assets			9,118,264,000	9,017,955,000
Mortgage debt and notes payable, nonrecourse			6,752,756,000	6,986,514,000
Other liabilities			517,194,000	509,008,000
Liabilities held for sale			312,975,000	287,821,000
Members' and partners' equity			1,535,339,000	1,234,612,000
Total Liabilities and Members' and Partners' Equity			9,118,264,000	9,017,955,000
Operations:
Revenues	1,013,154,000		1,100,094,000	1,175,200,000
Operating expenses	(466,487,000)		(491,804,000)	(540,241,000)
Depreciation and amortization	(198,908,000)		(244,126,000)	(243,952,000)
Net gain (loss) on land held for divestiture activity	2,742,000		0	0
Interest and other income	14,797,000		19,721,000	22,693,000
Net gain on disposition of full or partial interest in rental properties	0		0	36,356,000
Interest expense including extinguishment of debt	(298,567,000)		(314,332,000)	(347,008,000)
Earnings (loss) from continuing operations	66,731,000		69,553,000	103,048,000
Discontinued operations:
Operating earnings from rental properties	(72,901,000)		(64,766,000)	(115,900,000)
Gain on disposition of rental properties	68,311,000		0	0
Discontinued operations subtotal	(4,590,000)		(64,766,000)	(115,900,000)
Net earnings (loss) (pre-tax)	62,141,000		4,787,000	(12,852,000)
Company's portion of net earnings (loss) (pre-tax)	77,816,000		22,313,000	58,469,000
Impairment of investments in unconsolidated entities	0		(13,844,000)	(3,124,000)
Net gain on disposition of full or partial interest in equity method investments	34,149,000		20,293,000	34,744,000
Net earnings (pre-tax) from unconsolidated entities	$ 111,965,000		$ 28,762,000	$ 90,089,000

Investments in Unconsolidated75

Investments in Unconsolidated Entities (Details 2) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in rental properties	$ 68,311,000	$ 0	$ 36,356,000
Company's portion of gain on disposition of full or partial interest in rental properties	34,281,000	0	17,677,000
Net gain on disposition of full or partial interest in equity method investments	34,149,000	20,293,000	34,744,000
Golden Gate [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in rental properties	0	0	33,881,000
Liberty Center [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in rental properties	2,829,000	0	2,475,000
Westin Convention Center [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in rental properties	65,482,000	0	0
Newport Landing [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	5,765,000	0
Eaton Ridge [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	4,745,000	0
Arbor Glen [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	3,422,000	0
Parkwood Village [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	2,817,000	0
Sutton Landing [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	2,535,000	0
Westwood Reserve [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	0	8,904,000
Legacy Crossroads [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	0	6,216,000
Colonial Grand [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	0	4,904,000
Legacy Arboretum [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	0	3,257,000
Woodgate/Evergreen Farms [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	0	2,346,000
Barrington Place [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	0	1,515,000
Mall at Stonecrest [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	0	0	7,952,000
Charleston Town Center [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	27,080,000		0
Marketplace at Riverpark [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	8,579,000	0	0
Other [Member]
Schedule of Equity Method Investments [Line Items]
Net gain on disposition of full or partial interest in equity method investments	$ (1,510,000)	$ 1,009,000	$ (350,000)

Investments in Unconsolidated76

Investments in Unconsolidated Entities (Details 3) - USD ($)		11 Months Ended		12 Months Ended
		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015		Dec. 31, 2014
Balance Sheet:
Completed rental properties				$ 7,694,071,000		$ 6,813,532,000
Less accumulated depreciation				(1,624,920,000)		(1,480,611,000)
Real Estate, net				7,028,087,000		5,908,347,000
Cash and equivalents				265,677,000		290,668,000
Restricted cash				161,891,000		251,443,000
Other assets				453,963,000		379,929,000
Mortgage debt and notes payable, nonrecourse				4,003,450,000		3,790,918,000
Equity Method Investments				369,816,000		154,917,000
Net basis differences	[1]			137,495,000		238,606,000
Operations:
Interest and other income		$ 52,283,000	$ 42,245,000	37,739,000		42,780,000
Equity in earnings (loss)		111,965,000	$ 47,193,000	28,762,000		90,089,000
Significant Subsidiary [Member]
Balance Sheet:
Completed rental properties				662,474,000		985,373,000
Less accumulated depreciation				(115,226,000)		(230,764,000)
Real Estate, net				547,248,000		754,609,000
Cash and equivalents				2,453,000		19,653,000
Restricted cash				4,223,000		20,005,000
Other assets				23,370,000		41,017,000
Total Assets				577,294,000		835,284,000
Mortgage debt and notes payable, nonrecourse				631,406,000		989,095,000
Other Liabilities				13,116,000		29,861,000
Members' equity				(67,228,000)		(183,672,000)
Total Liabilities and Members' and Partners' Equity				577,294,000		835,284,000
Equity Method Investments				(30,270,000)		(90,041,000)
Net basis differences				38,917,000		35,787,000
Company's investments in unconsolidated entities				8,647,000		(54,254,000)
Operations:
Revenues		184,470,000		129,253,000		191,149,000
Operating expenses		(72,574,000)		(55,917,000)		(80,545,000)
Depreciation and amortization		(28,717,000)		(26,666,000)		(32,327,000)
Interest and other income		6,119,000		2,838,000		6,355,000
Interest expense, net		(53,618,000)		(39,706,000)		(52,257,000)
Net earnings (loss) before intercompany eliminations		35,680,000		9,802,000		32,375,000
Intercompany eliminations		(6,136,000)		(3,026,000)		(6,059,000)
Net earnings (loss)		29,544,000		6,776,000		26,316,000
Equity in earnings (loss) before special allocation		14,632,000		3,097,000		12,962,000
Special allocation		247,000		206,000		387,000
Equity in earnings (loss)		14,879,000		3,303,000		13,349,000
Significant Subsidiary [Member] | Bayside Village Associates, L.P. [Member]
Balance Sheet:
Completed rental properties	[2]			0		0
Less accumulated depreciation	[2]			0		0
Real Estate, net	[2]			0		0
Cash and equivalents	[2]			0		0
Restricted cash	[2]			0		0
Other assets	[2]			0		0
Total Assets	[2]			0		0
Mortgage debt and notes payable, nonrecourse	[2]			0		0
Other Liabilities	[2]			0		0
Members' equity	[2]			0		0
Total Liabilities and Members' and Partners' Equity	[2]			$ 0		$ 0
Equity Method Investment, Ownership Percentage	[2]			0.00%		0.00%
Equity Method Investments	[2]			$ 0		$ 0
Net basis differences	[2]			0		0
Company's investments in unconsolidated entities	[2]			0		0
Operations:
Revenues		24,612,000		0		28,245,000
Operating expenses		(8,127,000)		0		(8,983,000)
Depreciation and amortization		(2,172,000)		0		(2,348,000)
Interest and other income		5,000		0		9,000
Interest expense, net		(5,782,000)		0		(4,061,000)
Net earnings (loss) before intercompany eliminations		8,536,000		0		12,862,000
Intercompany eliminations		0		0		0
Net earnings (loss)		8,536,000		0		12,862,000
Equity in earnings (loss) before special allocation		4,268,000		0		6,431,000
Special allocation		(626,000)		0		(486,000)
Equity in earnings (loss)		$ 3,642,000		$ 0		$ 5,945,000
Equity Method Investment, Ownership Percentage Operations		50.00%		0.00%		50.00%
Significant Subsidiary [Member] | FC HCN University Park, LLC [Member]
Balance Sheet:
Completed rental properties				$ 0	[2]	$ 342,864,000
Less accumulated depreciation				0	[2]	(131,076,000)
Real Estate, net				0	[2]	211,788,000
Cash and equivalents				0	[2]	15,108,000
Restricted cash				0	[2]	16,071,000
Other assets				0	[2]	22,240,000
Total Assets				0	[2]	265,207,000
Mortgage debt and notes payable, nonrecourse				0	[2]	357,474,000
Other Liabilities				0	[2]	17,121,000
Members' equity				0	[2]	(109,388,000)
Total Liabilities and Members' and Partners' Equity				$ 0	[2]	$ 265,207,000
Equity Method Investment, Ownership Percentage				0.00%	[2]	51.00%
Equity Method Investments				$ 0	[2]	$ (55,788,000)
Net basis differences				0	[2]	(6,746,000)
Company's investments in unconsolidated entities				0	[2]	(62,534,000)
Operations:
Revenues		$ 75,817,000		38,740,000	[3]	77,310,000
Operating expenses		(28,969,000)		(16,966,000)	[3]	(35,737,000)
Depreciation and amortization		(9,084,000)		(7,482,000)	[3]	(11,733,000)
Interest and other income		6,102,000		2,803,000	[3]	6,337,000
Interest expense, net		(16,345,000)		(8,665,000)	[3]	(16,918,000)
Net earnings (loss) before intercompany eliminations		27,521,000		8,430,000	[3]	19,259,000
Intercompany eliminations		(6,136,000)		(3,026,000)	[3]	(6,059,000)
Net earnings (loss)		21,385,000		5,404,000	[3]	13,200,000
Equity in earnings (loss) before special allocation		10,906,000		2,756,000	[3]	6,732,000
Special allocation		0		0	[3]	0
Equity in earnings (loss)		$ 10,906,000		$ 2,756,000	[3]	$ 6,732,000
Equity Method Investment, Ownership Percentage Operations		51.00%		51.00%	[3]	51.00%
Significant Subsidiary [Member] | FC Bernstein Business Trust [Member]
Balance Sheet:
Completed rental properties				$ 195,319,000		$ 193,076,000
Less accumulated depreciation				(32,334,000)		(28,159,000)
Real Estate, net				162,985,000		164,917,000
Cash and equivalents				1,342,000		2,171,000
Restricted cash				4,223,000		3,934,000
Other assets				2,858,000		3,184,000
Total Assets				171,408,000		174,206,000
Mortgage debt and notes payable, nonrecourse				196,406,000		196,621,000
Other Liabilities				4,009,000		3,930,000
Members' equity				(29,007,000)		(26,345,000)
Total Liabilities and Members' and Partners' Equity				171,408,000		174,206,000
Equity Method Investments				(11,159,000)		(10,283,000)
Net basis differences				3,430,000		3,362,000
Company's investments in unconsolidated entities				(7,729,000)		(6,921,000)
Operations:
Revenues		$ 32,097,000		32,310,000		32,326,000
Operating expenses		(12,366,000)		(12,214,000)		(12,343,000)
Depreciation and amortization		(5,900,000)		(5,984,000)		(6,478,000)
Interest and other income		9,000		2,000		9,000
Interest expense, net		(5,151,000)		(4,704,000)		(4,940,000)
Net earnings (loss) before intercompany eliminations		8,689,000		9,410,000		8,574,000
Intercompany eliminations		0		0		0
Net earnings (loss)		8,689,000		9,410,000		8,574,000
Equity in earnings (loss) before special allocation		3,991,000		4,360,000		3,959,000
Special allocation		873,000		206,000		873,000
Equity in earnings (loss)		4,864,000		4,566,000		4,832,000
Significant Subsidiary [Member] | Emporium Development LLC [Member]
Balance Sheet:
Completed rental properties				467,155,000		449,433,000
Less accumulated depreciation				(82,892,000)		(71,529,000)
Real Estate, net				384,263,000		377,904,000
Cash and equivalents				1,111,000		2,374,000
Restricted cash				0		0
Other assets				20,512,000		15,593,000
Total Assets				405,886,000		395,871,000
Mortgage debt and notes payable, nonrecourse				435,000,000		435,000,000
Other Liabilities				9,107,000		8,810,000
Members' equity				(38,221,000)		(47,939,000)
Total Liabilities and Members' and Partners' Equity				$ 405,886,000		$ 395,871,000
Equity Method Investment, Ownership Percentage				50.00%		50.00%
Equity Method Investments				$ (19,111,000)		$ (23,969,500)
Net basis differences				35,487,000		39,171,000
Company's investments in unconsolidated entities				16,376,000		15,201,000
Operations:
Revenues		51,944,000		58,203,000		53,268,000
Operating expenses		(23,112,000)		(26,737,000)		(23,482,000)
Depreciation and amortization		(11,561,000)		(13,200,000)		(11,768,000)
Interest and other income		3,000		33,000		0
Interest expense, net		(26,340,000)		(26,337,000)		(26,338,000)
Net earnings (loss) before intercompany eliminations		(9,066,000)		(8,038,000)		(8,320,000)
Intercompany eliminations		0		0		0
Net earnings (loss)		(9,066,000)		(8,038,000)		(8,320,000)
Equity in earnings (loss) before special allocation		(4,533,000)		(4,019,000)		(4,160,000)
Special allocation		0		0		0
Equity in earnings (loss)		$ (4,533,000)		$ (4,019,000)		$ (4,160,000)
Equity Method Investment, Ownership Percentage Operations		50.00%		50.00%		50.00%
Significant Subsidiary [Member] | Minimum [Member] | FC Bernstein Business Trust [Member]
Balance Sheet:
Equity Method Investment, Ownership Percentage				43.00%		43.00%
Operations:
Equity Method Investment, Ownership Percentage Operations		43.00%		43.00%		43.00%
Significant Subsidiary [Member] | Maximum [Member] | FC Bernstein Business Trust [Member]
Balance Sheet:
Equity Method Investment, Ownership Percentage				48.00%		48.00%
Operations:
Equity Method Investment, Ownership Percentage Operations		48.00%		48.00%		48.00%
[1]	Represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the equity method venture level, which is typically amortized over the life of the related assets or liabilities. Basis differences relate to certain acquisition, transaction and other costs, as well as other-than-temporary impairments not reflected in the net assets at the equity method venture level.
[2]	(1)Fully consolidated as of December 31, 2014 (Bayside Village Associates, L.P.) and December 31, 2015 (FC HCN University Park, LLC). See Note U – Net Gain on Change in Control of Interests for discussion of the change in accounting methods.
[3]	(2)Amounts represent activity from January 1, 2015 to June 23, 2015, the period the Company accounted for the joint venture as an equity method investment.

Investments in Unconsolidated77

Investments in Unconsolidated Entities (Details 4) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Balance Sheet:
Less accumulated depreciation		$ (1,624,920)	$ (1,480,611)
Cash and equivalents		265,677	290,668
Other assets		453,963	379,929
Mortgage debt and notes payable, nonrecourse		4,003,450	3,790,918
Brooklyn Basketball Holdings [Member]
Balance Sheet:
Property and equipment		12,156	11,572
Less accumulated depreciation		(8,057)	(7,086)
Real property, net		4,099	4,486
Cash and equivalents		3,089	8,232
Other assets		198,196	205,998
Total Assets		205,384	218,716
Mortgage debt and notes payable, nonrecourse		222,218	189,574
Other liabilities		90,757	98,247
Members’ equity		(107,591)	(69,105)
Total Liabilities and Members' and Partners' Equity		205,384	218,716
Operations:
Revenues	$ 147,076	143,894	156,675
Operating expenses	(203,061)	(191,091)	(251,723)
Depreciation and amortization	(8,823)	(5,265)	(9,129)
Interest expense, net	(12,716)	(12,304)	(11,938)
Net loss	(77,524)	(64,766)	(116,115)
Company’s portion of net loss	$ (2,802)	$ (40,760)	$ (3,181)

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Components of other assets
Intangible assets, net	$ 198,672	$ 123,778
Prepaid expenses and other deferred costs, net	111,619	102,112
Lease procurement costs, net	95,924	101,773
Mortgage procurement costs, net	47,748	52,266
Other assets	$ 453,963	$ 379,929

Other Assets (Details 1)

Other Assets (Details 1) $ in Thousands	Dec. 31, 2015USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2,016	$ 30,353
2,017	20,487
2,018	16,696
2,019	14,100
2,020	$ 9,721

Other Assets (Details Textual)

Other Assets (Details Textual) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Other Assets (Textual) [Abstract]
Amortization expense related to intangible assets	$ 4,311	$ 28,019	$ 3,509

Mortgage Debt and Notes Payab81

Mortgage Debt and Notes Payable, Nonrecourse (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 4,461,195	$ 4,238,201
Total weighted average rate	4.69%	4.76%
Operating Properties [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 4,341,058	$ 4,114,607
Development Projects [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	120,137	123,594
Fixed Rate Debt [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 2,449,376	$ 2,293,591
Total weighted average rate	5.47%	5.57%
Fixed Rate Debt [Member] | Operating Properties [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 2,402,942	$ 2,234,801
Fixed Rate Debt [Member] | Development Projects [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	46,434	58,790
Variable Rate Debt, Taxable [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 1,428,414	$ 1,347,765
Total weighted average rate	4.81%	4.85%
Variable Rate Debt, Taxable [Member] | Operating Properties [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 1,404,132	$ 1,327,961
Variable Rate Debt, Taxable [Member] | Development Projects [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	24,282	19,804
Variable Rate Debt, Tax-Exempt [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 583,405	$ 596,845
Total weighted average rate	1.11%	1.45%
Variable Rate Debt, Tax-Exempt [Member] | Operating Properties [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 533,984	$ 551,845
Variable Rate Debt, Tax-Exempt [Member] | Development Projects [Member]
Mortgage Loans on Real Estate [Line Items]
Mortgage debt and notes payable, nonrecourse	$ 49,421	$ 45,000

Mortgage Debt and Notes Payab82

Mortgage Debt and Notes Payable, Nonrecourse (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Composition of mortgage debt and notes payable, nonrecourse maturities
Total maturities in 2016	$ 273,129
Total maturities in 2017	1,277,779
Total maturities in 2018	402,745
Total maturities in 2019	362,266
Total maturities in 2020	160,951
Total maturities thereafter	1,984,325
Total mortgage debt and notes payable, nonrecourse	$ 4,461,195	$ 4,238,201

Mortgage Debt and Notes Payab83

Mortgage Debt and Notes Payable, Nonrecourse (Details Textuals) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Mortgage Debt and Notes Payable, Nonrecourse [Abstract]
Mortgage debt and notes payable, nonrecourse held for sale	$ 457,745	$ 447,283

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Maximum borrowings	$ 500,000,000	$ 500,000,000
Less outstanding balances:
Borrowings	0	0
Letters of credit	59,800,000	85,768,000
Surety bonds	0	0
Available credit	$ 440,200,000	$ 414,232,000

Revolving Credit Facility (De85

Revolving Credit Facility (Details Textual)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Total available borrowings	$ 500,000,000	$ 500,000,000
Line of Credit Maximum Borrowings Under Accordion Provision	$ 750,000,000
Annual facility fee percentage of total available borrowings	0.30%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Number of Credit Facility extension options	2
Available borrowing that could be used for letter of credits (and/or surety bonds 2014 and prior)	$ 150,000,000
Prior credit facility [Member]
Line of Credit Facility [Line Items]
Total available borrowings	500,000,000
Available borrowing that could be used for letter of credits (and/or surety bonds 2014 and prior)	100,000,000
Common Class A [Member] | Prior credit facility [Member]
Line of Credit Facility [Line Items]
Maximum Class A common stock repurchase amount	100,000,000
Common Class A or B [Member] | Prior credit facility [Member]
Line of Credit Facility [Line Items]
Maximum dividend restriction in any four fiscal quarter period	$ 24,000,000
London Interbank Offered Rate (LIBOR) [Member] | Prior credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	3.50%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	1.15%
Minimum [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.15%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	1.80%
Maximum [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.85%
Current Period [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	1.30%
Current Period [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.30%

Convertible Senior Debt (Detail

Convertible Senior Debt (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Jul. 31, 2013	Jul. 31, 2011	Oct. 31, 2009
Schedule of convertible senior debt
Convertible senior debt	$ 271,006,000	$ 700,000,000
Convertible Senior Notes [Member]
Schedule of convertible senior debt
Convertible senior debt	$ 271,006,000	$ 700,000,000
Convertible Senior Notes [Member] | Notes due 2016 [Member]
Schedule of convertible senior debt
Interest rate	5.00%	5.00%			5.00%
Convertible senior debt	$ 125,000	$ 50,000,000
Convertible Senior Notes [Member] | Notes due 2018 [Member]
Schedule of convertible senior debt
Interest rate	4.25%	4.25%		4.25%
Convertible senior debt	$ 154,526,000	$ 350,000,000
Convertible Senior Notes [Member] | Notes due 2020 [Member]
Schedule of convertible senior debt
Interest rate	3.625%	3.625%	3.625%
Convertible senior debt	$ 116,355,000	$ 300,000,000

Convertible Senior Debt (Deta87

Convertible Senior Debt (Details 1) - USD ($) $ in Thousands	Dec. 15, 2015	Jul. 16, 2015	Jul. 15, 2015	Mar. 05, 2015	Feb. 26, 2015	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Debt Conversion [Line Items]
Loss on Extinguishment of Debt						$ 4,549	$ 7,436	$ (65,086)	$ (1,179)
Notes due 2018 [Member]
Debt Conversion [Line Items]
Aggregate Principal		$ 75,387			$ 120,087
Cash payments to noteholders		13,052			13,641
Loss on Extinguishment of Debt		$ 11,664			13,372
Notes due 2020 [Member]
Debt Conversion [Line Items]
Aggregate Principal			$ 55,407		128,238
Cash payments to noteholders			11,371		19,283
Loss on Extinguishment of Debt			10,500		$ 19,038
Notes due 2016 [Member]
Debt Conversion [Line Items]
Aggregate Principal	$ 1,243		8,151	$ 40,481
Cash payments to noteholders	2,034		1,305	6,163				9,502
Loss on Extinguishment of Debt	$ 782		$ 489	$ 2,732
2016, 2018 and 2020 Senior Notes [Member]
Debt Conversion [Line Items]
Aggregate Principal								428,994
Cash payments to noteholders								66,849
Loss on Extinguishment of Debt								$ 58,577
Common Class A [Member] | Notes due 2018 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued		3,478,511			5,541,115
Common Class A [Member] | Notes due 2020 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued			2,289,013		5,297,885
Common Class A [Member] | Notes due 2016 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued	0		555,016	2,805,513
Common Class A [Member] | 2016, 2018 and 2020 Senior Notes [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued								19,967,053

Convertible Senior Debt (Deta88

Convertible Senior Debt (Details 2) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Interest incurred, capitalized and paid
Interest incurred	$ 267,515		$ 194,041	$ 218,587
Interest capitalized	(16,693)		(36,875)	(24,411)
Net interest expense	250,822	$ 232,176	157,166	194,176
Interest incurred from discontinued operations	46,235		40,125	45,767
Cash paid for interest (net of amount capitalized)	$ 292,692		$ 200,781	$ 235,373

Convertible Senior Debt (Deta89

Convertible Senior Debt (Details Textuals)	Dec. 15, 2015USD ($)	Jul. 16, 2015d	Jul. 16, 2015USD ($)	Jul. 15, 2015USD ($)	Mar. 05, 2015USD ($)	Mar. 03, 2015USD ($)shares	Feb. 26, 2015USD ($)d	Apr. 16, 2013shares	Jan. 31, 2016USD ($)shares	May. 31, 2011USD ($)shares	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2015USD ($)d$ / sharesshares	Dec. 31, 2014USD ($)	Jan. 20, 2016USD ($)	Jul. 31, 2013USD ($)	Jul. 31, 2011USD ($)	Oct. 31, 2009USD ($)
Debt Instrument [Line Items]
Number of trading days measurement period to determine additional interest payable | d		5					20
Loss on Extinguishment of Debt											$ 4,549,000	$ 7,436,000	$ (65,086,000)	$ (1,179,000)
Proceeds received from termination of convertible senior note hedge						$ 17,818,000					$ 0		17,818,000	0
Convertible senior debt													271,006,000	700,000,000
2016, 2018 and 2020 Senior Notes [Member]
Debt Instrument [Line Items]
Loss on Extinguishment of Debt													58,577,000
Senior notes exchanged for Class A common stock													428,994,000
Cash payments to noteholders													66,849,000
Notes due 2016 [Member]
Debt Instrument [Line Items]
Loss on Extinguishment of Debt	$ 782,000			$ 489,000	$ 2,732,000
Senior notes exchanged for Class A common stock	1,243,000			8,151,000	40,481,000
Cash payments to noteholders	$ 2,034,000			1,305,000	$ 6,163,000								9,502,000
Notes due 2018 [Member]
Debt Instrument [Line Items]
Loss on Extinguishment of Debt			$ 11,664,000				$ 13,372,000
Senior notes exchanged for Class A common stock			75,387,000				120,087,000
Cash payments to noteholders			$ 13,052,000				13,641,000
Principal amount of senior notes													$ 1,000
Threshold trading days for senior note conversion | d													20
Threshold consecutive trading days for senior note conversion													30 days
Minimum number of days after mailing conversion rights termination notice for effective termination date													20 days
Notes due 2020 [Member]
Debt Instrument [Line Items]
Loss on Extinguishment of Debt				10,500,000			19,038,000
Senior notes exchanged for Class A common stock				55,407,000			128,238,000
Cash payments to noteholders				$ 11,371,000			$ 19,283,000
Principal amount of senior notes													$ 1,000
Threshold trading days for senior note conversion | d													20
Threshold consecutive trading days for senior note conversion													30 days
Minimum number of days after mailing conversion rights termination notice for effective termination date													30 days
Maximum number of days after mailing redemption notice for effective redemption date													60 days
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Convertible senior debt													$ 271,006,000	$ 700,000,000
Convertible Senior Notes [Member] | Notes due 2016 [Member]
Debt Instrument [Line Items]
Convertible senior notes issued																		$ 200,000,000
Interest rate													5.00%	5.00%				5.00%
Senior notes exchanged for Class A common stock										$ 150,000,000			$ 49,875,000
Convertible senior debt													$ 125,000	$ 50,000,000
Convertible Senior Notes [Member] | Notes due 2018 [Member]
Debt Instrument [Line Items]
Convertible senior notes issued																	$ 350,000,000
Interest rate													4.25%	4.25%			4.25%
Convertible senior debt													$ 154,526,000	$ 350,000,000
Conversion price per share | $ / shares													$ 21.67
Convertible Senior Notes [Member] | Notes due 2020 [Member]
Debt Instrument [Line Items]
Convertible senior notes issued																$ 300,000,000
Interest rate													3.625%	3.625%		3.625%
Convertible senior debt													$ 116,355,000	$ 300,000,000
Conversion price per share | $ / shares													$ 24.21
Common Class A [Member]
Debt Instrument [Line Items]
Shares received for termination and settlement of convertible note hedge | shares						258,350
Shares of Class A common stock issued in exchange of debt | shares								9,549,721					19,967,000
Number of common shares issued upon conversion of senior notes | shares													3.3
Common Class A [Member] | Notes due 2016 [Member]
Debt Instrument [Line Items]
Shares of Class A common stock issued in exchange of debt | shares									9,298	13,218,332			3,360,529
Common Class A [Member] | Notes due 2018 [Member]
Debt Instrument [Line Items]
Number of common shares issued upon conversion of senior notes | shares													46.1425
Threshold percentage of stock price trigger for senior note conversion													130.00%
Stock price trigger of senior note conversion | $ / shares													$ 28.17
Common Class A [Member] | Notes due 2020 [Member]
Debt Instrument [Line Items]
Number of common shares issued upon conversion of senior notes | shares													41.3129
Threshold percentage of stock price trigger for senior note conversion													130.00%
Stock price trigger of senior note conversion | $ / shares													$ 31.47
Subsequent Event [Member] | Convertible Senior Notes [Member] | Notes due 2016 [Member]
Debt Instrument [Line Items]
Senior notes exchanged for Class A common stock									$ 125,000
Convertible senior debt															$ 0

Derivative Instruments and He90

Derivative Instruments and Hedging Activities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	$ 1,029,696,000
Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivative, Current Notional	544,324,000	$ 479,200,000
Asset Derivative, Fair Value	7,811,000	6,493,000
Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivative, Current Notional	404,225,000	306,932,000
Asset Derivative, Fair Value	5,500,000	1,869,000
Accounts Payable, Accrued Expenses and Other Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	991,939,000	1,086,939,000
Liability Derivative, Fair Value	60,326,000	87,264,000
Accounts Payable, Accrued Expenses and Other Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	37,757,000	38,425,000
Liability Derivative, Fair Value	13,353,000	15,098,000
Interest rate caps [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivative, Current Notional	330,000,000	330,000,000
Asset Derivative, Fair Value	0	114,000
Interest rate caps [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivative, Current Notional	303,111,000	205,522,000
Asset Derivative, Fair Value	122,000	12,000
Interest rate caps [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	0	0
Liability Derivative, Fair Value	0	0
Interest rate caps [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	0	0
Liability Derivative, Fair Value	0	0
Interest rate swaps [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivative, Current Notional	65,124,000	0
Asset Derivative, Fair Value	340,000	0
Interest rate swaps [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	669,154,000	869,154,000
Liability Derivative, Fair Value	50,045,000	75,281,000
TROR [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	360,542,000
TROR [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivative, Current Notional	149,200,000	149,200,000
Asset Derivative, Fair Value	7,471,000	6,379,000
TROR [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivative, Current Notional	101,114,000	101,410,000
Asset Derivative, Fair Value	5,378,000	1,857,000
TROR [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	322,785,000	217,785,000
Liability Derivative, Fair Value	10,281,000	11,983,000
TROR [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivative, Current Notional	37,757,000	38,425,000
Liability Derivative, Fair Value	$ 13,353,000	$ 15,098,000

Derivative Instruments and He91

Derivative Instruments and Hedging Activities (Details 1) - Cash Flow Hedging [Member] - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Derivative instruments gain loss in financial statements
Gain (loss) recognized in OCI (effective portion)	$ (729,000)	$ (12,478,000)	$ (16,792,000)
Gain (loss) reclassified from accumulated OCI, effective amount	(41,208,000)	(40,652,000)	(42,092,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	(2,959,000)	(22,000)	(3,673,000)
Interest rate caps and interest rate swaps [Member]
Derivative instruments gain loss in financial statements
Gain (loss) recognized in OCI (effective portion)	(729,000)	(12,478,000)	(16,792,000)
Interest rate caps and interest rate swaps [Member] | Interest expense [Member]
Derivative instruments gain loss in financial statements
Gain (loss) reclassified from accumulated OCI, effective amount	(37,390,000)	(37,831,000)	(38,086,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	(2,963,000)	(21,000)	(7,000)
Interest rate caps and interest rate swaps [Member] | Net Gain on Change in Control of Interests [Member]
Derivative instruments gain loss in financial statements
Gain (loss) reclassified from accumulated OCI, effective amount		900,000
Gain (loss) reclassified from accumulated OCI, ineffective amount		0
Interest rate caps and interest rate swaps [Member] | Discontinued operations [Member]
Derivative instruments gain loss in financial statements
Gain (loss) reclassified from accumulated OCI, effective amount			0
Gain (loss) reclassified from accumulated OCI, ineffective amount			(3,666,000)
Interest rate caps and interest rate swaps [Member] | Earnings (loss) from Unconsolidated Entities, Gross of Tax [Member]
Derivative instruments gain loss in financial statements
Gain (loss) reclassified from accumulated OCI, effective amount	(3,818,000)	(3,721,000)	(4,006,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	$ 4,000	$ (1,000)	$ 0

Derivative Instruments and He92

Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2013		Dec. 31, 2015	Dec. 31, 2014
Not Designated as Hedging Instrument [Member]
Impact of gains and losses related to derivative instruments
Net gain (loss) recognized on derivatives	$ (1,410)		$ 5,109	$ 2,253
TROR [Member] | Not Designated as Hedging Instrument [Member]
Impact of gains and losses related to derivative instruments
Net gain (loss) recognized on derivatives	(1,091)		5,266	2,236
Interest rate caps and interest rate swaps [Member] | Not Designated as Hedging Instrument [Member]
Impact of gains and losses related to derivative instruments
Net gain (loss) recognized on derivatives	(319)		(157)	17
Fair Value Hedging [Member] | TROR [Member] | Designated as Hedging Instrument [Member]
Impact of gains and losses related to derivative instruments
Net gain (loss) recognized on derivatives	$ 1,081	[1]	$ 2,794	$ 3,265
[1]	The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(2,794), $(3,265) and $(1,081) for the years ended December 31, 2015 and 2014, and the 11 months ended December 31, 2013, respectively, offsetting the gain (loss) recognized on the TROR.

Derivative Instruments and He93

Derivative Instruments and Hedging Activities (Details 3)	Dec. 31, 2015USD ($)
Derivative [Line Items]
Notional Amount	$ 1,029,696,000
Fair Value Prior to Nonperformance Risk	75,371,000
Nonperformance Risk	(1,692,000)
Collateral Posted	50,577,000
Property Specific Swaps [Member]
Derivative [Line Items]
Notional Amount	669,154,000
Fair Value Prior to Nonperformance Risk	51,794,000
Nonperformance Risk	(1,749,000)
Collateral Posted	0
TROR [Member]
Derivative [Line Items]
Notional Amount	360,542,000
Fair Value Prior to Nonperformance Risk	23,577,000
Nonperformance Risk	57,000
Collateral Posted	$ 50,577,000

Derivative Instruments and He94

Derivative Instruments and Hedging Activities (Details Textual) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
SIFMA rate		0.01%
Minimum [Member] | Interest rate swaps [Member]
Derivative [Line Items]
Derivative, term of contract		1 year
Minimum [Member] | Interest rate caps [Member]
Derivative [Line Items]
Derivative, term of contract		1 year
Maximum [Member] | Interest rate swaps [Member]
Derivative [Line Items]
Derivative, term of contract		10 years
Maximum [Member] | Interest rate caps [Member]
Derivative [Line Items]
Derivative, term of contract		3 years
Not Designated as Hedging Instrument [Member] | TROR [Member]
Derivative [Line Items]
Derivative, notional amount TROR related to debt held by third party		$ 63,871,000
Cash Flow Hedging [Member]
Derivative [Line Items]
Increase to interest expenses related to hedge ineffectiveness	$ 2,963,000		$ 3,673,000
Loss on cash flow hedges to be reclassified within next twelve months		37,038,000
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | TROR [Member]
Derivative [Line Items]
Notional amount		471,985,000
Net gain (loss) from change in fair value of underlying TROR borrowings recognized in interest expense	$ (1,081,000)	$ (2,794,000)	$ (3,265,000)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Fair value adjustment to the borrowings subject to TROR	$ 4,989,347,000	$ 5,346,196,000
Fair value measurement, recurring basis [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Fair value adjustment to the borrowings subject to TROR	2,810,000	5,604,000
Redeemable noncontrolling interest	(159,978,000)	(183,038,000)
Total fair value	(217,536,000)	(271,434,000)
Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	122,000	126,000
Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	340,000
Derivative liabilities	(50,045,000)	(75,281,000)
Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	12,849,000	8,236,000
Derivative liabilities	(23,634,000)	(27,081,000)
Level 1 [Member] | Fair value measurement, recurring basis [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Fair value adjustment to the borrowings subject to TROR	0	0
Redeemable noncontrolling interest	0	0
Total fair value	0	0
Level 1 [Member] | Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	0	0
Level 1 [Member] | Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	0
Derivative liabilities	0	0
Level 1 [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Level 2 [Member] | Fair value measurement, recurring basis [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Fair value adjustment to the borrowings subject to TROR	0	0
Redeemable noncontrolling interest	0	0
Total fair value	(49,583,000)	(1,619,000)
Level 2 [Member] | Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	122,000	126,000
Level 2 [Member] | Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	340,000
Derivative liabilities	(50,045,000)	(1,745,000)
Level 2 [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Level 3 [Member] | Fair value measurement, recurring basis [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Fair value adjustment to the borrowings subject to TROR	2,810,000	5,604,000
Redeemable noncontrolling interest	(159,978,000)	(183,038,000)
Total fair value	(167,953,000)	(269,815,000)
Level 3 [Member] | Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	0	0
Level 3 [Member] | Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	0
Derivative liabilities	0	(73,536,000)
Level 3 [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities and redeemable noncontrolling interests on a recurring basis
Derivative assets	12,849,000	8,236,000
Derivative liabilities	$ (23,634,000)	$ (27,081,000)

Fair Value Measurements (Deta96

Fair Value Measurements (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (269,815,000)	$ (284,580,000)
Contributions from redeemable noncontrolling interest	(1,552,000)
Distribution to redeemable noncontrolling interest	7,650,000
Loss attributable to redeemable noncontrolling interest	16,962,000	17,095,000
Total realized and unrealized gains (losses):
Included in earnings	5,266,000	2,236,000
Included in other comprehensive income	25,534,000	23,824,000
Included in additional paid-in capital		(28,390,000)
Ending balance	(167,953,000)	(269,815,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	48,002,000
Redeemable Noncontrolling Interest [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(183,038,000)	(171,743,000)
Contributions from redeemable noncontrolling interest	(1,552,000)
Distribution to redeemable noncontrolling interest	7,650,000
Loss attributable to redeemable noncontrolling interest	16,962,000	17,095,000
Total realized and unrealized gains (losses):
Included in earnings	0	0
Included in other comprehensive income	0	0
Included in additional paid-in capital		(28,390,000)
Ending balance	(159,978,000)	(183,038,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(73,536,000)	(97,360,000)
Contributions from redeemable noncontrolling interest	0
Distribution to redeemable noncontrolling interest	0
Loss attributable to redeemable noncontrolling interest	0	0
Total realized and unrealized gains (losses):
Included in earnings	0	0
Included in other comprehensive income	25,534,000	23,824,000
Included in additional paid-in capital		0
Ending balance	0	(73,536,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	48,002,000
Net TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(18,845,000)	(24,346,000)
Contributions from redeemable noncontrolling interest	0
Distribution to redeemable noncontrolling interest	0
Loss attributable to redeemable noncontrolling interest	0	0
Total realized and unrealized gains (losses):
Included in earnings	8,060,000	5,501,000
Included in other comprehensive income	0	0
Included in additional paid-in capital		0
Ending balance	(10,785,000)	(18,845,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0
Fair value adjustment to the borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	5,604,000	8,869,000
Contributions from redeemable noncontrolling interest	0
Distribution to redeemable noncontrolling interest	0
Loss attributable to redeemable noncontrolling interest	0	0
Total realized and unrealized gains (losses):
Included in earnings	(2,794,000)	(3,265,000)
Included in other comprehensive income	0	0
Included in additional paid-in capital		0
Ending balance	2,810,000	5,604,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	0
Total TROR Related [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(13,241,000)	(15,477,000)
Contributions from redeemable noncontrolling interest	0
Distribution to redeemable noncontrolling interest	0
Loss attributable to redeemable noncontrolling interest	0	0
Total realized and unrealized gains (losses):
Included in earnings	5,266,000	2,236,000
Included in other comprehensive income	0	0
Included in additional paid-in capital		0
Ending balance	(7,975,000)	$ (13,241,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3	$ 0

Fair Value Measurements (Deta97

Fair Value Measurements (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	$ (167,953)	$ (269,815)	$ (284,580)
Fair value adjustment to the borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	2,810	$ 5,604	$ 8,869
Third party bond pricing [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	(10,785)
Third party bond pricing [Member] | Fair value measurement, recurring basis [Member] | Fair value adjustment to the borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair value	$ 2,810
Third party bond pricing [Member] | Minimum [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Bond valuation	$ 79.59
Third party bond pricing [Member] | Minimum [Member] | Fair value measurement, recurring basis [Member] | Fair value adjustment to the borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Bond valuation	79.59
Third party bond pricing [Member] | Maximum [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Bond valuation	115.69
Third party bond pricing [Member] | Maximum [Member] | Fair value measurement, recurring basis [Member] | Fair value adjustment to the borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Bond valuation	$ 115.69

Fair Value Measurements (Deta98

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value of nonrecourse mortgage debt and notes payable (exclusive of the fair value of derivatives), bank revolving credit facility and senior and subordinated debt
Carrying value	$ 4,732,201	$ 4,938,201
Fair value	4,989,347	5,346,196
Fixed Rate Debt [Member]
Fair Value of nonrecourse mortgage debt and notes payable (exclusive of the fair value of derivatives), bank revolving credit facility and senior and subordinated debt
Carrying value	2,720,382	2,993,591
Fair value	2,987,646	3,421,373
Variable Rate Debt [Member]
Fair Value of nonrecourse mortgage debt and notes payable (exclusive of the fair value of derivatives), bank revolving credit facility and senior and subordinated debt
Carrying value	2,011,819	1,944,610
Fair value	$ 2,001,701	$ 1,924,823

Fair Value Measurements (Deta99

Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjustment to redeemable noncontrolling interest		$ 28,390
TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of TROR borrowings subject to fair value adjustments	$ 471,985

Commitments and Contingencie100

Commitments and Contingencies (Details) - Completion Guarantee [Member] $ in Thousands	Dec. 31, 2015USD ($)
Guarantor Obligations [Line Items]
Total Costs	$ 2,570,816
Percentage Completed	49.00%
Openings and acquisitions [Member]
Guarantor Obligations [Line Items]
Total Costs	$ 336,816
Percentage Completed	82.00%
Under construction [Member]
Guarantor Obligations [Line Items]
Total Costs	$ 2,234,000
Percentage Completed	44.00%

Commitments and Contingencie101

Commitments and Contingencies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies [Line Items]
Guarantees associated with various obligations	$ 1,000
Outstanding letters of credit	59,800	$ 85,768
Tax Indemnity Guarantee [Member]
Commitments and Contingencies [Line Items]
Maximum exposure/payment	$ 136,570
Number of historic tax credit partners	1
Reversal of tax credit income previously recognized	$ 11,476
Liability for agreement with historic tax credit investment partner	13,423
Guarantee of Indebtedness of Others [Member]
Commitments and Contingencies [Line Items]
Maximum exposure/payment	1,202,099
MHPI Projects Guarantee [Member]
Commitments and Contingencies [Line Items]
Maximum exposure/payment	281,677
Completion Guarantee [Member]
Commitments and Contingencies [Line Items]
Maximum exposure/payment	2,570,816
Land [Member] | Completion Guarantee [Member]
Commitments and Contingencies [Line Items]
Maximum exposure/payment	$ 2,990

Capital Stock (Detail Textuals)

Capital Stock (Detail Textuals)	Apr. 16, 2013USD ($)shares	Mar. 15, 2013USD ($)shares	Mar. 13, 2013USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)$ / sharesshares	Mar. 14, 2013shares	Dec. 31, 2013USD ($)shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / shares	Jun. 30, 2015properties	Jul. 12, 2013USD ($)shares
Class of Stock [Line Items]
Proceeds from issuance of Class A common stock, net of $34,438 of transaction costs							$ 0	$ 806,500,000	$ 0
Cash payment for additional exchange consideration, accrued interest and in lieu of fractional shares	$ 4,860,000						5,490,000	$ 63,135,000	$ 0
Cash payments for interest payable and in lieu of fractional shares for put transaction											$ 1,088,000
Preferred Stock, Par or Stated Value Per Share | $ / shares								$ 0.01
Redeemed stock, aggregate amount of liquidation preference plus dividend							5,063,000
Amount received upon settlement of equity call hedge			$ 10,231,000				10,231,000
Preferred dividends declared and paid							$ 185,000
Common Class A [Member]
Class of Stock [Line Items]
Common stock voting rights, number of board members elected								4
Common stock voting rights, votes per share								one vote per share
Common Stock, Par Value Per Share Prior to Adjustment | $ / shares								$ 0.333
Common Stock, Par or Stated Value Per Share | $ / shares								$ 0.010	$ 0.333
Shares of Class A common stock issued in exchange of debt | shares	9,549,721							19,967,000
Number of shares received by the note holder upon a put | shares											4,128,806
Issuance of Class A shares in exchange for Series A preferred stock, shares | shares						362,990	363,000
Number of common shares in lieu of preferred stock liquidation | shares								3.3
Shares received upon settlement of equity call hedge | shares			765,134
Value of shares received upon settlement of equity call hedge | $ / shares			$ 16.82
Amount received upon settlement of equity call hedge			$ 12,868,000
Stock Issued During Period, Shares, New Issues | shares								37,375,000
Common Class B [Member]
Class of Stock [Line Items]
Common stock voting rights, number of board members elected								9
Common stock voting rights, votes per share								ten votes per share
Common Stock, Par Value Per Share Prior to Adjustment | $ / shares								$ 0.333
Common Stock, Par or Stated Value Per Share | $ / shares								0.010	$ 0.333
Series A Preferred Stock
Class of Stock [Line Items]
Issuance of Class A shares in exchange for Series A preferred stock, shares | shares						109,768	(110,000)
Preferred stock, liquidation preference | $ / shares								$ 50
Remaining shares of Series A preferred stock redeemed | shares		101,270					101,000
Redeemed stock, aggregate amount of liquidation preference plus dividend		$ 5,100,000					$ 5,063,000
Preferred dividends declared and paid							$ 185,000
2014 Senior Notes [Member]
Class of Stock [Line Items]
Senior notes exchanged for Class A common stock	$ 138,853,000
Aggregate principal amount of senior notes put to the company											$ 60,033,000
May 2015 Common Stock Issuance [Member] | Common Class A [Member]
Class of Stock [Line Items]
Proceeds from issuance of Class A common stock, net of $34,438 of transaction costs					$ 806,500,000
Stock Issued During Period, Shares, New Issues | shares					37,375,000
Shares Issued, Price Per Share | $ / shares					$ 22.50
University Park at MIT [Member]
Class of Stock [Line Items]
Partner's equity ownership interest acquired				49.00%
Number of life science office properties | properties										7
Number of parking facilities				2						2
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage				100.00%
University Park at MIT [Member] | May 2015 Common Stock Issuance [Member]
Class of Stock [Line Items]
Net proceeds to finance acquisition				$ 386,156,000

Dividends (Details Textuals)

Dividends (Details Textuals) - Subsequent Event [Member]	Feb. 18, 2016USD ($)$ / shares
Dividends Payable [Line Items]
Dividends paid in stock | $	$ 0
Quarterly dividend [Member]
Dividends Payable [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.06
E&P dividend [Member]
Dividends Payable [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.10

Class A Common Units and Rel104

Class A Common Units and Related Party Transactions (Detail Textual)	1 Months Ended					11 Months Ended	12 Months Ended
	Jan. 31, 2016USD ($)	Sep. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares	May. 31, 2008USD ($)project	Aug. 31, 2006propertyshares	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Mar. 31, 2016USD ($)	Mar. 31, 2014USD ($)	Jan. 31, 2014USD ($)project
Class A Common Units Issued | shares					3,646,755
Exchange of Class A Common Units for Class A shares							$ 0	$ 0
Units outstanding | shares							1,940,788	2,973,190
Carrying value of Class A Common Units							$ 99,000,000	$ 151,663,000
Acquisitions of Noncontrolling Interests						$ 98,687,000	312,000	94,168,000
Common Class A [Member]
Exchange of Class A Common Units for Class A shares							344,000	224,000
BCR transaction [Member]
Number of retail, office and residential operating properties | property					30
Tax indemnity payment accrual										$ 1,646,000
Tax indemnity payment						$ 0	1,235,000
Acquisitions of Noncontrolling Interests							$ 10
Percentage of ownership after acquisition of noncontrolling interests							100.00%
Development fees payable								11,000,000
Number of projects | project				2							3
Cost of interest transferred to affiliates of the company											$ 14,286,000
Amount to be paid over 15 year period				$ 121,000,000
Payment period of cost of interest transferred				15 years
Initial cash received by BCR Entities				$ 49,249,000
Initial discounted amount				$ 56,495,000
Obligation included in accounts payable, accrued expenses and other liabilities							$ 3,497,000	3,330,000
BCR exchange transaction [Member]
Exchange of Class A Common Units for Class A shares, units exchanged | shares		1,032,402	673,565
BCR exchange transaction [Member] | Common Class A [Member]
Exchange of Class A Common Units for Class A shares, shares issued | shares		1,032,402	673,565
Exchange of Class A Common Units for Class A shares		$ 344,000	$ 224,000
Noncontrolling Interest [Member]
Exchange of Class A Common Units for Class A shares							(52,663,000)	(34,358,000)
Noncontrolling Interest [Member] | BCR exchange transaction [Member]
Exchange of Class A Common Units for Class A shares		52,663,000	34,358,000
Additional Paid-in Capital [Member]
Exchange of Class A Common Units for Class A shares							$ 52,319,000	$ 34,134,000
Additional Paid-in Capital [Member] | BCR exchange transaction [Member]
Exchange of Class A Common Units for Class A shares		$ 52,319,000	$ 34,134,000
Subsequent Event [Member] | BCR transaction [Member]
Tax indemnity payment accrual									$ 6,238,000
Development Fee paid	$ 11,000,000

Leases (Details)

Leases (Details) $ in Thousands	Dec. 31, 2015USD ($)
Minimum future rental income to be received on non-cancelable operating leases
2,016	$ 453,047
2,017	415,248
2,018	383,091
2,019	323,647
2,020	288,656
Later years	1,261,934
Total rental income	$ 3,125,623

Leases (Details 1)

Leases (Details 1) $ in Thousands	Dec. 31, 2015USD ($)
Minimum fixed rental payments under long-term leases
2,016	$ 9,333
2,017	8,298
2,018	7,706
2,019	7,585
2,020	7,623
Later years	262,502
Total rental payment	$ 303,047

Leases (Details 2)

Leases (Details 2) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Operating Leases Rent Expense [Line Items]
Rent expense	$ 8,243	$ 14,032	$ 11,013

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	$ 16,197	$ 31,835	$ 19,673
Less amount capitalized into qualifying real estate projects	(5,826)	(7,717)	(5,944)
Amount charged to operating expenses	10,371	24,118	13,729
Depreciation expense on capitalized stock-based compensation	876	894	800
Total stock-based compensation expense	11,247	25,012	14,529
Deferred income tax benefit	4,111	9,629	5,426
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	3,051	1,314	3,381
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	10,672	17,211	12,279
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs	$ 2,474	$ 13,310	$ 4,013

Stock-Based Compensation (De109

Stock-Based Compensation (Details 1) - Stock Options [Member]	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.78%	1.71%	1.91%
Expected volatility	74.10%	30.80%	71.50%
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	5 years 6 months	5 years 6 months	5 years 6 months

Stock-Based Compensation (De110

Stock-Based Compensation (Details 2) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares outstanding at January 1, 2015 | shares	4,126,935
Shares granted | shares	28,240
Shares exercised | shares	(104,110)
Shares forfeited/expired | shares	(742,806)
Shares outstanding at December 31, 2015 | shares	3,308,259
Options, exercisable (fully vested) at December 31, 2015 | shares	2,773,150
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted Average Exercise Price, Outstanding at January 1, 2015 | $ / shares	$ 34.07
Weighted Average Exercise Price, Granted | $ / shares	24.62
Weighted Average Exercise Price, Exercised | $ / shares	14.29
Weighted Average Exercise Price, Forfeited/expired | $ / shares	35.63
Weighted Average Exercise Price, Outstanding at December 31, 2015 | $ / shares	34.26
Weighted Average Exercise Price, exercisable (fully vested) at December 31, 2015 | $ / shares	$ 37.43
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2015	41 months
Weighted Average Remaining Contractual Term, Exercisable (fully vested) at December 31, 2015	32 months
Intrinsic Value, Outstanding at December 31, 2015 | $	$ 9,808
Intrinsic Value, Exercisable (fully vested) at December 31, 2015 | $	$ 7,533

Stock-Based Compensation (De111

Stock-Based Compensation (Details 3) - Restricted Stock [Member] - $ / shares	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Restricted Shares, Nonvested, Number of Shares [Roll Forward]
Unvested shares at January 1, 2015		2,010,460
Shares granted		826,718
Shares vested		(810,652)
Shares forfeited		(57,166)
Unvested shares at December 31, 2015		1,969,360	2,010,460
Restricted Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant-Date Fair Value, Unvested shares at January 1, 2015		$ 17.20
Weighted Average Grant-Date Fair Value, Granted	$ 17.60	24.62	$ 18.74
Weighted Average Grant-Date Fair Value, Vested		17.13
Weighted Average Grant-Date Fair Value, Forfeited		18.90
Weighted Average Grant-Date Fair Value, Unvested shares at December 31, 2015		$ 20.30	$ 17.20

Stock-based Compensation (De112

Stock-based Compensation (Details 4) - Performance Shares [Member] - $ / shares	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Performance Shares, Nonvested, Number of Shares [Roll Forward]
Unvested shares at January 1, 2015		871,326
Shares granted		627,385
Shares vested		0
Shares forfeited		(44,446)
Unvested shares at December 31, 2015		1,454,265	871,326
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted Average Grant-Date Fair Value, Unvested shares at January 1, 2015		$ 18.88
Weighted Average Grant-Date Fair Value, Granted	$ 17.78	32.14	$ 18.23
Weighted Average Grant-Date Fair Value, Vested		0
Weighted Average Grant-Date Fair Value, Forfeited		26.27
Weighted Average Grant-Date Fair Value, Unvested shares at December 31, 2015		$ 24.38	$ 18.88
Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		0
Target [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		1,176,181
Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		2,738,362
0% to 200% [Member] | February 1, 2013 to December 31, 2016 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		0
0% to 200% [Member] | February 1, 2013 to December 31, 2016 [Member] | Target [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		286,179
0% to 200% [Member] | February 1, 2013 to December 31, 2016 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		572,358
0% to 200% [Member] | January 1, 2014 to December 31, 2017 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		0
0% to 200% [Member] | January 1, 2014 to December 31, 2017 [Member] | Target [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		288,246
0% to 200% [Member] | January 1, 2014 to December 31, 2017 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		576,492
0% to 200% [Member] | January 1, 2015 to December 31, 2017 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		0
0% to 200% [Member] | January 1, 2015 to December 31, 2017 [Member] | Target [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		215,756
0% to 200% [Member] | January 1, 2015 to December 31, 2017 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		431,512
0% to 300% [Member] | January 1, 2015 to December 31, 2017 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		0
0% to 300% [Member] | January 1, 2015 to December 31, 2017 [Member] | Target [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		386,000
0% to 300% [Member] | January 1, 2015 to December 31, 2017 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Range of performance shares that can be earned		1,158,000
Executive [Member] | February 1, 2013 to December 31, 2016 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		0.00%
Executive [Member] | February 1, 2013 to December 31, 2016 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		200.00%
Executive [Member] | January 1, 2014 to December 31, 2017 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		0.00%
Executive [Member] | January 1, 2014 to December 31, 2017 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		200.00%
Executive [Member] | 0% to 200% [Member] | January 1, 2015 to December 31, 2017 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		0.00%
Executive [Member] | 0% to 200% [Member] | January 1, 2015 to December 31, 2017 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		200.00%
Executive [Member] | 0% to 300% [Member] | January 1, 2015 to December 31, 2017 [Member] | Minimum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		0.00%
Executive [Member] | 0% to 300% [Member] | January 1, 2015 to December 31, 2017 [Member] | Maximum [Member]
Performance Shares, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Percentage of shares earned		300.00%

Stock-Based Compensation (De113

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares to be issued			21,750,000
Number of shares available for granting			5,579,656
Maximum annual award to individuals, aggregate grant-date fair value			$ 250,000
Amount of grant date fair value expensed for awards granted to retirement-eligible grantees		$ 973,000	$ 1,926,000	$ 1,358,000
Weighted average grant-date fair value of stock options			$ 24.62
Purchase of treasury stock, shares		179,907	222,537	215,632
Purchase of treasury stock		$ 3,167,000	$ 5,543,000	$ 4,009,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum annual award to individuals, shares			500,000
Maximum term of stock options			10 years
Weighted average grant-date fair value of stock options		$ 10.97	$ 7.79	$ 11.60
Total intrinsic value of stock options exercised		$ 145,000	$ 841,000	$ 439,000
Cash received from stock options exercised		1,153,000	1,488,000	789,000
Income tax benefit realized		$ 0	0	$ 0
Unrecognized compensation cost			$ 1,405,000
Weighted average period of unrecognized compensation cost			21 months
Restricted Shares and Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum annual award to individuals, shares			500,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 18,340,000
Weighted average period of unrecognized compensation cost			25 months
Weighted average grant-date fair value		$ 17.60	$ 24.62	$ 18.74
Total fair value of shares that vested		$ 7,770,000	$ 13,883,000	$ 11,647,000
Share vested performance shares			810,652
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 13,864,000
Weighted average period of unrecognized compensation cost			23 months
Weighted average grant-date fair value		$ 17.78	$ 32.14	$ 18.23
Minimum performance period			1 year
Share vested performance shares			0
Minimum [Member] | Employee [Member] | Stock Options and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards			3 years
Minimum [Member] | Nonemployee director [Member] | Stock Options and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards			1 year
Maximum [Member] | Employee [Member] | Stock Options and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards			4 years
Maximum [Member] | Nonemployee director [Member] | Stock Options and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards			3 years
Subsequent Event [Member] | February 1, 2012 to December 31, 2015 [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share vested performance shares	338,895

Write-Off of Abandoned Devel114

Write-Off of Abandoned Development Projects and Demolition Costs (Details Textual) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Write-off of Abandoned Development Projects and Demolition Costs [Abstract]
Write-offs of abandoned development projects and demolition costs	$ 40,414,000	$ 14,029,000	$ 9,534,000	$ 1,655,000
Non-capitalizable demolition costs	$ 8,200,000		0	$ 1,372,000
Write-offs of abandoned development projects and demolition costs of unconsolidated entities			$ 10,191,000

Impairment of Real Estate an115

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	$ 421,361,000	$ 30,660,000	$ 451,434,000	$ 277,095,000
Westchester's Ridge Hill [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	0		398,558,000	0
Illinois Science and Technology Park [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	17,474,000		26,246,000	0
Terminal Tower [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	0		0	42,208,000
Post Office Plaza [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	0		0	14,378,000
Land Inventory [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	112,838,000		16,307,000	0
B2 BKLYN [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	0		0	146,300,000
Avenue at Tower City Center [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	0		0	72,473,000
Pacific Park Brooklyn [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	289,864,000		0	0
Other [Member]
Schedule of Impairment of Real Estate [Line Items]
Impairment of real estate	$ 1,185,000		$ 10,323,000	$ 1,736,000

Impairment of Real Estate an116

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details 1) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Schedule of Impairment of Real Estate Discontinued Operations [Line Items]
Impairment of real estate on discontinued operations	$ 76,713,000	$ 0	$ 0
Promenade Bolingbrook [Member]
Schedule of Impairment of Real Estate Discontinued Operations [Line Items]
Impairment of real estate on discontinued operations	54,194,000	0	0
Orchard Town Center [Member]
Schedule of Impairment of Real Estate Discontinued Operations [Line Items]
Impairment of real estate on discontinued operations	15,649,000	0	0
Investment in triple net lease retail property [Member]
Schedule of Impairment of Real Estate Discontinued Operations [Line Items]
Impairment of real estate on discontinued operations	$ 6,870,000	$ 0	$ 0

Impairment of Real Estate an117

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details 2) - Fair Value, Measurements, Nonrecurring [Member]		11 Months Ended	12 Months Ended
		Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Impairment of real estate [Member] | Discounted cash flows [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure				$ 84,738,000
Impairment of real estate [Member] | Indicative bids [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure		$ 734,240,000	$ 615,797,000	$ 38,750,000
Impairment of real estate [Member] | Comparable property market analysis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure		$ 29,500,000	$ 5,128,000
Price per square foot			18
Impairment of real estate [Member] | Minimum [Member] | Discounted cash flows [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Market capitalization rate	[1]			4.50%
Discount rate	[1]			6.00%
Impairment of real estate [Member] | Minimum [Member] | Comparable property market analysis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Price per square foot	[2]	22
Impairment of real estate [Member] | Maximum [Member] | Discounted cash flows [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Market capitalization rate	[1]			10.00%
Discount rate	[1]			12.00%
Impairment of real estate [Member] | Maximum [Member] | Comparable property market analysis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Price per square foot	[2]	55
Impairment of unconsolidated investments [Member] | Discounted cash flows [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure				$ 0
Impairment of unconsolidated investments [Member] | Indicative bids [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Assets, Fair Value Disclosure			$ 8,847,000
[1]	Weighted average market capitalization and discount rates are 6.7% and 8.6%, respectively.
[2]	Weighted average price of $45 per square foot.

Impairment of Real Estate an118

Impairment of Real Estate and Impairment of Unconsolidated Entities (Detail Textuals)	11 Months Ended		12 Months Ended
	Dec. 31, 2013USD ($)a	Dec. 31, 2012USD ($)	Dec. 31, 2015USD ($)aproperties	Dec. 31, 2014USD ($)	Nov. 30, 2014
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Impairment of real estate	$ 421,361,000	$ 30,660,000	$ 451,434,000	$ 277,095,000
Impairment of real estate on discontinued operations	76,713,000		0	0
Impairment of unconsolidated entities	0		$ 13,844,000	3,124,000
Three consolidated regional malls [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Number of regional malls company pursuing partial sale through joint venture			3
Likelihood of a near-term partial sale			70.00%
Probably of a long-term hold for each asset			30.00%
Westchester's Ridge Hill [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Previous probability of a near-term sale			10.00%
Impairment of real estate	0		$ 398,558,000	0
Illinois Science and Technology Park [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Impairment of real estate	17,474,000		26,246,000	0
Land Inventory [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Impairment of real estate	112,838,000		$ 16,307,000	0
Area of project/parcel | a			13.5
Area of Land Parcel Sold | a			6.1
B2 BKLYN [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Impairment of real estate	0		$ 0	146,300,000
Company's ownership interest					50.00%
Ownership percentage of outside partner					50.00%
Pacific Park Brooklyn [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Impairment of real estate	$ 289,864,000		0	0
Area of project/parcel | a	22
Impairment of real estate, net of noncontrolling interest	$ 242,417,000
Promenade Bolingbrook [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Impairment of real estate on discontinued operations	$ 54,194,000		0	$ 0
Federally assisted housing apartment communities [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Impairment of unconsolidated entities			$ 10,295,000
Number of Real Estate Properties | properties			47
Federally assisted housing apartment communities, unconsolidated investments [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Number of Real Estate Properties | properties			44
Federally assisted housing apartment communities, consolidated investments [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Number of Real Estate Properties | properties			3
Impairment of real estate [Member] | Fair Value, Measurements, Nonrecurring [Member] | Comparable property market analysis [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Price per square foot			18
Impairment of real estate [Member] | Weighted average [Member] | Fair Value, Measurements, Nonrecurring [Member] | Discounted cash flows [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Market capitalization rate				6.70%
Discount rate				8.60%
Impairment of real estate [Member] | Weighted average [Member] | Fair Value, Measurements, Nonrecurring [Member] | Comparable property market analysis [Member]
Impairment of Real Estate and Impairment of Unconsolidated Entities [Line Items]
Price per square foot	45

Net Gain (Loss) on Land Held119

Net Gain (Loss) on Land Held for Divestiture Activity (Details Textuals) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Land Held for Divestiture [Abstract]
Net loss on land held for divestiture activity	$ 7,382,000	$ 4,457,000	$ 0	$ 0
Net gain on land held for divestiture activity of unconsolidated entities	$ 1,338,000

Net Loss on Disposition of P120

Net Loss on Disposition of Partial Interest in Development Project (Details Textuals) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014
Disposal Group, not including discontinued operations [Line Items]
Net loss on disposition of partial interest in development project	$ 0	$ 0	$ 20,298,000
Greenland Joint Venture [Member]
Disposal Group, not including discontinued operations [Line Items]
Percentage of ownership sold				70.00%
Cash purchase price received, net of transaction costs			208,275,000
Net loss on disposition of partial interest in development project			20,298,000
Net loss on disposition of partial interest in development project, net of noncontrolling interests			$ 16,919,000

Net Gain on Disposition of F121

Net Gain on Disposition of Full or Partial Interest in Rental Properties (Details) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2012
Significant Acquisitions and Disposals [Line Items]
Net gain on disposition of full or partial interest in rental properties	$ 496,092,000	$ 0	$ 1,746,000	$ 30,281,000
Skylight Office Tower [Member]
Significant Acquisitions and Disposals [Line Items]
Net gain on disposition of full or partial interest in rental properties	0		1,746,000	0
Halle Building [Member]
Significant Acquisitions and Disposals [Line Items]
Net gain on disposition of full or partial interest in rental properties	0		0	7,881,000
Stapleton-3055 Roslyn [Member]
Significant Acquisitions and Disposals [Line Items]
Net gain on disposition of full or partial interest in rental properties	0		0	(146,000)
Forest Trace [Member]
Significant Acquisitions and Disposals [Line Items]
Net gain on disposition of full or partial interest in rental properties	0		0	23,013,000
QIC Joint Venture [Member]
Significant Acquisitions and Disposals [Line Items]
Net gain on disposition of full or partial interest in rental properties	381,627,000		0	(467,000)
New York Retail Joint Venture [Member]
Significant Acquisitions and Disposals [Line Items]
Net gain on disposition of full or partial interest in rental properties	$ 114,465,000		$ 0	$ 0	$ 9,561,000

Net Gain on Disposition of F122

Net Gain on Disposition of Full or Partial Interest in Rental Properties (Details Textual)	11 Months Ended		12 Months Ended
	Dec. 31, 2013USD ($)propertyproperties	Dec. 31, 2012USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jan. 31, 2012USD ($)	Jan. 31, 2013USD ($)	Mar. 31, 2011USD ($)properties
Disposal Group, not including discontinued operations [Line Items]
Net gain on disposition of partial interest in rental properties	$ 496,092,000	$ 0	$ 1,746,000	$ 30,281,000
Gain on disposition of partial interests in equity method investments	68,430,000		20,293,000	52,421,000
Acquisitions of noncontrolling interests	$ 98,687,000		312,000	99,863,000
QIC Joint Venture [Member]
Disposal Group, not including discontinued operations [Line Items]
Percentage of ownership sold	49.00%
Number of properties held by newly formed joint venture | property	8
Number of fully consolidated assets | properties	7
Number of equity method investments | property	1
Debt assumed by the outside partner	$ 477,100,000
Proceeds received, net of transaction costs	421,700,000
Cash proceeds	187,700,000
Net gain on disposition of partial interest in rental properties	381,627,000		0	(467,000)
Gain on disposition of partial interests in equity method investments	$ 27,080,000
Number of regional retail malls in which Company acquired noncontrolling interests | property	2
Acquisitions of noncontrolling interests	$ 92,400,000
New York Retail Joint Venture [Member]
Disposal Group, not including discontinued operations [Line Items]
Percentage of ownership sold							49.00%
Number of properties held by newly formed joint venture | properties							15
Debt assumed by the outside partner							$ 244,952,000
Net gain on disposition of partial interest in rental properties	$ 114,465,000		$ 0	$ 0	$ 9,561,000
Proceeds in the form of loan from the joint venture					$ 178,286,000
Outside partner's minimum initial investment requirement					20.00%
Deferred gain						$ 114,465,000

Net Gain on Change in Contro123

Net Gain on Change in Control of Interests (Details) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	$ 2,762,000	$ 8,351,000	$ 486,279,000	$ 230,660,000
University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	0		463,643,000	0
Cherry Tree [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	0		7,391,000	0
Chestnut Lake [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	0		8,525,000	0
Stratford Crossing [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	0		8,125,000	0
Bayside Village [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	0		0	191,199,000
Boulevard Mall [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	0		0	36,702,000
Other [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests	$ 2,762,000		$ (1,405,000)	$ 2,759,000

Net Gain on Change in Contro124

Net Gain on Change in Control of Interests (Details 1) - USD ($) $ in Thousands		6 Months Ended	11 Months Ended		12 Months Ended
		Jun. 30, 2015	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Net Gain on Change in Control of Interest [Line Items]
Net gain on change in control of interests			$ 2,762	$ 8,351	$ 486,279	$ 230,660
University Park at MIT [Member]
Net Gain on Change in Control of Interest [Line Items]
Real Estate, net		$ 1,121,786
Restricted cash		17,235
Notes and accounts receivable, net		1,801
Other assets	[1]	103,804
Total Assets		1,244,626
Mortgage debt and notes payable, nonrecourse		(363,147)
Accounts payable, accrued expenses and other liabilities (2)	[2]	(94,214)
Net assets acquired		787,265
Net gain on change in control of interests		463,643			$ 463,643
Carrying value of previously held equity interests		(62,534)
Fair value of previously held equity interests	[3]	401,109
Cash paid		386,156
Total		$ 787,265
[1]	(1)Primarily consists of $78,000 of in-place leases and $20,000 of below-market ground leases with weighted-average lives at the time of acquisition of 3.6 years and 60 years, respectively.
[2]	(2)Primarily consists of $49,000 of below-market tenant leases and $24,000 of above-market ground leases with weighted-average lives at the time of acquisition of 3.6 years and 58 years, respectively.
[3]	(3)The significant assumptions used to value the previously held equity interests in the MIT Assets were determined to be Level 3 inputs. The weighted-average discount rate applied to cash flows and the weighted-average terminal capitalization rate were 7.0% and 6.0%, respectively.

Net Gain on Change in Contro125

Net Gain on Change in Control of Interests (Details 2) - USD ($)		11 Months Ended			12 Months Ended
		Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2015		Dec. 31, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net gain on change in control of interests		$ 2,762,000		$ 8,351,000	$ 486,279,000		$ 230,660,000
Revenues		893,740,000		921,898,000	978,231,000		849,357,000
Pro forma revenues		933,559,000			1,021,973,000		978,452,000
Earnings (loss) from continuing operations		(20,237,000)		8,806,000	544,810,000		(4,242,000)
Pro Forma earnings (loss) from continuing operations		108,476,000			245,771,000		98,950,000
Net earnings (loss) attributable to common shareholders		(5,492,000)		$ 19,326,000	496,042,000		(7,595,000)
Pro forma net earnings (loss) attributable to common shareholders		$ 123,397,000			$ 197,003,000		$ 91,966,000
Weighted average shares outstanding, Basic		193,465,572			237,559,598		198,480,783
Net earnings (loss) attributable to common shareholders - Basic		$ (0.03)			$ 2.05		$ (0.04)
Weighted average shares outstanding - Diluted	[1]	194,031,292			250,848,286		198,480,783
Net earnings (loss) attributable to common shareholders - Diluted		$ (0.03)			$ 1.97		$ (0.04)
Proforma weighted average shares outstanding - Basic		193,465,572			237,559,598		198,480,783
Pro Forma net loss attributable to common shareholders - Basic		$ 0.62			$ 0.81		$ 0.45
Pro Forma weighted average shares outstanding - Diluted		220,548,773			250,848,286		202,737,337
Pro Forma net earnings (loss) attributable to common shareholders- Diluted		$ 0.60			$ 0.80		$ 0.45
Net Gain on Change in Control of Interests [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustment to revenues		$ 0	[2]		$ 0	[3]	$ 0	[2],[3]
Pro forma adjustment to earnings (loss) from continuing operations		139,514,000	[2]		(283,828,000)	[3]	144,314,000	[2],[3]
Pro forma adjustment to net earnings (loss) attributable to common shareholders		139,514,000	[2]		(283,828,000)	[3]	144,314,000	[2],[3]
Other Pro Forma Adjustments [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustment to revenues	[4]	39,819,000			43,742,000		129,095,000
Pro forma adjustment to earnings (loss) from continuing operations	[4]	(10,801,000)			(15,211,000)		(41,122,000)
Pro forma adjustment to net earnings (loss) attributable to common shareholders	[4]	$ (10,625,000)			$ (15,211,000)		$ (44,753,000)
[1]	(1)Incremental shares from restricted stock and convertible securities aggregating 9,706,419 and 34,866,026 for the year ended December 31, 2015 and 11 months ended December 31, 2013, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. Incremental shares from dilutive options, restricted stock and convertible securities aggregating 37,146,769 for the year ended December 31, 2014 were not included in the computation of diluted EPS because their effect is anti-dilutive due to loss from continuing operations. Weighted-average options, restricted stock and performance shares of 2,392,982, 3,483,885 and 3,601,719 for the years ended December 31, 2015 and 2014, and the 11 months ended December 31, 2013, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.
[2]	(2)Gain on change in control of interests related to Bayside Village and Boulevard Mall of $227,901, net of tax of $88,387.
[3]	(1)Gain on change in control of interests related to MIT Assets of $463,643, net of tax of $179,815
[4]	(3)Represents additional depreciation and amortization expense related to the increased basis of real estate and intangible assets, plus pro forma earnings of the current ownership interests, less actual equity in earnings related to the Company’s prior ownership for the periods presented.

Net Gain on Change in Contro126

Net Gain on Change in Control of Interests (Details Textuals)	1 Months Ended	6 Months Ended	11 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jan. 29, 2016	Jun. 30, 2015	Jun. 30, 2015properties	Apr. 30, 2015properties
Net Gain on Change in Control of Interests [Line Items]
Ownership percentage prior to sale							20.00%
Net gain on change in control of interests			$ 2,762,000	$ 8,351,000	$ 486,279,000	$ 230,660,000
Acquisitions of noncontrolling interests			98,687,000		312,000	$ 99,863,000
Bayside Village [Member]
Net Gain on Change in Control of Interests [Line Items]
Ownership percentage prior to sale						50.00%
Net gain on change in control of interests			0		0	$ 191,199,000
Increase in real estate, net due to consolidation of property						436,700,000
Increase in investments in and advances to unconsolidated entities due to consolidation of property						44,300,000
Increase in other assets due to consolidation of property						5,300,000
Increase in mortgage debt and notes payable, nonrecourse due to consolidation of property						126,900,000
Increase in noncontrolling interest due to consolidation of property						$ 168,252,000
Boulevard Mall [Member]
Net Gain on Change in Control of Interests [Line Items]
Partner's equity ownership interest acquired						50.00%
Ownership percentage prior to sale						50.00%
Net gain on change in control of interests			$ 0		0	$ 36,702,000
Increase in real estate, net due to consolidation of property						106,300,000
Increase in investments in and advances to unconsolidated entities due to consolidation of property						26,200,000
Increase in other assets due to consolidation of property						17,000,000
Increase in mortgage debt and notes payable, nonrecourse due to consolidation of property						100,800,000
Acquisitions of noncontrolling interests						$ 9,000,000
Company's ownership interest						100.00%
Apartment Communities transaction [Member]
Net Gain on Change in Control of Interests [Line Items]
Partner's equity ownership interest acquired										50.00%
Number of properties exchanged | properties										5
Company's equity ownership exchanged										50.00%
Ownership percentage subsequent to acquisition										100.00%
Number of properties acquired | properties										3
University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Partner's equity ownership interest acquired								49.00%
Ownership Percentage prior to acquisition								51.00%
Ownership percentage subsequent to acquisition								100.00%
Number of properties acquired | properties									7
Number of parking facilities								2	2
Weighted average discount rate	7.00%
Weighted average capitalization rate	6.00%
Net gain on change in control of interests		$ 463,643,000			463,643,000
Gain on change in control of interests, tax					$ 179,815,000
Bayside Village and Boulevard Mall [Member]
Net Gain on Change in Control of Interests [Line Items]
Net gain on change in control of interests						$ 227,901,000
Gain on change in control of interests, tax						$ 88,387,000
Leases, Acquired-in-Place [Member] | University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Acquired Leases	$ 78,000,000	78,000,000
Acquired leases, Weighted Average Useful Life	3 years 7 months
Below-market tenant leases [Member] | University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Acquired leases, Weighted Average Useful Life	3 years 7 months
Below-market ground leases [Member] | University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Ground Leases, Net	$ 20,000,000	20,000,000
Acquired Ground Leases, Weighted Average Useful Life	60 years
Below-market tenant leases [Member] | University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Acquired Leases	$ 49,000,000	49,000,000
Above-market ground leases [Member] | University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Ground Leases, Net	$ 24,000,000	$ 24,000,000
Acquired Ground Leases, Weighted Average Useful Life	58 years
May 2015 Common Stock Issuance [Member] | University Park at MIT [Member]
Net Gain on Change in Control of Interests [Line Items]
Net proceeds to finance acquisition	$ 386,156,000

Gain (Loss) on Extinguishmen127

Gain (Loss) on Extinguishment of Debt (Details Textuals) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Extinguishment of Debt [Line Items]
Gain (loss) on extinguishment of debt	$ 4,549	$ 7,436	$ (65,086)	$ (1,179)
Ten MetroTech Center [Member]
Extinguishment of Debt [Line Items]
Gain (loss) on extinguishment of debt	24,669
2034 and 2017 Senior Notes [Member]
Extinguishment of Debt [Line Items]
Gain (loss) on extinguishment of debt	(13,077)
2014 Senior Notes [Member]
Extinguishment of Debt [Line Items]
Gain (loss) on extinguishment of debt	$ (4,762)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Current
Federal	$ (88)		$ 5,951	$ 4,830
State	2,576		1,236	7,685
Current income tax expense (benefit)	2,488		7,187	12,515
Deferred
Federal	18,891		(483,776)	(29,323)
State	(458)		(104,510)	7,653
Deferred income tax expense (benefit)	18,433		(588,286)	(21,670)
Total income tax expense (benefit)	$ 20,921	$ (10,809)	$ (581,099)	$ (9,155)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Effective tax rate for income taxes from continuing operations
Loss before income taxes	$ (111,281,000)	$ (49,196,000)	$ (65,051,000)	$ (103,486,000)
Equity in earnings of unconsolidated entities, net of impairment	111,965,000	47,193,000	28,762,000	90,089,000
Less: Noncontrolling interests	54,832,000		(13,258,000)	(3,620,000)
Earnings (loss) from continuing operations, including noncontrolling interest, before income taxes	55,516,000		(49,547,000)	(17,017,000)
Income taxes computed at the statutory rate	19,431,000		(17,341,000)	(5,956,000)
Increase (decrease) in tax resulting from:
State taxes, net of federal benefit	(43,000)		2,207,000	8,643,000
State net operating loss, net of federal benefit	2,845,000		1,544,000	(3,899,000)
General business credits	(1,638,000)		(307,000)	(15,099,000)
Valuation allowance	(5,205,000)		(912,000)	5,658,000
Charitable contributions	3,356,000		1,127,000	2,135,000
Permanent adjustments	(18,000)		668,000	(859,000)
Conversion/Exchange of senior debt	1,667,000		20,501,000	0
Deferred tax adjustment due to REIT conversion	0		(688,233,000)	0
Valuation allowance adjustment due to REIT conversion	0		99,626,000	0
Other items	526,000		21,000	222,000
Total income tax expense (benefit)	$ 20,921,000	$ (10,809,000)	$ (581,099,000)	$ (9,155,000)
Effective tax rate	37.68%		1172.82%	53.80%
The components of the deferred income tax expense (benefit) for continuing operations are as follows:
Excess of tax over financial statement depreciation and amortization	$ (4,357,000)		$ 2,097,000	$ 11,587,000
Costs on land and rental properties under development expensed for tax purposes	4,818,000		13,520,000	2,919,000
Revenues and expenses recognized in different periods for tax and financial statement purposes	134,424,000		174,072,000	119,548,000
Difference between tax and financial statements related to unconsolidated entities	(5,246,000)		(24,474,000)	2,673,000
Impairment of real estate and land held for divestiture	(128,357,000)		(158,002,000)	(96,892,000)
Deferred state taxes, net of federal benefit	1,934,000		2,893,000	1,090,000
Utilization of (addition to) tax loss carryforward excluding effect of stock options	21,916,000		(8,566,000)	(54,272,000)
Valuation allowance	(5,205,000)		(912,000)	5,658,000
General business credits	(520,000)		(307,000)	(15,099,000)
Deferred Tax Adjustment due to REIT Conversion	0		(688,233,000)	0
Valuation Allowance Adjustment Due to REIT Conversion	0		99,626,000	0
Alternative Minimum Tax credits	(974,000)		0	1,118,000
Deferred income tax expense (benefit)	$ 18,433,000		$ (588,286,000)	$ (21,670,000)

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Components of Deferred Income Tax Liability [Line Items]
Depreciation	$ (49,727,000)	$ (209,419,000)
Capitalized costs	158,668,000	(296,721,000)
Tax loss carryforward	16,432,000	88,970,000
State loss carryforward, net of federal benefit	5,130,000	25,061,000
Valuation allowance	(152,449,000)	(53,735,000)
Federal tax credits and other carryforwards	446,000	69,619,000
Other comprehensive loss	0	37,281,000
Basis in unconsolidated entities	13,707,000	(163,162,000)
Other	91,438,000	19,632,000
Net deferred tax liability	0	(482,474,000)
Net deferred tax assets	83,645,000	0
Temporary Differences [Member]
Components of Deferred Income Tax Liability [Line Items]
Depreciation	(123,253,000)	(539,977,000)
Capitalized costs	390,089,000	(765,081,000)
Tax loss carryforward	46,950,000	254,201,000
State loss carryforward, net of federal benefit	0	0
Valuation allowance	0	0
Federal tax credits and other carryforwards	0	0
Other comprehensive loss	0	96,127,000
Basis in unconsolidated entities	34,151,000	(420,705,000)
Other	218,435,000	34,142,000
Net deferred tax liability		$ (1,341,293,000)
Net deferred tax assets	$ 566,372,000

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Net Deferred Tax Liability
Deferred tax liabilities	$ 334,423,000	$ 1,668,655,000
Deferred tax assets	570,517,000	1,239,916,000
Less: valuation allowance	(152,449,000)	(53,735,000)
Net deferred tax assets	418,068,000	1,186,181,000
Net deferred tax assets	83,645,000	0
Net deferred tax liability	$ 0	$ (482,474,000)

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Unrecognized tax benefits
Beginning balance, January 1, 2015 and 2014	$ 804,000	$ 968,000
Settlements	(252,000)	(164,000)
Lapse of statutes of limitation	(74,000)	0
Unrecognized tax benefits balance at December 31, 2015 and 2014	478,000	$ 804,000
Unrecognized benefits could decrease during the next twelve months	$ 478,000

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Tax Credit Carryforward [Line Items]
Deferred tax adjustment due to REIT conversion		$ 588,607,000
Period after REIT conversion that assets sold are subject to income taxes		5 years
Federal statutory rate		35.00%
Income taxes paid	$ 5,541,000	$ 6,936,000	$ 6,469,000
Federal net operating loss carryforward		46,950,000
Operating Loss Carryforward for REIT tax return		282,758,000
Unrecognized tax benefits	968,000	478,000	804,000
Accrued interest and penalties related to uncertain income tax positions		172,000	240,000
Income tax expense (benefit) relating to interest and penalties on uncertain tax positions	$ 135,000	(68,000)	(59,000)
Unrecognized tax benefits that would impact effective tax rate		311,000	$ 523,000
Unrecognized benefits could decrease during the next twelve months		$ 478,000
Period unrecognized tax benefits could decrease		12 months
Charitable contribution deduction carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward		$ 913,000
General business tax credit carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax credit carryforward		$ 125,000

Assets and Liabilities Held 134

Assets and Liabilities Held for Sale and Discontinued Operations (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Less accumulated depreciation	$ (1,624,920,000)	$ (1,480,611,000)
Real Estate, net	7,028,087,000	5,908,347,000
Cash and equivalents	265,677,000	290,668,000
Restricted cash	161,891,000	251,443,000
Notes and accounts receivable, net	376,147,000	408,517,000
Other assets	453,963,000	379,929,000
Total Assets	9,993,009,000	8,814,940,000
Mortgage debt and notes payable, nonrecourse	4,003,450,000	3,790,918,000
Accounts payable, accrued expenses and other liabilities	862,817,000	774,159,000
Cash distributions and losses in excess of investments in unconsolidated Entities	150,255,000	211,493,000
Total Liabilities	5,858,475,000	6,479,179,000
Held for sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Completed rental properties - Arena	951,070,000	940,029,000
Projects under development - Land	9,265,000	0
Less accumulated depreciation	(109,462,000)	(75,354,000)
Real Estate, net	850,873,000	864,675,000
Cash and equivalents	28,043,000	35,850,000
Restricted cash	10,127,000	15,087,000
Notes and accounts receivable, net	20,021,000	10,521,000
Other assets	35,663,000	29,437,000
Total Assets	944,727,000	955,570,000
Mortgage debt and notes payable, nonrecourse	457,745,000	447,283,000
Accounts payable, accrued expenses and other liabilities	99,520,000	72,852,000
Cash distributions and losses in excess of investments in unconsolidated Entities	13,682,000	0
Total Liabilities	$ 570,947,000	$ 520,135,000

Assets and Liabilities Held 135

Assets and Liabilities Held for Sale and Discontinued Operations (Details 1) ft² in Thousands	Dec. 31, 2015ft²apartmentunithotelroom
Millender Center [Member]
Summary of rental properties included in discontinued operations
Number of Units | apartmentunit	339
Promenade Bolingbrook [Member]
Summary of rental properties included in discontinued operations
Square Feet	771
Quartermaster Plaza [Member]
Summary of rental properties included in discontinued operations
Square Feet	456
Mesa del Sol - 5600 University SE [Member]
Summary of rental properties included in discontinued operations
Square Feet	87
Orchard Town Center [Member]
Summary of rental properties included in discontinued operations
Square Feet	603
Colorado Studios [Member]
Summary of rental properties included in discontinued operations
Square Feet	75
Higbee Building [Member]
Summary of rental properties included in discontinued operations
Square Feet	815
Sheraton Station Square [Member]
Summary of rental properties included in discontinued operations
Number of Units | hotelroom	399
Seven triple net lease properties [Member]
Summary of rental properties included in discontinued operations
Square Feet	422

Assets and Liabilities Held 136

Assets and Liabilities Held for Sale and Discontinued Operations (Details 2) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Summary of operating results of discontinued operations
Revenues	$ 168,625,000		$ 138,154,000	$ 123,729,000
Expenses
Operating expenses	108,040,000		97,021,000	79,122,000
Depreciation and amortization	46,140,000		34,554,000	35,286,000
Impairment of real estate	76,713,000		0	0
Total expenses	230,893,000		131,575,000	114,408,000
Interest income	274,000		0	0
Gain on disposition of rental properties	41,831,000		0	28,100,000
Interest expense	(46,235,000)		(40,125,000)	(45,767,000)
Amortization of mortgage procurement costs	(1,105,000)		(664,000)	(762,000)
Loss on extinguishment of debt	(40,000)		0	(448,000)
Loss before income taxes	(67,543,000)		(34,210,000)	(9,556,000)
Income tax expense (benefit)	(19,792,000)		(22,498,000)	4,041,000
Loss from unconsolidated entities, gross of tax	(2,802,000)		(40,760,000)	(3,181,000)
Loss from discontinued operations	(50,553,000)	$ 48,284,000	(52,472,000)	(16,778,000)
Noncontrolling interests
Gain on disposition of rental properties	5,960,000		0	58,000
Operating earnings (loss) from rental properties	(16,611,000)		(16,962,000)	(17,103,000)
Loss from discontinued operations attributable to noncontrolling interests	(10,651,000)		(16,962,000)	(17,045,000)
Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc.	$ (39,902,000)		$ (35,510,000)	$ 267,000

Assets and Liabilities Held 137

Assets and Liabilities Held for Sale and Discontinued Operations (Details 3) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Gain Loss on Disposition of Rental Properties
Gain (loss) on disposition of rental properties	$ 41,831,000	$ 0	$ 28,100,000
Quartermaster Plaza [Member]
Gain Loss on Disposition of Rental Properties
Gain (loss) on disposition of rental properties	0	0	26,373,000
Promenade Bolingbrook [Member]
Gain Loss on Disposition of Rental Properties
Gain (loss) on disposition of rental properties	0	0	1,276,000
Millender Center [Member]
Gain Loss on Disposition of Rental Properties
Gain (loss) on disposition of rental properties	21,660,000	0	0
Sheraton Station Square [Member]
Gain Loss on Disposition of Rental Properties
Gain (loss) on disposition of rental properties	18,096,000	0	0
Other [Member]
Gain Loss on Disposition of Rental Properties
Gain (loss) on disposition of rental properties	$ 2,075,000	$ 0	$ 451,000

Assets and Liabilities Held 138

Assets and Liabilities Held for Sale and Discontinued Operations (Details Textuals)	Jan. 29, 2016
Discontinued Operations and Disposal Groups [Abstract]
Ownership Interest Prior to Sale-Arena	55.00%
Equity Method Investment, Ownership Percentage Prior to Sale-The Nets	20.00%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)		11 Months Ended		12 Months Ended
		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Numerators
Earnings (loss) from continuing operations attributable to Forest City Realty Trust, Inc.		$ 34,595,000		$ 531,552,000	$ (7,862,000)
Preferred dividends		(185,000)	$ (32,129,000)	0	0
Undistributed earnings allocated to participating securities		1,004,000		10,410,000	0
Earnings (loss) from continuing operations attributable to common shareholders - Basic		33,406,000		521,142,000	(7,862,000)
Interest on convertible debt		0		6,606,000	0
Earnings (loss) from continuing operations attributable to common shareholders - Diluted		33,406,000		527,748,000	(7,862,000)
Net earnings (loss) attributable to Forest City Realty Trust, Inc.		(5,307,000)	$ 51,455,000	496,042,000	(7,595,000)
Undistributed earnings allocated to participating securities		0		9,715,000	0
Net earnings (loss) attributable to common shareholders - Basic		(5,492,000)		486,327,000	(7,595,000)
Net earnings (loss) attributable to common shareholders - Diluted		$ (5,492,000)		$ 492,933,000	$ (7,595,000)
Denominators
Weighted average shares outstanding - Basic		193,465,572		237,559,598	198,480,783
Effect of stock options and performance shares		565,720		1,342,524	0
Effect of convertible debt		0		11,946,164	0
Weighted average shares outstanding - Diluted	[1]	194,031,292		250,848,286	198,480,783
Earnings Per Share [Abstract]
Earnings (loss) from continuing operations attributable to common shareholders - Basic		$ 0.17		$ 2.19	$ (0.04)
Earnings (loss) from continuing operations attributable to common shareholders - Diluted		0.17		2.10	(0.04)
Net earnings (loss) attributable to common shareholders - Basic		(0.03)		2.05	(0.04)
Net earnings (loss) attributable to common shareholders - Diluted		$ (0.03)		$ 1.97	$ (0.04)
[1]	(1)Incremental shares from restricted stock and convertible securities aggregating 9,706,419 and 34,866,026 for the year ended December 31, 2015 and 11 months ended December 31, 2013, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. Incremental shares from dilutive options, restricted stock and convertible securities aggregating 37,146,769 for the year ended December 31, 2014 were not included in the computation of diluted EPS because their effect is anti-dilutive due to loss from continuing operations. Weighted-average options, restricted stock and performance shares of 2,392,982, 3,483,885 and 3,601,719 for the years ended December 31, 2015 and 2014, and the 11 months ended December 31, 2013, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Restricted stock and convertible securities [Member]
Earnings Per Share (Textual) [Abstract]
Shares excluded from computation of earnings per share	34,866,026	9,706,419
Dilutive Options Restricted Stock and Convertible Securities [Member]
Earnings Per Share (Textual) [Abstract]
Shares excluded from computation of earnings per share			37,146,769
Weighted-average options, restricted stock and performance shares [Member]
Earnings Per Share (Textual) [Abstract]
Shares excluded from computation of earnings per share	3,601,719	2,392,982	3,483,885

Segment Information (Details)

Segment Information (Details) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Financial data of reportable operating segments
Identifiable assets			$ 9,993,009,000	$ 8,814,940,000
Revenues	$ 893,740,000	$ 921,898,000	978,231,000	849,357,000
Operating Expenses	593,159,000	556,018,000	625,352,000	558,197,000
Depreciation and amortization	239,823,000	181,982,000	252,925,000	196,167,000
Interest and other income	52,283,000	42,245,000	37,739,000	42,780,000
Interest expense	250,822,000	$ 232,176,000	157,166,000	194,176,000
Capital expenditures	405,767,000		536,569,000	388,909,000
Commercial Group [Member]
Financial data of reportable operating segments
Identifiable assets			4,989,200,000	4,210,714,000
Revenues	593,714,000		587,020,000	517,487,000
Operating Expenses	334,996,000		315,250,000	300,123,000
Depreciation and amortization	181,697,000		163,272,000	124,821,000
Interest and other income	18,078,000		7,113,000	7,929,000
Interest expense	168,056,000		118,797,000	129,515,000
Capital expenditures	159,069,000		171,771,000	119,343,000
Residential Group [Member]
Financial data of reportable operating segments
Identifiable assets			3,609,438,000	3,172,188,000
Revenues	249,677,000		312,954,000	256,009,000
Operating Expenses	179,405,000		181,009,000	174,472,000
Depreciation and amortization	55,031,000		86,503,000	68,089,000
Interest and other income	21,742,000		13,596,000	21,081,000
Interest expense	32,409,000		15,823,000	28,108,000
Capital expenditures	245,647,000		364,578,000	269,514,000
Arena [Member]
Financial data of reportable operating segments
Identifiable assets			943,147,000	955,570,000
Land Development Group [Member]
Financial data of reportable operating segments
Identifiable assets			240,204,000	250,833,000
Revenues	50,349,000		78,257,000	75,861,000
Operating Expenses	33,737,000		32,594,000	32,486,000
Depreciation and amortization	364,000		568,000	359,000
Interest and other income	12,218,000		16,814,000	13,597,000
Interest expense	(320,000)		(1,143,000)	(1,090,000)
Capital expenditures	819,000		15,000	37,000
Corporate Activities [Member]
Financial data of reportable operating segments
Identifiable assets			211,020,000	225,635,000
Revenues	0		0	0
Operating Expenses	45,021,000		96,499,000	51,116,000
Depreciation and amortization	2,731,000		2,582,000	2,898,000
Interest and other income	245,000		216,000	173,000
Interest expense	50,677,000		23,689,000	37,643,000
Capital expenditures	$ 232,000		$ 205,000	$ 15,000

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	11 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Net Earnings (Loss) to FFO by Segment
Net earnings (loss) attributable to common shareholders	$ (5,492,000)	$ 19,326,000	$ 496,042,000	$ (7,595,000)
Preferred dividends	185,000	32,129,000	0	0
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(5,307,000)	51,455,000	496,042,000	(7,595,000)
Depreciation and amortization – Real Estate Groups	239,823,000	$ 181,982,000	252,925,000	196,167,000
Net gain on disposition of full or partial interest in rental properties, net of noncontrolling interest	(496,092,000)		(1,746,000)	(30,254,000)
Gain on disposition of unconsolidated entities	(68,430,000)		(20,293,000)	(52,421,000)
Impairment of consolidated depreciable real estate	18,659,000		435,127,000	275,098,000
Impairment of unconsolidated depreciable real estate			12,460,000	3,124,000
Discontinued operations:
Gain on disposition of rental properties	(35,871,000)			(28,042,000)
Impairment of consolidated depreciable real estate	76,713,000
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	233,980,000		8,549,000	44,988,000
Impairment of depreciable real estate	(36,988,000)		(173,590,000)	(106,691,000)
One-time adjustment to deferred taxes related to REIT conversion			(588,607,000)
FFO attributable to Forest City Realty Trust, Inc.	22,261,000		505,682,000	394,589,000
Real Estate Groups [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Depreciation and amortization – Real Estate Groups	303,547,000		317,701,000	275,501,000
Discontinued operations:
Depreciation and amortization – Real Estate Groups	32,050,000		20,039,000	20,881,000
Commercial Group [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Net earnings (loss) attributable to common shareholders	84,294,000
Preferred dividends	0
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	84,294,000		24,832,000	(67,682,000)
Depreciation and amortization – Real Estate Groups	181,697,000		163,272,000	124,821,000
Net gain on disposition of full or partial interest in rental properties, net of noncontrolling interest	(496,092,000)		(1,746,000)	(7,241,000)
Gain on disposition of unconsolidated entities	(68,430,000)		(1,009,000)	(25,279,000)
Impairment of consolidated depreciable real estate	17,474,000		426,704,000	129,059,000
Impairment of unconsolidated depreciable real estate			0	3,124,000
Discontinued operations:
Gain on disposition of rental properties	(19,843,000)			(28,042,000)
Impairment of consolidated depreciable real estate	76,713,000
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0		0	0
Impairment of depreciable real estate	0		0	0
One-time adjustment to deferred taxes related to REIT conversion			0
FFO attributable to Forest City Realty Trust, Inc.	(172,983,000)		663,120,000	183,094,000
Commercial Group [Member] | Real Estate Groups [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Depreciation and amortization – Real Estate Groups	220,135,000		214,339,000	178,169,000
Discontinued operations:
Depreciation and amortization – Real Estate Groups	12,766,000		0	986,000
Residential Group [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Net earnings (loss) attributable to common shareholders	31,220,000
Preferred dividends	0
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	31,220,000		50,899,000	115,833,000
Depreciation and amortization – Real Estate Groups	55,031,000		86,503,000	68,089,000
Net gain on disposition of full or partial interest in rental properties, net of noncontrolling interest	0		0	(23,013,000)
Gain on disposition of unconsolidated entities	0		(19,284,000)	(27,142,000)
Impairment of consolidated depreciable real estate	1,185,000		8,423,000	146,039,000
Impairment of unconsolidated depreciable real estate			12,460,000	0
Discontinued operations:
Gain on disposition of rental properties	(16,028,000)			0
Impairment of consolidated depreciable real estate	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0		0	0
Impairment of depreciable real estate	0		0	0
One-time adjustment to deferred taxes related to REIT conversion			0
FFO attributable to Forest City Realty Trust, Inc.	99,696,000		155,398,000	308,890,000
Residential Group [Member] | Real Estate Groups [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Depreciation and amortization – Real Estate Groups	83,154,000		102,900,000	97,173,000
Discontinued operations:
Depreciation and amortization – Real Estate Groups	165,000		0	0
Arena [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Net earnings (loss) attributable to common shareholders	(19,514,000)
Preferred dividends	0
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(19,514,000)		(17,248,000)	(17,555,000)
Net gain on disposition of full or partial interest in rental properties, net of noncontrolling interest	0		0	0
Gain on disposition of unconsolidated entities	0		0	0
Impairment of consolidated depreciable real estate	0		0	0
Impairment of unconsolidated depreciable real estate			0	0
Discontinued operations:
Gain on disposition of rental properties	0			0
Impairment of consolidated depreciable real estate	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0		0	0
Impairment of depreciable real estate	0		0	0
One-time adjustment to deferred taxes related to REIT conversion			0
FFO attributable to Forest City Realty Trust, Inc.	(395,000)		2,791,000	2,340,000
Arena [Member] | Real Estate Groups [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Depreciation and amortization – Real Estate Groups	0		0	0
Discontinued operations:
Depreciation and amortization – Real Estate Groups	19,119,000		20,039,000	19,895,000
Land Development Group [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Net earnings (loss) attributable to common shareholders	18,915,000
Preferred dividends	0
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	18,915,000		55,850,000	51,360,000
Depreciation and amortization – Real Estate Groups	364,000		568,000	359,000
Net gain on disposition of full or partial interest in rental properties, net of noncontrolling interest	0		0	0
Gain on disposition of unconsolidated entities	0		0	0
Impairment of consolidated depreciable real estate	0		0	0
Impairment of unconsolidated depreciable real estate			0	0
Discontinued operations:
Gain on disposition of rental properties	0			0
Impairment of consolidated depreciable real estate	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0		0	0
Impairment of depreciable real estate	0		0	0
One-time adjustment to deferred taxes related to REIT conversion			0
FFO attributable to Forest City Realty Trust, Inc.	19,173,000		56,312,000	51,519,000
Land Development Group [Member] | Real Estate Groups [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Depreciation and amortization – Real Estate Groups	258,000		462,000	159,000
Discontinued operations:
Depreciation and amortization – Real Estate Groups	0		0	0
Corporate Activities [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Net earnings (loss) attributable to common shareholders	(120,407,000)
Preferred dividends	185,000
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(120,222,000)		381,709,000	(89,551,000)
Depreciation and amortization – Real Estate Groups	2,731,000		2,582,000	2,898,000
Net gain on disposition of full or partial interest in rental properties, net of noncontrolling interest	0		0	0
Gain on disposition of unconsolidated entities	0		0	0
Impairment of consolidated depreciable real estate	0		0	0
Impairment of unconsolidated depreciable real estate			0	0
Discontinued operations:
Gain on disposition of rental properties	0			0
Impairment of consolidated depreciable real estate	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	233,980,000		8,549,000	44,988,000
Impairment of depreciable real estate	(36,988,000)		(173,590,000)	(106,691,000)
One-time adjustment to deferred taxes related to REIT conversion			(588,607,000)
FFO attributable to Forest City Realty Trust, Inc.	76,770,000		(371,939,000)	(151,254,000)
Corporate Activities [Member] | Real Estate Groups [Member]
Reconciliation of Net Earnings (Loss) to FFO by Segment
Depreciation and amortization – Real Estate Groups	0		0	0
Discontinued operations:
Depreciation and amortization – Real Estate Groups	$ 0		$ 0	$ 0

Segment Information Segments (D

Segment Information Segments (Details Textuals) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Segment Reporting [Abstract]
One-time adjustment to deferred taxes related to REIT conversion	$ 588,607

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 22, 2016	Jan. 29, 2016	Jan. 13, 2016	Dec. 31, 2013
Barclays Center [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Sales Price of Equity Interest		$ 162,600,000
Cash Proceeds from Sale		70,000,000
Net Cash Proceeds		54,000,000
Notes Receivable from Sale of Equity Interest		$ 92,600,000
Interest Rate Notes Receivable from Sale of Equity Interest		4.50%
Nonrecourse Mortgage Debt Assumed by Buyer		$ 457,745,000
Nets [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Notes Receivable from Sale of Equity Interest		$ 125,100,000
Interest Rate Notes Receivable from Sale of Equity Interest		4.50%
QIC Joint Venture [Member]
Subsequent Event [Line Items]
Cash Proceeds from Sale				$ 187,700,000
Nonrecourse Mortgage Debt Assumed by the Outside Partner				$ 477,100,000
Percentage of Ownership Sold				49.00%
QIC Joint Venture [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Net Cash Proceeds		$ 83,000,000
Nonrecourse Mortgage Debt Assumed by the Outside Partner		$ 169,369,000
Percentage of Ownership Sold		51.00%
Interests that develop and manage military family housing [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Net Cash Proceeds	$ 200,000,000
625 Fulton [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Net Cash Proceeds			$ 152,000,000
Remaining Cash to be Received			$ 58,000,000

Valuation and Qualifying Acc145

Valuation and Qualifying Accounts (Details) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015		Dec. 31, 2014
Allowance for doubtful accounts and notes receivable [Member]
Valuation and Qualifying Accounts
Balance at Beginning of Period	$ 25,858,000	$ 10,771,000		$ 15,141,000
Additions Charged to Costs and Expenses	13,467,000	2,744,000		3,128,000
Deductions	24,184,000	4,490,000		7,498,000
Balance at End of Period	15,141,000	9,025,000		10,771,000
Valuation reserve on other investments [Member]
Valuation and Qualifying Accounts
Balance at Beginning of Period	5,277,000	5,320,000		5,312,000
Additions Charged to Costs and Expenses	35,000	16,000		43,000
Deductions	0	0		35,000
Balance at End of Period	5,312,000	5,336,000		5,320,000
Valuation allowances for deferred tax assets [Member]
Valuation and Qualifying Accounts
Balance at Beginning of Period	53,282,000	53,735,000	[1]	48,077,000
Additions Charged to Costs and Expenses	1,047,000	145,351,000	[1]	11,893,000
Deductions	6,252,000	46,637,000	[1]	6,235,000
Balance at End of Period	$ 48,077,000	$ 152,449,000	[1]	$ 53,735,000	[1]
[1]	(1) See Note W – Income Taxes in the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K for additional information.

Real Estate and Accumulated 146

Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Jan. 29, 2016	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 4,461,195,000
Initial Cost to Company, Land and Improvements	908,903,000
Initial Cost to Company, Buildings and Improvements	7,987,094,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	717,345,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	973,640,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	8,639,702,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	9,613,342,000		$ 8,328,987,000	$ 8,475,571,000	$ 10,026,010,000
Accumulated Depreciation at December 31, 2015	1,734,382,000		$ 1,555,965,000	$ 1,469,328,000	$ 1,654,632,000
Office [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	1,798,622,000
Initial Cost to Company, Land and Improvements	141,314,000
Initial Cost to Company, Buildings and Improvements	2,927,937,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	571,217,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	226,646,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	3,413,822,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	3,640,468,000
Accumulated Depreciation at December 31, 2015	772,483,000
Office [Member] | Atlantic Terminal Office [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	104,056,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	108,940,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	4,550,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	113,490,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	113,490,000
Accumulated Depreciation at December 31, 2015	$ 25,887,000
Date of Construction/Acquisition	Dec. 31, 2004
Office [Member] | Ballston Common Office Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	7,301,000
Initial Cost to Company, Buildings and Improvements	45,964,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	6,829,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	7,301,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	52,793,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	60,094,000
Accumulated Depreciation at December 31, 2015	$ 12,568,000
Date of Construction/Acquisition	Dec. 31, 2005
Office [Member] | Commerce Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 23,666,000
Initial Cost to Company, Land and Improvements	3,432,000
Initial Cost to Company, Buildings and Improvements	20,873,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	6,952,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	3,441,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	27,816,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	31,257,000
Accumulated Depreciation at December 31, 2015	$ 9,359,000
Date of Construction/Acquisition	Dec. 31, 2007
Office [Member] | Edgeworth Building [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 19,540,000
Initial Cost to Company, Land and Improvements	942,000
Initial Cost to Company, Buildings and Improvements	29,353,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	2,676,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	951,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	32,020,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	32,971,000
Accumulated Depreciation at December 31, 2015	$ 5,740,000
Date of Construction/Acquisition	Dec. 31, 2006
Office [Member] | Glen Forest Office Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 59,189,000
Initial Cost to Company, Land and Improvements	11,766,000
Initial Cost to Company, Buildings and Improvements	88,632,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	11,065,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	11,818,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	99,645,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	111,463,000
Accumulated Depreciation at December 31, 2015	$ 23,399,000
Date of Construction/Acquisition	Dec. 31, 2007
Office [Member] | Harlem Office [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	31,672,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	8,422,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	40,094,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	40,094,000
Accumulated Depreciation at December 31, 2015	$ 9,069,000
Date of Construction/Acquisition	Dec. 31, 2003
Office [Member] | 4901 Searle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 20,333,000
Initial Cost to Company, Land and Improvements	837,000
Initial Cost to Company, Buildings and Improvements	16,227,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	826,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	837,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	17,053,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	17,890,000
Accumulated Depreciation at December 31, 2015	$ 4,099,000
Date of Construction/Acquisition	Dec. 31, 2006
Office [Member] | 4930 Oakton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	670,000
Initial Cost to Company, Buildings and Improvements	1,842,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,701,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	869,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	3,344,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	4,213,000
Accumulated Depreciation at December 31, 2015	$ 791,000
Date of Construction/Acquisition	Dec. 31, 2006
Office [Member] | 8025 Lamon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 14,378,000
Initial Cost to Company, Land and Improvements	978,000
Initial Cost to Company, Buildings and Improvements	6,426,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	13,636,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	978,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	20,062,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	21,040,000
Accumulated Depreciation at December 31, 2015	$ 4,258,000
Date of Construction/Acquisition	Dec. 31, 2006
Office [Member] | 8045 Lamon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 17,817,000
Initial Cost to Company, Land and Improvements	3,301,000
Initial Cost to Company, Buildings and Improvements	21,198,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	20,014,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,761,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	41,752,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	44,513,000
Accumulated Depreciation at December 31, 2015	$ 8,856,000
Date of Construction/Acquisition	Dec. 31, 2007
Office [Member] | Johns Hopkins - 855 North Wolfe Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 67,573,000
Initial Cost to Company, Land and Improvements	7,314,000
Initial Cost to Company, Buildings and Improvements	76,318,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	15,090,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	7,314,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	91,408,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	98,722,000
Accumulated Depreciation at December 31, 2015	$ 14,350,000
Date of Construction/Acquisition	Dec. 31, 2008
Office [Member] | Johns Hopkins Parking Garage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	1,600,000
Initial Cost to Company, Buildings and Improvements	26,185,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	875,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,488,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	27,172,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	28,660,000
Accumulated Depreciation at December 31, 2015	$ 1,660,000
Date of Construction/Acquisition	Dec. 31, 2012
Office [Member] | Aperture Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	834,000
Initial Cost to Company, Buildings and Improvements	3,010,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	(28,000)
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	834,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	2,982,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	3,816,000
Accumulated Depreciation at December 31, 2015	$ 1,072,000
Date of Construction/Acquisition	Dec. 31, 2008
Office [Member] | Fidelity Investments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 17,701,000
Initial Cost to Company, Land and Improvements	5,003,000
Initial Cost to Company, Buildings and Improvements	29,872,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	293,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	5,003,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	30,165,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	35,168,000
Accumulated Depreciation at December 31, 2015	$ 4,132,000
Date of Construction/Acquisition	Dec. 31, 2008
Office [Member] | One MetroTech Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	212,153,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	73,310,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	23,543,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	261,920,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	285,463,000
Accumulated Depreciation at December 31, 2015	$ 120,214,000
Date of Construction/Acquisition	Dec. 31, 1991
Office [Member] | Two MetroTech Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 72,131,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	155,280,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	34,023,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	7,137,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	182,166,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	189,303,000
Accumulated Depreciation at December 31, 2015	$ 81,501,000
Date of Construction/Acquisition	Dec. 31, 1990
Office [Member] | Nine MetroTech Center North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 58,398,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	64,303,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	12,018,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	380,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	75,941,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	76,321,000
Accumulated Depreciation at December 31, 2015	$ 26,591,000
Date of Construction/Acquisition	Dec. 31, 1997
Office [Member] | Eleven MetroTech Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 61,000,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	41,290,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	17,047,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	6,270,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	52,067,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	58,337,000
Accumulated Depreciation at December 31, 2015	$ 26,113,000
Date of Construction/Acquisition	Dec. 31, 1995
Office [Member] | Twelve MetroTech Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	42,344,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	16,140,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,847,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	56,637,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	58,484,000
Accumulated Depreciation at December 31, 2015	$ 12,706,000
Date of Construction/Acquisition	Dec. 31, 2004
Office [Member] | Fifteen MetroTech Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 162,320,000
Initial Cost to Company, Land and Improvements	3,762,000
Initial Cost to Company, Buildings and Improvements	163,414,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	8,482,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	175,658,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	175,658,000
Accumulated Depreciation at December 31, 2015	$ 42,553,000
Date of Construction/Acquisition	Dec. 31, 2003
Office [Member] | New York Times [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 640,000,000
Initial Cost to Company, Land and Improvements	91,737,000
Initial Cost to Company, Buildings and Improvements	375,931,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	140,107,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	141,479,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	466,296,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	607,775,000
Accumulated Depreciation at December 31, 2015	$ 76,876,000
Date of Construction/Acquisition	Dec. 31, 2007
Office [Member] | One Pierrepont Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	86,863,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	102,173,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	558,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	188,478,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	189,036,000
Accumulated Depreciation at December 31, 2015	$ 110,515,000
Date of Construction/Acquisition	Dec. 31, 1988
Office [Member] | Post Office Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 14,108,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	57,213,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	15,638,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	72,851,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	72,851,000
Accumulated Depreciation at December 31, 2015	$ 43,011,000
Date of Construction/Acquisition	Dec. 31, 1990
Office [Member] | Terminal Tower [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	29,422,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	47,592,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	77,014,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	77,014,000
Accumulated Depreciation at December 31, 2015	$ 60,925,000
Date of Construction/Acquisition	Dec. 31, 1983
Office [Member] | University of Pennsylvania [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 42,427,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	41,146,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	10,707,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	51,853,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	51,853,000
Accumulated Depreciation at December 31, 2015	$ 11,428,000
Date of Construction/Acquisition	Dec. 31, 2004
Office [Member] | 26 Landsdowne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 28,554,000
Initial Cost to Company, Land and Improvements	90,000
Initial Cost to Company, Buildings and Improvements	79,470,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	90,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	79,470,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	79,560,000
Accumulated Depreciation at December 31, 2015	$ 1,893,000
Date of Construction/Acquisition	Dec. 31, 1987
Office [Member] | 35 Landsdowne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 63,610,000
Initial Cost to Company, Land and Improvements	196,000
Initial Cost to Company, Buildings and Improvements	181,779,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	196,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	181,779,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	181,975,000
Accumulated Depreciation at December 31, 2015	$ 2,736,000
Date of Construction/Acquisition	Dec. 31, 2002
Office [Member] | 40 Landsdowne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 65,980,000
Initial Cost to Company, Land and Improvements	236,000
Initial Cost to Company, Buildings and Improvements	192,897,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	236,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	192,897,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	193,133,000
Accumulated Depreciation at December 31, 2015	$ 2,924,000
Date of Construction/Acquisition	Dec. 31, 2003
Office [Member] | 45/75 Sidney Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 85,669,000
Initial Cost to Company, Land and Improvements	793,000
Initial Cost to Company, Buildings and Improvements	289,942,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	793,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	289,942,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	290,735,000
Accumulated Depreciation at December 31, 2015	$ 6,498,000
Date of Construction/Acquisition	Dec. 31, 1999
Office [Member] | 64 Sidney Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 50,641,000
Initial Cost to Company, Land and Improvements	50,000
Initial Cost to Company, Buildings and Improvements	110,850,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	50,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	110,850,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	110,900,000
Accumulated Depreciation at December 31, 2015	$ 2,567,000
Date of Construction/Acquisition	Dec. 31, 1990
Office [Member] | 65 Landsdowne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 63,252,000
Initial Cost to Company, Land and Improvements	198,000
Initial Cost to Company, Buildings and Improvements	125,278,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	198,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	125,278,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	125,476,000
Accumulated Depreciation at December 31, 2015	$ 1,918,000
Date of Construction/Acquisition	Dec. 31, 2001
Office [Member] | 88 Sidney Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 37,521,000
Initial Cost to Company, Land and Improvements	274,000
Initial Cost to Company, Buildings and Improvements	145,426,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	274,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	145,426,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	145,700,000
Accumulated Depreciation at December 31, 2015	$ 2,752,000
Date of Construction/Acquisition	Dec. 31, 2002
Office [Member] | Miscellaneous Investments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 8,758,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	26,424,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,079,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	27,503,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	27,503,000
Accumulated Depreciation at December 31, 2015	13,522,000
Retail [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	631,901,000
Initial Cost to Company, Land and Improvements	299,653,000
Initial Cost to Company, Buildings and Improvements	1,238,069,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	(152,060,000)
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	278,724,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	1,106,938,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	1,385,662,000
Accumulated Depreciation at December 31, 2015	367,958,000
Retail [Member] | Miscellaneous Investments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	1,627,000
Initial Cost to Company, Land and Improvements	306,000
Initial Cost to Company, Buildings and Improvements	1,710,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	400,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	306,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	2,110,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	2,416,000
Accumulated Depreciation at December 31, 2015	1,216,000
Retail [Member] | Avenue at Tower City Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	174,726,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	(44,552,000)
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	192,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	129,982,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	130,174,000
Accumulated Depreciation at December 31, 2015	$ 103,707,000
Date of Construction/Acquisition	Dec. 31, 1990
Retail [Member] | Ballston Quarter (Ballston Common) [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 42,500,000
Initial Cost to Company, Land and Improvements	170,000
Initial Cost to Company, Buildings and Improvements	18,069,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	66,354,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	442,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	84,151,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	84,593,000
Accumulated Depreciation at December 31, 2015	$ 46,808,000
Date of Construction/Acquisition	Dec. 31, 1986
Retail [Member] | Boulevard Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 96,468,000
Initial Cost to Company, Land and Improvements	17,050,000
Initial Cost to Company, Buildings and Improvements	89,992,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	11,047,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	17,613,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	100,476,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	118,089,000
Accumulated Depreciation at December 31, 2015	$ 5,423,000
Date of Construction/Acquisition	Dec. 31, 1996
Retail [Member] | Brooklyn Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 19,519,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	23,794,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,289,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	19,618,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	5,465,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	25,083,000
Accumulated Depreciation at December 31, 2015	$ 1,833,000
Date of Construction/Acquisition	Dec. 31, 2004
Retail [Member] | Shops at Atlantic Center Site V [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	3,238,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,485,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,047,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	3,676,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	4,723,000
Accumulated Depreciation at December 31, 2015	$ 1,418,000
Date of Construction/Acquisition	Dec. 31, 1998
Retail [Member] | Shops at Northfield Stapleton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	4,830,000
Initial Cost to Company, Buildings and Improvements	80,687,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	90,892,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	25,276,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	151,133,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	176,409,000
Accumulated Depreciation at December 31, 2015	$ 37,529,000
Date of Construction/Acquisition	Dec. 31, 2005
Retail [Member] | Shops at Wiregrass [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 83,545,000
Initial Cost to Company, Land and Improvements	28,842,000
Initial Cost to Company, Buildings and Improvements	109,587,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	5,275,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	26,255,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	117,449,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	143,704,000
Accumulated Depreciation at December 31, 2015	$ 25,980,000
Date of Construction/Acquisition	Dec. 31, 2008
Retail [Member] | Station Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 34,057,000
Initial Cost to Company, Land and Improvements	8,611,000
Initial Cost to Company, Buildings and Improvements	37,484,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	39,837,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	24,705,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	61,227,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	85,932,000
Accumulated Depreciation at December 31, 2015	$ 29,722,000
Date of Construction/Acquisition	Dec. 31, 1994
Retail [Member] | Boilermaker Shops [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 12,089,000
Initial Cost to Company, Land and Improvements	529,000
Initial Cost to Company, Buildings and Improvements	12,468,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	4,895,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	527,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	17,365,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	17,892,000
Accumulated Depreciation at December 31, 2015	$ 1,101,000
Date of Construction/Acquisition	Dec. 31, 2012
Retail [Member] | Lumber Shed [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 10,000,000
Initial Cost to Company, Land and Improvements	306,000
Initial Cost to Company, Buildings and Improvements	12,820,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,049,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	306,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	13,869,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	14,175,000
Accumulated Depreciation at December 31, 2015	$ 756,000
Date of Construction/Acquisition	Dec. 31, 2013
Retail [Member] | Tower City Parking [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	2,317,000
Initial Cost to Company, Buildings and Improvements	11,789,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	16,908,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,048,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	28,966,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	31,014,000
Accumulated Depreciation at December 31, 2015	$ 13,580,000
Date of Construction/Acquisition	Dec. 31, 1990
Retail [Member] | Westchester's Ridge Hill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 332,096,000
Initial Cost to Company, Land and Improvements	236,692,000
Initial Cost to Company, Buildings and Improvements	661,705,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	(346,939,000)
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	160,389,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	391,069,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	551,458,000
Accumulated Depreciation at December 31, 2015	$ 98,885,000
Date of Construction/Acquisition	Dec. 31, 2011
Arena [Member] | Barclays Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015		$ 457,745,000
Initial Cost to Company, Land and Improvements	$ 0
Initial Cost to Company, Buildings and Improvements	890,213,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	60,857,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	951,070,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	951,070,000
Accumulated Depreciation at December 31, 2015	$ 109,462,000
Date of Construction/Acquisition	Dec. 31, 2012
Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 1,452,790,000
Initial Cost to Company, Land and Improvements	286,270,000
Initial Cost to Company, Buildings and Improvements	2,133,798,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	237,331,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	286,604,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	2,370,795,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	2,657,399,000
Accumulated Depreciation at December 31, 2015	474,878,000
Apartments [Member] | Miscellaneous Investments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	7,910,000
Initial Cost to Company, Land and Improvements	60,000
Initial Cost to Company, Buildings and Improvements	47,522,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	(10,653,000)
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	63,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	36,866,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	36,929,000
Accumulated Depreciation at December 31, 2015	15,835,000
Apartments [Member] | 100 (100 Landsdowne) [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	45,000,000
Initial Cost to Company, Land and Improvements	728,000
Initial Cost to Company, Buildings and Improvements	60,020,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	852,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	828,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	60,772,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	61,600,000
Accumulated Depreciation at December 31, 2015	$ 15,540,000
Date of Construction/Acquisition	Dec. 31, 2005
Apartments [Member] | 1111 Stratford [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	2,414,000
Initial Cost to Company, Buildings and Improvements	15,798,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	4,874,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,432,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	20,654,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	23,086,000
Accumulated Depreciation at December 31, 2015	$ 1,921,000
Date of Construction/Acquisition	Dec. 31, 2013
Apartments [Member] | 1251 S. Michigan [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 9,500,000
Initial Cost to Company, Land and Improvements	97,000
Initial Cost to Company, Buildings and Improvements	13,978,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,306,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	106,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	15,275,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	15,381,000
Accumulated Depreciation at December 31, 2015	$ 3,473,000
Date of Construction/Acquisition	Dec. 31, 2006
Apartments [Member] | 2175 Market Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 30,000,000
Initial Cost to Company, Land and Improvements	3,793,000
Initial Cost to Company, Buildings and Improvements	34,508,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	648,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	3,855,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	35,094,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	38,949,000
Accumulated Depreciation at December 31, 2015	$ 1,783,000
Date of Construction/Acquisition	Dec. 31, 2014
Apartments [Member] | 500 Sterling Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 35,389,000
Initial Cost to Company, Land and Improvements	8,006,000
Initial Cost to Company, Buildings and Improvements	39,789,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	8,006,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	39,789,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	47,795,000
Accumulated Depreciation at December 31, 2015	$ 1,066,000
Date of Construction/Acquisition	Dec. 31, 2015
Apartments [Member] | 91 Sidney [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 28,336,000
Initial Cost to Company, Land and Improvements	213,000
Initial Cost to Company, Buildings and Improvements	42,276,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	539,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	217,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	42,811,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	43,028,000
Accumulated Depreciation at December 31, 2015	$ 2,450,000
Date of Construction/Acquisition	Dec. 31, 2002
Apartments [Member] | American Cigar Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 11,530,000
Initial Cost to Company, Land and Improvements	1,395,000
Initial Cost to Company, Buildings and Improvements	23,533,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,735,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	855,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	25,808,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	26,663,000
Accumulated Depreciation at December 31, 2015	$ 5,162,000
Date of Construction/Acquisition	Dec. 31, 2000
Apartments [Member] | Aster Conservatory Green [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 36,000,000
Initial Cost to Company, Land and Improvements	1,325,000
Initial Cost to Company, Buildings and Improvements	13,125,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	33,335,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,599,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	46,186,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	47,785,000
Accumulated Depreciation at December 31, 2015	$ 3,753,000
Date of Construction/Acquisition	Dec. 31, 2013
Apartments [Member] | Aster Town Center North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 14,014,000
Initial Cost to Company, Land and Improvements	406,000
Initial Cost to Company, Buildings and Improvements	12,573,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	406,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	12,573,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	12,979,000
Accumulated Depreciation at December 31, 2015	$ 107,000
Date of Construction/Acquisition	Dec. 31, 2015
Apartments [Member] | Bayside Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 126,896,000
Initial Cost to Company, Land and Improvements	153,894,000
Initial Cost to Company, Buildings and Improvements	282,807,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,564,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	153,576,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	284,689,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	438,265,000
Accumulated Depreciation at December 31, 2015	$ 8,197,000
Date of Construction/Acquisition	Dec. 31, 1988
Apartments [Member] | Botanica Eastbridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 13,000,000
Initial Cost to Company, Land and Improvements	765,000
Initial Cost to Company, Buildings and Improvements	13,698,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	535,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	765,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	14,233,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	14,998,000
Accumulated Depreciation at December 31, 2015	$ 1,809,000
Date of Construction/Acquisition	Dec. 31, 2012
Apartments [Member] | Brookview Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 2,102,000
Initial Cost to Company, Land and Improvements	155,000
Initial Cost to Company, Buildings and Improvements	4,588,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	754,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	155,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	5,342,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	5,497,000
Accumulated Depreciation at December 31, 2015	$ 3,888,000
Date of Construction/Acquisition	Dec. 31, 1979
Apartments [Member] | Cameron Kinney Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	2,340,000
Initial Cost to Company, Buildings and Improvements	23,206,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	3,850,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,501,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	26,895,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	29,396,000
Accumulated Depreciation at December 31, 2015	$ 5,694,000
Date of Construction/Acquisition	Dec. 31, 2007
Apartments [Member] | Cedar Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 3,787,000
Initial Cost to Company, Land and Improvements	399,000
Initial Cost to Company, Buildings and Improvements	7,000,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	476,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	399,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	7,476,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	7,875,000
Accumulated Depreciation at December 31, 2015	$ 4,034,000
Date of Construction/Acquisition	Dec. 31, 1974
Apartments [Member] | Cherry Tree [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 17,360,000
Initial Cost to Company, Land and Improvements	4,838,000
Initial Cost to Company, Buildings and Improvements	22,028,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	4,838,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	22,028,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	26,866,000
Accumulated Depreciation at December 31, 2015	$ 762,000
Date of Construction/Acquisition	Dec. 31, 1996
Apartments [Member] | Chestnut Lake [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	5,494,000
Initial Cost to Company, Buildings and Improvements	16,466,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	5,494,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	16,466,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	21,960,000
Accumulated Depreciation at December 31, 2015	$ 463,000
Date of Construction/Acquisition	Dec. 31, 1969
Apartments [Member] | Consolidated-Carolina Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 20,937,000
Initial Cost to Company, Land and Improvements	1,028,000
Initial Cost to Company, Buildings and Improvements	30,425,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	2,042,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,042,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	32,453,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	33,495,000
Accumulated Depreciation at December 31, 2015	$ 8,532,000
Date of Construction/Acquisition	Dec. 31, 2003
Apartments [Member] | Cutter's Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	389,000
Initial Cost to Company, Buildings and Improvements	4,356,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	(98,000)
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	400,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	4,247,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	4,647,000
Accumulated Depreciation at December 31, 2015	$ 1,255,000
Date of Construction/Acquisition	Dec. 31, 2006
Apartments [Member] | Drake Tower [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 26,147,000
Initial Cost to Company, Land and Improvements	1,353,000
Initial Cost to Company, Buildings and Improvements	38,104,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	8,674,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,353,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	46,778,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	48,131,000
Accumulated Depreciation at December 31, 2015	$ 14,852,000
Date of Construction/Acquisition	Dec. 31, 1998
Apartments [Member] | Easthaven at the Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 24,794,000
Initial Cost to Company, Land and Improvements	7,919,000
Initial Cost to Company, Buildings and Improvements	39,768,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	8,021,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	8,104,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	47,604,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	55,708,000
Accumulated Depreciation at December 31, 2015	$ 21,568,000
Date of Construction/Acquisition	Dec. 31, 1994
Apartments [Member] | Grand Lowry Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	1,448,000
Initial Cost to Company, Buildings and Improvements	22,726,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	3,836,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,637,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	26,373,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	28,010,000
Accumulated Depreciation at December 31, 2015	$ 6,669,000
Date of Construction/Acquisition	Dec. 31, 2000
Apartments [Member] | Hamel Mill Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 38,999,000
Initial Cost to Company, Land and Improvements	3,974,000
Initial Cost to Company, Buildings and Improvements	72,902,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	3,591,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	3,368,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	77,099,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	80,467,000
Accumulated Depreciation at December 31, 2015	$ 12,677,000
Date of Construction/Acquisition	Dec. 31, 2008
Apartments [Member] | Heritage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	7,433,000
Initial Cost to Company, Buildings and Improvements	42,202,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	10,031,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	7,505,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	52,161,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	59,666,000
Accumulated Depreciation at December 31, 2015	$ 16,696,000
Date of Construction/Acquisition	Dec. 31, 2002
Apartments [Member] | Hummingbird Pointe Apartments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 5,890,000
Initial Cost to Company, Land and Improvements	330,000
Initial Cost to Company, Buildings and Improvements	5,059,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	17,798,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,364,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	21,823,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	23,187,000
Accumulated Depreciation at December 31, 2015	$ 10,328,000
Date of Construction/Acquisition	Dec. 31, 1972
Apartments [Member] | Independence Place I [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 4,011,000
Initial Cost to Company, Land and Improvements	210,000
Initial Cost to Company, Buildings and Improvements	6,671,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,366,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	229,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	8,018,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	8,247,000
Accumulated Depreciation at December 31, 2015	$ 4,410,000
Date of Construction/Acquisition	Dec. 31, 1973
Apartments [Member] | Independence Place II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 3,480,000
Initial Cost to Company, Land and Improvements	498,000
Initial Cost to Company, Buildings and Improvements	3,931,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	5,294,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	766,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	8,957,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	9,723,000
Accumulated Depreciation at December 31, 2015	$ 2,370,000
Date of Construction/Acquisition	Dec. 31, 2003
Apartments [Member] | Kapolei Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 40,601,000
Initial Cost to Company, Land and Improvements	9,205,000
Initial Cost to Company, Buildings and Improvements	32,515,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	9,205,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	32,515,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	41,720,000
Accumulated Depreciation at December 31, 2015	$ 428,000
Date of Construction/Acquisition	Dec. 31, 2015
Apartments [Member] | KBL [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 15,600,000
Initial Cost to Company, Land and Improvements	716,000
Initial Cost to Company, Buildings and Improvements	23,645,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	5,278,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	719,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	28,920,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	29,639,000
Accumulated Depreciation at December 31, 2015	$ 16,817,000
Date of Construction/Acquisition	Dec. 31, 1990
Apartments [Member] | Knolls [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 32,163,000
Initial Cost to Company, Land and Improvements	53,000
Initial Cost to Company, Buildings and Improvements	23,759,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	726,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	53,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	24,485,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	24,538,000
Accumulated Depreciation at December 31, 2015	$ 12,178,000
Date of Construction/Acquisition	Dec. 31, 1995
Apartments [Member] | Lofts 23 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 5,884,000
Initial Cost to Company, Land and Improvements	221,000
Initial Cost to Company, Buildings and Improvements	17,026,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	353,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	315,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	17,285,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	17,600,000
Accumulated Depreciation at December 31, 2015	$ 4,977,000
Date of Construction/Acquisition	Dec. 31, 2005
Apartments [Member] | Lofts at 1835 Arch [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 38,291,000
Initial Cost to Company, Land and Improvements	2,076,000
Initial Cost to Company, Buildings and Improvements	27,430,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	12,978,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,082,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	40,402,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	42,484,000
Accumulated Depreciation at December 31, 2015	$ 11,993,000
Date of Construction/Acquisition	Dec. 31, 2001
Apartments [Member] | Lucky Strike Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 16,975,000
Initial Cost to Company, Land and Improvements	1,105,000
Initial Cost to Company, Buildings and Improvements	34,095,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,221,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,106,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	35,315,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	36,421,000
Accumulated Depreciation at December 31, 2015	$ 7,051,000
Date of Construction/Acquisition	Dec. 31, 2008
Apartments [Member] | Mercantile Place on Main [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 35,629,000
Initial Cost to Company, Land and Improvements	8,876,000
Initial Cost to Company, Buildings and Improvements	75,478,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	8,513,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	8,798,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	84,069,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	92,867,000
Accumulated Depreciation at December 31, 2015	$ 17,859,000
Date of Construction/Acquisition	Dec. 31, 2008
Apartments [Member] | Metro 417 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 46,970,000
Initial Cost to Company, Land and Improvements	8,545,000
Initial Cost to Company, Buildings and Improvements	67,326,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	5,665,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	8,547,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	72,989,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	81,536,000
Accumulated Depreciation at December 31, 2015	$ 16,655,000
Date of Construction/Acquisition	Dec. 31, 2005
Apartments [Member] | Midtown Towers [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 12,732,000
Initial Cost to Company, Land and Improvements	1,215,000
Initial Cost to Company, Buildings and Improvements	11,091,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	13,111,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,309,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	24,108,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	25,417,000
Accumulated Depreciation at December 31, 2015	$ 10,822,000
Date of Construction/Acquisition	Dec. 31, 1969
Apartments [Member] | Museum Towers [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 30,138,000
Initial Cost to Company, Land and Improvements	3,474,000
Initial Cost to Company, Buildings and Improvements	18,158,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	4,091,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,331,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	24,392,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	25,723,000
Accumulated Depreciation at December 31, 2015	$ 10,062,000
Date of Construction/Acquisition	Dec. 31, 1997
Apartments [Member] | North Church Towers and Gardens [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 4,872,000
Initial Cost to Company, Land and Improvements	789,000
Initial Cost to Company, Buildings and Improvements	4,037,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	3,414,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	848,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	7,392,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	8,240,000
Accumulated Depreciation at December 31, 2015	$ 2,078,000
Date of Construction/Acquisition	Dec. 31, 2009
Apartments [Member] | One Franklintown [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 36,520,000
Initial Cost to Company, Land and Improvements	1,658,000
Initial Cost to Company, Buildings and Improvements	31,489,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	10,423,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,854,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	41,716,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	43,570,000
Accumulated Depreciation at December 31, 2015	$ 21,444,000
Date of Construction/Acquisition	Dec. 31, 1988
Apartments [Member] | Pavilion [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 50,317,000
Initial Cost to Company, Land and Improvements	5,250,000
Initial Cost to Company, Buildings and Improvements	29,505,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	16,937,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	5,250,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	46,442,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	51,692,000
Accumulated Depreciation at December 31, 2015	$ 14,179,000
Date of Construction/Acquisition	Dec. 31, 1992
Apartments [Member] | Perrytown Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 4,507,000
Initial Cost to Company, Land and Improvements	463,000
Initial Cost to Company, Buildings and Improvements	6,898,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	570,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	463,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	7,468,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	7,931,000
Accumulated Depreciation at December 31, 2015	$ 4,305,000
Date of Construction/Acquisition	Dec. 31, 1973
Apartments [Member] | Presidio Landmark [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 42,790,000
Initial Cost to Company, Land and Improvements	2,060,000
Initial Cost to Company, Buildings and Improvements	92,687,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	5,264,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,068,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	97,943,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	100,011,000
Accumulated Depreciation at December 31, 2015	$ 16,224,000
Date of Construction/Acquisition	Dec. 31, 2010
Apartments [Member] | Queenswood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 28,729,000
Initial Cost to Company, Land and Improvements	321,000
Initial Cost to Company, Buildings and Improvements	39,243,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,284,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	327,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	40,521,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	40,848,000
Accumulated Depreciation at December 31, 2015	$ 18,910,000
Date of Construction/Acquisition	Dec. 31, 1990
Apartments [Member] | River Lofts at Ashton Mill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 16,695,000
Initial Cost to Company, Land and Improvements	2,885,000
Initial Cost to Company, Buildings and Improvements	33,844,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	12,601,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	3,247,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	46,083,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	49,330,000
Accumulated Depreciation at December 31, 2015	$ 11,252,000
Date of Construction/Acquisition	Dec. 31, 2005
Apartments [Member] | Sky55 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 68,388,000
Initial Cost to Company, Land and Improvements	3,965,000
Initial Cost to Company, Buildings and Improvements	80,930,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	4,037,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	4,016,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	84,916,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	88,932,000
Accumulated Depreciation at December 31, 2015	$ 22,047,000
Date of Construction/Acquisition	Dec. 31, 2006
Apartments [Member] | Stratford Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 17,661,000
Initial Cost to Company, Land and Improvements	2,813,000
Initial Cost to Company, Buildings and Improvements	27,357,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,813,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	27,357,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	30,170,000
Accumulated Depreciation at December 31, 2015	$ 875,000
Date of Construction/Acquisition	Dec. 31, 2007
Apartments [Member] | The Aster Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 8,364,000
Initial Cost to Company, Land and Improvements	487,000
Initial Cost to Company, Buildings and Improvements	9,901,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	365,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	493,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	10,260,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	10,753,000
Accumulated Depreciation at December 31, 2015	$ 1,394,000
Date of Construction/Acquisition	Dec. 31, 2012
Apartments [Member] | The Continental [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 36,852,000
Initial Cost to Company, Land and Improvements	1,586,000
Initial Cost to Company, Buildings and Improvements	48,455,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	1,012,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,586,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	49,467,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	51,053,000
Accumulated Depreciation at December 31, 2015	$ 5,193,000
Date of Construction/Acquisition	Dec. 31, 2013
Apartments [Member] | The Met [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 38,900,000
Initial Cost to Company, Land and Improvements	4,420,000
Initial Cost to Company, Buildings and Improvements	36,557,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	10,297,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	4,500,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	46,774,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	51,274,000
Accumulated Depreciation at December 31, 2015	$ 24,347,000
Date of Construction/Acquisition	Dec. 31, 1989
Apartments [Member] | The Uptown [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 128,509,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	138,710,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	699,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	954,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	138,455,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	139,409,000
Accumulated Depreciation at December 31, 2015	$ 10,163,000
Date of Construction/Acquisition	Dec. 31, 2013
Apartments [Member] | The Wilson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 12,776,000
Initial Cost to Company, Land and Improvements	2,217,000
Initial Cost to Company, Buildings and Improvements	16,565,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	3,954,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	1,937,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	20,799,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	22,736,000
Accumulated Depreciation at December 31, 2015	$ 4,579,000
Date of Construction/Acquisition	Dec. 31, 2007
Apartments [Member] | Foundry Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 44,323,000
Initial Cost to Company, Land and Improvements	2,086,000
Initial Cost to Company, Buildings and Improvements	52,806,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	6,772,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	2,096,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	59,568,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	61,664,000
Accumulated Depreciation at December 31, 2015	$ 6,659,000
Date of Construction/Acquisition	Dec. 31, 2011
Apartments [Member] | Twelve12 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 72,356,000
Initial Cost to Company, Land and Improvements	5,444,000
Initial Cost to Company, Buildings and Improvements	106,509,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	2,158,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	5,479,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	108,632,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	114,111,000
Accumulated Depreciation at December 31, 2015	$ 4,751,000
Date of Construction/Acquisition	Dec. 31, 2014
Apartments [Member] | Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 36,766,000
Initial Cost to Company, Land and Improvements	3,436,000
Initial Cost to Company, Buildings and Improvements	63,073,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	5,176,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	3,345,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	68,340,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	71,685,000
Accumulated Depreciation at December 31, 2015	$ 20,256,000
Date of Construction/Acquisition	Dec. 31, 2004
Apartments [Member] | Winchester Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 23,400,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	45,650,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	62,000
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	45,712,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	45,712,000
Accumulated Depreciation at December 31, 2015	$ 2,086,000
Date of Construction/Acquisition	Dec. 31, 2014
Land Inventory [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	$ 0
Initial Cost to Company, Land and Improvements	69,318,000
Initial Cost to Company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	69,318,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Total	69,318,000
Accumulated Depreciation at December 31, 2015	0
Land Inventory [Member] | Stapleton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	49,240,000
Initial Cost to Company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	49,240,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Total	49,240,000
Accumulated Depreciation at December 31, 2015	0
Land Inventory [Member] | Commercial Outlots [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	20,078,000
Initial Cost to Company, Buildings and Improvements	0
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	20,078,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Total	20,078,000
Accumulated Depreciation at December 31, 2015	0
Corporate and Other Equipment [Member] | Corporate Office [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	10,542,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	10,542,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	10,542,000
Accumulated Depreciation at December 31, 2015	9,601,000
Construction Projects [Member] | Miscellaneous Investments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	7,837,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	7,837,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	7,837,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | Kapolei Lofts [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	14,749,000
Initial Cost to Company, Buildings and Improvements	58,788,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	14,749,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	58,788,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	73,537,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | 1812 Ashland Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	28,167,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	35,701,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	35,701,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	35,701,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | The Bridge at Cornell Tech [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	48,552,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	48,552,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	48,552,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | B2 BKLYN [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	129,850,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	129,850,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	129,850,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | Blossom Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	9,692,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	65,831,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	65,831,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	65,831,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | Broadway and Hill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	27,129,000
Initial Cost to Company, Buildings and Improvements	33,463,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	27,129,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	33,463,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	60,592,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | Eliot on 4th [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	8,439,000
Initial Cost to Company, Buildings and Improvements	34,409,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	8,439,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	34,409,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	42,848,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | Mint Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	954,000
Initial Cost to Company, Buildings and Improvements	3,971,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	954,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	3,971,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	4,925,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | Museum Towers II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	46,124,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	46,124,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	46,124,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | The Yards - Arris [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	49,421,000
Initial Cost to Company, Land and Improvements	8,395,000
Initial Cost to Company, Buildings and Improvements	104,145,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	8,395,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	104,145,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	112,540,000
Accumulated Depreciation at December 31, 2015	0
Construction Projects [Member] | The Yards - Marina [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	1,490,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	1,490,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	1,490,000
Accumulated Depreciation at December 31, 2015	0
Development Projects [Member] | Miscellaneous Investments [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	28,557,000
Initial Cost to Company, Land and Improvements	26,173,000
Initial Cost to Company, Buildings and Improvements	68,329,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	26,173,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	68,329,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	94,502,000
Accumulated Depreciation at December 31, 2015	0
Development Projects [Member] | The Science + Technology Park at Johns Hopkins [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	5,386,000
Initial Cost to Company, Buildings and Improvements	15,983,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	5,386,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	15,983,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	21,369,000
Accumulated Depreciation at December 31, 2015	0
Development Projects [Member] | Ballston Common Mall Redevelopment [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	13,237,000
Initial Cost to Company, Buildings and Improvements	11,551,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	13,237,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	11,551,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	24,788,000
Accumulated Depreciation at December 31, 2015	0
Development Projects [Member] | 5M [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	455,000
Initial Cost to Company, Buildings and Improvements	24,718,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	455,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	24,718,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	25,173,000
Accumulated Depreciation at December 31, 2015	0
Development Projects [Member] | Pier 70 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	19,605,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	19,605,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	19,605,000
Accumulated Depreciation at December 31, 2015	0
Development Projects [Member] | The Yards [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	4,300,000
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Buildings and Improvements	65,053,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	0
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	65,053,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	65,053,000
Accumulated Depreciation at December 31, 2015	0
Development Projects [Member] | Waterfront Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	0
Initial Cost to Company, Land and Improvements	7,431,000
Initial Cost to Company, Buildings and Improvements	11,135,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	7,431,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	11,135,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	18,566,000
Accumulated Depreciation at December 31, 2015	0
Construction and Development [Member]
Real Estate and Accumulated Depreciation [Line Items]
Amount of Encumbrance at December 31,2015	120,137,000
Initial Cost to Company, Land and Improvements	112,348,000
Initial Cost to Company, Buildings and Improvements	786,535,000
Cost Capitalized Subsequent to Acquisition, Improvements and Carrying Costs	0
Gross Amount at Which Carried at Close of December 31, 2015, Land and Improvements	112,348,000
Gross Amount at Which Carried at Close of December 31, 2015, Buildings and Improvements	786,535,000
Gross Amount at Which Carried at Close of December 31, 2015, Total	898,883,000
Accumulated Depreciation at December 31, 2015	$ 0

Real Estate and Accumulated 147

Real Estate and Accumulated Depreciation (Details 1) - USD ($)	11 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Reconciliations of total real estate carrying value are as follows:
Balance at beginning of period	$ 10,026,010,000	$ 8,328,987,000	$ 8,475,571,000
Additions during period-
Improvements	471,653,000	621,127,000	399,411,000
Other additions, primarily as a result of change in accounting method of property	171,260,000	0	436,701,000
Other acquisitions	8,514,000	1,254,270,000	166,888,000
Total additions	651,427,000	1,875,397,000	1,003,000,000
Deductions during period-
Cost of real estate sold or retired	(439,130,000)	(105,927,000)	(302,181,000)
Cost of real estate in connection with disposal of partial interests	(1,180,016,000)	0	(536,255,000)
Other deductions, primarily due to impairments and as a result of change in accounting method of property	(582,720,000)	(485,115,000)	(311,148,000)
Total deductions	(2,201,866,000)	(591,042,000)	(1,149,584,000)
Balance at end of period	8,475,571,000	9,613,342,000	8,328,987,000
Reconciliations of accumulated depreciation are as follows:
Balance at beginning of period	1,654,632,000	1,555,965,000	1,469,328,000
Additions during period - Charged to profit or loss	255,824,000	241,654,000	206,041,000
Net other additions (deductions) during period - Acquisitions, retirements, sales or disposals	(441,128,000)	(63,237,000)	(119,404,000)
Balance at end of period	$ 1,469,328,000	$ 1,734,382,000	$ 1,555,965,000

Real Estate and Accumulated 148

Real Estate and Accumulated Depreciation (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Real Estate and Accumulated Depreciation (Textual) [Abstract]
Aggregate cost for federal income tax purposes	$ 8,283,343
Arena [Member]
Real Estate and Accumulated Depreciation (Textual) [Abstract]
Estimated useful life of building and improvements	34 years 6 months
Minimum [Member] | Building and Improvements (Other than Arena) [Member]
Real Estate and Accumulated Depreciation (Textual) [Abstract]
Estimated useful life of building and improvements	40 years
Minimum [Member] | Equipment and Fixtures [Member]
Real Estate and Accumulated Depreciation (Textual) [Abstract]
Estimated useful life of building and improvements	5 years
Maximum [Member] | Building and Improvements (Other than Arena) [Member]
Real Estate and Accumulated Depreciation (Textual) [Abstract]
Estimated useful life of building and improvements	50 years
Maximum [Member] | Equipment and Fixtures [Member]
Real Estate and Accumulated Depreciation (Textual) [Abstract]
Estimated useful life of building and improvements	15 years