Forest City Realty Trust (FCE-A) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Entity Registrant Name	FOREST CITY REALTY TRUST, INC.
Entity Central Index Key	1,647,509
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common stock Class A
Entity Common Stock, Shares Outstanding		241,604,186
Common stock Class B
Entity Common Stock, Shares Outstanding		18,792,687

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Real Estate
Completed rental properties	$ 7,144,094,000	$ 7,694,071,000
Projects under construction and development	858,540,000	889,618,000
Land inventory	70,320,000	69,318,000
Total Real Estate	8,072,954,000	8,653,007,000
Less accumulated depreciation	(1,455,450,000)	(1,624,920,000)
Real Estate, net – (variable interest entities $2,158.9 million and $668.9 million, respectively)	6,617,504,000	7,028,087,000
Cash and equivalents – (variable interest entities $61.7 million and $17.9 million, respectively)	290,943,000	265,677,000
Restricted cash – (variable interest entities $56.7 million and $8.0 million, respectively)	148,779,000	161,891,000
Accounts receivable, net	205,640,000	221,562,000
Notes receivable	441,875,000	154,585,000
Investments in and advances to unconsolidated entities	783,857,000	678,872,000
Other assets – (variable interest entities $75.3 million and $2.3 million, respectively)	338,215,000	402,444,000
Deferred income taxes, net	0	83,645,000
Assets held for sale	0	926,387,000
Total Assets	8,826,813,000	9,923,150,000
Liabilities
Nonrecourse mortgage debt and notes payable, net – (variable interest entities $1,268.6 million and $302.5 million, respectively)	3,620,363,000	3,955,702,000
Revolving credit facility	0	0
Convertible senior debt, net	111,838,000	267,235,000
Accounts payable, accrued expenses and other liabilities – (variable interest entities $268.8 million and $99.4 million, respectively)	787,232,000	862,817,000
Cash distributions and losses in excess of investments in unconsolidated entities	141,351,000	150,255,000
Liabilities held for sale	0	552,607,000
Total Liabilities	4,660,784,000	5,788,616,000
Redeemable Noncontrolling Interest	0	159,978,000
Commitments and Contingencies	0	0
Shareholders' Equity
Preferred stock – $.01 par value, respectively; 20,000,000 shares authorized, no shares issued	0	0
Common stock – $.01 par value
Common stock	2,584,000	2,577,000
Additional paid-in capital	2,474,020,000	2,524,420,000
Retained earnings	1,261,687,000	1,059,240,000
Shareholders' equity before accumulated other comprehensive loss	3,738,291,000	3,586,237,000
Accumulated other comprehensive loss	(65,749,000)	(67,905,000)
Total Shareholders' Equity	3,672,542,000	3,518,332,000
Noncontrolling interest	493,487,000	456,224,000
Total Equity	4,166,029,000	3,974,556,000
Total Liabilities and Equity	8,826,813,000	9,923,150,000
Common stock Class A
Common stock – $.01 par value
Common stock	2,396,000	2,389,000
Total Equity	2,396,000	2,389,000
Common stock Class B
Common stock – $.01 par value
Common stock	188,000	188,000
Total Equity	$ 188,000	$ 188,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate, net	$ 6,617,504	$ 7,028,087
Cash and equivalents	290,943	265,677
Restricted cash	148,779	161,891
Other assets	338,215	402,444
Nonrecourse mortgage debt and notes payable, net	3,620,363	3,955,702
Accounts payable, accrued expenses and other liabilities	$ 787,232	$ 862,817
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Variable interest entities
Real Estate, net	$ 2,158,900	$ 668,900
Cash and equivalents	61,700	17,900
Restricted cash	56,700	8,000
Other assets	75,300	2,300
Nonrecourse mortgage debt and notes payable, net	1,268,600	302,500
Accounts payable, accrued expenses and other liabilities	$ 268,800	$ 99,400
Common stock Class A
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	371,000,000	371,000,000
Common stock, shares issued	239,592,160	238,949,141
Common stock, shares outstanding	239,592,160	238,949,141
Common stock Class B
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	56,000,000	56,000,000
Common stock, shares issued	18,792,687	18,805,285
Common stock, shares outstanding	18,792,687	18,805,285
Common stock, shares issuable	26,257,961	26,257,961

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental	$ 163,183,000	$ 141,106,000
Tenant recoveries	31,590,000	30,725,000
Service and management fees	8,682,000	9,620,000
Parking and other	15,357,000	11,876,000
Land sales	3,933,000	8,663,000
Military Housing	3,518,000	6,272,000
Total revenues	226,263,000	208,262,000
Expenses
Property operating and management	91,380,000	93,018,000
Real estate taxes	24,466,000	20,788,000
Ground rent	3,639,000	2,628,000
Cost of land sales	340,000	2,311,000
Military Housing operating	2,730,000	2,225,000
Corporate general and administrative	15,652,000	13,503,000
REIT conversion and reorganization costs	8,720,000	6,212,000
Total operating expenses	146,927,000	140,685,000
Depreciation and amortization	63,211,000	53,024,000
Impairment of real estate	12,464,000	0
Total expenses	222,602,000	193,709,000
Operating income	3,661,000	14,553,000
Interest and other income	9,654,000	9,704,000
Interest expense	(34,635,000)	(42,468,000)
Amortization of mortgage procurement costs	(1,665,000)	(2,101,000)
Loss on extinguishment of debt	(29,084,000)	(35,154,000)
Loss before income taxes and earnings from unconsolidated entities	(52,069,000)	(55,466,000)
Earnings from unconsolidated entities	10,536,000	10,115,000
Loss before income taxes	(41,533,000)	(45,351,000)
Income tax expense (benefit) of taxable REIT subsidiaries (2016)
Current	922,000	(735,000)
Deferred	528,000	3,819,000
Total income tax expense (benefit)	1,450,000	3,084,000
Loss before gains on disposal of real estate	(42,983,000)	(48,435,000)
Net gain on disposition of interest in development project	136,117,000	0
Net gain on disposition of full or partial interest in rental properties, net of tax	89,641,000	0
Earnings (loss) from continuing operations	182,775,000	(48,435,000)
Discontinued operations, net of tax:
Operating loss from rental properties	(1,126,000)	(8,078,000)
Gain on disposition of disposal group	64,553,000	0
Equity in earnings (loss)	(822,000)	(491,000)
Earnings (loss) from discontinued operations	62,605,000	(8,569,000)
Net earnings (loss)	245,380,000	(57,004,000)
Noncontrolling interests
Earnings from continuing operations attributable to noncontrolling interests, gross of tax	(2,121,000)	(2,193,000)
Loss from discontinued operations attributable to noncontrolling interests	776,000	4,988,000
(Earnings) loss attributable to noncontrolling interests	(1,345,000)	2,795,000
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	$ 244,035,000	$ (54,209,000)
Basic earnings (loss) per common share
Earnings (loss) from continuing operations attributable to common shareholders	$ 0.69	$ (0.25)
Earnings (loss) from discontinued operations attributable to common shareholders	0.24	(0.02)
Net earnings (loss) attributable to common shareholders	0.93	(0.27)
Diluted earnings (loss) per common share
Earnings (loss) from continuing operations attributable to common shareholders	0.68	(0.25)
Earnings (loss) from discontinued operations attributable to common shareholders	0.24	(0.02)
Net earnings (loss) attributable to common shareholders	$ 0.92	$ (0.27)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 245,380	$ (57,004)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments (net of tax of $0 and $30, respectively)	84	(48)
Unrealized net gains on interest rate derivative contracts (net of tax of $0 and $(964), respectively)	2,076	1,525
Total other comprehensive income, net of tax	2,160	1,477
Comprehensive income (loss)	247,540	(55,527)
Comprehensive (income) loss attributable to noncontrolling interest	(1,349)	2,792
Total comprehensive income (loss) attributable to Forest City Realty Trust, Inc.	$ 246,191	$ (52,735)

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Tax amount related to foreign currency translation adjustments	$ 0	$ 30,000
Tax amount related to unrealized net gains on interest rate derivative contracts	$ 0	$ (964,000)

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Additional Paid-in Capital [Member]	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest	Common stock Class A	Common stock Class B	Additional Paid-in Capital [Member]
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	$ 60,286,000	$ 6,403,000
Balance, Shares at Dec. 31, 2014				1,095,000			180,859,000	19,209,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings, net of amounts attributable to redeemable noncontrolling interest	509,300,000		496,042,000			13,258,000
Other comprehensive income, net of tax	(9,043,000)				(9,059,000)	16,000
Issuance of Class A shares in equity offering	806,500,000	794,042,000					$ 12,458,000
Issuance of Class A shares in equity offering, shares							37,375,000
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	(5,543,000)			$ (5,543,000)
Purchase of treasury stock, Shares				223,000
Conversion of Class B to Class A shares	0						$ 135,000	$ (135,000)
Conversion of Class B to Class A shares, Shares							404,000	(404,000)
Proceeds and Class A shares received from termination of Convertible Senior Notes hedge,	17,818,000	24,321,000		$ (6,503,000)
Proceeds and Class A shares received from termination of Convertible Senior Notes hedge, shares				258,000
Issuance of Class A shares in exchange for Convertible Senior Notes	410,580,000	403,924,000					$ 6,656,000
Issuance of Class A shares in exchange for Convertible Senior Notes, Shares							19,967,000
Restricted stock and performance shares vested	0	(253,000)					$ 253,000
Restricted stock and performance shares vested, Shares							810,000
Repurchase of Class A common shares	(579,000)	(579,000)
Repurchase of Class A common shares, Shares							(26,000)
Exercise of stock options	(48,000)	(2,079,000)		$ 2,031,000
Exercise of stock options and write-off of deferred tax asset related to expired stock options, shares				(104,000)
Stock-based compensation	31,835,000	31,835,000
Exchange of 2006 Class A Common Units for Class A common shares	0	52,319,000				(52,663,000)	$ 344,000
Exchange of 2006 Class A Common Units for Class A common shares, shares							1,032,000
Acquisition of partners' 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	0	(28,446,000)		$ 28,937,000			$ (491,000)
Retirement of Treasury Stock, shares				(1,472,000)			(1,472,000)
Balance at Dec. 31, 2015	3,974,556,000	2,524,420,000	1,059,240,000	$ 0	(67,905,000)	456,224,000	$ 2,389,000	$ 188,000
Balance, Shares at Dec. 31, 2015				0			238,949,000	18,805,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings, net of amounts attributable to redeemable noncontrolling interest	246,156,000		244,035,000			2,121,000
Other comprehensive income, net of tax	2,160,000				2,156,000	4,000
Common Stock Dividends	(41,588,000)		(41,588,000)
Conversion of Class B to Class A shares	0						$ 0	$ 0
Conversion of Class B to Class A shares, Shares							12,000	(12,000)
Issuance of Class A shares in exchange for Convertible Senior Notes	186,000	186,000					$ 0
Issuance of Class A shares in exchange for Convertible Senior Notes, Shares							9,000
Restricted stock and performance shares vested	0	(8,000)					$ 8,000
Restricted stock and performance shares vested, Shares							756,000
Repurchase of Class A common shares	$ (4,319,000)	(4,317,000)					$ (2,000)
Repurchase of Class A common shares, Shares	220,860						(220,000)
Exercise of stock options	$ 1,103,000	1,102,000					$ 1,000
Exercise of stock options and write-off of deferred tax asset related to expired stock options, shares							86,000
Stock-based compensation	7,991,000	7,991,000
Acquisition of partners' noncontrolling interest in consolidated subsidiaries	(35,741,000)	(55,354,000)				19,613,000
Contributions from noncontrolling interests	19,675,000					19,675,000
Distributions to noncontrolling interests	(4,150,000)					(4,150,000)
Balance at Mar. 31, 2016	$ 4,166,029,000	$ 2,474,020,000	$ 1,261,687,000	$ 0	$ (65,749,000)	$ 493,487,000	$ 2,396,000	$ 188,000
Balance, Shares at Mar. 31, 2016				0			239,592,000	18,793,000

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parenthetical) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Noncontrolling Interest
Net earnings (loss) attributable to redeemable noncontrolling interest	$ (776)	$ (16,962)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net earnings (loss)	$ 245,380,000	$ (57,004,000)
Depreciation and amortization	63,211,000	53,024,000
Amortization of mortgage procurement costs	1,665,000	2,101,000
Impairment of real estate	12,464,000	0
Loss on extinguishment of debt	29,084,000	35,154,000
Net gain on disposition of interest in development project	(136,117,000)	0
Net gain on disposition of full or partial interest in rental properties, net of tax	(89,641,000)	0
Deferred income tax expense	528,000	3,819,000
Earnings from unconsolidated entities	(10,536,000)	(10,115,000)
Stock-based compensation expense	6,160,000	5,255,000
Amortization and mark-to-market adjustments of derivative instruments	2,286,000	(2,182,000)
Cash distributions from operations of unconsolidated entities	11,820,000	11,078,000
Non-cash operating expenses and deferred taxes included in discontinued operations	(309,000)	7,530,000
Loss from unconsolidated entities included in discontinued operations	1,400,000	802,000
Gain on disposition of disposal group included in discontinued operations, net of tax	(64,553,000)	0
(Increase) decrease in land inventory	(1,134,000)	666,000
Increase in notes and accounts receivable	(12,860,000)	(11,000,000)
Increase in other assets	800,000	(3,777,000)
Decrease in accounts payable, accrued expenses and other liabilities	(68,698,000)	(22,359,000)
Net cash (used in) provided by operating activities	(9,050,000)	12,992,000
Cash Flows from Investing Activities
Capital expenditures	(166,303,000)	(72,337,000)
Capital expenditures of assets included in discontinued operations	(690,000)	(2,652,000)
Acquisition	0	(11,119,000)
Payment of lease procurement costs	(1,373,000)	(2,930,000)
Increase in notes receivable	(4,407,000)	(8,722,000)
Decrease in restricted cash used for investing purposes	10,974,000	15,973,000
Cash held at Arena upon disposition	(28,041,000)	0
Proceeds from disposition of rental properties or development project	496,040,000	1,400,000
Contributions to investments in and advances to unconsolidated entities	(51,867,000)	(43,140,000)
Distributions from investments in and advances to unconsolidated entities	0	4,000,000
Net cash provided by (used in) investing activities	254,333,000	(119,527,000)
Cash Flows from Financing Activities
Proceeds from nonrecourse mortgage debt and notes payable	51,533,000	6,260,000
Principal payments on nonrecourse mortgage debt and notes payable	(45,952,000)	(78,297,000)
Borrowings on revolving credit facility	0	65,950,000
Payments on revolving credit facility	0	(6,000,000)
Redemption of Senior Notes due 2018 & 2020	(157,644,000)	0
Payments to noteholders related to exchange of convertible senior notes	(24,376,000)	(37,752,000)
Transaction costs related to exchange of convertible senior notes	(2,460,000)	(4,675,000)
Proceeds received from termination of convertible senior note hedge	0	17,818,000
Payment of deferred financing costs	(1,223,000)	(2,988,000)
Repurchase of Class A common shares	(4,319,000)	(588,000)
Exercise of stock options	1,103,000	0
Dividends paid to shareholders	(41,588,000)	0
Acquisitions of noncontrolling interests	(38,951,000)	(308,000)
Contributions from noncontrolling interests	19,657,000	16,055,000
Distributions to noncontrolling interests	(3,840,000)	(4,553,000)
Net cash used in financing activities	(248,060,000)	(29,078,000)
Net decrease in cash and equivalents	(2,777,000)	(135,613,000)
Cash and equivalents at beginning of period	293,720,000	326,518,000
Cash and equivalents at end of period	$ 290,943,000	$ 190,905,000

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Accounting Policies	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 $8.8 billion of consolidated assets in 20 states and the District of Columbia at March 31, 2016 . 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. Basis of Presentation The interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and related notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 . The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In management’s opinion, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of financial position, results of operations and cash flows as of and for the periods presented have been included. 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 real estate investment trust (“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 Form 10-Q, 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 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 March 31, 2016, 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 primary non-REIT qualified businesses held in TRSs include the Land Development Group, Barclays Center arena (sold in January 2016) and the Brooklyn Nets (the “Nets”), a member of the National Basketball Association (“NBA”) (sold in January 2016), 461 Dean Street (B2 BKLYN), an apartment building under construction in Brooklyn, New York , military housing operations (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. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 include, but are not limited to, determination of the primary beneficiary of variable interest entities (“VIEs”), estimates of useful lives for long-lived assets, reserves for collection on accounts and notes receivable, 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. Variable Interest Entities As of March 31, 2016 , the Company determined it was the primary beneficiary of 50 VIEs representing 39 consolidated properties. The creditors of the consolidated VIEs do not have recourse to the Company’s general credit. As of March 31, 2016 , the Company determined it was not the primary beneficiary of 59 VIEs and accounts for these interests as equity method investments. The maximum exposure to loss of these unconsolidated VIEs is limited to $376,000,000 , the Company’s investment balances as of March 31, 2016 . The increase in the number of VIEs along with the increase in the VIE assets and liabilities disclosed on the Consolidated Balance Sheet relate to the adoption of the new consolidation accounting guidance. Prior year VIE disclosures on the Consolidated Balance Sheet were not required to be adjusted. See New Accounting Guidance section for more information. Reclassifications At March 31, 2016, the Company established two new financial statement line items on the Consolidated Balance Sheet, “Accounts receivable, net” and “Notes receivable”, to report accounts receivable and notes receivable in separate line items. Previously accounts receivable and notes receivable were reported together in the “Notes and accounts receivable, net” financial statement line item. Prior year’s amounts have been reclassified to conform to the current year’s presentation. Certain prior year amounts related to discontinued operations in the accompanying consolidated financial statements have been reclassified to conform to the current year’s presentation. New Accounting Guidance The following accounting pronouncements were adopted during the three months ended March 31, 2016 : 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. As a result of the adoption of this guidance on January 1, 2016, there were no changes to the consolidation conclusions of any of our subsidiaries, although 27 additional entities were determined to now be VIEs in accordance with the new accounting guidance. 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. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2015. As a result of the adoption of this guidance on January 1, 2016, the Company reclassified $47,748,000 of mortgage procurement costs from other assets to nonrecourse mortgage debt and notes payable, net and $3,771,000 of procurement costs from other assets to convertible senior debt, net on the December 31, 2015 Consolidated Balance Sheet. In addition, the Company reclassified $18,340,000 of mortgage procurement costs from assets held for sale to liabilities held for sale on the December 31, 2015 Consolidated Balance Sheet. 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. In February 2016, the FASB issued an amendment to the accounting guidance on leases. This guidance sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the Company’s consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The new guidance supersedes the previous leases accounting standard. The guidance is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In March 2016, the FASB issued an Accounting Standards Update to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adopting this guidance on its consolidated financial statements. Related Party Transactions 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 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. In connection with the Master Contribution Agreement, the parties entered into the Tax Protection Agreement (the “Tax Protection 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. As a result of the January 2016 sale of 625 Fulton Avenue , a development site in Brooklyn, New York, the Company accrued $6,238,000 during the three months ended March 31, 2016 related to a tax indemnity payment due to the BCR Entities in accordance with the terms of the Tax Protection Agreement. The amount is expected to be paid in quarterly installments during the year ending December 31, 2016 and the first quarter of 2017. The Company paid the first installment of $1,560,000 in April 2016. During 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, a regional mall in Yonkers, New York, as certain milestones had been reached in the development and operation of the property. The entire amount was included in accounts payable, accrued expenses and other liabilities at December 31, 2015 and was paid in January 2016. Accumulated Other Comprehensive Loss The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”): March 31, 2016 December 31, 2015 (in thousands) Unrealized losses on foreign currency translation $ 11 $ 95 Unrealized losses on interest rate derivative contracts (1) 65,812 67,888 65,823 67,983 Noncontrolling interest (74 ) (78 ) Accumulated Other Comprehensive Loss $ 65,749 $ 67,905 (1) Included in the amounts as of March 31, 2016 and December 31, 2015 are $43,519 and $48,002 , 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. The following table summarizes the changes, net of tax and noncontrolling interest, of accumulated OCI by component: Foreign Currency Translation Interest Rate Contracts Total (in thousands) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ (95 ) $ (67,810 ) $ (67,905 ) Gain (loss) recognized in accumulated OCI 84 (8,085 ) (8,001 ) Loss reclassified from accumulated OCI — 10,157 10,157 Total other comprehensive income 84 2,072 2,156 Balance, March 31, 2016 $ (11 ) $ (65,738 ) $ (65,749 ) Three Months Ended March 31, 2015 Balance, January 1, 2015 $ (84 ) $ (58,762 ) $ (58,846 ) Loss recognized in accumulated OCI (48 ) (4,574 ) (4,622 ) Loss reclassified from accumulated OCI — 6,096 6,096 Total other comprehensive income (48 ) 1,522 1,474 Balance, March 31, 2015 $ (132 ) $ (57,240 ) $ (57,372 ) 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) Three Months Ended March 31, 2016 Interest rate contracts $ 9,233 Interest expense Interest rate contracts 113 Net gain on disposition of full or partial interest in rental properties Interest rate contracts 815 Earnings from unconsolidated entities 10,161 Total before income tax and noncontrolling interest (4 ) Noncontrolling interest $ 10,157 Loss reclassified from accumulated OCI Three Months Ended March 31, 2015 Interest rate contracts $ 8,971 Interest expense Interest rate contracts 991 Earnings from unconsolidated entities 9,962 Total before income tax and noncontrolling interest (3,862 ) Income tax benefit (4 ) Noncontrolling interest $ 6,096 Loss reclassified from accumulated OCI Noncontrolling Interest The Company owned an equity interest in Barclays Center arena and the Brooklyn Nets (the “Nets”), a member of the National Basketball Association (“NBA”), through the Company’s consolidated subsidiary Nets Sports & Entertainment (“NS&E”). During the three months ended March 31, 2016, subsequent to the sale of Barclays Center and the Nets, the Company purchased NS&E’s partner’s interest for $38,951,000 . This cash payment together with the partner’s historical debit noncontrolling interest balance resulted in a decrease to additional paid-in capital as reflected on the Consolidated Statement of Equity. REIT Conversion and Reorganization Costs The following table summarizes the components of REIT conversion and reorganization costs: Three Months Ended March 31, 2016 2015 (in thousands) REIT conversion costs $ 772 $ 2,350 Reorganization costs 2,997 3,862 Termination benefits 4,951 — Total $ 8,720 $ 6,212 During the three months ended March 31, 2016 and 2015 , the Company incurred costs associated with its REIT conversion and related internal reorganization consisting primarily of legal, accounting, consulting and other professional fees. These costs have been segregated and are included in REIT conversion and reorganization costs in the Consolidated Statements of Operations. The Company experienced a workplace reduction as a result of reorganization efforts during the three months ended March 31, 2016 and the year ended December 31, 2015. As a result, termination benefits expenses (outplacement and severance) are included in REIT conversion and reorganization costs in the Consolidated Statements of Operations and reported in the Corporate Activities segment. The following table summarizes the activity in the accrued severance balance for termination costs: Three Months Ended March 31, 2016 (in thousands) Accrued severance benefits, beginning balance $ 16,338 Termination benefits expense 4,951 Payments (9,567 ) Accrued severance benefits, ending balance $ 11,722 Supplemental Non-Cash Disclosures The following table summarizes the impact to the applicable balance sheet line items as a result of various non-cash transactions. Non-cash transactions primarily include dispositions of operating properties whereby the nonrecourse mortgage debt is assumed by the buyer, acquisition of rental properties, exchanges of senior notes for Class A common stock, changes in consolidation methods of fully consolidated properties due to the occurrence of triggering events including, but not limited to, disposition of a partial interest in rental properties or development project, change in construction payables and other capital expenditures, notes receivable from the sale of rental properties or development project, redemption of redeemable noncontrolling interest, adoption of new accounting guidance for debt issuance costs and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate. Three Months Ended March 31, 2016 2015 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ (5,866 ) $ 12,577 Completed rental properties (1,139,144 ) 33,486 Restricted cash (12,265 ) — Notes receivable 275,700 — Investments in and advances to affiliates - due to dispositions or change in control 96,843 — Investments in and advances to affiliates - other activity (3,136 ) 12,921 Total non-cash effect on investing activities $ (787,868 ) $ 58,984 Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (799,156 ) $ 36,276 Convertible senior debt, net (125 ) (286,196 ) Class A common stock — 4,548 Additional paid-in capital (14,387 ) 285,391 Treasury stock — (6,503 ) Redeemable noncontrolling interest (159,202 ) — Noncontrolling interest 19,344 (532 ) Total non-cash effect on financing activities $ (953,526 ) $ 32,984

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2016
Notes Receivable [Abstract]
Notes receivables	Notes Receivable The following table summarizes the components of the Company’s interest bearing notes receivable: March 31, 2016 December 31, 2015 Date of Maturity (in thousands) Stapleton Advances $ 141,005 $ 133,421 various The Nets sale 125,100 — January 2021 Barclays Center sale 92,600 — January 2019 625 Fulton Avenue development site sale 58,000 — April/May 2016 Other 25,170 21,164 various Total $ 441,875 $ 154,585 See Note N – Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax for additional information on the Nets and Barclays Center sales, and Note M – Net Gain on Disposition of Interest in Development Project for additional information on the 625 Fulton Avenue development site sale.

Nonrecourse Mortgage Debt and N

Nonrecourse Mortgage Debt and Notes Payable, Net	3 Months Ended
	Mar. 31, 2016
Nonrecourse Mortgage Debt and Notes Payable, Net [Abstract]
Nonrecourse Mortgage Debt and Notes Payable, Net	Nonrecourse Mortgage Debt and Notes Payable, Net The following table summarizes the nonrecourse mortgage debt and notes payable, net maturities as of March 31, 2016 : Years Ending December 31, (in thousands) 2016 $ 175,417 2017 952,280 2018 447,868 2019 361,491 2020 160,911 Thereafter 1,566,323 3,664,290 Net unamortized mortgage procurement costs (43,927 ) Total $ 3,620,363

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility In November 2015, the Company entered into a Credit Agreement 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 Agreement 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”) ( 0.44% at March 31, 2016 ) plus a margin of 1.15% - 1.85% ( 1.30% at March 31, 2016 ) or the Prime Rate ( 3.50% at March 31, 2016 ) plus a margin of 0.15% - 0.85% ( 0.30% at March 31, 2016 ). In addition, the Credit Agreement is subject to an annual facility fee of 0.20% - 0.35% ( 0.30% at March 31, 2016 ) of total available borrowings. Up to $150,000,000 of the available borrowings can be used for letters of credit. The applicable margins and annual facility fee are based on the Company’s total leverage ratio. The Credit Agreement 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 Agreement 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 Agreement). At March 31, 2016 , the Company was in compliance with all of these financial covenants. As of March 31, 2016 and December 31, 2015, unamortized debt issuance costs related to the Credit Agreement of $2,964,000 and $3,177,000 , respectively are included in other assets on the Consolidated Balance Sheets. The following table summarizes available credit on the Credit Agreement: March 31, 2016 December 31, 2015 (in thousands) Maximum borrowings $ 500,000 $ 500,000 Less outstanding balances: Borrowings — — Letters of credit 60,845 59,800 Available credit $ 439,155 $ 440,200

Convertible Senior Debt, Net

Convertible Senior Debt, Net	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Convertible Senior Debt, Net	Convertible Senior Debt, Net The following table summarizes the convertible senior debt, net: March 31, 2016 December 31, 2015 (in thousands) 5.000% Notes due 2016 $ — $ 125 4.250% Notes due 2018 73,216 154,526 3.625% Notes due 2020 40,021 116,355 113,237 271,006 Net unamortized debt procurement costs (1,399 ) (3,771 ) Total $ 111,838 $ 267,235 During the three months ended March 31, 2016 and 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 either shares of Class A common stock, cash payments or a combination of both. 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. The following table summarizes convertible senior debt transactions completed during the three months ended March 31, 2016 and 2015 : Agreement Date Issuance Aggregate Principal Class A Common Shares Issued Cash Payments to Noteholders Loss on Extinguishment (in thousands, except share data) First Quarter-2016 January 20, 2016 2016 Senior Notes $ 125 9,298 $ — $ 59 March 14, 2016 2018 Senior Notes 77,310 — 90,958 15,370 March 17, 2016 2018 Senior Notes 4,000 — 4,707 795 March 14, 2016 2020 Senior Notes 76,334 — 86,858 12,823 Total First Quarter-2016 $ 157,769 9,298 $ 182,523 $ 29,047 First Quarter-2015 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 Total First Quarter-2015 $ 288,806 13,644,513 $ 39,087 $ 35,142 During 2009, 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. Under the accounting guidance, the total consideration received was recorded as an increase to additional paid in capital. 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 Agreement 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.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
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 caps 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. Interest rate swaps are generally for periods of one to ten years. Interest rate caps are generally for periods of one to three years. The use of interest rate caps is consistent with the Company’s risk management objective to reduce or eliminate exposure to variability in future cash flows primarily attributable to increases in interest rates 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 is recognized directly in earnings. Ineffectiveness was insignificant during the three months ended March 31, 2016 and 2015 . As of March 31, 2016 , the Company expects it will reclassify amounts recorded in accumulated OCI into earnings as an increase in interest expense of approximately $37,826,000 within the next twelve months. However, the actual amount reclassified could vary due to future changes in the 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. The TROR requires the payment of a variable interest rate, generally equivalent to the Securities Industry and Financial Markets Association (“SIFMA”) rate ( 0.40% at March 31, 2016 ) 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 March 31, 2016 , 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 undesignated TROR where the associated debt is held by an unconsolidated affiliate or unrelated third parties. The change in fair value of these TROR is recognized in earnings. At March 31, 2016 , the aggregate notional amount of these TROR is $138,770,000 . 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 disclosure in an effort to provide information that enables 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 March 31, 2016 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 swaps $ — $ — $ 734,059 $ 47,650 TROR 254,200 7,541 217,785 11,280 Total $ 254,200 $ 7,541 $ 951,844 $ 58,930 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 101,037 6,353 37,733 15,728 Total $ 170,555 $ 6,353 $ 37,733 $ 15,728 December 31, 2015 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 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: 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) Three Months Ended March 31, 2016 Interest rate caps and interest rate swaps $ (8,085 ) Interest expense $ (9,214 ) $ (19 ) Net gain on disposition of full or partial interest in rental properties, net of tax (113 ) — Earnings from unconsolidated entities (815 ) — Total $ (8,085 ) $ (10,142 ) $ (19 ) Three Months Ended March 31, 2015 Interest rate caps and interest rate swaps $ (7,472 ) Interest expense $ (8,957 ) $ (14 ) Earnings from unconsolidated entities (990 ) (1 ) Total $ (7,472 ) $ (9,947 ) $ (15 ) 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 Three Months Ended March 31, 2016 2015 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ (929 ) $ 1,408 Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ (94 ) $ (11 ) TROR (1,400 ) 2,727 Total $ (1,494 ) $ 2,716 (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $929 and $(1,408) for the three months ended March 31, 2016 and 2015 , 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 Agreement 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 March 31, 2016 , 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 March 31, 2016 : 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 $ 734,059 $ 49,198 $ (1,548 ) $ — Mortgage liens None TROR 255,518 29,976 32 59,075 Restricted cash, notes receivable, letters of credit None Total $ 989,577 $ 79,174 $ (1,516 ) $ 59,075

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Measurements 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 nonrecourse mortgage debt and notes payable, net. The following table summarizes information about financial assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: March 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (liabilities) $ — $ (47,650 ) $ — $ (47,650 ) TROR (assets) — — 13,894 13,894 TROR (liabilities) — — (27,008 ) (27,008 ) Fair value adjustment to the borrowings subject to TROR — — 3,739 3,739 Total $ — $ (47,650 ) $ (9,375 ) $ (57,025 ) December 31, 2015 (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 Total $ — $ (49,583 ) $ (7,975 ) $ (57,558 ) The following table presents a reconciliation of financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Interest Rate Swaps Net TROR Fair value adjustment to the borrowings subject to TROR Total TROR Related Total (in thousands) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ — $ (10,785 ) $ 2,810 $ (7,975 ) $ (7,975 ) Total realized and unrealized gains (losses): Included in earnings — (2,329 ) 929 (1,400 ) (1,400 ) Balance, March 31, 2016 $ — $ (13,114 ) $ 3,739 $ (9,375 ) $ (9,375 ) Three Months Ended March 31, 2015 Balance, January 1, 2015 $ (73,536 ) $ (18,845 ) $ 5,604 $ (13,241 ) $ (86,777 ) Total realized and unrealized gains (losses): Included in earnings — 4,135 (1,408 ) 2,727 2,727 Included in other comprehensive income 3,521 — — — 3,521 Balance, March 31, 2015 $ (70,015 ) $ (14,710 ) $ 4,196 $ (10,514 ) $ (80,529 ) 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 March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value March 31, 2016 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (13,114 ) Third party bond pricing Bond valuation 77.55 - 115.78 Fair value adjustment to the borrowings subject to TROR $ 3,739 Third party bond pricing Bond valuation 77.55 - 115.78 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 accounts receivable and accounts payable, accrued expenses and other liabilities approximates fair value based upon the short-term nature of the instruments. The carrying amount of notes receivable approximates fair value since the interest rates on these notes approximates current market rates for similar instruments when considering the risk profile and quality of the collateral, if applicable. 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, net, including balances classified as held for sale (exclusive of the fair value of derivatives) and convertible senior debt, net: March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 3,620,363 $ 3,672,378 $ 4,395,107 $ 4,622,934 Convertible senior debt, net 111,838 121,281 267,235 296,554 Total $ 3,732,201 $ 3,793,659 $ 4,662,342 $ 4,919,488

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Capital Stock	Capital Stock During the three months ended March 31, 2016 , the Company entered into a privately negotiated exchange agreement to exchange the remaining $125,000 of the 2016 Senior Notes for 9,298 shares of Class A common stock. During the three months ended March 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 and received shares of Class A common stock in connection with the termination of a convertible note hedge related to the 2016 Senior Notes. See Note E – Convertible Senior Debt, Net for detailed information.

Dividends

Dividends	3 Months Ended
	Mar. 31, 2016
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 estimated 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 of $25,992,000 together with the first-quarter 2016 cash dividend of $15,596,000 were paid entirely in cash on March 18, 2016, to shareholders of record at the close of business on March 4, 2016.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the three months ended March 31, 2016 , the Company granted 25,020 stock options, 637,975 shares of restricted stock and 274,630 performance shares under the Company’s 1994 Stock Plan. The stock options had a grant-date fair value of $5.00 , which was computed using the Black-Scholes option-pricing model using the following assumptions: expected term of 5.5 years , expected volatility of 26.6% , risk-free interest rate of 1.41% , and expected dividend yield of 1.04% . The exercise price of the options is $20.94 , the closing price of the underlying Class A common stock on the date of grant. The restricted stock had a grant-date fair value of $20.94 per share, the closing price of the Class A common stock on the date of grant. The performance shares had a grant-date fair value of $17.27 per share, which was computed using a Monte Carlo simulation. At March 31, 2016 , $1,233,000 of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 19 months , $25,630,000 of unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 27 months , and $16,180,000 of unrecognized compensation cost related to performance shares is expected to be recognized over a weighted-average period of 24 months . The following table summarizes stock-based compensation costs and related deferred income tax benefit recognized in the financial statements: Three Months Ended March 31, 2016 2015 (in thousands) Stock option costs $ 297 $ 653 Restricted stock costs 5,548 5,004 Performance share costs 2,146 1,260 Total stock-based compensation costs 7,991 6,917 Less amount capitalized into qualifying real estate projects (1,831 ) (1,662 ) Amount charged to operating expenses 6,160 5,255 Depreciation expense on capitalized stock-based compensation 202 226 Total stock-based compensation expense $ 6,362 $ 5,481 Deferred income tax benefit $ 189 $ 2,073 The amount of grant-date fair value expensed immediately for awards granted to retirement-eligible grantees during the three months ended March 31, 2016 and 2015 was $1,166,000 and $1,926,000 , respectively. In connection with the vesting of restricted stock and performance shares during the three months ended March 31, 2016 and 2015 , the Company repurchased 220,860 shares and 25,302 shares, respectively, of Class A common stock to satisfy the employees’ related minimum statutory tax withholding requirements. During the three months ended March 31, 2016 , shares repurchased were returned to unissued shares with an aggregate cost basis of $4,319,000 . Shares repurchased during the three months ended March 31, 2015 were placed in treasury with an aggregate cost basis of $588,000 .

Write-Offs of Abandoned Develop

Write-Offs of Abandoned Development Projects	3 Months Ended
	Mar. 31, 2016
Write-Offs of Abandoned Development Projects [Abstract]
Write-Offs of Abandoned Development Projects [Text Block]	Write-Offs of Abandoned Development Projects 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. The Company recorded no write-offs of abandoned development projects during the three months ended March 31, 2016 and 2015 , respectively.

Impairment of Real Estate and I

Impairment of Real Estate and Impairment of Unconsolidated Entities	3 Months Ended
	Mar. 31, 2016
Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]
Impairment of Real Estate and Impairment of Unconsolidated Entities	Impairment of Real Estate and Impairment of Unconsolidated Entities Impairment of Real Estate The Company reviews its real estate for impairment whenever events or changes indicate its carrying value may not be recoverable. In determining whether the carrying costs are recoverable from estimated future undiscounted cash flows, the Company uses various assumptions including future estimated net operating income, estimated holding periods, risk of foreclosure and estimated cash proceeds upon the disposition of the asset. If the carrying costs are not recoverable, the Company records an impairment charge to reduce the carrying value to estimated fair value. The assumptions used to estimate fair value, which are based on current information, are Level 2 or 3 inputs. If the conditions deteriorate or if plans regarding the assets change, additional impairment charges may occur in future periods. The following table summarizes the Company’s impairment of real estate included in continuing operations: Three Months Ended March 31, 2016 2015 (in thousands) Shops at Wiregrass (Regional Mall) Tampa, Florida $ 12,464 $ — During the year ended December 31, 2015, the Company decided to pursue the partial sale, through joint ventures, of three of its consolidated regional malls, including Shops at Wiregrass . At March 31, 2016, negotiations and buyer due diligence were substantially complete and closing of the transaction remained subject to receipt of a third party consent. The advanced status of the transaction triggered management to update its undiscounted cash flow analysis including its probability weighted estimated holding period. As a result, the estimated probability weighted undiscounted cash flows no longer exceed the carrying value, requiring the Company to adjust the carrying value to its estimated fair value. Impairment of Real Estate - 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 for the three months ended March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) March 31, 2016 Impairment of real estate $ 133,997 Indicative bid Indicative bid N/A (1) (1) This fair value measurement was derived from a bona fide purchase offer from a third party prospective buyer, subject to the Company’s corroboration for reasonableness. 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. An equity method investment’s value is impaired if management’s estimate of its fair value is less than the carrying value and the difference is deemed to be other-than-temporary. In estimating fair value, assumptions that may be used include comparable sale prices, market discount rates, market capitalization rates and estimated future discounted cash flows specific to the geographic region and property type, all of which are considered Level 3 inputs. For recently opened properties, assumptions also include the timing of initial property lease up. In the event initial property lease up assumptions differ from actual results, estimated future discounted cash flows may vary, resulting in impairment charges in future periods. There were no impairments of unconsolidated entities recorded during the three months ended March 31, 2016 and 2015 .

Net Gain on Disposition of Inte

Net Gain on Disposition of Interest in Development Project	3 Months Ended
	Mar. 31, 2016
Net Gain on Disposition of Development Project [Abstract]
Net Gain on Disposition of Interest in Development Project	Net Gain on Disposition of Interest in Development Project On January 14, 2016, the Company completed the sale of 625 Fulton Avenue , a development site in Brooklyn, New York. The transaction resulted in net cash proceeds of $151,776,000 , of which $93,776,000 was received at closing. The remaining sales proceeds are recorded as a note receivable at March 31, 2016, which bears interest of 0.75% per annum from January 14, 2016 until April 15, 2016, and 6.00% per annum from April 15, 2016 until maturity. The Company received $30,000,000 in April 2016, with the remaining proceeds scheduled to be received during May 2016. The Company recorded a net pre-tax gain on disposition of interest in development project of $136,687,000 during the three months ended March 31, 2016 .

Net Gain on Disposition of Full

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax	3 Months Ended
	Mar. 31, 2016
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	Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax The following table summarizes the net gain on disposition of full or partial interest in rental properties, net of tax: Three Months Ended March 31, 2016 2015 (in thousands) Military Housing Various $ 141,675 $ — Avenue at Tower City Center (Specialty Retail Center) & Tower City Parking Cleveland, Ohio 14,207 — QIC Joint Venture - Westchester’s Ridge Hill (Regional Mall) Yonkers, New York 343 — Aperture Center (Office Building) Albuquerque, New Mexico (171 ) — 156,054 — Income tax effect (1) (66,413 ) — $ 89,641 $ — (1) Primarily represents non-cash deferred taxes recognized upon the reversal of the deferred tax asset used to offset the taxable gain on the sales of assets held by the TRS. The income tax effect on the net gain on disposition of full or partial interest in rental properties, net of tax primarily relates to the deferred taxes recognized upon the partial disposition of Westchester’s Ridge Hill, a formerly wholly owned regional mall in Yonkers, New York, and the disposal of military housing entities, as these assets were held by our TRS and remained subject to federal income tax. Military Housing During the three months ended March 31, 2016 , the Company completed the sale of its interests in entities that develop and manage military family housing. The sale generated net cash proceeds of $208,305,000 . These entities were primarily service providers generating fee revenue. The primary assets acquired by the buyer were intangible assets of approximately $29,000,000 and investments in unconsolidated entities, net, of approximately $14,600,000 . QIC Joint Venture During the three months ended March 31, 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. The Company received net cash proceeds of $75,448,000 along with the buyer assuming debt of $169,369,000 , representing 51% of the nonrecourse mortgage debt of the property. 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 related to the partial sale. The property is adequately capitalized and does contain the characteristics of a VIE. Based on the substantive participating rights held by the outside partner with regards to the joint venture, the Company concluded it appropriate to deconsolidate the entity and account for it under the equity method of accounting.

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt	3 Months Ended
	Mar. 31, 2016
Extinguishment of Debt Disclosures [Abstract]
Loss on Extinguishment of Debt	Loss on Extinguishment of Debt For the three months ended March 31, 2016 and 2015 , the Company recorded $29,084,000 and $35,154,000 , respectively, as loss on extinguishment of debt. The loss on extinguishment of debt recorded for both periods primarily relates to separate, privately negotiated exchange transactions involving a portion of the Company’s 2016, 2018 and 2020 Senior Notes. See Note E – Convertible Senior Debt, Net for detailed information on the non-tax deductible loss on extinguishment of debt.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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. The Company is required to annually distribute to its shareholders an amount equal to at least 90% of its REIT taxable income (computed without regard to the dividends paid deduction and net capital gain and net of any available net operating losses). 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. Income tax expense was $1,450,000 for the three months ended March 31, 2016 related to the operations of our taxable REIT subsidiaries. The Company did not recognize any federal corporate income tax on its earnings in the REIT. During the three months ended March 31, 2016, the Company reversed $83,645,000 of deferred tax assets associated with the Military Housing, Westchester’s Ridge Hill , the Nets and Barclays Center disposals. Income tax expense was $3,084,000 for the three months ended March 31, 2015 , as the Company will be taxed as a C corporation. The difference in recorded income tax expense/benefit versus income tax expense/benefit computed at the statutory federal income tax rate is primarily attributable to state income taxes, changes in state net operating losses, additional general business credits, changes to valuation allowances associated with certain deferred tax assets, and various permanent differences between pre-tax GAAP income and taxable income. At December 31, 2015 , the TRS had a federal net operating loss carryforward for tax purposes of $54,822,000 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.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations On January 29, 2016, the Company completed the sale of its 55% ownership interest in Barclays Center and 20% equity method ownership interest in the Nets, (collectively, the “Disposal Group”). The sales price for our equity interest in Barclays Center was $162,600,000 , generating net cash proceeds of $60,924,000 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 gross debt that amounted to $457,745,000 . 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. The Disposal Group met the requirements to be classified as held for sale at December 31, 2015 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 at December 31, 2015 . The following table summarizes the components of the assets and liabilities classified as held for sale as of December 31, 2015: December 31, 2015 (in thousands) Assets Real Estate Completed rental properties - Arena $ 951,070 Project under development - Land 9,265 Less accumulated depreciation (109,462 ) Real Estate, net 850,873 Cash and equivalents 28,043 Restricted cash 10,127 Notes and accounts receivable, net 20,021 Other assets 17,323 Total Assets $ 926,387 Liabilities Nonrecourse mortgage debt and notes payable, net $ 439,405 Accounts payable, accrued expenses and other liabilities 99,520 Cash distributions and losses in excess of investments in unconsolidated entities 13,682 Total Liabilities $ 552,607 The following tables summarize the operating results related to discontinued operations: Three Months Ended March 31, 2016 2015 (in thousands) Revenues $ 14,792 $ 28,820 Expenses Operating expenses 12,540 19,958 Depreciation and amortization 23 8,790 12,563 28,748 Interest expense (3,540 ) (10,108 ) Amortization of mortgage procurement costs (61 ) — Loss before income taxes and loss from unconsolidated entities (1,372 ) (10,036 ) Loss from unconsolidated entities (1,400 ) (802 ) Loss before income taxes (2,772 ) (10,838 ) Income tax benefit (824 ) (2,269 ) Loss before gain on disposal group (1,948 ) (8,569 ) Gain on disposition of disposal group, net of tax 64,553 — Earnings (loss) from discontinued operations 62,605 (8,569 ) Noncontrolling interest Operating loss from disposal group (776 ) (4,988 ) (776 ) (4,988 ) Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc. $ 63,381 $ (3,581 ) The following table summarizes the pre-tax gain on disposition of the Disposal Group: Three Months Ended March 31, 2016 2015 (in thousands) The Nets $ 136,247 $ — Barclays Center (56,481 ) — 79,766 — Income tax effect (1) (15,213 ) — $ 64,553 $ — (1) Primarily represents non-cash deferred taxes recognized upon the reversal of the deferred tax asset used to offset the taxable gain on the sales of assets held by the TRS.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s restricted stock is considered a participating security pursuant to the two-class method for computing earnings per share (“EPS”). The 2006 Class A Common Units (“2006 Units”), 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 conversion of the 2016 Senior Notes, 2018 Senior Notes and 2020 Senior Notes is included in the computation of diluted EPS using the if-converted method. The loss from continuing operations attributable to Forest City Realty Trust, Inc. for the three months ended March 31, 2015 was allocated solely to holders of common stock as the participating security holders do not share in losses. The reconciliation of the basic and diluted EPS computations is shown in the following table: Three Months Ended March 31, 2016 2015 Numerators (in thousands) Earnings (loss) from continuing operations attributable to Forest City Realty Trust, Inc. $ 180,654 $ (50,628 ) Distributed and undistributed earnings allocated to participating securities (2,359 ) — Earnings (loss) from continuing operations attributable to common shareholders ‑ Basic $ 178,295 $ (50,628 ) Interest on convertible debt 1,141 — Earnings (loss) from continuing operations attributable to common shareholders ‑ Diluted $ 179,436 $ (50,628 ) Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 244,035 $ (54,209 ) Distributed and undistributed earnings allocated to participating securities (3,300 ) — Net earnings (loss) attributable to common shareholders ‑ Basic $ 240,735 $ (54,209 ) Interest on convertible debt 1,141 — Net earnings (loss) attributable to common shareholders ‑ Diluted $ 241,876 $ (54,209 ) Denominators Weighted average shares outstanding ‑ Basic 257,951,076 202,963,083 Effect of stock options and performance shares 450,522 — Effect of convertible debt 5,033,629 — Weighted average shares outstanding ‑ Diluted (1) 263,435,227 202,963,083 Earnings Per Share Earnings (loss) from continuing operations attributable to common shareholders ‑ Basic $ 0.69 $ (0.25 ) Earnings (loss) from continuing operations attributable to common shareholders ‑ Diluted $ 0.68 $ (0.25 ) Net earnings (loss) attributable to common shareholders ‑ Basic $ 0.93 $ (0.27 ) Net earnings (loss) attributable to common shareholders ‑ Diluted $ 0.92 $ (0.27 ) (1) Incremental shares from restricted stock and convertible units aggregating 8,518,583 for the three months ended March 31, 2016 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 33,828,488 for the three months ended March 31, 2015 were not included in the computation of diluted EPS because their effect is anti-dilutive due to the loss from continuing operations. Weighted-average options, restricted stock and performance shares of 3,176,672 and 2,444,380 for the three months ended March 31, 2016 and 2015 , 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	3 Months Ended
	Mar. 31, 2016
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. March 31, 2016 December 31, 2015 Identifiable Assets Commercial Group $ 4,494,023 $ 4,967,595 Residential Group 3,655,603 3,583,295 Arena — 924,807 Land Development Group 246,887 240,204 Corporate Activities 430,300 207,249 $ 8,826,813 $ 9,923,150 Three Months Ended March 31, Three Months Ended March 31, 2016 2015 2016 2015 Revenues Operating Expenses Commercial Group $ 144,278 $ 128,545 $ 72,213 $ 73,090 Residential Group 76,136 69,660 47,654 43,239 Land Development Group 5,849 10,057 2,688 4,641 Corporate Activities — — 24,372 19,715 $ 226,263 $ 208,262 $ 146,927 $ 140,685 Depreciation and Amortization Interest and Other Income Commercial Group $ 42,147 $ 32,851 $ 1,187 $ 2,633 Residential Group 20,705 19,376 2,993 2,996 Land Development Group 28 89 3,673 4,040 Corporate Activities 331 708 1,801 35 $ 63,211 $ 53,024 $ 9,654 $ 9,704 Interest Expense Capital Expenditures Commercial Group $ 26,920 $ 30,322 $ 55,240 $ 28,882 Residential Group 4,250 4,465 111,063 43,440 Land Development Group (215 ) (465 ) — 15 Corporate Activities 3,680 8,146 — — $ 34,635 $ 42,468 $ 166,303 $ 72,337 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 prior period 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). 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. Three Months Ended March 31, 2016 Commercial Group Residential Group Arena Land Development Group Corporate Activities Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 147,016 $ 150,480 $ (57,077 ) $ 7,221 $ (3,605 ) $ 244,035 Depreciation and amortization – Real Estate Groups 55,087 23,718 — 22 — 78,827 Net gain on disposition of full or partial interests in rental properties (14,564 ) (141,675 ) — — — (156,239 ) Impairment of consolidated depreciable real estate 12,464 — — — — 12,464 Discontinued operations: Depreciation and amortization – Real Estate Groups — — 35 — — 35 Loss on disposition of rental properties — — 56,481 — — 56,481 Income tax expense on non-FFO: Gain on disposition of rental properties — — — — 55,036 55,036 FFO attributable to Forest City Realty Trust, Inc. $ 200,003 $ 32,523 $ (561 ) $ 7,243 $ 51,431 $ 290,639 Three Months Ended March 31, 2015 Commercial Group Residential Group Arena Land Development Group Corporate Activities Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ (67 ) $ 5,637 $ (5,048 ) $ 10,562 $ (65,293 ) $ (54,209 ) Depreciation and amortization – Real Estate Groups 45,684 24,000 — 41 — 69,725 Discontinued operations: Depreciation and amortization – Real Estate Groups — — 5,055 — — 5,055 FFO attributable to Forest City Realty Trust, Inc. $ 45,617 $ 29,637 $ 7 $ 10,603 $ (65,293 ) $ 20,571

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Ballston Quarter On April 1, 2016, the Company formed and entered into a joint venture with outside partners, affiliated entities of QIC, one of the largest institutional investment managers in Australia. The outside partner invested in and received 49% of our equity interests in Ballston Quarter , a formerly wholly owned regional mall in Arlington, Virginia and certain residential development rights. The Company received net cash proceeds of approximately $36,000,000 along with the buyer assuming debt of $20,825,000 , representing 49% of the nonrecourse mortgage debt of the property. The transaction does not meet the requirements to be recognized as a sale for accounting purposes as the Company formed and entered into a new joint venture and has a commitment to re-invest the entire amount of proceeds received from the sale as a part of a major redevelopment plan of the asset. Upon closing, the entity is deemed to have insufficient equity and will be assessed for consolidation purposes using the VIE model. Based on this and the substantive participating rights of the outside partner, the Company concluded it appropriate to deconsolidate the entity and account for it under the equity method of accounting. Term Loan Facility On May 4, 2016, the Company entered into a Credit Agreement which provides for a $335,000,000 senior unsecured term loan credit facility (“Term Loan Facility”) available in up to three draws. The availability of the Term Loan Facility terminates on the earliest to occur of (a) November 30, 2016, (b) the date on which the third borrowing (if any) is made (c) the date the aggregate principal amount of all term loans outstanding equals the total amount of the Term Loan Facility, and (d) the date the aggregate commitments are terminated or reduced to zero. The Term Loan Facility matures on May 4, 2021 and bears interest at the Company’s option at either LIBOR plus a margin of 1.30% - 2.20% or the Base Rate plus a margin of 0.30% - 1.20% . The applicable margins are based on the Company’s total leverage ratio. Upon the Company obtaining an investment grade credit rating, established by certain debt rating agencies for the Company’s long term, senior, unsecured non-credit enhanced debt (the “Debt Ratings”), the applicable margin will, at the Company’s election, be based on the Company’s then-current Debt Ratings. The Term Loan Facility contains identical financial covenants as the Revolving Credit Facility as described in Note D – Revolving Credit Facility . Additionally, the Term Loan Facility contains customary events of default provisions, including failure to pay indebtedness, breaches of covenants and bankruptcy or other insolvency events, which could result in the acceleration of all amounts and cancellation of all commitments outstanding, as well as customary representations and warranties and affirmative and negative covenants. Expansion of Revolving Credit Facility On May 4, 2016, the Company exercised a portion of the accordion provision on its Revolving Credit Facility and increased the maximum borrowing capacity from $500,000,000 to $600,000,000 . The Revolving Credit Facility has a remaining accordion provision, subject to bank approval, allowing the Company to increase total available borrowings to $750,000,000 . All other material terms, conditions and covenants of the Revolving Credit Facility remain unchanged.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and related notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 . The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In management’s opinion, all adjustments (consisting solely of normal recurring matters) necessary for a fair statement of financial position, results of operations and cash flows as of and for the periods presented have been included.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 include, but are not limited to, determination of the primary beneficiary of variable interest entities (“VIEs”), estimates of useful lives for long-lived assets, reserves for collection on accounts and notes receivable, 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.
New Accounting Guidance	New Accounting Guidance The following accounting pronouncements were adopted during the three months ended March 31, 2016 : 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. As a result of the adoption of this guidance on January 1, 2016, there were no changes to the consolidation conclusions of any of our subsidiaries, although 27 additional entities were determined to now be VIEs in accordance with the new accounting guidance. 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. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2015. As a result of the adoption of this guidance on January 1, 2016, the Company reclassified $47,748,000 of mortgage procurement costs from other assets to nonrecourse mortgage debt and notes payable, net and $3,771,000 of procurement costs from other assets to convertible senior debt, net on the December 31, 2015 Consolidated Balance Sheet. In addition, the Company reclassified $18,340,000 of mortgage procurement costs from assets held for sale to liabilities held for sale on the December 31, 2015 Consolidated Balance Sheet. 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. In February 2016, the FASB issued an amendment to the accounting guidance on leases. This guidance sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the Company’s consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The new guidance supersedes the previous leases accounting standard. The guidance is effective on January 1, 2019, with early adoption permitted. The Company is in the process of evaluating the impact of this new guidance. In March 2016, the FASB issued an Accounting Standards Update to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adopting this guidance on its consolidated financial statements.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Components of accumulated other comprehensive income (loss)	The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”): March 31, 2016 December 31, 2015 (in thousands) Unrealized losses on foreign currency translation $ 11 $ 95 Unrealized losses on interest rate derivative contracts (1) 65,812 67,888 65,823 67,983 Noncontrolling interest (74 ) (78 ) Accumulated Other Comprehensive Loss $ 65,749 $ 67,905 (1) Included in the amounts as of March 31, 2016 and December 31, 2015 are $43,519 and $48,002 , 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.
Schedule of changes of accumulated other comprehensive income (loss) by component	The following table summarizes the changes, net of tax and noncontrolling interest, of accumulated OCI by component: Foreign Currency Translation Interest Rate Contracts Total (in thousands) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ (95 ) $ (67,810 ) $ (67,905 ) Gain (loss) recognized in accumulated OCI 84 (8,085 ) (8,001 ) Loss reclassified from accumulated OCI — 10,157 10,157 Total other comprehensive income 84 2,072 2,156 Balance, March 31, 2016 $ (11 ) $ (65,738 ) $ (65,749 ) Three Months Ended March 31, 2015 Balance, January 1, 2015 $ (84 ) $ (58,762 ) $ (58,846 ) Loss recognized in accumulated OCI (48 ) (4,574 ) (4,622 ) Loss reclassified from accumulated OCI — 6,096 6,096 Total other comprehensive income (48 ) 1,522 1,474 Balance, March 31, 2015 $ (132 ) $ (57,240 ) $ (57,372 )
Losses reclassified from accumulated other comprehensive income (loss)	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) Three Months Ended March 31, 2016 Interest rate contracts $ 9,233 Interest expense Interest rate contracts 113 Net gain on disposition of full or partial interest in rental properties Interest rate contracts 815 Earnings from unconsolidated entities 10,161 Total before income tax and noncontrolling interest (4 ) Noncontrolling interest $ 10,157 Loss reclassified from accumulated OCI Three Months Ended March 31, 2015 Interest rate contracts $ 8,971 Interest expense Interest rate contracts 991 Earnings from unconsolidated entities 9,962 Total before income tax and noncontrolling interest (3,862 ) Income tax benefit (4 ) Noncontrolling interest $ 6,096 Loss reclassified from accumulated OCI
Summary of components of REIT conversion and reorganization costs	The following table summarizes the components of REIT conversion and reorganization costs: Three Months Ended March 31, 2016 2015 (in thousands) REIT conversion costs $ 772 $ 2,350 Reorganization costs 2,997 3,862 Termination benefits 4,951 — Total $ 8,720 $ 6,212
Schedule of Accrued Severance	The following table summarizes the activity in the accrued severance balance for termination costs: Three Months Ended March 31, 2016 (in thousands) Accrued severance benefits, beginning balance $ 16,338 Termination benefits expense 4,951 Payments (9,567 ) Accrued severance benefits, ending balance $ 11,722
Supplemental non-cash disclosures	The following table summarizes the impact to the applicable balance sheet line items as a result of various non-cash transactions. Non-cash transactions primarily include dispositions of operating properties whereby the nonrecourse mortgage debt is assumed by the buyer, acquisition of rental properties, exchanges of senior notes for Class A common stock, changes in consolidation methods of fully consolidated properties due to the occurrence of triggering events including, but not limited to, disposition of a partial interest in rental properties or development project, change in construction payables and other capital expenditures, notes receivable from the sale of rental properties or development project, redemption of redeemable noncontrolling interest, adoption of new accounting guidance for debt issuance costs and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate. Three Months Ended March 31, 2016 2015 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ (5,866 ) $ 12,577 Completed rental properties (1,139,144 ) 33,486 Restricted cash (12,265 ) — Notes receivable 275,700 — Investments in and advances to affiliates - due to dispositions or change in control 96,843 — Investments in and advances to affiliates - other activity (3,136 ) 12,921 Total non-cash effect on investing activities $ (787,868 ) $ 58,984 Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (799,156 ) $ 36,276 Convertible senior debt, net (125 ) (286,196 ) Class A common stock — 4,548 Additional paid-in capital (14,387 ) 285,391 Treasury stock — (6,503 ) Redeemable noncontrolling interest (159,202 ) — Noncontrolling interest 19,344 (532 ) Total non-cash effect on financing activities $ (953,526 ) $ 32,984

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Receivable [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	The following table summarizes the components of the Company’s interest bearing notes receivable: March 31, 2016 December 31, 2015 Date of Maturity (in thousands) Stapleton Advances $ 141,005 $ 133,421 various The Nets sale 125,100 — January 2021 Barclays Center sale 92,600 — January 2019 625 Fulton Avenue development site sale 58,000 — April/May 2016 Other 25,170 21,164 various Total $ 441,875 $ 154,585

Nonrecourse Mortgage Debt and33

Nonrecourse Mortgage Debt and Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Nonrecourse Mortgage Debt and Notes Payable, Net [Abstract]
Composition of mortgage debt and notes payable, nonrecourse maturities	The following table summarizes the nonrecourse mortgage debt and notes payable, net maturities as of March 31, 2016 : Years Ending December 31, (in thousands) 2016 $ 175,417 2017 952,280 2018 447,868 2019 361,491 2020 160,911 Thereafter 1,566,323 3,664,290 Net unamortized mortgage procurement costs (43,927 ) Total $ 3,620,363

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Available credit on the Credit Facility	The following table summarizes available credit on the Credit Agreement: March 31, 2016 December 31, 2015 (in thousands) Maximum borrowings $ 500,000 $ 500,000 Less outstanding balances: Borrowings — — Letters of credit 60,845 59,800 Available credit $ 439,155 $ 440,200

Convertible Senior Debt, Net (T

Convertible Senior Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Convertible Senior Debt, Net	The following table summarizes the convertible senior debt, net: March 31, 2016 December 31, 2015 (in thousands) 5.000% Notes due 2016 $ — $ 125 4.250% Notes due 2018 73,216 154,526 3.625% Notes due 2020 40,021 116,355 113,237 271,006 Net unamortized debt procurement costs (1,399 ) (3,771 ) Total $ 111,838 $ 267,235
Schedule of Exchange Agreement Transactions	The following table summarizes convertible senior debt transactions completed during the three months ended March 31, 2016 and 2015 : Agreement Date Issuance Aggregate Principal Class A Common Shares Issued Cash Payments to Noteholders Loss on Extinguishment (in thousands, except share data) First Quarter-2016 January 20, 2016 2016 Senior Notes $ 125 9,298 $ — $ 59 March 14, 2016 2018 Senior Notes 77,310 — 90,958 15,370 March 17, 2016 2018 Senior Notes 4,000 — 4,707 795 March 14, 2016 2020 Senior Notes 76,334 — 86,858 12,823 Total First Quarter-2016 $ 157,769 9,298 $ 182,523 $ 29,047 First Quarter-2015 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 Total First Quarter-2015 $ 288,806 13,644,513 $ 39,087 $ 35,142

Derivative Instruments and He36

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 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 swaps $ — $ — $ 734,059 $ 47,650 TROR 254,200 7,541 217,785 11,280 Total $ 254,200 $ 7,541 $ 951,844 $ 58,930 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 101,037 6,353 37,733 15,728 Total $ 170,555 $ 6,353 $ 37,733 $ 15,728 December 31, 2015 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
Derivative Instruments Gain (Loss) in Statement of Financial Performance and Financial Position	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: 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) Three Months Ended March 31, 2016 Interest rate caps and interest rate swaps $ (8,085 ) Interest expense $ (9,214 ) $ (19 ) Net gain on disposition of full or partial interest in rental properties, net of tax (113 ) — Earnings from unconsolidated entities (815 ) — Total $ (8,085 ) $ (10,142 ) $ (19 ) Three Months Ended March 31, 2015 Interest rate caps and interest rate swaps $ (7,472 ) Interest expense $ (8,957 ) $ (14 ) Earnings from unconsolidated entities (990 ) (1 ) Total $ (7,472 ) $ (9,947 ) $ (15 )
Impact of Gains (Losses) Related to Derivative Instruments	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 Three Months Ended March 31, 2016 2015 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ (929 ) $ 1,408 Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ (94 ) $ (11 ) TROR (1,400 ) 2,727 Total $ (1,494 ) $ 2,716 (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $929 and $(1,408) for the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 : 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 $ 734,059 $ 49,198 $ (1,548 ) $ — Mortgage liens None TROR 255,518 29,976 32 59,075 Restricted cash, notes receivable, letters of credit None Total $ 989,577 $ 79,174 $ (1,516 ) $ 59,075

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured on a Recurring Basis	The following table summarizes information about financial assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: March 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (liabilities) $ — $ (47,650 ) $ — $ (47,650 ) TROR (assets) — — 13,894 13,894 TROR (liabilities) — — (27,008 ) (27,008 ) Fair value adjustment to the borrowings subject to TROR — — 3,739 3,739 Total $ — $ (47,650 ) $ (9,375 ) $ (57,025 ) December 31, 2015 (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 Total $ — $ (49,583 ) $ (7,975 ) $ (57,558 )
Reconciliation of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs	The following table presents a reconciliation of financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Interest Rate Swaps Net TROR Fair value adjustment to the borrowings subject to TROR Total TROR Related Total (in thousands) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ — $ (10,785 ) $ 2,810 $ (7,975 ) $ (7,975 ) Total realized and unrealized gains (losses): Included in earnings — (2,329 ) 929 (1,400 ) (1,400 ) Balance, March 31, 2016 $ — $ (13,114 ) $ 3,739 $ (9,375 ) $ (9,375 ) Three Months Ended March 31, 2015 Balance, January 1, 2015 $ (73,536 ) $ (18,845 ) $ 5,604 $ (13,241 ) $ (86,777 ) Total realized and unrealized gains (losses): Included in earnings — 4,135 (1,408 ) 2,727 2,727 Included in other comprehensive income 3,521 — — — 3,521 Balance, March 31, 2015 $ (70,015 ) $ (14,710 ) $ 4,196 $ (10,514 ) $ (80,529 )
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 March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value March 31, 2016 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (13,114 ) Third party bond pricing Bond valuation 77.55 - 115.78 Fair value adjustment to the borrowings subject to TROR $ 3,739 Third party bond pricing Bond valuation 77.55 - 115.78
Schedule of Fair Value of Nonrecourse Mortgage Debt and Notes Payable, Net, Bank Revolving Credit Facility and Convertible Senior Debt, Net	The following table summarizes the fair value of nonrecourse mortgage debt and notes payable, net, including balances classified as held for sale (exclusive of the fair value of derivatives) and convertible senior debt, net: March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 3,620,363 $ 3,672,378 $ 4,395,107 $ 4,622,934 Convertible senior debt, net 111,838 121,281 267,235 296,554 Total $ 3,732,201 $ 3,793,659 $ 4,662,342 $ 4,919,488

Stock-Based Compensation (Tabl

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Amount of Stock-Based Compensation Costs and Related Deferred Income Tax Benefit Recognized in the Financial Statements	The following table summarizes stock-based compensation costs and related deferred income tax benefit recognized in the financial statements: Three Months Ended March 31, 2016 2015 (in thousands) Stock option costs $ 297 $ 653 Restricted stock costs 5,548 5,004 Performance share costs 2,146 1,260 Total stock-based compensation costs 7,991 6,917 Less amount capitalized into qualifying real estate projects (1,831 ) (1,662 ) Amount charged to operating expenses 6,160 5,255 Depreciation expense on capitalized stock-based compensation 202 226 Total stock-based compensation expense $ 6,362 $ 5,481 Deferred income tax benefit $ 189 $ 2,073

Impairment of Real Estate and39

Impairment of Real Estate and Impairment of Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]
Schedule of Impairment of Real Estate Included in Continuing Operations	The following table summarizes the Company’s impairment of real estate included in continuing operations: Three Months Ended March 31, 2016 2015 (in thousands) Shops at Wiregrass (Regional Mall) Tampa, Florida $ 12,464 $ —
Summary of Significant 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 for the three months ended March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) March 31, 2016 Impairment of real estate $ 133,997 Indicative bid Indicative bid N/A (1) (1) This fair value measurement was derived from a bona fide purchase offer from a third party prospective buyer, subject to the Company’s corroboration for reasonableness.

Net Gain on Disposition of Fu40

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Tables)	3 Months Ended
	Mar. 31, 2016
Net Gain (Loss) on Disposition of Full or Partial Interest in Rental Properties [Abstract]
Schedule of Net Gain on Disposition of Full or Partial Interest in Rental Properties [Table Text Block]	The following table summarizes the net gain on disposition of full or partial interest in rental properties, net of tax: Three Months Ended March 31, 2016 2015 (in thousands) Military Housing Various $ 141,675 $ — Avenue at Tower City Center (Specialty Retail Center) & Tower City Parking Cleveland, Ohio 14,207 — QIC Joint Venture - Westchester’s Ridge Hill (Regional Mall) Yonkers, New York 343 — Aperture Center (Office Building) Albuquerque, New Mexico (171 ) — 156,054 — Income tax effect (1) (66,413 ) — $ 89,641 $ —

Assets and Liabilities Held f41

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
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 (in thousands) Assets Real Estate Completed rental properties - Arena $ 951,070 Project under development - Land 9,265 Less accumulated depreciation (109,462 ) Real Estate, net 850,873 Cash and equivalents 28,043 Restricted cash 10,127 Notes and accounts receivable, net 20,021 Other assets 17,323 Total Assets $ 926,387 Liabilities Nonrecourse mortgage debt and notes payable, net $ 439,405 Accounts payable, accrued expenses and other liabilities 99,520 Cash distributions and losses in excess of investments in unconsolidated entities 13,682 Total Liabilities $ 552,607
Summary of Operating Results of Discontinued Operations	The following tables summarize the operating results related to discontinued operations: Three Months Ended March 31, 2016 2015 (in thousands) Revenues $ 14,792 $ 28,820 Expenses Operating expenses 12,540 19,958 Depreciation and amortization 23 8,790 12,563 28,748 Interest expense (3,540 ) (10,108 ) Amortization of mortgage procurement costs (61 ) — Loss before income taxes and loss from unconsolidated entities (1,372 ) (10,036 ) Loss from unconsolidated entities (1,400 ) (802 ) Loss before income taxes (2,772 ) (10,838 ) Income tax benefit (824 ) (2,269 ) Loss before gain on disposal group (1,948 ) (8,569 ) Gain on disposition of disposal group, net of tax 64,553 — Earnings (loss) from discontinued operations 62,605 (8,569 ) Noncontrolling interest Operating loss from disposal group (776 ) (4,988 ) (776 ) (4,988 ) Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc. $ 63,381 $ (3,581 )
Pre-tax Gain on Disposition of Rental Properties	The following table summarizes the pre-tax gain on disposition of the Disposal Group: Three Months Ended March 31, 2016 2015 (in thousands) The Nets $ 136,247 $ — Barclays Center (56,481 ) — 79,766 — Income tax effect (1) (15,213 ) — $ 64,553 $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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: Three Months Ended March 31, 2016 2015 Numerators (in thousands) Earnings (loss) from continuing operations attributable to Forest City Realty Trust, Inc. $ 180,654 $ (50,628 ) Distributed and undistributed earnings allocated to participating securities (2,359 ) — Earnings (loss) from continuing operations attributable to common shareholders ‑ Basic $ 178,295 $ (50,628 ) Interest on convertible debt 1,141 — Earnings (loss) from continuing operations attributable to common shareholders ‑ Diluted $ 179,436 $ (50,628 ) Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 244,035 $ (54,209 ) Distributed and undistributed earnings allocated to participating securities (3,300 ) — Net earnings (loss) attributable to common shareholders ‑ Basic $ 240,735 $ (54,209 ) Interest on convertible debt 1,141 — Net earnings (loss) attributable to common shareholders ‑ Diluted $ 241,876 $ (54,209 ) Denominators Weighted average shares outstanding ‑ Basic 257,951,076 202,963,083 Effect of stock options and performance shares 450,522 — Effect of convertible debt 5,033,629 — Weighted average shares outstanding ‑ Diluted (1) 263,435,227 202,963,083 Earnings Per Share Earnings (loss) from continuing operations attributable to common shareholders ‑ Basic $ 0.69 $ (0.25 ) Earnings (loss) from continuing operations attributable to common shareholders ‑ Diluted $ 0.68 $ (0.25 ) Net earnings (loss) attributable to common shareholders ‑ Basic $ 0.93 $ (0.27 ) Net earnings (loss) attributable to common shareholders ‑ Diluted $ 0.92 $ (0.27 ) (1) Incremental shares from restricted stock and convertible units aggregating 8,518,583 for the three months ended March 31, 2016 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 33,828,488 for the three months ended March 31, 2015 were not included in the computation of diluted EPS because their effect is anti-dilutive due to the loss from continuing operations. Weighted-average options, restricted stock and performance shares of 3,176,672 and 2,444,380 for the three months ended March 31, 2016 and 2015 , 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)	3 Months Ended
	Mar. 31, 2016
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. March 31, 2016 December 31, 2015 Identifiable Assets Commercial Group $ 4,494,023 $ 4,967,595 Residential Group 3,655,603 3,583,295 Arena — 924,807 Land Development Group 246,887 240,204 Corporate Activities 430,300 207,249 $ 8,826,813 $ 9,923,150 Three Months Ended March 31, Three Months Ended March 31, 2016 2015 2016 2015 Revenues Operating Expenses Commercial Group $ 144,278 $ 128,545 $ 72,213 $ 73,090 Residential Group 76,136 69,660 47,654 43,239 Land Development Group 5,849 10,057 2,688 4,641 Corporate Activities — — 24,372 19,715 $ 226,263 $ 208,262 $ 146,927 $ 140,685 Depreciation and Amortization Interest and Other Income Commercial Group $ 42,147 $ 32,851 $ 1,187 $ 2,633 Residential Group 20,705 19,376 2,993 2,996 Land Development Group 28 89 3,673 4,040 Corporate Activities 331 708 1,801 35 $ 63,211 $ 53,024 $ 9,654 $ 9,704 Interest Expense Capital Expenditures Commercial Group $ 26,920 $ 30,322 $ 55,240 $ 28,882 Residential Group 4,250 4,465 111,063 43,440 Land Development Group (215 ) (465 ) — 15 Corporate Activities 3,680 8,146 — — $ 34,635 $ 42,468 $ 166,303 $ 72,337
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. Three Months Ended March 31, 2016 Commercial Group Residential Group Arena Land Development Group Corporate Activities Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 147,016 $ 150,480 $ (57,077 ) $ 7,221 $ (3,605 ) $ 244,035 Depreciation and amortization – Real Estate Groups 55,087 23,718 — 22 — 78,827 Net gain on disposition of full or partial interests in rental properties (14,564 ) (141,675 ) — — — (156,239 ) Impairment of consolidated depreciable real estate 12,464 — — — — 12,464 Discontinued operations: Depreciation and amortization – Real Estate Groups — — 35 — — 35 Loss on disposition of rental properties — — 56,481 — — 56,481 Income tax expense on non-FFO: Gain on disposition of rental properties — — — — 55,036 55,036 FFO attributable to Forest City Realty Trust, Inc. $ 200,003 $ 32,523 $ (561 ) $ 7,243 $ 51,431 $ 290,639 Three Months Ended March 31, 2015 Commercial Group Residential Group Arena Land Development Group Corporate Activities Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ (67 ) $ 5,637 $ (5,048 ) $ 10,562 $ (65,293 ) $ (54,209 ) Depreciation and amortization – Real Estate Groups 45,684 24,000 — 41 — 69,725 Discontinued operations: Depreciation and amortization – Real Estate Groups — — 5,055 — — 5,055 FFO attributable to Forest City Realty Trust, Inc. $ 45,617 $ 29,637 $ 7 $ 10,603 $ (65,293 ) $ 20,571

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
The components of accumulated other comprehensive income (loss) ("accumulated OCI")
Unrealized losses on foreign currency translation		$ 11	$ 95
Unrealized losses on interest rate contracts	[1]	65,812	67,888
Total unrealized losses		65,823	67,983
Noncontrolling interest		(74)	(78)
Accumulated Other Comprehensive Loss		$ 65,749	$ 67,905	$ 57,372	$ 58,846
[1]	Included in the amounts as of March 31, 2016 and December 31, 2015 are $43,519 and $48,002, 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.

Accounting Policies (Details 1)

Accounting Policies (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Balance, beginning	$ (67,905,000)	$ (58,846,000)
Gain (loss) recognized in accumulated OCI	(8,001,000)	(4,622,000)
Loss reclassified from accumulated OCI	10,157,000	6,096,000
Total other comprehensive income	2,156,000	1,474,000
Balance, ending	(65,749,000)	(57,372,000)
Foreign Currency Translation
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Balance, beginning	(95,000)	(84,000)
Gain (loss) recognized in accumulated OCI	84,000	(48,000)
Loss reclassified from accumulated OCI	0	0
Total other comprehensive income	84,000	(48,000)
Balance, ending	(11,000)	(132,000)
Interest Rate Contracts
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Balance, beginning	(67,810,000)	(58,762,000)
Gain (loss) recognized in accumulated OCI	(8,085,000)	(4,574,000)
Loss reclassified from accumulated OCI	10,157,000	6,096,000
Total other comprehensive income	2,072,000	1,522,000
Balance, ending	$ (65,738,000)	$ (57,240,000)

Accounting Policies (Details 2)

Accounting Policies (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 34,635	$ 42,468
Earnings from unconsolidated entities	(10,536)	(10,115)
Total before income tax and noncontrolling interest	41,533	45,351
Income tax benefit	1,450	3,084
Noncontrolling Interest	2,121	2,193
Loss reclassified from accumulated OCI	(10,157)	(6,096)
Reclassification out of accumulated OCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	9,233	8,971
Net gain on disposition of full or partial interest in rental properties	113
Earnings from unconsolidated entities	815	991
Total before income tax and noncontrolling interest	10,161	9,962
Income tax benefit		(3,862)
Noncontrolling Interest	(4)	(4)
Loss reclassified from accumulated OCI	$ 10,157	$ 6,096

Accounting Policies (Details 3)

Accounting Policies (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
REIT Conversion Costs	$ 772	$ 2,350
Reorganization Costs	2,997	3,862
Severance Costs	4,951	0
REIT conversion and reorganization costs	$ 8,720	$ 6,212

Accounting Policies (Details 4)

Accounting Policies (Details 4) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Accounting Policies [Abstract]
Accrued severance benefits, beginning balance	$ 16,338
Termination benefits expense	4,951
Payments	(9,567)
Accrued severance benefits, ending balance	$ 11,722

Accounting Policies (Details 5)

Accounting Policies (Details 5) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Non-cash changes to balance sheet - Investing Activities
Projects under construction and development	$ (5,866,000)	$ 12,577,000
Completed rental properties	(1,139,144,000)	33,486,000
Restricted cash	(12,265,000)	0
Notes receivable	275,700,000	0
Investments in and advances to affiliates - due to dispositions or change in control	96,843,000	0
Investments in and advances to affiliates - other activity	(3,136,000)	12,921,000
Total non-cash effect on investing activities	(787,868,000)	58,984,000
Non-cash changes to balance sheet - Financing Activities
Nonrecourse mortgage debt and notes payable, net	(799,156,000)	36,276,000
Convertible senior debt, net	(125,000)	(286,196,000)
Class A common stock	0	4,548,000
Additional paid-in capital	(14,387,000)	285,391,000
Treasury stock	0	(6,503,000)
Redeemable noncontrolling interest	(159,202,000)	0
Noncontrolling interest	19,344,000	(532,000)
Total non-cash effect on financing activities	$ (953,526,000)	$ 32,984,000

Accounting Policies (Details Te

Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / shares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)$ / shares
Accounting Policies [Abstract]
Total Assets | $	$ 8,826,813		$ 9,923,150
Number of States in which Entity Operates	20
Acquisitions of Noncontrolling Interests | $	$ 38,951	$ 308
Common stock Class A
Class of Stock [Line Items]
Common Stock, Par Value Per Share Prior to Adjustment			$ 0.333
Common Stock, Par Value Per Share	$ 0.01		0.01
Common stock Class B
Class of Stock [Line Items]
Common Stock, Par Value Per Share Prior to Adjustment			0.333
Common Stock, Par Value Per Share	$ 0.01		$ 0.01

Accounting Policies (Details 51

Accounting Policies (Details Textual 1) $ in Millions	Mar. 31, 2016USD ($)propertyentity
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $	$ 376
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities	50
Number of Properties Represented by Variable Interest Entities | property	39
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities	59

Accounting Policies (Details 52

Accounting Policies (Details Textual 2) $ in Thousands	Mar. 31, 2016USD ($)entity	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
VIEs added due to new accounting guidance | entity	27
Mortgage procurement costs reclassified from other assets to nonrecourse mortgage debt and notes payable, net
Debt Instrument [Line Items]
Mortgage procurement costs	$ 47,748
Mortgage procurement costs reclassified from other assets to convertible senior debt, net
Debt Instrument [Line Items]
Mortgage procurement costs	$ 3,771
Mortgage procurement costs reclassified from assets held for sale to liabilities held for sale
Debt Instrument [Line Items]
Mortgage procurement costs		$ 18,340

Accounting Policies (Details 53

Accounting Policies (Details Textual 3) - BCR transaction [Member]	1 Months Ended
	Apr. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Aug. 31, 2006property
Related Party Transaction [Line Items]
Number of Real Estate Properties | property				30
Tax indemnity payment accrual		$ 6,238,000
Development fee			$ 11,000,000
First quarterly installment of tax indemnification payment
Related Party Transaction [Line Items]
Tax Indemnity Payment	$ 1,560,000

Accounting Policies (Details 54

Accounting Policies (Details Textual 4) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounting Policies (Textual) [Abstract]
Unrealized losses	$ 43,519	$ 48,002
New York Times [Member]
Accounting Policies (Textual) [Abstract]
Notional amount	$ 640,000
Mortgage [Member]
Accounting Policies (Textual) [Abstract]
All-in lender interest rate	6.40%

Notes Receivable (Details)

Notes Receivable (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 441,875,000	$ 154,585,000
Stapleton Advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	141,005,000	133,421,000
The Nets sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	125,100,000	0
Barclays Center sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	92,600,000	0
625 Fulton development site sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	58,000,000	0
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 25,170,000	$ 21,164,000

Nonrecourse Mortgage Debt and56

Nonrecourse Mortgage Debt and Notes Payable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Composition of mortgage debt and notes payable, nonrecourse maturities
Nonrecourse mortgage debt and notes payable, net, total maturities in 2016	$ 175,417
Nonrecourse mortgage debt and notes payable, net, total maturities in 2017	952,280
Nonrecourse mortgage debt and notes payable, net, total maturities in 2018	447,868
Nonrecourse mortgage debt and notes payable, net, total maturities in 2019	361,491
Nonrecourse mortgage debt and notes payable, net, total maturities in 2020	160,911
Nonrecourse mortgage debt and notes payable, net, total maturities thereafter	1,566,323
Nonrecourse mortgage debt and notes payable, gross	3,664,290
Net unamortized mortgage procurement costs	(43,927)
Nonrecourse mortgage debt and notes payable, net	$ 3,620,363	$ 3,955,702

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Maximum borrowings	$ 500,000,000	$ 500,000,000
Borrowings	0	0
Letters of credit	60,845,000	59,800,000
Available credit	$ 439,155,000	$ 440,200,000

Revolving Credit Facility (De58

Revolving Credit Facility (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
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
Line of Credit Facility, Commitment Fee Percentage	0.30%
Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Number of Credit Facility extension options	2
Term of Credit Facility Extension Option	6 months
Amount of available borrowings that can be used for letters of credit and/or surety bonds	$ 150,000,000
Unamortized debt issuance cost	$ 2,964,000	$ 3,177,000
LIBOR [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.44%
Prime Rate [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	3.50%
Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.20%
Minimum [Member] | 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]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	1.85%
Maximum [Member] | Prime Rate [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.85%
Current Period [Member] | 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, Net (D

Convertible Senior Debt, Net (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Convertible Senior Notes	$ 113,237,000	$ 271,006,000
Unamortized procurement costs, convertible senior debt	(1,399,000)	(3,771,000)
Convertible senior debt, net	$ 111,838,000	$ 267,235,000
Convertible Senior Notes [Member] | Notes due 2016 [Member]
Debt Instrument [Line Items]
Interest rate	5.00%	5.00%
Convertible Senior Notes	$ 0	$ 125,000
Convertible Senior Notes [Member] | Notes due 2018 [Member]
Debt Instrument [Line Items]
Interest rate	4.25%	4.25%
Convertible Senior Notes	$ 73,216,000	$ 154,526,000
Convertible Senior Notes [Member] | Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%
Convertible Senior Notes	$ 40,021,000	$ 116,355,000

Convertible Senior Debt, Net 60

Convertible Senior Debt, Net (Details 1) - USD ($)	Mar. 17, 2016	Mar. 14, 2016	Jan. 20, 2016	Mar. 05, 2015	Feb. 26, 2015	Mar. 31, 2016	Mar. 31, 2015
Debt Conversion [Line Items]
Loss on extinguishment						$ (29,084,000)	$ (35,154,000)
Senior Notes due 2016 [Member]
Debt Conversion [Line Items]
Aggregate Principal			$ 125,000	$ 40,481,000
Cash payments to noteholders			0	6,163,000
Loss on extinguishment			$ 59,000	$ 2,732,000
Senior Notes due 2018 [Member]
Debt Conversion [Line Items]
Aggregate Principal	$ 4,000,000	$ 77,310,000			$ 120,087,000
Cash payments to noteholders	4,707,000	90,958,000			13,641,000
Loss on extinguishment	$ 795,000	15,370,000			13,372,000
Senior Notes due 2020 [Member]
Debt Conversion [Line Items]
Aggregate Principal		76,334,000			128,238,000
Cash payments to noteholders		86,858,000			19,283,000
Loss on extinguishment		$ 12,823,000			$ 19,038,000
2016, 2018 and 2020 Senior Notes [Member]
Debt Conversion [Line Items]
Aggregate Principal						157,769,000	288,806,000
Cash payments to noteholders						182,523,000	39,087,000
Loss on extinguishment						$ 29,047,000	$ 35,142,000
Common stock Class A | Senior Notes due 2016 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued			9,298	2,805,513
Common stock Class A | Senior Notes due 2018 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued	0	0			5,541,115
Common stock Class A | Senior Notes due 2020 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued		0			5,297,885
Common stock Class A | 2016, 2018 and 2020 Senior Notes [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued						9,298	13,644,513

Convertible Senior Debt, Net 61

Convertible Senior Debt, Net (Details Textuals) - USD ($)	Mar. 03, 2015	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Proceeds from termination and settlement of convertible note hedge		$ 0	$ 17,818,000
Senior Notes due 2016 [Member]
Debt Instrument [Line Items]
Proceeds from termination and settlement of convertible note hedge	$ 17,818,000
Senior Notes due 2016 [Member] | Common stock Class A
Debt Instrument [Line Items]
Shares received for termination and settlement of convertible note hedge	258,350

Derivative Instruments and He62

Derivative Instruments and Hedging Activities (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	$ 989,577,000
Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	254,200,000	$ 544,324,000
Asset Derivatives, Fair Value	7,541,000	7,811,000
Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	170,555,000	404,225,000
Asset Derivatives, Fair Value	6,353,000	5,500,000
Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	951,844,000	991,939,000
Liability Derivatives, Fair Value	58,930,000	60,326,000
Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	37,733,000	37,757,000
Liability Derivatives, Fair Value	15,728,000	13,353,000
Interest rate caps [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional		330,000,000
Asset Derivatives, Fair Value		0
Interest rate caps [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	69,518,000	303,111,000
Asset Derivatives, Fair Value	0	122,000
Interest rate caps [Member] | Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional		0
Liability Derivatives, Fair Value		0
Interest rate caps [Member] | Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	0	0
Liability Derivatives, Fair Value	0	0
Interest rate swaps [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	0	65,124,000
Asset Derivatives, Fair Value	0	340,000
Interest rate swaps [Member] | Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	734,059,000	669,154,000
Liability Derivatives, Fair Value	47,650,000	50,045,000
TROR [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	255,518,000
TROR [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	254,200,000	149,200,000
Asset Derivatives, Fair Value	7,541,000	7,471,000
TROR [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	101,037,000	101,114,000
Asset Derivatives, Fair Value	6,353,000	5,378,000
TROR [Member] | Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	217,785,000	322,785,000
Liability Derivatives, Fair Value	11,280,000	10,281,000
TROR [Member] | Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	37,733,000	37,757,000
Liability Derivatives, Fair Value	$ 15,728,000	$ 13,353,000

Derivative Instruments and He63

Derivative Instruments and Hedging Activities (Details 1) - Cash Flow Hedging [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative instruments gain (loss) in financial statements
Gain (loss) recognized in OCI (effective portion)	$ (8,085,000)	$ (7,472,000)
Gain (loss) reclassified from accumulated OCI, effective amount	(10,142,000)	(9,947,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	(19,000)	(15,000)
Interest rate caps and interest rate swaps [Member]
Derivative instruments gain (loss) in financial statements
Gain (loss) recognized in OCI (effective portion)	(8,085,000)	(7,472,000)
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	(9,214,000)	(8,957,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	(19,000)	(14,000)
Interest rate caps and interest rate swaps [Member] | Net gain on disposition of full or partial interest in rental properties, net of tax [Member]
Derivative instruments gain (loss) in financial statements
Gain (loss) reclassified from accumulated OCI, effective amount	(113,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	0
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	(815,000)	(990,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	$ 0	$ (1,000)

Derivative Instruments and He64

Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement		$ (1,494)	$ 2,716
TROR [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement		(1,400)	2,727
TROR [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement	[1]	(929)	1,408
Interest rate caps and interest rate swaps [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement		$ (94)	$ (11)
[1]	The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $929 and $(1,408) for the three months ended March 31, 2016 and 2015, respectively, offsetting the gain (loss) recognized on the TROR.

Derivative Instruments and He65

Derivative Instruments and Hedging Activities (Details 3)	3 Months Ended
	Mar. 31, 2016USD ($)
Derivative [Line Items]
Notional Amount	$ 989,577,000
Fair Value Prior to Nonperformance Risk	79,174,000
Nonperformance Risk	(1,516,000)
Collateral Posted	59,075,000
Property Specific Swap [Member]
Derivative [Line Items]
Notional Amount	734,059,000
Fair Value Prior to Nonperformance Risk	49,198,000
Nonperformance Risk	(1,548,000)
Collateral Posted	$ 0
Nature of Collateral	Mortgage liens
Credit Risk Contingent Feature	None
TROR [Member]
Derivative [Line Items]
Notional Amount	$ 255,518,000
Fair Value Prior to Nonperformance Risk	29,976,000
Nonperformance Risk	32,000
Collateral Posted	$ 59,075,000
Nature of Collateral	Restricted cash, notes receivable, letters of credit
Credit Risk Contingent Feature	None

Derivative Instruments and He66

Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
SIFMA rate	0.40%
Minimum [Member] | Interest rate swap agreements [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 swap agreements [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]
Notional amount of TRS	$ 138,770
Cash Flow Hedging [Member]
Derivative [Line Items]
Loss on cash flow hedges to be reclassified within next twelve months	37,826
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | TROR [Member]
Derivative [Line Items]
Notional amount of TRS	471,985
Net gain (loss) from change in fair value of underlying TROR borrowings recognized in interest expense	$ 929	$ (1,408)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowings subject to TROR	$ 3,793,659,000	$ 4,919,488,000
Fair value measurement, recurring basis [Member]
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowings subject to TROR	3,739,000	2,810,000
Financial assets and liabilities measured at fair value on a recurring basis	(57,025,000)	(57,558,000)
Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets		122,000
Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets		340,000
Derivative liabilities	(47,650,000)	(50,045,000)
Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	13,894,000	12,849,000
Derivative liabilities	(27,008,000)	(23,634,000)
Fair Value, Inputs, Level 1 [Member] | Fair value measurement, recurring basis [Member]
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowings subject to TROR	0	0
Financial assets and liabilities measured at fair value on a recurring basis	0	0
Fair Value, Inputs, Level 1 [Member] | Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets		$ 0
Fair Value, Inputs, Level 1 [Member] | Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets
Derivative liabilities	0	$ 0
Fair Value, Inputs, Level 1 [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Fair value measurement, recurring basis [Member]
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowings subject to TROR	0	0
Financial assets and liabilities measured at fair value on a recurring basis	(47,650,000)	(49,583,000)
Fair Value, Inputs, Level 2 [Member] | Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets		122,000
Fair Value, Inputs, Level 2 [Member] | Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets		340,000
Derivative liabilities	(47,650,000)	(50,045,000)
Fair Value, Inputs, Level 2 [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair value measurement, recurring basis [Member]
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowings subject to TROR	3,739,000	2,810,000
Financial assets and liabilities measured at fair value on a recurring basis	(9,375,000)	(7,975,000)
Fair Value, Inputs, Level 3 [Member] | Fair value measurement, recurring basis [Member] | Interest rate caps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets		0
Fair Value, Inputs, Level 3 [Member] | Fair value measurement, recurring basis [Member] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets		0
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	13,894,000	12,849,000
Derivative liabilities	$ (27,008,000)	$ (23,634,000)

Fair Value Measurements (Deta68

Fair Value Measurements (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ (7,975,000)	$ (86,777,000)
Total realized and unrealized gains (losses):
Included in earnings	(1,400,000)	2,727,000
Included in other comprehensive income		3,521,000
Balance, ending	(9,375,000)	(80,529,000)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	0	(73,536,000)
Total realized and unrealized gains (losses):
Included in earnings	0	0
Included in other comprehensive income		3,521,000
Balance, ending	0	(70,015,000)
Net TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(10,785,000)	(18,845,000)
Total realized and unrealized gains (losses):
Included in earnings	(2,329,000)	4,135,000
Included in other comprehensive income		0
Balance, ending	(13,114,000)	(14,710,000)
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]
Balance, beginning	2,810,000	5,604,000
Total realized and unrealized gains (losses):
Included in earnings	929,000	(1,408,000)
Included in other comprehensive income		0
Balance, ending	3,739,000	4,196,000
TROR Related [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(7,975,000)	(13,241,000)
Total realized and unrealized gains (losses):
Included in earnings	(1,400,000)	2,727,000
Included in other comprehensive income		0
Balance, ending	$ (9,375,000)	$ (10,514,000)

Fair Value Measurements (Deta69

Fair Value Measurements (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ (9,375)	$ (7,975)	$ (80,529)	$ (86,777)
Fair value adjustment to borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	3,739	$ 2,810	$ 4,196	$ 5,604
Bond Valuation [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	(13,114)
Bond Valuation [Member] | Fair value measurement, recurring basis [Member] | Fair value adjustment to borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ 3,739
Bond Valuation [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	$ 77.55
Bond Valuation [Member] | Minimum [Member] | Fair value measurement, recurring basis [Member] | Fair value adjustment to borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Bond Valuation	77.55
Bond Valuation [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	115.78
Bond Valuation [Member] | Maximum [Member] | Fair value measurement, recurring basis [Member] | Fair value adjustment to borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Bond Valuation	$ 115.78

Fair Value Measurements (Deta70

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair value of nonrecourse mortgage debt and notes payable (exclusive of fair value of derivatives), revolving credit facility and convertible senior debt [Abstract]
Carrying Value	$ 3,732,201	$ 4,662,342
Fair Value	3,793,659	4,919,488
Nonrecourse mortgage debt and notes payable, net [Member]
Fair value of nonrecourse mortgage debt and notes payable (exclusive of fair value of derivatives), revolving credit facility and convertible senior debt [Abstract]
Carrying Value	3,620,363	4,395,107
Fair Value	3,672,378	4,622,934
Convertible senior debt, net [Member]
Fair value of nonrecourse mortgage debt and notes payable (exclusive of fair value of derivatives), revolving credit facility and convertible senior debt [Abstract]
Carrying Value	111,838	267,235
Fair Value	$ 121,281	$ 296,554

Capital Stock (Detail Textuals)

Capital Stock (Detail Textuals) - Senior Notes due 2016 [Member] - USD ($) $ in Thousands	Jan. 20, 2016	Mar. 05, 2015
Class of Stock [Line Items]
Senior notes exchanged for Class A common stock	$ 125	$ 40,481
Common stock Class A
Class of Stock [Line Items]
Shares of Class A common stock issued in exchange of debt	9,298	2,805,513

Dividends (Details Textuals)

Dividends (Details Textuals) - USD ($)	Mar. 18, 2016	Feb. 18, 2016	Mar. 31, 2016
Dividends Payable [Line Items]
Common Stock Dividends			$ (41,588,000)
E&P dividend [Member]
Dividends Payable [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.10
Common Stock Dividends	$ 25,992,000
Quarterly dividend [Member]
Dividends Payable [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.06
Common Stock Dividends	$ 15,596,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 7,991	$ 6,917
Less amount capitalized into qualifying real estate projects	(1,831)	(1,662)
Amount charged to operating expenses	6,160	5,255
Depreciation expense on capitalized stock-based compensation	202	226
Total stock-based compensation expense	6,362	5,481
Deferred income tax benefit	189	2,073
Stock option costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	297	653
Restricted stock costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	5,548	5,004
Performance share costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 2,146	$ 1,260

Stock-Based Compensation (Det74

Stock-Based Compensation (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of grant-date fair value expensed immediately for awards granted to retirement-eligible grantees	$ 1,166,000	$ 1,926,000
Repurchase of Class A common shares, Shares	220,860
Purchase of treasury stock, shares		25,302
Repurchase of Class A common shares	$ 4,319,000
Purchase of treasury stock		$ 588,000	$ 5,543,000
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	25,020
Grant-date fair value	$ 5
Stock options expected term	5 years 6 months
Stock options expected volatility	26.60%
Stock options risk-free interest rate	1.41%
Stock options expected dividend yield	1.04%
Exercise price of options	$ 20.94
Unrecognized compensation cost	$ 1,233,000
Weighted-average period of unrecognized compensation cost expected to be recognized	19 months
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	637,975
Grant-date fair value	$ 20.94
Unrecognized compensation cost	$ 25,630,000
Weighted-average period of unrecognized compensation cost expected to be recognized	27 months
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	274,630
Grant-date fair value	$ 17.27
Unrecognized compensation cost	$ 16,180,000
Weighted-average period of unrecognized compensation cost expected to be recognized	24 months

Write-Offs of Abandoned Devel75

Write-Offs of Abandoned Development Projects (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Write-Offs of Abandoned Development Projects [Abstract]
Write-offs of Abandoned Development Projects	$ 0	$ 0

Impairment of Real Estate and76

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of Real Estate	$ 12,464,000	$ 0
Shops at Wiregrass [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of Real Estate	$ 12,464,000	$ 0

Impairment of Real Estate and77

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details 1) $ in Thousands	Mar. 31, 2016USD ($)
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ 133,997

Impairment of Real Estate and78

Impairment of Real Estate and Impairment of Unconsolidated Entities (Detail Textual)	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015properties
Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]
Number of properties designated for partial sale | properties			3
Impairment of Unconsolidated Entities | $	$ 0	$ 0

Net Gain on Dispositon of Devel

Net Gain on Dispositon of Development Project (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended
	Apr. 30, 2016	May. 31, 2016	Apr. 15, 2016	Mar. 31, 2016	Mar. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net pre-tax gain on disposition of interest in development project				$ 136,117,000	$ 0
625 Fulton [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposition of Interest in Development Project Net Cash Proceeds				151,776,000
Disposition of Interest in Development Project Cash Received				93,776,000
Net pre-tax gain on disposition of interest in development project				$ 136,687,000
Subsequent Event [Member] | 625 Fulton [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Notes Receivable Interest Rate		6.00%	0.75%
Proceeds from Sale of Development Project received	$ 30,000,000

Net Gain on Disposition of Fu80

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Details) - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Disposal Group, not including discontinued operations [Line Items]
Net gain on disposition of full or partial interest in rental properties		$ 156,054,000	$ 0
Income tax effect	[1]	(66,413,000)	0
Net gain on disposition of full or partial interest in rental properties, net of tax		89,641,000	0
Military Housing [Member]
Disposal Group, not including discontinued operations [Line Items]
Net gain on disposition of full or partial interest in rental properties		141,675,000	0
Avenue at Tower City Center & Tower City Parking [Member]
Disposal Group, not including discontinued operations [Line Items]
Net gain on disposition of full or partial interest in rental properties		14,207,000	0
QIC Joint Venture [Member]
Disposal Group, not including discontinued operations [Line Items]
Net gain on disposition of full or partial interest in rental properties		343,000	0
Aperture Center [Member]
Disposal Group, not including discontinued operations [Line Items]
Net gain on disposition of full or partial interest in rental properties		$ (171,000)	$ 0
[1]	(1)Primarily represents non-cash deferred taxes recognized upon the reversal of the deferred tax asset used to offset the taxable gain on the sales of assets held by the TRS.

Net Gain of Disposition of Full

Net Gain of Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Details Textuals) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Military Housing [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Net Cash Proceeds from Sale	$ 208,305
Significant acquisitions and disposals intangible assets sold	29,000
Significant acquisitions and disposals investments in unconsolidated entities, net sold	14,600
QIC Joint Venture [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Net Cash Proceeds from Sale	75,448
Debt Assumed by Outside Partner	$ 169,369
Percentage Ownership Sold	51.00%

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 29,084	$ 35,154

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
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
Income tax expense	$ 1,450	$ 3,084
Reversal of deferred tax asset associated with disposals	$ 83,645

Income Taxes (Details Textual 1

Income Taxes (Details Textual 1) $ in Thousands	Dec. 31, 2015USD ($)
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	$ 54,822
Operating Loss Carryforward for REIT tax return	282,758
Charitable contribution deduction carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax carryforward	913
General business tax credit carryovers [Member]
Tax Credit Carryforward [Line Items]
Tax carryforward	$ 125

Assets and Liabilities Held f85

Assets and Liabilities Held for Sale and Discontinued Operations Assets and Liabilities Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real Estate Investment Property, Accumulated Depreciation	$ (1,455,450)	$ (1,624,920)
Real Estate, net	6,617,504	7,028,087
Cash and equivalents	290,943	265,677
Restricted cash	148,779	161,891
Other assets	338,215	402,444
Total Assets	8,826,813	9,923,150
Nonrecourse mortgage debt and notes payable, net	3,620,363	3,955,702
Accounts payable, accrued expenses and other liabilities	787,232	862,817
Cash Distributions and Losses in Excess of Investments in Unconsolidated Entities	141,351	150,255
Total Liabilities	$ 4,660,784	5,788,616
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
Projects under development - Land		9,265
Real Estate Investment Property, Accumulated Depreciation		(109,462)
Real Estate, net		850,873
Cash and equivalents		28,043
Restricted cash		10,127
Accounts and Notes Receivable, Net		20,021
Other assets		17,323
Total Assets		926,387
Nonrecourse mortgage debt and notes payable, net		439,405
Accounts payable, accrued expenses and other liabilities		99,520
Cash Distributions and Losses in Excess of Investments in Unconsolidated Entities		13,682
Total Liabilities		$ 552,607

Assets and Liabilities Held f86

Assets and Liabilities Held for Sale and Discontinued Operations (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Summary of operating results of discontinued operations
Revenues	$ 14,792,000	$ 28,820,000
Expenses
Operating expenses	12,540,000	19,958,000
Depreciation and amortization	23,000	8,790,000
Total expenses	12,563,000	28,748,000
Interest expense	(3,540,000)	(10,108,000)
Amortization of mortgage procurement costs	(61,000)	0
Loss before income taxes and loss from unconsolidated entities	(1,372,000)	(10,036,000)
Loss from unconsolidated entities	(1,400,000)	(802,000)
Loss before income taxes	(2,772,000)	(10,838,000)
Income tax benefit	(824,000)	(2,269,000)
Loss before gain on disposal group	(1,948,000)	(8,569,000)
Gain on disposition of disposal group, net of tax	64,553,000	0
Earnings (loss) from discontinued operations	62,605,000	(8,569,000)
Noncontrolling interest
Operating loss from disposal group	(776,000)	(4,988,000)
Total operating loss from disposal group	(776,000)	(4,988,000)
Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc.	$ 63,381,000	$ (3,581,000)

Assets and Liabilities Held f87

Assets and Liabilities Held for Sale and Discontinued Operations (Details 2) - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group		$ 79,766,000	$ 0
Income tax effect	[1]	(15,213,000)	0
Gain on disposition of disposal group, net of tax		64,553,000	0
Nets [Member]
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group		136,247,000	0
Barclays Center [Member]
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group		$ (56,481,000)	$ 0
[1]	(1)Primarily represents non-cash deferred taxes recognized upon the reversal of the deferred tax asset used to offset the taxable gain on the sales of assets held by the TRS.

Assets and Liabilities Held f88

Assets and Liabilities Held for Sale and Discontinued Operations (Details Textuals) - USD ($) $ in Thousands	Jan. 29, 2016	Mar. 31, 2016
Barclays Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of Ownership Sold		55.00%
Sales Price of Equity Interest	$ 162,600
Net Cash Proceeds	60,924
Notes Receivable from Sale of Equity Interest	$ 92,600
Interest Rate Notes Receivable from Sale of Equity Interest	4.50%
Nonrecourse Mortgage Debt Assumed by Buyer	$ 457,745
Nets [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of Ownership Sold		20.00%
Notes Receivable from Sale of Equity Interest	$ 125,100
Interest Rate Notes Receivable from Sale of Equity Interest	4.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Numerators
Earnings (loss) from continuing operations attributable to Forest City Realty Trust, Inc.		$ 180,654,000	$ (50,628,000)
Distributed and undistributed earnings allocated to participating securities		(2,359,000)	0
Earnings (loss) from continuing operations attributable to common shareholders ‑ Basic		178,295,000	(50,628,000)
Interest on convertible debt		1,141,000	0
Earnings (loss) from continuing operations attributable to common shareholders ‑ Diluted		179,436,000	(50,628,000)
Net earnings (loss) attributable to Forest City Realty Trust, Inc.		244,035,000	(54,209,000)
Distributed and undistributed earnings allocated to participating securities		(3,300,000)	0
Net earnings (loss) attributable to common shareholders ‑ Basic		240,735,000	(54,209,000)
Net earnings (loss) attributable to common shareholders ‑ Diluted		$ 241,876,000	$ (54,209,000)
Denominators
Weighted average shares outstanding ‑ Basic		257,951,076	202,963,083
Effect of stock options and performance shares		450,522	0
Effect of convertible debt		5,033,629	0
Weighted average shares outstanding ‑ Diluted	[1]	263,435,227	202,963,083
Earnings per share
Earnings (loss) from continuing operations attributable to common shareholders - Basic		$ 0.69	$ (0.25)
Earnings (loss) from continuing operations attributable to common shareholders - Diluted		0.68	(0.25)
Net earnings (loss) attributable to common shareholders - Basic		0.93	(0.27)
Net earnings (loss) attributable to common shareholders - Diluted		$ 0.92	$ (0.27)
[1]	Incremental shares from restricted stock and convertible units aggregating 8,518,583 for the three months ended March 31, 2016 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 33,828,488 for the three months ended March 31, 2015 were not included in the computation of diluted EPS because their effect is anti-dilutive due to the loss from continuing operations. Weighted-average options, restricted stock and performance shares of 3,176,672 and 2,444,380 for the three months ended March 31, 2016 and 2015, 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	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock and Convertible Units [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share	8,518,583
Dilutive Options Restricted Stock Performance Shares and Convertible Securities [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share		33,828,488
Weighted-average options, restricted stock and performance shares [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share	3,176,672	2,444,380

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Financial data of reportable segments
Identifiable Assets	$ 8,826,813,000		$ 9,923,150,000
Revenues	226,263,000	$ 208,262,000
Operating expenses	146,927,000	140,685,000
Depreciation and amortization	63,211,000	53,024,000
Interest and other income	9,654,000	9,704,000
Interest expense	34,635,000	42,468,000
Capital expenditures	166,303,000	72,337,000
Commercial Group [Member]
Financial data of reportable segments
Identifiable Assets	4,494,023,000		4,967,595,000
Revenues	144,278,000	128,545,000
Operating expenses	72,213,000	73,090,000
Depreciation and amortization	42,147,000	32,851,000
Interest and other income	1,187,000	2,633,000
Interest expense	26,920,000	30,322,000
Capital expenditures	55,240,000	28,882,000
Residential Group [Member]
Financial data of reportable segments
Identifiable Assets	3,655,603,000		3,583,295,000
Revenues	76,136,000	69,660,000
Operating expenses	47,654,000	43,239,000
Depreciation and amortization	20,705,000	19,376,000
Interest and other income	2,993,000	2,996,000
Interest expense	4,250,000	4,465,000
Capital expenditures	111,063,000	43,440,000
Arena [Member]
Financial data of reportable segments
Identifiable Assets	0		924,807,000
Land Development Group [Member]
Financial data of reportable segments
Identifiable Assets	246,887,000		240,204,000
Revenues	5,849,000	10,057,000
Operating expenses	2,688,000	4,641,000
Depreciation and amortization	28,000	89,000
Interest and other income	3,673,000	4,040,000
Interest expense	(215,000)	(465,000)
Capital expenditures	0	15,000
Corporate Activities [Member]
Financial data of reportable segments
Identifiable Assets	430,300,000		$ 207,249,000
Revenues	0	0
Operating expenses	24,372,000	19,715,000
Depreciation and amortization	331,000	708,000
Interest and other income	1,801,000	35,000
Interest expense	3,680,000	8,146,000
Capital expenditures	$ 0	$ 0

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	$ 244,035,000	$ (54,209,000)
Depreciation and amortization - Real Estate Groups	63,211,000	53,024,000
Net gain on disposition of full or partial interests in rental properties	(156,239,000)
Impairment of consolidated depreciable real estate	12,464,000
Discontinued operations:
Loss disposition of rental properties	56,481,000
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	55,036,000
FFO attributable to Forest City Realty Trust, Inc.	290,639,000	20,571,000
Real Estate Groups [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization - Real Estate Groups	78,827,000	69,725,000
Discontinued operations:
Depreciation and amortization - Real Estate Groups	35,000	5,055,000
Commercial Group [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	147,016,000	(67,000)
Depreciation and amortization - Real Estate Groups	42,147,000	32,851,000
Net gain on disposition of full or partial interests in rental properties	(14,564,000)
Impairment of consolidated depreciable real estate	12,464,000
Discontinued operations:
Loss disposition of rental properties	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0
FFO attributable to Forest City Realty Trust, Inc.	200,003,000	45,617,000
Commercial Group [Member] | Real Estate Groups [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization - Real Estate Groups	55,087,000	45,684,000
Discontinued operations:
Depreciation and amortization - Real Estate Groups	0	0
Residential Group [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	150,480,000	5,637,000
Depreciation and amortization - Real Estate Groups	20,705,000	19,376,000
Net gain on disposition of full or partial interests in rental properties	(141,675,000)
Impairment of consolidated depreciable real estate	0
Discontinued operations:
Loss disposition of rental properties	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0
FFO attributable to Forest City Realty Trust, Inc.	32,523,000	29,637,000
Residential Group [Member] | Real Estate Groups [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization - Real Estate Groups	23,718,000	24,000,000
Discontinued operations:
Depreciation and amortization - Real Estate Groups	0	0
Arena [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(57,077,000)	(5,048,000)
Net gain on disposition of full or partial interests in rental properties	0
Impairment of consolidated depreciable real estate	0
Discontinued operations:
Loss disposition of rental properties	56,481,000
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0
FFO attributable to Forest City Realty Trust, Inc.	(561,000)	7,000
Arena [Member] | Real Estate Groups [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization - Real Estate Groups	0	0
Discontinued operations:
Depreciation and amortization - Real Estate Groups	35,000	5,055,000
Land Development Group [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	7,221,000	10,562,000
Depreciation and amortization - Real Estate Groups	28,000	89,000
Net gain on disposition of full or partial interests in rental properties	0
Impairment of consolidated depreciable real estate	0
Discontinued operations:
Loss disposition of rental properties	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	0
FFO attributable to Forest City Realty Trust, Inc.	7,243,000	10,603,000
Land Development Group [Member] | Real Estate Groups [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization - Real Estate Groups	22,000	41,000
Discontinued operations:
Depreciation and amortization - Real Estate Groups	0	0
Corporate Activities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(3,605,000)	(65,293,000)
Depreciation and amortization - Real Estate Groups	331,000	708,000
Net gain on disposition of full or partial interests in rental properties	0
Impairment of consolidated depreciable real estate	0
Discontinued operations:
Loss disposition of rental properties	0
Income tax expense (benefit) on non-FFO:
Gain on disposition of rental properties	55,036,000
FFO attributable to Forest City Realty Trust, Inc.	51,431,000	(65,293,000)
Corporate Activities [Member] | Real Estate Groups [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization - Real Estate Groups	0	0
Discontinued operations:
Depreciation and amortization - Real Estate Groups	$ 0	$ 0

Subsequent Events (Details Text

Subsequent Events (Details Textual)	May. 04, 2016USD ($)	Apr. 01, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 500,000,000	$ 500,000,000
Line of Credit Maximum Borrowings Under Accordion Provision			$ 750,000,000
LIBOR [Member]
Subsequent Event [Line Items]
Variable rate basis spread of debt instrument			0.44%
LIBOR [Member] | Minimum [Member]
Subsequent Event [Line Items]
Variable rate basis spread of debt instrument			1.15%
LIBOR [Member] | Maximum [Member]
Subsequent Event [Line Items]
Variable rate basis spread of debt instrument			1.85%
Subsequent Event [Member]
Subsequent Event [Line Items]
Term loan, maximum borrowing capacity	$ 335,000,000
Term loan, number of draws	3
Line of Credit Maximum Borrowings Under Accordion Provision	$ 750,000,000
Subsequent Event [Member] | Old maximum borrowing capacity [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	500,000,000
Subsequent Event [Member] | New maximum borrowing capacity [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 600,000,000
Subsequent Event [Member] | LIBOR [Member] | Minimum [Member]
Subsequent Event [Line Items]
Variable rate basis spread of debt instrument	1.30%
Subsequent Event [Member] | LIBOR [Member] | Maximum [Member]
Subsequent Event [Line Items]
Variable rate basis spread of debt instrument	2.20%
Subsequent Event [Member] | Base Rate [Member] | Minimum [Member]
Subsequent Event [Line Items]
Variable rate basis spread of debt instrument	0.30%
Subsequent Event [Member] | Base Rate [Member] | Maximum [Member]
Subsequent Event [Line Items]
Variable rate basis spread of debt instrument	1.20%
Subsequent Event [Member] | Ballston Quarter [Member]
Subsequent Event [Line Items]
Percentage Ownership Sold		49.00%
Net Cash Proceeds from Sale		$ 36,000,000
Debt Assumed by Outside Partner		$ 20,825,000