Forest City Realty Trust (FCE-A) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Entity Registrant Name	FOREST CITY REALTY TRUST, INC.
Entity Central Index Key	1,647,509
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common stock Class A
Entity Common Stock, Shares Outstanding		241,552,912
Common stock Class B
Entity Common Stock, Shares Outstanding		18,788,169

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Real Estate
Completed rental properties	$ 7,102,184,000	$ 7,694,071,000
Projects under construction and development	776,369,000	889,618,000
Land inventory	72,763,000	69,318,000
Total Real Estate	7,951,316,000	8,653,007,000
Less accumulated depreciation	(1,427,021,000)	(1,624,920,000)
Real Estate, net – (variable interest entities $2,231.0 million and $668.9 million, respectively)	6,524,295,000	7,028,087,000
Cash and equivalents – (variable interest entities $62.6 million and $17.9 million, respectively)	385,998,000	265,677,000
Restricted cash – (variable interest entities $49.2 million and $8.0 million, respectively)	146,750,000	161,891,000
Accounts receivable, net	219,903,000	221,562,000
Notes receivable	410,461,000	154,585,000
Investments in and advances to unconsolidated entities	539,209,000	678,872,000
Other assets – (variable interest entities $73.8 million and $2.3 million, respectively)	301,871,000	402,444,000
Deferred income taxes, net	0	83,645,000
Assets held for sale	22,320,000	926,387,000
Total Assets	8,550,807,000	9,923,150,000
Liabilities
Nonrecourse mortgage debt and notes payable, net – (variable interest entities $1,385.5 million and $302.5 million, respectively)	3,743,828,000	3,955,702,000
Revolving credit facility	0	0
Term loan facility	0	0
Convertible senior debt, net	112,067,000	267,235,000
Accounts payable, accrued expenses and other liabilities – (variable interest entities $260.6 million and $99.4 million, respectively)	779,893,000	862,817,000
Cash distributions and losses in excess of investments in unconsolidated entities	149,314,000	150,255,000
Liabilities held for sale	353,000	552,607,000
Total Liabilities	4,785,455,000	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	2,587,000	2,577,000
Additional paid-in capital	2,481,869,000	2,524,420,000
Retained earnings	826,181,000	1,059,240,000
Shareholders' equity before accumulated other comprehensive loss	3,310,637,000	3,586,237,000
Accumulated other comprehensive loss	(47,936,000)	(67,905,000)
Total Shareholders' Equity	3,262,701,000	3,518,332,000
Noncontrolling interest	502,651,000	456,224,000
Total Equity	3,765,352,000	3,974,556,000
Total Liabilities and Equity	8,550,807,000	9,923,150,000
Common stock Class A
Common stock – $.01 par value
Common stock	2,399,000	2,389,000
Total Equity	2,399,000	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	Sep. 30, 2016	Dec. 31, 2015
Real Estate, net	$ 6,524,295	$ 7,028,087
Cash and equivalents	385,998	265,677
Restricted cash	146,750	161,891
Other assets	301,871	402,444
Nonrecourse mortgage debt and notes payable, net	3,743,828	3,955,702
Accounts payable, accrued expenses and other liabilities	$ 779,893	$ 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	$ 2,231,000	$ 668,900
Cash and equivalents	62,600	17,900
Restricted cash	49,200	8,000
Other assets	73,800	2,300
Nonrecourse mortgage debt and notes payable, net	1,385,500	302,500
Accounts payable, accrued expenses and other liabilities	$ 260,600	$ 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	239,926,928	238,949,141
Common stock, shares outstanding	239,926,928	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	18,788,169	18,805,285
Common stock, shares outstanding	18,788,169	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental	$ 162,257,000	$ 168,723,000	$ 487,986,000	$ 457,809,000
Tenant recoveries	33,755,000	38,161,000	93,989,000	101,241,000
Service and management fees	17,027,000	9,911,000	38,220,000	31,394,000
Parking and other	14,166,000	17,145,000	43,564,000	43,644,000
Land sales	10,325,000	23,535,000	22,479,000	47,589,000
Military Housing	0	6,945,000	3,518,000	23,724,000
Total revenues	237,530,000	264,420,000	689,756,000	705,401,000
Expenses
Property operating and management	87,460,000	96,485,000	258,815,000	283,060,000
Real estate taxes	21,682,000	24,261,000	67,748,000	66,959,000
Ground rent	3,780,000	3,701,000	10,866,000	9,376,000
Cost of land sales	3,148,000	9,189,000	5,190,000	15,716,000
Military Housing operating	0	1,938,000	2,730,000	6,289,000
Corporate general and administrative	17,917,000	10,921,000	51,779,000	38,775,000
REIT conversion, reorganization costs and termination benefits	8,092,000	9,515,000	22,493,000	25,498,000
Total operating expenses	142,079,000	156,010,000	419,621,000	445,673,000
Depreciation and amortization	62,892,000	71,155,000	188,521,000	180,379,000
Write-offs of Abandoned Development Projects	10,058,000	0	10,058,000	5,778,000
Impairment of real estate	142,261,000	425,463,000	156,825,000	425,463,000
Total expenses	357,290,000	652,628,000	775,025,000	1,057,293,000
Operating income (loss)	(119,760,000)	(388,208,000)	(85,269,000)	(351,892,000)
Interest and other income	11,980,000	8,995,000	32,665,000	27,977,000
Gains on change in control of interests	0	0	0	487,684,000
Interest expense	(34,060,000)	(39,592,000)	(101,130,000)	(119,685,000)
Amortization of mortgage procurement costs	(1,314,000)	(1,793,000)	(4,395,000)	(5,756,000)
Loss on extinguishment of debt	0	(23,609,000)	(29,084,000)	(61,953,000)
Earnings (loss) before income taxes and earnings from unconsolidated entities	(143,154,000)	(444,207,000)	(187,213,000)	(23,625,000)
Earnings from unconsolidated entities
Equity in earnings	6,433,000	7,710,000	25,520,000	18,341,000
Net gain on disposition of interest in unconsolidated entities	0	1,009,000	12,613,000	20,293,000
Impairment	(306,400,000)	(1,384,000)	(306,400,000)	(1,384,000)
Earnings (loss) from unconsolidated entities, gross of tax	(299,967,000)	7,335,000	(268,267,000)	37,250,000
Earnings (loss) before income taxes	(443,121,000)	(436,872,000)	(455,480,000)	13,625,000
Income tax expense (benefit) of taxable REIT subsidiaries (2016)
Current	525,000	5,711,000	1,774,000	11,770,000
Deferred	0	(169,525,000)	393,000	11,969,000
Total income tax expense (benefit)	525,000	(163,814,000)	2,167,000	23,739,000
Earnings (loss) before gains (loss) on disposal of real estate	(443,646,000)	(273,058,000)	(457,647,000)	(10,114,000)
Net gain on disposition of interest in development project	0	0	136,117,000	0
Net gain on disposition of full or partial interest in rental properties, net of tax	14,067,000	1,067,000	103,085,000	1,067,000
Earnings (loss) from continuing operations	(429,579,000)	(271,991,000)	(218,445,000)	(9,047,000)
Discontinued operations, net of tax:
Operating loss from rental properties	0	(8,565,000)	(1,126,000)	(24,462,000)
Gain on disposition of disposal group	0	0	64,553,000	0
Equity in earnings (loss)	0	(22,554,000)	(822,000)	(23,529,000)
Earnings (loss) from discontinued operations	0	(31,119,000)	62,605,000	(47,991,000)
Net earnings (loss)	(429,579,000)	(303,110,000)	(155,840,000)	(57,038,000)
Noncontrolling interests, gross of tax
Earnings from continuing operations attributable to noncontrolling interests	(1,282,000)	(4,164,000)	(5,163,000)	(10,446,000)
Loss from discontinued operations attributable to noncontrolling interests	0	5,055,000	776,000	14,812,000
(Earnings) loss attributable to noncontrolling interests	(1,282,000)	891,000	(4,387,000)	4,366,000
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	$ (430,861,000)	$ (302,219,000)	$ (160,227,000)	$ (52,672,000)
Basic and Diluted earnings (loss) per common share
Loss from continuing operations attributable to common shareholders	$ (1.67)	$ (1.08)	$ (0.87)	$ (0.08)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share	0	(0.10)	0.25	(0.15)
Net loss attributable to common shareholders	$ (1.67)	$ (1.18)	$ (0.62)	$ (0.23)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (429,579,000)	$ (303,110,000)	$ (155,840,000)	$ (57,038,000)
Other comprehensive income, net of tax:
Foreign currency translation adjustments, net of tax	0	109,000	95,000	29,000
Unrealized net gains on interest rate derivative contracts, net of tax	11,302,000	2,069,000	19,886,000	8,870,000
Total other comprehensive income, net of tax	11,302,000	2,178,000	19,981,000	8,899,000
Comprehensive loss	(418,277,000)	(300,932,000)	(135,859,000)	(48,139,000)
Comprehensive (income) loss attributable to noncontrolling interest	(1,286,000)	887,000	(4,399,000)	4,354,000
Total comprehensive loss attributable to Forest City Realty Trust, Inc.	$ (419,563,000)	$ (300,045,000)	$ (140,258,000)	$ (43,785,000)

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Tax amount related to foreign currency translation adjustments	$ 0	$ (68,000)	$ 0	$ (18,000)
Tax amount related to unrealized net gains on interest rate derivative contracts	$ 0	$ (739,000)	$ 0	$ (5,612,000)

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
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 (loss), 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	83,332,000					$ (77,252,000)	$ (6,080,000)
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 and write-off of deferred tax asset related to expired 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 (loss), net of amounts attributable to redeemable noncontrolling interest	(155,064,000)		(160,227,000)			5,163,000
Other comprehensive income, net of tax	19,981,000				19,969,000	12,000
Common Stock Dividends	(72,832,000)		(72,832,000)
Conversion of Class B to Class A shares	0						$ 0	$ 0
Conversion of Class B to Class A shares, Shares							17,000	(17,000)
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	(12,000)					$ 12,000
Restricted stock and performance shares vested, Shares							1,251,000
Repurchase of Class A common shares	$ (7,825,000)	(7,822,000)					$ (3,000)
Repurchase of Class A common shares, Shares	385,380						(385,000)
Exercise of stock options and write-off of deferred tax asset related to expired stock options	$ 1,158,000	1,157,000					$ 1,000
Exercise of stock options and write-off of deferred tax asset related to expired stock options, shares							86,000
Stock-based compensation	19,311,000	19,311,000
Acquisition of partners' noncontrolling interest in consolidated subsidiaries	(35,758,000)	(55,371,000)				19,613,000
Contributions from noncontrolling interests	41,657,000					41,657,000
Distributions to noncontrolling interests	(20,018,000)					(20,018,000)
Balance at Sep. 30, 2016	$ 3,765,352,000	$ 2,481,869,000	$ 826,181,000	$ 0	$ (47,936,000)	$ 502,651,000	$ 2,399,000	$ 188,000
Balance, Shares at Sep. 30, 2016				0			239,927,000	18,788,000

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parenthetical) (Unaudited) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 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 ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Net loss	$ (155,840,000)	$ (57,038,000)
Depreciation and amortization	188,521,000	180,379,000
Amortization of mortgage procurement costs	4,395,000	5,756,000
Impairment of real estate	156,825,000	425,463,000
Impairment of unconsolidated entities	306,400,000	1,384,000
Write-offs of abandoned development projects	10,058,000	674,000
Loss on extinguishment of debt	29,084,000	61,953,000
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	(103,085,000)	(1,067,000)
Gains on change in control of interests	0	(487,684,000)
Deferred income tax expense	393,000	11,969,000
Earnings from unconsolidated entities	(38,133,000)	(38,634,000)
Stock-based compensation expense	15,160,000	16,569,000
Amortization and mark-to-market adjustments of derivative instruments	4,162,000	(2,653,000)
Cash distributions from operations of unconsolidated entities	57,256,000	46,671,000
Non-cash operating expenses and deferred taxes included in discontinued operations	(309,000)	12,152,000
Loss from unconsolidated entities included in discontinued operations	1,400,000	38,435,000
Gain on disposition of disposal group included in discontinued operations, net of tax	(64,553,000)	0
(Increase) decrease in land inventory	(4,370,000)	5,062,000
Increase in accounts receivable	(11,743,000)	(17,726,000)
Decrease (increase) in other assets	9,629,000	(15,341,000)
Decrease in accounts payable, accrued expenses and other liabilities	(79,099,000)	(27,774,000)
Net cash provided by operating activities	190,034,000	158,550,000
Cash Flows from Investing Activities
Capital expenditures	(433,659,000)	(321,468,000)
Capital expenditures of assets included in discontinued operations	(690,000)	(17,022,000)
Acquisitions	0	(397,275,000)
Payment of lease procurement costs	(9,218,000)	(8,063,000)
Increase in notes receivable	(43,348,000)	(31,095,000)
Payments on notes receivable	58,000,000	20,161,000
Decrease in restricted cash used for investing purposes	12,897,000	42,262,000
Cash held at Arena upon disposition	(28,041,000)	0
Proceeds from disposition of rental properties or development project	545,289,000	36,594,000
Contributions to investments in and advances to unconsolidated entities	(114,139,000)	(92,678,000)
Distributions from investments in and advances to unconsolidated entities	26,756,000	11,911,000
Net cash provided by (used in) investing activities	13,847,000	(756,673,000)
Cash Flows from Financing Activities
Proceeds from nonrecourse mortgage debt and notes payable	260,871,000	256,049,000
Principal payments on nonrecourse mortgage debt and notes payable	(85,143,000)	(441,822,000)
Borrowings on revolving credit facility	0	111,850,000
Payments on revolving credit facility	0	(111,850,000)
Redemption of Senior Notes due 2018 & 2020	(157,644,000)	0
Payments to noteholders related to exchange of convertible senior notes	(24,376,000)	(61,110,000)
Transaction costs related to exchange of convertible senior notes	(2,460,000)	(6,950,000)
Proceeds received from termination of convertible senior note hedge	0	17,818,000
Proceeds from issuance of Class A common stock, net of $34,438 of transaction costs	0	806,500,000
Payment of deferred financing costs	(5,332,000)	(11,447,000)
Repurchase of Class A common shares	(7,825,000)	(5,412,000)
Exercise of stock options	1,158,000	955,000
Dividends paid to shareholders	(72,832,000)	0
Acquisitions of noncontrolling interests	(38,968,000)	(308,000)
Contributions from noncontrolling interests	41,639,000	77,369,000
Distributions to noncontrolling interests	(19,476,000)	(28,588,000)
Net cash (used in) provided by financing activities	(110,388,000)	603,054,000
Net increase in cash and equivalents	93,493,000	4,931,000
Cash and equivalents at beginning of period	293,720,000	326,518,000
Cash and equivalents at end of period (including cash held for sale)	$ 387,213,000	$ 331,449,000

Consolidated Statements of Ca10

Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Statement of Cash Flows [Abstract]
Class A common stock offering transaction costs	$ 34,438

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Accounting Policies	General Forest City Realty Trust, Inc. (with its subsidiaries, the “Company”) principally engages in the operation, development, management and acquisition of commercial and residential real estate and land throughout the United States. The Company had approximately $8.6 billion of consolidated assets in 20 states and the District of Columbia at September 30, 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. The Company recently completed an internal reorganization and are presenting reportable segments based on this new structure beginning with the reporting period ending September 30, 2016. The new structure is organized around the Company’s real estate operations, real estate development and corporate support service functions. Real Estate Operations is comprised of three reportable operating segments: Office, Retail and Apartments. Development, Corporate and Other are the remaining three reportable operating segments. Prior periods have been recast to conform to the current period’s reportable segment presentation. Real Estate Operations represents the performance of the Company’s core rental real estate portfolio and is comprised of the following three reportable operating segments: • Office - owns, acquires and operates office and life science buildings. • Retail - owns, acquires and operates regional malls and specialty/urban retail centers. • Apartments - owns, acquires and operates residential rental properties, including upscale and middle-market apartments, adaptive re-use developments and subsidized senior housing. The remaining three reportable operating segments consist of the following: Development represents the development and construction of office and life science buildings, regional malls, specialty/urban retail centers, residential rental properties, condominiums and mixed-use projects, along with recently opened operating properties prior to stabilization. Development also includes the horizontal development and sale of land to residential, commercial and industrial customers primarily at its Stapleton project in Denver, Colorado. Corporate is comprised of departments providing executive oversight to the entire company and various support services for Operations, Development and Corporate employees. Other represents the operations of several non-core investments, including the Barclays Center, a sports and entertainment arena located in Brooklyn, New York (“Arena”) (sold in January 2016), the Company’s equity method investment in the Brooklyn Nets (the “Nets”) (sold in January 2016 ), and military housing operations (sold in February 2016). Segment Transfers The Development segment includes projects in development, projects under construction along with recently opened operating properties prior to stabilization. Projects will be reported in their applicable operating segment (Office, Retail or Apartments) beginning effective January 1 of the year following stabilization. Therefore, the Development segment will continue to report results from recently opened properties until the year-end following initial stabilization. The Company generally defines stabilized properties as being 92% occupied or having been open and operating for one or two years, depending on the size of the project. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and 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 September 30, 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 461 Dean Street, an apartment building in Brooklyn, New York , Pacific Park Brooklyn project, land development operations, Barclays Center arena (sold in January 2016), the Nets (sold in January 2016), and military housing operations (sold in February 2016). 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 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, gains 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 September 30, 2016 , the Company determined it was the primary beneficiary of 49 VIEs representing 40 consolidated properties. The creditors of the consolidated VIEs do not have recourse to the Company’s general credit. As of September 30, 2016 , the Company determined it was not the primary beneficiary of 61 VIEs and accounts for these interests as equity method investments. The maximum exposure to loss of these unconsolidated VIEs is limited to $148,000,000 , the Company’s investment balances as of September 30, 2016 . The significant decrease in the maximum exposure to loss of unconsolidated VIEs is a result of an impairment recorded during the three months ended September 30, 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 the New Accounting Guidance section for more information. Reclassifications The Company began presenting new reportable segments during the three months ended September 30, 2016. See the General section for detailed information. Prior periods have been recast to conform to the current period presentation. Concurrent with our internal reorganization, certain functions previously performed within our old business unit structure were centralized into our corporate segment. We analyzed the allocation methodology of these new corporate functions and our historic corporate functions and how it relates to support services provided to our new segments within our new organizational structure. As a result of this analysis, certain expenses previously recorded in the old business units and reported on the property operating and management expenses financial statement line item are recorded in the corporate segment and included in the corporate general and administrative expense financial statement line item. To conform to the current year presentation, $730,000 and $2,880,000 , have been reclassed from property operating and management expenses to corporate general and administrative expenses for the three and nine months ended September 30, 2015, respectively. In addition, $2,260,000 reported as property operating and management expense for the six months ended June 30, 2016 was reclassed and is now included in corporate general and administrative expense for the nine months ended September 30, 2016. During 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 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 nine months ended September 30, 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, $3,771,000 of procurement costs from other assets to convertible senior debt, net and $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 intends to adopt the guidance using the modified retrospective method and is currently in the process of 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 November 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 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 three installments of $1,560,000 in April, June and September 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. In September 2015, certain BCR Entities exchanged 1,032,402 of the 2006 Units. The Company issued 1,032,402 shares of its Class A common stock for the exchanged 2006 Units. The Company accounted for the exchange as a purchase of noncontrolling interests, resulting in a reduction of noncontrolling interests of $52,663,000 , an increase to Class A common stock of $344,000 and a combined increase to additional paid-in capital of $52,319,000 , accounting for the fair value of common stock issued and the difference between the fair value of consideration exchanged and the historical cost basis of the noncontrolling interest balance. At September 30, 2016 and December 31, 2015 , 1,940,788 of the 2006 Units were outstanding. Accumulated Other Comprehensive Loss The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”): September 30, 2016 December 31, 2015 (in thousands) Unrealized losses on foreign currency translation $ — $ 95 Unrealized losses on interest rate derivative contracts (1) 48,002 67,888 48,002 67,983 Noncontrolling interest (66 ) (78 ) Accumulated Other Comprehensive Loss $ 47,936 $ 67,905 (1) Included in the amounts as of September 30, 2016 and December 31, 2015 are $28,152 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) Nine Months Ended September 30, 2016 Balance, January 1, 2016 $ (95 ) $ (67,810 ) $ (67,905 ) Gain (loss) recognized in accumulated OCI 95 (10,184 ) (10,089 ) Loss reclassified from accumulated OCI — 30,058 30,058 Total other comprehensive income 95 19,874 19,969 Balance, September 30, 2016 $ — $ (47,936 ) $ (47,936 ) Nine Months Ended September 30, 2015 Balance, January 1, 2015 $ (84 ) $ (58,762 ) $ (58,846 ) Gain (loss) recognized in accumulated OCI 29 (9,524 ) (9,495 ) Loss reclassified from accumulated OCI — 18,382 18,382 Total other comprehensive income 29 8,858 8,887 Balance, September 30, 2015 $ (55 ) $ (49,904 ) $ (49,959 ) 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) Nine Months Ended September 30, 2016 Interest rate contracts $ 27,536 Interest expense Interest rate contracts 113 Net gain (loss) on disposition of full or partial interest in rental properties, net of tax Interest rate contracts 2,421 Earnings from unconsolidated entities 30,070 Total before income tax and noncontrolling interest (12 ) Noncontrolling interest $ 30,058 Loss reclassified from accumulated OCI Nine Months Ended September 30, 2015 Interest rate contracts $ 28,087 Interest expense Interest rate contracts (900 ) Gains on change in control of interests Interest rate contracts 2,852 Earnings from unconsolidated entities 30,039 Total before income tax and noncontrolling interest (11,645 ) Income tax benefit (12 ) Noncontrolling interest $ 18,382 Loss reclassified from accumulated OCI Noncontrolling Interest The Company owned an equity interest in Barclays Center arena and the Nets through the Company’s consolidated subsidiary Nets Sports & Entertainment (“NS&E”). During the nine months ended September 30, 2016 , subsequent to the sale of Barclays Center and the Nets, the Company purchased NS&E’s partners’ interest for $38,951,000 . This cash payment together with the partners’ historical noncontrolling interest debit balance resulted in a decrease to additional paid-in capital as reflected on the Consolidated Statement of Equity. REIT Conversion, Reorganization Costs and Termination Benefits The following table summarizes the components of REIT conversion, reorganization costs and termination benefits: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) REIT conversion costs $ — $ 3,112 $ 863 $ 7,887 Reorganization costs 5,382 5,048 11,357 14,028 Termination benefits 2,710 1,355 10,273 3,583 Total $ 8,092 $ 9,515 $ 22,493 $ 25,498 The Company incurred costs associated with its REIT conversion and internal reorganization consisting primarily of legal, accounting, consulting and other professional fees. These costs have been segregated and are included in REIT conversion, reorganization costs and termination benefits in the Consolidated Statements of Operations. The Company experienced a workplace reduction as a result of reorganization efforts during the nine months ended September 30, 2016 and the year ended December 31, 2015. As a result, termination benefits expenses (outplacement and severance) are included in REIT conversion, reorganization costs and termination benefits in the Consolidated Statements of Operations and reported in the Corporate segment. The following table summarizes the activity in the accrued severance balance for termination benefits for the three and nine months ended September 30, 2016 : Total (in thousands) Accrued severance benefits, January 1, 2016 $ 16,338 Termination benefits expense 4,951 Payments (9,567 ) Accrued severance benefits, March 31, 2016 $ 11,722 Termination benefits expense 2,612 Payments (3,057 ) Accrued severance benefits, June 30, 2016 $ 11,277 Termination benefits expense 2,710 Payments (3,394 ) Accrued severance benefits, September 30, 2016 $ 10,593 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 2006 Units or senior notes for Class A common stock, changes in consolidation methods of fully consolidated properties and equity method investments due to the occurrence of triggering events including, but not limited to, disposition of a partial interest in rental properties or development project or acquisition of partner’s interest, 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. Nine Months Ended September 30, 2016 2015 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ (37,542 ) $ 84,971 Completed rental properties (1,173,460 ) 827,125 Restricted cash (12,265 ) 8,969 Notes receivable 277,050 — Investments in and advances to affiliates - due to dispositions or change in control 125,741 71,438 Investments in and advances to affiliates - other activity 2,708 20,397 Total non-cash effect on investing activities $ (817,768 ) $ 1,012,900 Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (846,965 ) $ 448,741 Convertible senior debt, net (125 ) (424,433 ) Class A common stock — 7,000 Additional paid-in capital (12,065 ) 473,614 Treasury stock — (6,503 ) Redeemable noncontrolling interest (159,202 ) — Noncontrolling interest 19,059 (53,188 ) Total non-cash effect on financing activities $ (999,298 ) $ 445,231

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2016
Notes Receivable [Abstract]
Notes receivables	Notes Receivable The following table summarizes the components of the Company’s interest bearing notes receivable: September 30, 2016 December 31, 2015 Date of Maturity (in thousands) Stapleton $ 169,224 $ 133,421 Various The Nets sale 125,100 — January 2021 Barclays Center sale 92,600 — January 2019 Other 23,537 21,164 Various Total $ 410,461 $ 154,585 See Note T – Assets and Liabilities Held for Sale and Discontinued Operations for additional information on the Nets and Barclays Center sales.

Nonrecourse Mortgage Debt and N

Nonrecourse Mortgage Debt and Notes Payable, Net	9 Months Ended
	Sep. 30, 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 September 30, 2016 : Years Ending December 31, (in thousands) 2016 $ 90,894 2017 953,394 2018 415,766 2019 412,841 2020 188,728 Thereafter 1,723,622 3,785,245 Net unamortized mortgage procurement costs (41,417 ) Total $ 3,743,828

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility In November 2015, the Company entered into a Revolving Credit Agreement which provided for 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 (“Revolving Credit Facility”). In May 2016, the Company exercised a portion of the accordion provision and increased the total available borrowings to $600,000,000 . The Revolving Credit Facility matures in November 2019, and provides for two additional six -month extension periods, subject to certain conditions. Borrowings bear interest at the Company’s option at either London Interbank Offered Rate (“LIBOR”) ( 0.53% at September 30, 2016 ) plus a margin of 1.15% - 1.85% ( 1.25% at September 30, 2016 ) or the Prime Rate ( 3.50% at September 30, 2016 ) plus a margin of 0.15% - 0.85% ( 0.25% at September 30, 2016 ). In addition, the Revolving Credit Facility is subject to an annual facility fee of 0.20% - 0.35% ( 0.25% at September 30, 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 Revolving Credit Facility has restrictive covenants, including a prohibition on certain types of dispositions, mergers, consolidations, and limitations on lines of business the Company is allowed to conduct. Additionally, the Revolving Credit Facility contains financial covenants, including the maintenance of a maximum total leverage ratio, maximum secured and unsecured leverage ratios, maximum secured recourse leverage ratio, a minimum fixed charge coverage ratio, and a minimum unencumbered interest coverage ratio (all as specified in the Revolving Credit Agreement). At September 30, 2016 , the Company was in compliance with all of these financial covenants. The following table summarizes available credit on the Revolving Credit Facility: September 30, 2016 December 31, 2015 (in thousands) Total available borrowings $ 600,000 $ 500,000 Less: Outstanding borrowings — — Letters of credit 58,608 59,800 Available credit $ 541,392 $ 440,200 As of September 30, 2016 and December 31, 2015, unamortized debt issuance costs related to the Revolving Credit Facility of $3,000,000 and $3,177,000 , respectively, are included in other assets on the Consolidated Balance Sheets.

Term Loan Facility Term Loan Fa

Term Loan Facility Term Loan Facility	9 Months Ended
	Sep. 30, 2016
Term Loan Facility [Abstract]
Term Loan Facility	Term Loan Facility In May 2016, the Company entered into a Term Loan 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, or (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% ( 1.45% at September 30, 2016 ) or the Base Rate plus a margin of 0.30% - 1.20% ( 0.45% at September 30, 2016 ). 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 under the Term Loan Facility, as well as customary representations and warranties and affirmative and negative covenants. There were no borrowings outstanding on the Term Loan Facility at September 30, 2016 . As of September 30, 2016 , unamortized debt issuance costs related to the Term Loan Facility of $1,832,000 are included in other assets on the Consolidated Balance Sheet. Convertible Senior Debt, Net The following table summarizes the convertible senior debt, net: September 30, 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 (1,170 ) (3,771 ) Total $ 112,067 $ 267,235 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 all existing and future secured indebtedness and other liabilities of the Company’s subsidiaries to the extent of the value of the collateral securing that other debt. During the nine months ended September 30, 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 nine months ended September 30, 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) 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 $ 157,769 9,298 $ 182,523 $ 29,047 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 July 15, 2015 2016 Senior Notes 8,151 555,016 1,305 489 July 15/16, 2015 2018 Senior Notes 75,387 3,478,511 13,052 11,664 July 15, 2015 2020 Senior Notes 55,407 2,289,013 11,371 10,500 Total $ 427,751 19,967,053 $ 64,815 $ 57,795 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. Convertible Senior Notes due 2018 Holders may convert their 4.250% Convertible Senior Notes due August 15, 2018 (“2018 Senior Notes”) at their option at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date. Initially, upon conversion, a noteholder would have received 46.1425 shares of Class A common stock per $1,000 principal amount of 2018 Senior Notes (“Conversion Rate”), based on a conversion price of approximately $21.67 per share of Class A common stock, subject to adjustment. In accordance with the 2018 Senior Note Indenture, the second quarter 2016 cash dividend paid by the Company triggered a required adjustment to the Conversion Rate from 46.1425 shares of Class A common stock to 46.6375 shares of Class A common stock effective as of June 10, 2016, the record date for the second quarter 2016 dividend. The third quarter 2016 dividend did not trigger an additional adjustment, as the amount was below the required threshold. See Note J – Dividends for detailed information on the Company’s cash dividends. Convertible Senior Notes due 2020 Holders may convert their 3.625% Convertible Senior Notes due August 15, 2020 (“2020 Senior Notes”) at their option at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date. Initially, upon conversion, a noteholder would have received 41.3129 shares of Class A common stock per $1,000 principal amount of 2020 Senior Notes (“Conversion Rate”), based on a conversion price of approximately $24.21 per share of Class A common stock, subject to adjustment. In accordance with the 2020 Senior Note Indenture, the second quarter 2016 cash dividend paid by the Company triggered a required adjustment to the Conversion Rate from 41.3129 shares of Class A common stock to 41.7561 shares of Class A common stock effective as of June 10, 2016, the record date for the second quarter 2016 dividend. The third quarter 2016 dividend did not trigger an additional adjustment, as the amount was below the required threshold. See Note J – Dividends for detailed information on the Company’s cash dividends.

Convertible Senior Debt, Net

Convertible Senior Debt, Net	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Convertible Senior Debt, Net	Term Loan Facility In May 2016, the Company entered into a Term Loan 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, or (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% ( 1.45% at September 30, 2016 ) or the Base Rate plus a margin of 0.30% - 1.20% ( 0.45% at September 30, 2016 ). 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 under the Term Loan Facility, as well as customary representations and warranties and affirmative and negative covenants. There were no borrowings outstanding on the Term Loan Facility at September 30, 2016 . As of September 30, 2016 , unamortized debt issuance costs related to the Term Loan Facility of $1,832,000 are included in other assets on the Consolidated Balance Sheet. Convertible Senior Debt, Net The following table summarizes the convertible senior debt, net: September 30, 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 (1,170 ) (3,771 ) Total $ 112,067 $ 267,235 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 all existing and future secured indebtedness and other liabilities of the Company’s subsidiaries to the extent of the value of the collateral securing that other debt. During the nine months ended September 30, 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 nine months ended September 30, 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) 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 $ 157,769 9,298 $ 182,523 $ 29,047 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 July 15, 2015 2016 Senior Notes 8,151 555,016 1,305 489 July 15/16, 2015 2018 Senior Notes 75,387 3,478,511 13,052 11,664 July 15, 2015 2020 Senior Notes 55,407 2,289,013 11,371 10,500 Total $ 427,751 19,967,053 $ 64,815 $ 57,795 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. Convertible Senior Notes due 2018 Holders may convert their 4.250% Convertible Senior Notes due August 15, 2018 (“2018 Senior Notes”) at their option at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date. Initially, upon conversion, a noteholder would have received 46.1425 shares of Class A common stock per $1,000 principal amount of 2018 Senior Notes (“Conversion Rate”), based on a conversion price of approximately $21.67 per share of Class A common stock, subject to adjustment. In accordance with the 2018 Senior Note Indenture, the second quarter 2016 cash dividend paid by the Company triggered a required adjustment to the Conversion Rate from 46.1425 shares of Class A common stock to 46.6375 shares of Class A common stock effective as of June 10, 2016, the record date for the second quarter 2016 dividend. The third quarter 2016 dividend did not trigger an additional adjustment, as the amount was below the required threshold. See Note J – Dividends for detailed information on the Company’s cash dividends. Convertible Senior Notes due 2020 Holders may convert their 3.625% Convertible Senior Notes due August 15, 2020 (“2020 Senior Notes”) at their option at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date. Initially, upon conversion, a noteholder would have received 41.3129 shares of Class A common stock per $1,000 principal amount of 2020 Senior Notes (“Conversion Rate”), based on a conversion price of approximately $24.21 per share of Class A common stock, subject to adjustment. In accordance with the 2020 Senior Note Indenture, the second quarter 2016 cash dividend paid by the Company triggered a required adjustment to the Conversion Rate from 41.3129 shares of Class A common stock to 41.7561 shares of Class A common stock effective as of June 10, 2016, the record date for the second quarter 2016 dividend. The third quarter 2016 dividend did not trigger an additional adjustment, as the amount was below the required threshold. See Note J – Dividends for detailed information on the Company’s cash dividends.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 . As of September 30, 2016 , the Company expects it will reclassify amounts recorded in accumulated OCI into earnings as an increase in interest expense of approximately $34,337,000 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 ( 0.84% at September 30, 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 September 30, 2016 , the aggregate notional amount of TROR designated as fair value hedging instruments is $551,985,000 . 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 September 30, 2016 , the aggregate notional amount of these TROR is $138,564,000 . 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 September 30, 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 $ — $ — $ 739,133 $ 32,329 TROR 254,200 7,139 297,785 11,725 Total $ 254,200 $ 7,139 $ 1,036,918 $ 44,054 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,880 6,611 37,684 16,541 Total $ 170,398 $ 6,611 $ 37,684 $ 16,541 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 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 September 30, 2016 Interest rate caps and interest rate swaps $ 1,406 Interest expense $ (9,103 ) $ 3 Net gain (loss) on disposition of full or partial interest in rental properties, net of tax — — Earnings from unconsolidated entities (796 ) — Total $ 1,406 $ (9,899 ) $ 3 Nine Months Ended September 30, 2016 Interest rate caps and interest rate swaps $ (10,184 ) Interest expense $ (27,512 ) $ (24 ) Net gain (loss) on disposition of full or partial interest in rental properties, net of tax (113 ) — Earnings from unconsolidated entities (2,421 ) — Total $ (10,184 ) $ (30,046 ) $ (24 ) Three Months Ended September 30, 2015 Interest rate caps and interest rate swaps $ (7,854 ) Interest expense $ (9,759 ) $ (16 ) Gains on change in control of interests — — Earnings from unconsolidated entities (885 ) — Total $ (7,854 ) $ (10,644 ) $ (16 ) Nine Months Ended September 30, 2015 Interest rate caps and interest rate swaps $ (15,557 ) Interest expense $ (28,060 ) $ (27 ) Gains on change in control of interests 900 — Earnings from unconsolidated entities (2,851 ) (1 ) Total $ (15,557 ) $ (30,011 ) $ (28 ) 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ (1,153 ) $ 848 $ (1,776 ) $ 3,299 Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ — $ (180 ) $ (94 ) $ (195 ) TROR 26 (1,143 ) (1,955 ) 4,476 Total $ 26 $ (1,323 ) $ (2,049 ) $ 4,281 (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $1,153 and $1,776 for the three and nine months ended September 30, 2016 , respectively, and $(848) and $(3,299) for the three and nine months ended September 30, 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 Revolving 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 September 30, 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 September 30, 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 $ 739,133 $ 33,138 $ (809 ) $ — Mortgage liens None TROR 335,469 28,244 22 59,155 Restricted cash, notes receivable, letters of credit None Total $ 1,074,602 $ 61,382 $ (787 ) $ 59,155

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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: September 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (liabilities) $ — $ (32,329 ) $ — $ (32,329 ) TROR (assets) — — 13,750 13,750 TROR (liabilities) — — (28,266 ) (28,266 ) Fair value adjustment to the borrowings subject to TROR — — 4,586 4,586 Total $ — $ (32,329 ) $ (9,930 ) $ (42,259 ) 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) Nine Months Ended September 30, 2016 Balance, January 1, 2016 $ — $ (10,785 ) $ 2,810 $ (7,975 ) $ (7,975 ) Total realized and unrealized gains (losses): Included in earnings — (3,731 ) 1,776 (1,955 ) (1,955 ) Balance, September 30, 2016 $ — $ (14,516 ) $ 4,586 $ (9,930 ) $ (9,930 ) Nine Months Ended September 30, 2015 Balance, January 1, 2015 $ (73,536 ) $ (18,845 ) $ 5,604 $ (13,241 ) $ (86,777 ) Total realized and unrealized gains (losses): Included in earnings — 7,775 (3,299 ) 4,476 4,476 Included in other comprehensive income 15,313 — — — 15,313 Balance, September 30, 2015 $ (58,223 ) $ (11,070 ) $ 2,305 $ (8,765 ) $ (66,988 ) 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 September 30, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value September 30, 2016 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (14,516 ) Third party bond pricing Bond valuation 77.55 - 116.04 Fair value adjustment to the borrowings subject to TROR $ 4,586 Third party bond pricing Bond valuation 77.55 - 105.30 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: September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 3,743,828 $ 3,812,640 $ 4,395,107 $ 4,622,934 Convertible senior debt, net 112,067 130,087 267,235 296,554 Total $ 3,855,895 $ 3,942,727 $ 4,662,342 $ 4,919,488

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Capital Stock	Capital Stock During the nine months ended September 30, 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 and nine months ended September 30, 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. The Company also 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 F – Convertible Senior Debt, Net for detailed information on these transactions. During the three months ended September 30, 2015 , the Company issued shares of Class A common stock to certain BCR entities in exchange of Class A Common Units pursuant to the Master Contribution Agreement. See the “Related Party Transactions” section of Note A – Accounting Policies for detailed information on this transaction. In May 2015, the Company issued 37,375,000 shares of its Class A common stock in an underwritten public offering at a price of $22.50 per share, which included the underwriters’ exercise of their over-allotment option in full. The offering generated net proceeds of $806,500,000 after deducting underwriting discounts, commissions and other offering expenses.

Dividends

Dividends	9 Months Ended
	Sep. 30, 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 was required to make one or more distributions to its shareholders that equaled or exceeded its accumulated positive E&P. The March 2016 E&P dividend summarized below was based on the estimated cumulative positive E&P of the Company’s predecessor. The following table summarizes cash dividends declared by the Board of Directors on the Company’s Class A and Class B common stock (in thousands, except per share data): Type Date Declared Record Date Payment Date Amount Per Share Total Cash Payment E&P February 18, 2016 March 4, 2016 March 18, 2016 $ 0.10 $ 25,992 Quarterly February 18, 2016 March 4, 2016 March 18, 2016 $ 0.06 $ 15,596 Quarterly May 17, 2016 June 10, 2016 June 24, 2016 $ 0.06 $ 15,623 Quarterly August 18, 2016 September 2, 2016 September 16, 2016 $ 0.06 $ 15,621 Total $ 72,832

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the nine months ended September 30, 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 September 30, 2016 , $754,000 of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 15 months , $19,313,000 of unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 23 months , and $11,301,000 of unrecognized compensation cost related to performance shares is expected to be recognized over a weighted-average period of 18 months . The following table summarizes stock-based compensation costs and related deferred income tax benefit recognized in the financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Stock option costs $ 205 $ 320 $ 731 $ 985 Restricted stock costs 3,439 3,349 11,367 11,950 Performance share costs 2,496 3,541 7,213 8,601 Total stock-based compensation costs 6,140 7,210 19,311 21,536 Less amount capitalized into qualifying real estate projects (1,592 ) (1,883 ) (4,151 ) (4,967 ) Amount charged to operating expenses 4,548 5,327 15,160 16,569 Depreciation expense on capitalized stock-based compensation 202 227 621 679 Total stock-based compensation expense $ 4,750 $ 5,554 $ 15,781 $ 17,248 Deferred income tax benefit $ 136 $ 2,131 $ 457 $ 6,642 The amount of grant-date fair value expensed immediately for awards granted to retirement-eligible grantees during the nine months ended September 30, 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 nine months ended September 30, 2016 and 2015 , the Company repurchased 385,380 shares and 216,700 shares, respectively, of Class A common stock to satisfy the employees’ related minimum statutory tax withholding requirements. During the nine months ended September 30, 2016 , shares repurchased were returned to unissued shares with an aggregate cost basis of $7,825,000 . Shares repurchased during the nine months ended September 30, 2015 were placed in treasury with an aggregate cost basis of $5,412,000 .

Write-Offs of Abandoned Develop

Write-Offs of Abandoned Development Projects	9 Months Ended
	Sep. 30, 2016
Write-Offs of Abandoned Development Projects [Abstract]
Write-Offs of Abandoned Development Projects [Text Block]	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 write-offs of abandoned development projects of $10,058,000 during the three and nine months ended September 30, 2016 and $5,778,000 during the nine months ended September 30, 2015 , respectively. The Company recorded no write-offs of abandoned development projects during the three months ended September 30, 2015 . There were no write-offs of abandoned development projects of unconsolidated entities during the three and nine months ended September 30, 2016 and the three months ended September 30, 2015 , respectively. The Company recorded write-offs of abandoned development projects of unconsolidated entities of $10,191,000 during the nine months ended September 30, 2015 , which is included in equity in earnings (loss).

Impairment of Real Estate and I

Impairment of Real Estate and Impairment of Unconsolidated Entities	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Regional Malls: Shops at Northfield Stapleton Denver, Colorado $ 68,821 $ — $ 68,821 $ — Boulevard Mall Amherst, New York 52,510 — 52,510 — Shops at Wiregrass Tampa, Florida — — 12,464 — Westchester's Ridge Hill Yonkers, New York — 372,587 — 372,587 Office Buildings: Post Office Plaza Cleveland, Ohio 11,800 — 11,800 — Illinois Science and Technology Park Skokie, Illinois 7,900 26,246 7,900 26,246 Land inventory Las Vegas, Nevada 1,230 16,307 1,230 16,307 Other — 10,323 2,100 10,323 Total $ 142,261 $ 425,463 $ 156,825 $ 425,463 During the three months ended September 30, 2016 , the Company’s Board of Directors authorized a process to review strategic alternatives for the Company’s retail portfolio. The Company has begun discussions with certain strategic partners and other potential buyers for several of its retail assets. In connection with this review and discussions to date, the Company has updated its impairment analysis on its retail assets, including increasing the likelihood of near-term sales. As a result, the estimated probability weighted undiscounted cash flows no longer exceeded the carrying value of the Shops at Northfield Stapleton and Boulevard Mall, requiring the Company to adjust the carrying value to their estimated fair value during the three months ended September 30, 2016 . The Company has not entered into any agreements, and can not ensure a transaction can or will be consummated and therefore, such assets continue to be classified as held in use. During the year ended December 31, 2015, the Company decided to pursue the partial sale, through a joint venture, of 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, which remained outstanding at September 30, 2016 . The advanced status of the transaction at March 31, 2016 triggered management to further 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 exceeded the carrying value, requiring the Company to adjust the carrying value to its estimated fair value during the three months ended March 31, 2016. The Company closed on the disposition of 49% of its equity interest in October 2016. During the three months ended September 30, 2016 , based on the loss of a potential tenant to fill a significant vacancy, the Company updated its undiscounted cash flow analysis including its probability weighted estimated holding period for Post Office Plaza office building. As a result, the estimated probability weighted undiscounted cash flows no longer exceeded the carrying value, requiring the Company to adjust the carrying value to its estimated fair value during the three months ended September 30, 2016 . The Company continues to market all of the operating assets at Illinois Science & Technology Park in Skokie, Illinois. During 2015, the Company had several interested parties at pricing that approximated the carrying value of the assets. During the three months ended September 30, 2015, the high bidder withdrew their offer and certain market conditions, including the loss of possible redevelopment incentives, negatively impacted the pricing from other interested parties. At September 30, 2015, discussions with a potential purchaser were ongoing and remained subject to further negotiation. Based on these factors, the Company increased the likelihood of a near-term sale and reduced the pricing in such scenario in its estimated probability weighted undiscounted cash flows. As a result, these estimated undiscounted cash flows no longer exceed the carrying value of the assets, requiring the Company to adjust the carrying value to its estimated fair value during the three months ended September 30, 2015. During the three months ended December 31, 2015, discussions with the potential buyer ceased, as mutually agreeable terms could not be reached. During the three months ended September 30, 2016 , the Company received a letter of intent for the operating assets at Illinois Science & Technology Park . Based on the letter of intent pricing, the Company updated its undiscounted cash flow analysis resulting in the estimated undiscounted cash flows no longer exceeding the carrying value of the assets, requiring the Company to adjust the carrying value to its estimated fair value during the three months ended September 30, 2016 . At September 30, 2015 , the Company owned 13.5 acres of land located in Las Vegas, Nevada, which is included in land inventory on its consolidated balance sheet. The Company had been marketing the land for sale for over twelve months without closing a sale of any of the parcels. During the three months ended September 30, 2015, it became evident the expected sale price was less than originally estimated and lower than its carrying value. At September 30, 2015 , the Company had a letter of intent for a portion of the land and continued to market the remaining parcels. Using the letter of intent pricing, in addition to other information gathered from other market participants, including verbal bids, the Company adjusted its estimated selling price, less cost to sell, of this land, which was less than its carrying value. As such, the Company recorded an impairment charge of $16,307,000 during the three months ended September 30, 2015. During the three months ended December 31, 2015, the Company sold 6.1 acres of the land at amounts that approximated the carrying value. During the three months ended September 30, 2016 , the Company signed a purchase and sale agreement for the remaining parcels. As a result, the Company adjusted its estimated selling price, less costs to sell and recorded an impairment charge of $1,230,000 during the three months ended September 30, 2016 . During the three months ended September 30, 2015, the Company decided to pursue the partial sale, through a joint venture, of Westchester's Ridge Hill . At September 30, 2015, discussions with a potential joint venture partner were ongoing and remained subject to further negotiation and applicable due diligence periods. The advanced status of the discussions triggered management to update its undiscounted cash flow analysis including its probability weighted estimated holding period. As a result, the estimated probability weighted undiscounted cash flows no longer exceeded the carrying value, requiring the Company to adjust the carrying value to its estimated fair value during the three months ended September 30, 2015. The Company closed on the disposition of 51% of its equity interest in January 2016. See Note S – Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax for detailed information on the transaction. 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. The following table summarizes the Company’s impairment of unconsolidated entities: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Pacific Park Brooklyn Brooklyn, New York $ 299,300 $ — $ 299,300 $ — Other 7,100 1,384 7,100 1,384 Total $ 306,400 $ 1,384 $ 306,400 $ 1,384 Pacific Park Brooklyn is a 22 acre mixed-use project in Brooklyn, New York. On June 30, 2014, the Company entered into a joint venture with Greenland Atlantic Yards, LLC, a subsidiary of Shanghai-based Greenland Holding Group Company Limited (“Greenland”) to develop the project. Under the joint venture, Greenland acquired 70% of the project and agreed to co-develop the project with the Company, along with sharing in the entire project costs going forward in proportion to ownership interests. The joint venture was formed to execute on the remaining development rights, including the infrastructure and vertical construction of the residential units, but excluded Barclay’s Center and 461 Dean Street apartment community. Consistent with the approved master plan, the joint venture agreed to develop the remaining portion of Phase I and all of Phase II of the project, including the permanent rail yard. At the time of closing, the remaining portion of Phase I included seven buildings, totaling approximately 3.1 million square feet. Phase II consists of seven buildings totaling approximately 3.3 million square feet and further obligations to complete significant additional infrastructure improvements including a platform over the permanent rail yard. Upon closing of the partial sale on June 30, 2014, it was determined the Company was not the primary beneficiary of the joint venture and the entity was deconsolidated and subsequently accounted for under the equity method of accounting. The transaction resulted in net cash proceeds of $208,275,000 . The basis of the investment at the time approximated fair value as supported by the sales price and underlying discounted cash flow model used by both parties to underwrite the transaction. Due to the nature of the project in terms of size, duration and complexity, the underlying discounted cash flow model included many estimates and assumptions of future events. Key estimates in the discounted cash flow model include horizontal infrastructure costs including, among other things, estimates of completing the permanent rail yard and the platform over the rail yard, rent growth in the rental buildings and sales prices for condo buildings, trade costs for vertical construction, timing of starting vertical construction and opening buildings, terminal cap rates and the underlying discount rate. The joint venture broke ground on the first affordable apartment community, 535 Carlton , in December, 2014. In mid-2015, the joint venture commenced construction on two more buildings, 38 Sixth Avenue , an affordable apartment building, and 550 Vanderbilt, a condominium building. From the formation of the joint venture in June 2014 through the quarter ended June 30, 2016, the Company reviewed the estimates and assumptions in the discounted cash flow model and updated them as necessary. During the three months ended September 30, 2016, it became evident the occupancy and rental rate declines in the Brooklyn market was determined not to be temporary as a result of an increased supply of new rental product amplified by the sun-setting and the uncertainty around the 421 A real estate tax abatement program. Over the last quarter, the condominium market in New York has also softened, causing the projected sale schedule for 550 Vanderbilt to be adjusted accordingly. Separately, the construction costs across the New York market continue to trend upward, resulting in increases in the estimated trade costs for certain infrastructure as well as vertical construction. In addition, the expiration of and the continued uncertainty related to the availability of the 421 A real estate tax abatement program puts further stress on anticipated returns. As a result, during the three months ended September 30, 2016, as part of the Company’s formal strategic plan update, a decision was made to revise the overall project schedule for Pacific Park Brooklyn . Accordingly, the Company updated the discounted cash flow model to reflect the updated timing of the project schedule as well as the revenue, expense and cost assumptions. Based on the above, the estimated fair value of the investment no longer exceeded the carrying value. As a result, the Company recorded an other-than-temporary impairment of $299,300,000 during the three months ended September 30, 2016. The remaining basis in the investment (net of estimated future funding obligations) is not material. Impairment of Real Estate and Impairment of Unconsolidated Entities - Fair Value Information The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of real estate and unconsolidated investments for the nine months ended September 30, 2016 and 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) September 30, 2016 Impairment of real estate $ 371,139 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 18,500 Comparable property market analysis Price per square foot $39 per square foot Impairment of unconsolidated investments $ — Discounted cash flows Discount rate 9.8% Market capitalization rate 3.9% - 6.0% Impairment of unconsolidated investments $ 3,600 Indicative bids Indicative bids N/A (1) September 30, 2015 Impairment of real estate $ 630,797 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 5,128 Comparable property market analysis Price per square foot $18 per square foot Impairment of unconsolidated investments $ — Indicative bid Indicative bid N/A (1) (1) This fair value measurement was derived from a bona fide purchase offer from third party prospective buyers, subject to the Company’s corroboration for reasonableness.

Gains on Change in Control of I

Gains on Change in Control of Interests	9 Months Ended
	Sep. 30, 2016
Gains on Change in Control of Interests [Abstract]
Gains on Change in Control of Interests	Gains on Change in Control of Interests The following table summarizes the gains on change in control of interests. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) University Park at MIT Cambridge, Massachusetts $ — $ — $ — $ 463,643 Apartment Communities: Cherry Tree Strongsville, Ohio — — — 7,391 Chestnut Lake Strongsville, Ohio — — — 8,525 Stratford Crossing Wadsworth, Ohio — — — 8,125 Total $ — $ — $ — $ 487,684 Apartment Communities In April 2015, the Company acquired its partner’s 50% equity ownership interest in three operating apartment communities ( Cherry Tree, Chestnut Lake and Stratford Crossing) in exchange for the Company’s 50% equity ownership in five operating apartment communities ( Arbor Glen, Eaton Ridge, Newport Landing, Parkwood Village and Sutton Landing ) in a non-cash transaction. Subsequent to the transaction, the Company owns 100% of the three retained operating apartment communities. See Note P – Net Gain on Disposition of Interest in Unconsolidated Entities for d etailed information on the net gain on disposition of interest in unconsolidated entities related to the five operating apartment communities exchanged. University Park at MIT In June 2015, the Company completed the share purchase and redemption agreement with its partner to acquire the partner’s 49% equity ownership interest in seven life science office properties and two parking facilities at University Park at MIT , a mixed-use life science office campus in Cambridge, Massachusetts (“MIT Assets”) . The Company used $386,156,000 of the net proceeds from the May 2015 equity offering to finance this acquisition. See Note I – Capital Stock for detailed information on the equity offering. Prior to the acquisition, the Company owned 51% and had accounted for the MIT Assets using the equity method of accounting. Subsequent to the transaction, the Company owns 100% of these assets and has concluded it appropriate to consolidate the assets. As a result, the Company remeasured its equity interests, as required by the accounting guidance, at fair value (based upon the income approach using current rents and market cap rates and discount rates) and recorded a gain on change in control of interests as noted above. The fair value of the acquisition was allocated as follows. All amounts are presented in thousands. Real Estate, net $ 1,121,786 Restricted cash 17,235 Notes and accounts receivable, net 1,801 Other assets (1) 103,804 1,244,626 Mortgage debt and notes payable, nonrecourse (363,147 ) Accounts payable, accrued expenses and other liabilities (2) (94,214 ) Net Assets Acquired $ 787,265 Gains on change in control of interests $ 463,643 Carrying value of previously held equity interests (62,534 ) Fair value of previously held equity interests (3) 401,109 Cash paid 386,156 Total consideration $ 787,265 (1) Primarily consists of $78,000 of in-place leases and $20,000 of below-market ground leases with weighted-average lives of 3.6 years and 60 years , respectively. (2) Primarily consists of $49,000 of below-market tenant leases and $24,000 of above-market ground leases with weighted-average lives of 3.6 years and 58 years , respectively. (3) The significant assumptions used to value the previously held equity interests in the MIT Assets were determined to be Level 3 inputs. The weighted-average discount rate applied to cash flows and the weighted-average terminal capitalization rate were 7.0% and 6.0% , respectively. Pro Forma Information The following unaudited supplemental pro forma operating data is presented for the nine months ended September 30, 2015 , as if the step acquisition related to the MIT Assets was effective January 1, 2014. The gain on change in control of interests related to this acquisition was adjusted to the assumed acquisition date. The unaudited supplemental pro forma operating data is not necessarily indicative of what the Company’s actual results of operations would have been assuming the transactions had been effective as set forth above, nor do they purport to represent the Company’s results of operations for future periods. The qualitative and quantitative effect to the pro forma operating data related to the remaining acquisitions described in the table above was not material. Pro Forma Adjustments Nine Months Ended September 30, 2015 Remove: Gain on Change in Control of Interests (1) Other Pro Forma Adjustments (2) Pro Forma Nine Months Ended September 30, 2015 (in thousands, except per share data) Revenues $ 705,401 $ — $ 43,742 $ 749,143 Loss from continuing operations $ (9,047 ) $ (283,828 ) $ (15,211 ) $ (308,086 ) Net loss attributable to common shareholders $ (52,672 ) $ (283,828 ) $ (15,211 ) $ (351,711 ) Weighted average shares outstanding - Basic 230,778,223 230,778,223 Net earnings (loss) attributable to common shareholders - Basic $ (0.23 ) $ (1.52 ) Weighted average shares outstanding - Diluted 230,778,223 230,778,223 Net earnings (loss) attributable to common shareholders - Diluted $ (0.23 ) $ (1.52 ) (1) Gain on change in control of interests of $463,643 , net of tax of $179,815 . (2) Represents additional depreciation and amortization expense related to the increased basis of real estate and intangible assets, plus pro forma earnings of the 100% ownership interests, less actual equity in earnings related to the Company’s 51% prior ownership for the period presented.

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt	9 Months Ended
	Sep. 30, 2016
Extinguishment of Debt Disclosures [Abstract]
Loss on Extinguishment of Debt	Loss on Extinguishment of Debt For the three and nine months ended September 30, 2016 , the Company recorded $0 and $29,084,000 , respectively, as loss on extinguishment of debt. For the three and nine months ended September 30, 2015 , the Company recorded $23,609,000 and $61,953,000 , respectively, as loss on extinguishment of debt. The losses on extinguishment of debt recorded primarily relates to separate, privately negotiated exchange transactions involving a portion of the Company’s 2016, 2018 and 2020 Senior Notes. See Note F – Convertible Senior Debt, Net for detailed information on these non-tax deductible losses on extinguishment of debt.

Net Gain on Disposition of Inte

Net Gain on Disposition of Interest in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2016
Net Gain on Disposition of Interest in Unconsolidated Entities [Abstract]
Net Gain on Disposition of Interest in Unconsolidated Entities	Net Gain on Disposition of Interest in Unconsolidated Entities The following table summarizes the net gain on disposition of interest in unconsolidated entities which are included in earnings (loss)from unconsolidated entities. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Steinway Street Theaters (Specialty Retail Center) Queens, New York $ — $ — $ 12,613 $ — Apartment Communities: Newport Landing Coventry Township, Ohio — — — 5,765 Eaton Ridge Sagamore Hills, Ohio — — — 4,745 Arbor Glen Twinsburg, Ohio — — — 3,422 Parkwood Village Brunswick, Ohio — — — 2,817 Sutton Landing Brimfield, Ohio — — — 2,535 Other — 1,009 — 1,009 $ — $ 1,009 $ 12,613 $ 20,293 During the nine months ended September 30, 2016 , the Company sold its entire ownership interest in Steinway Street Theaters , an unconsolidated specialty retail center in Queens, New York. The disposition resulted in net cash proceeds of $14,059,000 . In April 2015, the Company acquired its partner’s 50% equity ownership interest in three operating apartment communities ( Cherry Tree, Chestnut Lake and Stratford Crossing) in exchange for the Company’s 50% equity ownership in five operating apartment communities ( Arbor Glen, Eaton Ridge, Newport Landing, Parkwood Village and Sutton Landing ) in a non-cash transaction. As a result, the Company recorded gains on disposition of interest in unconsolidated entities as noted above during the nine months ended September 30, 2015 . See Note N – Gains on Change in Control of Interests for d etailed information on the three retained operating apartment communities.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has filed for the prior taxable years 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 five 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 $525,000 and $2,167,000 for the three and nine months ended September 30, 2016 , respectively. The Company did not recognize any federal corporate income tax on its earnings in the REIT. During the nine months ended September 30, 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 (benefit) expense was $(163,814,000) and $23,739,000 for the three and nine months ended September 30, 2015 , respectively, as the Company was 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.

Net Gain on Disposition of In28

Net Gain on Disposition of Interest in Development Project	9 Months Ended
	Sep. 30, 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 In January 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 and the remaining $58,000,000 was received during the three months ended June 30, 2016. The Company recorded a net pre-tax gain on disposition of interest in development project of $136,687,000 during the nine months ended September 30, 2016 .

Net Gain on Disposition of Full

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax	9 Months Ended
	Sep. 30, 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 (loss) on disposition of full or partial interest in rental properties, net of tax: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Office Buildings: Terminal Tower Cleveland, Ohio $ 14,391 $ — $ 14,391 $ — Aperture Center Albuquerque, New Mexico — — (171 ) — Skylight Office Tower Cleveland, Ohio — 1,746 — 1,746 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 — Johns Hopkins Parking Garage Baltimore, Maryland — — (623 ) — Other (324 ) — (324 ) — 14,067 1,746 169,498 1,746 Income tax effect (1) — (679 ) (66,413 ) (679 ) $ 14,067 $ 1,067 $ 103,085 $ 1,067 (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. Terminal Tower During the three months ended September 30, 2016 , the Company completed the sale of Terminal Tower , an office building in Cleveland, Ohio. The Company’s corporate headquarters is located in the Terminal Tower and the Company is currently evaluating options to relocate its headquarters in downtown Cleveland, Ohio. In connection with the sale, the Company entered into an 18 month lease agreement, (minimum initial term) with various options to extend up to 48 months, to provide the Company the necessary time to evaluate and relocate its corporate headquarters. While the Company transferred all risks and rewards of ownership of the property to the buyer, the Company’s expected estimated lease term resulted in more than a minor, but less then substantially all of the use of the asset through the leaseback transaction. As a result, the Company deferred $7,917,000 which will be amortized as an offset to rent expense over the lease term, and recorded a net gain on disposition of $14,391,000 during the three months ended September 30, 2016 . The sale generated net cash proceeds of $38,027,000 . Military Housing During the nine months ended September 30, 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 Westchester’s Ridge Hill During the nine months ended September 30, 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 in all significant decision making areas 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. Ballston Quarter During the nine months ended September 30, 2016 , the Company formed and entered into a new joint venture with outside partners, affiliated entities of QIC. The Company contributed its equity interest in Ballston Quarter , a formerly wholly owned regional mall in Arlington, Virginia, and certain residential development rights to the new joint venture. The outside partner invested $36,269,000 of cash directly into the new joint venture and assumed 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 its entire cash proceeds received from the sale as a part of a major redevelopment plan of the asset. Upon closing, the entity was deemed to have insufficient equity and was assessed for consolidation purposes using the VIE model. Based on this and the substantive participating rights in all significant decision making areas of the outside partner, the Company concluded it appropriate to deconsolidate the entity and account for its interest under the equity method of accounting at historical cost. Johns Hopkins Parking Garage During the nine months ended September 30, 2016 , the Company sold the top five floors of the Johns Hopkins Parking Garage located in Baltimore, Maryland which generated $11,186,000 in cash proceeds.

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations In October 2016, the Company completed the sale of Grand Lowry Lofts , an apartment community in Denver, Colorado, which met the requirements to be classified as held for sale at September 30, 2016. 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: ` September 30, 2016 December 31, 2015 (in thousands) Assets Real Estate Completed rental properties $ 28,254 $ 951,070 Project under development - Land — 9,265 Less accumulated depreciation (7,292 ) (109,462 ) Real Estate, net 20,962 850,873 Cash and equivalents 1,215 28,043 Restricted cash 106 10,127 Notes and accounts receivable, net 15 20,021 Other assets 22 17,323 Total Assets $ 22,320 $ 926,387 Liabilities Nonrecourse mortgage debt and notes payable, net $ — $ 439,405 Accounts payable, accrued expenses and other liabilities 353 99,520 Cash distributions and losses in excess of investments in unconsolidated entities — 13,682 Total Liabilities $ 353 $ 552,607 The following tables summarize the operating results related to discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Revenues $ — $ 24,637 $ 14,792 $ 80,497 Expenses Operating expenses — 17,199 12,540 55,019 Depreciation and amortization — 8,811 23 26,403 — 26,010 12,563 81,422 Interest expense — (9,415 ) (3,540 ) (29,650 ) Amortization of mortgage procurement costs — — (61 ) — Loss before income taxes and loss from unconsolidated entities — (10,788 ) (1,372 ) (30,575 ) Loss from unconsolidated entities — (36,842 ) (1,400 ) (38,435 ) Loss before income taxes — (47,630 ) (2,772 ) (69,010 ) Income tax benefit — (16,511 ) (824 ) (21,019 ) Loss before gain on disposal group — (31,119 ) (1,948 ) (47,991 ) Gain on disposition of disposal group, net of tax — — 64,553 — Earnings (loss) from discontinued operations — (31,119 ) 62,605 (47,991 ) Noncontrolling interest Operating loss from disposal group — (5,055 ) (776 ) (14,812 ) — (5,055 ) (776 ) (14,812 ) Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc. $ — $ (26,064 ) $ 63,381 $ (33,179 ) The following table summarizes the pre-tax gain on disposition of the Disposal Group: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 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	9 Months Ended
	Sep. 30, 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 common shareholders for the three and nine months ended September 30, 2016 and 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerators (in thousands) Loss from continuing operations attributable to common shareholders ‑ Basic and Diluted $ (430,861 ) $ (276,155 ) $ (223,608 ) $ (19,493 ) Net loss attributable to common shareholders ‑ Basic and Diluted $ (430,861 ) $ (302,219 ) $ (160,227 ) $ (52,672 ) Denominators Weighted average shares outstanding ‑ Basic and Diluted (1) 258,713,429 255,417,396 258,437,586 230,778,223 Earnings Per Share Loss from continuing operations attributable to common shareholders ‑ Basic and Diluted $ (1.67 ) $ (1.08 ) $ (0.87 ) $ (0.08 ) Net loss attributable to common shareholders ‑ Basic and Diluted $ (1.67 ) $ (1.18 ) $ (0.62 ) $ (0.23 ) (1) Incremental shares from dilutive options, restricted stock, performance shares and convertible securities aggregating 8,157,781 and 10,035,997 for the three and nine months ended September 30, 2016 , respectively, and 17,959,278 and 25,382,494 for the three and nine months ended September 30, 2015 , respectively, 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 2,446,901 and 2,711,273 for the three and nine months ended September 30, 2016 , respectively, and 2,666,555 and 2,304,807 for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company recently completed an internal reorganization and are presenting reportable segments based on this new structure beginning with the reporting period ending September 30, 2016. The new structure is organized around the Company’s real estate operations, real estate development and corporate support service functions. Prior periods have been recast to conform to the current period’s reportable segment presentation. Real Estate Operations represents the performance of the Company’s core rental real estate portfolio and is comprised of the following three reportable operating segments: • Office - owns, acquires and operates office and life science buildings. • Retail - owns, acquires and operates regional malls and specialty/urban retail centers. • Apartments - owns, acquires and operates residential rental properties, including upscale and middle-market apartments, adaptive re-use developments and subsidized senior housing. The remaining three reportable operating segments consist of the following: Development represents the development and construction of office and life science buildings, regional malls, specialty/urban retail centers, residential rental properties, condominiums and mixed-use projects, along with recently opened operating properties prior to stabilization. Development also includes the horizontal development and sale of land to residential, commercial and industrial customers primarily at its Stapleton project in Denver, Colorado. Corporate is comprised of departments providing executive oversight to the entire company and various support services for Operations, Development and Corporate employees. Other represents the operations of several non-core investments, including the Barclays Center, a sports and entertainment arena located in Brooklyn, New York (“Arena”) (sold in January 2016), the Company’s equity method investment in the Brooklyn Nets (the “Nets”) (sold in January 2016 ), and military housing operations (sold in February 2016). Segment Transfers The Development segment includes projects in development, projects under construction along with recently opened operating properties prior to stabilization. Projects will be reported in their applicable operating segment (Office, Retail or Apartments) beginning effective January 1 of the year following stabilization. Therefore, the Development segment will continue to report results from recently opened properties until the year-end following initial stabilization. The Company generally defines stabilized properties as being 92% occupied or having been open and operating for one or two years, depending on the size of the project. The following tables summarize financial data for the Company’s reportable operating segments. All amounts are presented in thousands. September 30, 2016 December 31, 2015 Identifiable Assets Office $ 3,225,492 $ 3,409,589 Retail 625,176 1,220,556 Apartments 2,447,429 2,286,121 Total Operations 6,298,097 6,916,266 Development 1,734,986 1,792,143 Corporate 517,724 207,249 Other — 1,007,492 $ 8,550,807 $ 9,923,150 Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Revenues Operating Expenses Office $ 116,787 $ 121,435 $ 352,960 $ 310,474 $ 48,486 $ 50,532 $ 142,835 $ 135,924 Retail 20,496 34,459 61,622 101,988 14,812 21,711 40,877 67,606 Apartments 74,170 68,626 219,211 197,129 33,415 35,912 102,327 104,629 Total Operations 211,453 224,520 633,793 609,591 96,713 108,155 286,039 308,159 Development 26,077 32,955 52,445 72,086 19,357 25,481 56,580 66,952 Corporate — — — — 26,009 20,436 74,272 64,273 Other — 6,945 3,518 23,724 — 1,938 2,730 6,289 $ 237,530 $ 264,420 $ 689,756 $ 705,401 $ 142,079 $ 156,010 $ 419,621 $ 445,673 Depreciation and Amortization Capital Expenditures Office $ 33,541 $ 34,886 $ 102,587 $ 72,440 $ 5,749 $ 16,581 $ 19,774 $ 46,417 Retail 5,384 13,297 17,618 40,888 4,032 3,351 8,473 7,654 Apartments 18,994 19,759 56,345 56,814 3,369 3,932 9,070 9,941 Total Operations 57,919 67,942 176,550 170,142 13,150 23,864 37,317 64,012 Development 4,669 2,399 10,915 7,601 116,673 110,174 396,243 257,437 Corporate 304 638 930 2,084 99 — 99 19 Other — 176 126 552 — — — — $ 62,892 $ 71,155 $ 188,521 $ 180,379 $ 129,922 $ 134,038 $ 433,659 $ 321,468 The Company uses Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") to report its operating results by segment. Adjusted EBITDA, a non-GAAP measure, is defined as net earnings excluding the following items at the Company's ownership: i) non-cash charges for depreciation and amortization; ii) interest expense; iii) amortization of mortgage procurement costs; iv) income taxes; v) impairment of real estate; vi) gains or losses from extinguishment of debt; vii) gain (loss) on full or partial disposition of rental properties, development projects and other investments; viii) gains or losses on change in control of interests; ix) other transactional items, including REIT conversion, reorganization costs and termination benefits; and x) the Nets pre-tax EBITDA. The Company believes that Adjusted EBITDA is an appropriate measure to assess operating performance by segment as it represents ongoing key operating components of each segment without regard to how the business is financed. The Company’s Chief Executive Officer, the chief operating decision maker, uses Adjusted EBITDA, 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, development, corporate general and administrative expenses and interest and other income derived from the Company's investments. Adjusted EBITDA measures the profitability of each real estate segment in operations based on the process of collecting rent and paying operating expenses and represents the equivalent of Net Operating Income (“NOI”), as all properly level interest expense is reported in the Corporate segment. NOI by operating segment is discussed in the Net Operating Income section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) of this Form 10-Q. For the development segment, adjusted EBITDA measures the profitability of our land development sales activity and any recently opened unstabilized properties, offset by development expenses that do not qualify for capitalization. Interest expense is monitored and evaluated by the chief operating decision maker on an overall company-wide basis and is not a factor in evaluating individual segment performance. The reconciliations of net earnings (loss) to Adjusted EBITDA by segment are shown in the following tables. All amounts are presented in thousands. The reconciliations of net earnings (loss) to Adjusted EBITDA by segment are shown in the following tables. All amounts are presented in thousands. Three Months Ended September 30, 2016 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 30,091 $ (100,889 ) $ 27,038 $ (43,760 ) $ (315,806 ) $ (71,295 ) $ — $ (430,861 ) Depreciation and amortization 33,650 19,016 23,413 76,079 3,259 304 — 79,642 Interest expense — — — — — 54,408 — 54,408 Amortization of mortgage procurement costs — — — — — 2,239 — 2,239 Income tax expense — — — — — 525 — 525 Impairment of consolidated real estate 19,700 121,331 — 141,031 1,230 — — 142,261 Impairment of unconsolidated real estate — — — — 306,400 — — 306,400 Net (gain) loss on disposition of full or partial interests in rental properties (14,391 ) — — (14,391 ) 324 — — (14,067 ) REIT conversion, reorganization costs and termination benefits — — — — — 8,092 — 8,092 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 69,050 $ 39,458 $ 50,451 $ 158,959 $ (4,593 ) $ (5,727 ) $ — $ 148,639 Three Months Ended September 30, 2015 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 9,995 $ (352,619 ) $ 10,108 $ (332,516 ) $ (12,535 ) $ 75,972 $ (33,140 ) $ (302,219 ) Depreciation and amortization 34,819 25,686 22,732 83,237 2,963 638 684 87,522 Interest expense — — — — — 66,017 — 66,017 Amortization of mortgage procurement costs — — — — — 2,452 — 2,452 Income tax expense — — — — — (179,646 ) — (179,646 ) Impairment of consolidated real estate 28,146 372,587 8,423 409,156 16,307 — — 425,463 Impairment of unconsolidated real estate — — — — 1,384 — — 1,384 Loss on extinguishment of debt — — — — — 23,018 — 23,018 Net (gain) loss on disposition of full or partial interests in rental properties (1,746 ) — — (1,746 ) — — — (1,746 ) Gain on disposition of unconsolidated entities (1,009 ) — — (1,009 ) — — — (1,009 ) Discontinued operations: Depreciation and Amortization - Real Estate — — — — — — 5,091 5,091 Nets pre-tax EBITDA — — — — — — 36,842 36,842 REIT conversion, reorganization costs and termination benefits — — — — — 9,515 — 9,515 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 70,205 $ 45,654 $ 41,263 $ 157,122 $ 8,119 $ (2,034 ) $ 9,477 $ 172,684 Nine Months Ended September 30, 2016 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 102,549 $ (40,430 ) $ 76,355 $ 138,474 $ (190,377 ) $ (330,512 ) $ 222,188 $ (160,227 ) Depreciation and amortization 102,583 58,144 69,458 230,185 7,413 930 302 238,830 Interest expense — — — — — 168,023 — 168,023 Amortization of mortgage procurement costs — — — — — 6,676 — 6,676 Income tax expense — — — — — 83,539 — 83,539 Impairment of consolidated real estate 19,700 133,795 2,100 155,595 1,230 — — 156,825 Impairment of unconsolidated real estate — — — — 306,400 — — 306,400 Loss on extinguishment of debt — — — — — 29,933 — 29,933 Net gain on disposition of interest in development project — — — — (136,687 ) — — (136,687 ) Net (gain) loss on disposition of full or partial interests in rental properties (13,782 ) (14,550 ) — (28,332 ) 324 — (141,675 ) (169,683 ) Gain on disposition of unconsolidated entities — (12,613 ) — (12,613 ) — — — (12,613 ) Discontinued operations: Depreciation and Amortization - Real Estate — — — — — — 35 35 Loss on disposition of rental properties — — — — — — 56,481 56,481 Net gain on disposition of partial interest in other investment - Nets — — — — — — (136,247 ) (136,247 ) Nets pre-tax EBITDA — — — — — — 1,400 1,400 REIT conversion, reorganization costs and termination benefits — — — — — 22,493 — 22,493 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 211,050 $ 124,346 $ 147,913 $ 483,309 $ (11,697 ) $ (18,918 ) $ 2,484 $ 455,178 Nine Months Ended September 30, 2015 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 546,857 $ (316,562 ) $ 80,445 $ 310,740 $ (26,651 ) $ (314,191 ) $ (22,570 ) $ (52,672 ) Depreciation and amortization 75,770 75,667 66,166 217,603 9,481 2,084 2,069 231,237 Interest expense — — — — — 202,205 — 202,205 Amortization of mortgage procurement costs — — — — — 7,859 — 7,859 Income tax expense — — — — — 3,399 — 3,399 Impairment of consolidated real estate 28,146 372,587 8,423 409,156 16,307 — — 425,463 Impairment of unconsolidated real estate — — — — 1,384 — — 1,384 Loss on extinguishment of debt — — — — — 61,970 — 61,970 Net (gain) loss on disposition of full or partial interests in rental properties (1,746 ) — — (1,746 ) — — — (1,746 ) Gain on disposition of unconsolidated entities (1,009 ) — (19,284 ) (20,293 ) — — — (20,293 ) Gains on change in control of interests (463,643 ) — (24,041 ) (487,684 ) — — — (487,684 ) Discontinued operations: Depreciation and Amortization - Real Estate — — — — — — 15,242 15,242 Nets pre-tax EBITDA — — — — — — 38,435 38,435 REIT conversion, reorganization costs and termination benefits — — — — — 25,498 — 25,498 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 184,375 $ 131,692 $ 111,709 $ 427,776 $ 521 $ (11,176 ) $ 33,176 $ 450,297

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and 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 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, gains 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 nine months ended September 30, 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, $3,771,000 of procurement costs from other assets to convertible senior debt, net and $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 intends to adopt the guidance using the modified retrospective method and is currently in the process of 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)	9 Months Ended
	Sep. 30, 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”): September 30, 2016 December 31, 2015 (in thousands) Unrealized losses on foreign currency translation $ — $ 95 Unrealized losses on interest rate derivative contracts (1) 48,002 67,888 48,002 67,983 Noncontrolling interest (66 ) (78 ) Accumulated Other Comprehensive Loss $ 47,936 $ 67,905 (1) Included in the amounts as of September 30, 2016 and December 31, 2015 are $28,152 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) Nine Months Ended September 30, 2016 Balance, January 1, 2016 $ (95 ) $ (67,810 ) $ (67,905 ) Gain (loss) recognized in accumulated OCI 95 (10,184 ) (10,089 ) Loss reclassified from accumulated OCI — 30,058 30,058 Total other comprehensive income 95 19,874 19,969 Balance, September 30, 2016 $ — $ (47,936 ) $ (47,936 ) Nine Months Ended September 30, 2015 Balance, January 1, 2015 $ (84 ) $ (58,762 ) $ (58,846 ) Gain (loss) recognized in accumulated OCI 29 (9,524 ) (9,495 ) Loss reclassified from accumulated OCI — 18,382 18,382 Total other comprehensive income 29 8,858 8,887 Balance, September 30, 2015 $ (55 ) $ (49,904 ) $ (49,959 )
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) Nine Months Ended September 30, 2016 Interest rate contracts $ 27,536 Interest expense Interest rate contracts 113 Net gain (loss) on disposition of full or partial interest in rental properties, net of tax Interest rate contracts 2,421 Earnings from unconsolidated entities 30,070 Total before income tax and noncontrolling interest (12 ) Noncontrolling interest $ 30,058 Loss reclassified from accumulated OCI Nine Months Ended September 30, 2015 Interest rate contracts $ 28,087 Interest expense Interest rate contracts (900 ) Gains on change in control of interests Interest rate contracts 2,852 Earnings from unconsolidated entities 30,039 Total before income tax and noncontrolling interest (11,645 ) Income tax benefit (12 ) Noncontrolling interest $ 18,382 Loss reclassified from accumulated OCI
Summary of components of REIT conversion, reorganization costs and termination benefits	The following table summarizes the components of REIT conversion, reorganization costs and termination benefits: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) REIT conversion costs $ — $ 3,112 $ 863 $ 7,887 Reorganization costs 5,382 5,048 11,357 14,028 Termination benefits 2,710 1,355 10,273 3,583 Total $ 8,092 $ 9,515 $ 22,493 $ 25,498
Schedule of Accrued Severance	The following table summarizes the activity in the accrued severance balance for termination benefits for the three and nine months ended September 30, 2016 : Total (in thousands) Accrued severance benefits, January 1, 2016 $ 16,338 Termination benefits expense 4,951 Payments (9,567 ) Accrued severance benefits, March 31, 2016 $ 11,722 Termination benefits expense 2,612 Payments (3,057 ) Accrued severance benefits, June 30, 2016 $ 11,277 Termination benefits expense 2,710 Payments (3,394 ) Accrued severance benefits, September 30, 2016 $ 10,593
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 2006 Units or senior notes for Class A common stock, changes in consolidation methods of fully consolidated properties and equity method investments due to the occurrence of triggering events including, but not limited to, disposition of a partial interest in rental properties or development project or acquisition of partner’s interest, 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. Nine Months Ended September 30, 2016 2015 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ (37,542 ) $ 84,971 Completed rental properties (1,173,460 ) 827,125 Restricted cash (12,265 ) 8,969 Notes receivable 277,050 — Investments in and advances to affiliates - due to dispositions or change in control 125,741 71,438 Investments in and advances to affiliates - other activity 2,708 20,397 Total non-cash effect on investing activities $ (817,768 ) $ 1,012,900 Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (846,965 ) $ 448,741 Convertible senior debt, net (125 ) (424,433 ) Class A common stock — 7,000 Additional paid-in capital (12,065 ) 473,614 Treasury stock — (6,503 ) Redeemable noncontrolling interest (159,202 ) — Noncontrolling interest 19,059 (53,188 ) Total non-cash effect on financing activities $ (999,298 ) $ 445,231

Notes Receivable (Tables)

Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Receivable [Abstract]
Schedule of notes receivable	The following table summarizes the components of the Company’s interest bearing notes receivable: September 30, 2016 December 31, 2015 Date of Maturity (in thousands) Stapleton $ 169,224 $ 133,421 Various The Nets sale 125,100 — January 2021 Barclays Center sale 92,600 — January 2019 Other 23,537 21,164 Various Total $ 410,461 $ 154,585

Nonrecourse Mortgage Debt and36

Nonrecourse Mortgage Debt and Notes Payable, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Nonrecourse Mortgage Debt and Notes Payable, Net [Abstract]
Summary of nonrecourse mortgage debt and notes payable, net maturities	The following table summarizes the nonrecourse mortgage debt and notes payable, net maturities as of September 30, 2016 : Years Ending December 31, (in thousands) 2016 $ 90,894 2017 953,394 2018 415,766 2019 412,841 2020 188,728 Thereafter 1,723,622 3,785,245 Net unamortized mortgage procurement costs (41,417 ) Total $ 3,743,828

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Available credit on the Credit Facility	The following table summarizes available credit on the Revolving Credit Facility: September 30, 2016 December 31, 2015 (in thousands) Total available borrowings $ 600,000 $ 500,000 Less: Outstanding borrowings — — Letters of credit 58,608 59,800 Available credit $ 541,392 $ 440,200

Convertible Senior Debt, Net (T

Convertible Senior Debt, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of Convertible Senior Debt, Net	The following table summarizes the convertible senior debt, net: September 30, 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 (1,170 ) (3,771 ) Total $ 112,067 $ 267,235
Schedule of Exchange Agreement Transactions	The following table summarizes convertible senior debt transactions completed during the nine months ended September 30, 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) 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 $ 157,769 9,298 $ 182,523 $ 29,047 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 July 15, 2015 2016 Senior Notes 8,151 555,016 1,305 489 July 15/16, 2015 2018 Senior Notes 75,387 3,478,511 13,052 11,664 July 15, 2015 2020 Senior Notes 55,407 2,289,013 11,371 10,500 Total $ 427,751 19,967,053 $ 64,815 $ 57,795

Derivative Instruments and He39

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 $ — $ — $ 739,133 $ 32,329 TROR 254,200 7,139 297,785 11,725 Total $ 254,200 $ 7,139 $ 1,036,918 $ 44,054 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,880 6,611 37,684 16,541 Total $ 170,398 $ 6,611 $ 37,684 $ 16,541 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 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 September 30, 2016 Interest rate caps and interest rate swaps $ 1,406 Interest expense $ (9,103 ) $ 3 Net gain (loss) on disposition of full or partial interest in rental properties, net of tax — — Earnings from unconsolidated entities (796 ) — Total $ 1,406 $ (9,899 ) $ 3 Nine Months Ended September 30, 2016 Interest rate caps and interest rate swaps $ (10,184 ) Interest expense $ (27,512 ) $ (24 ) Net gain (loss) on disposition of full or partial interest in rental properties, net of tax (113 ) — Earnings from unconsolidated entities (2,421 ) — Total $ (10,184 ) $ (30,046 ) $ (24 ) Three Months Ended September 30, 2015 Interest rate caps and interest rate swaps $ (7,854 ) Interest expense $ (9,759 ) $ (16 ) Gains on change in control of interests — — Earnings from unconsolidated entities (885 ) — Total $ (7,854 ) $ (10,644 ) $ (16 ) Nine Months Ended September 30, 2015 Interest rate caps and interest rate swaps $ (15,557 ) Interest expense $ (28,060 ) $ (27 ) Gains on change in control of interests 900 — Earnings from unconsolidated entities (2,851 ) (1 ) Total $ (15,557 ) $ (30,011 ) $ (28 )
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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ (1,153 ) $ 848 $ (1,776 ) $ 3,299 Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ — $ (180 ) $ (94 ) $ (195 ) TROR 26 (1,143 ) (1,955 ) 4,476 Total $ 26 $ (1,323 ) $ (2,049 ) $ 4,281 (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $1,153 and $1,776 for the three and nine months ended September 30, 2016 , respectively, and $(848) and $(3,299) for the three and nine months ended September 30, 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 September 30, 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 $ 739,133 $ 33,138 $ (809 ) $ — Mortgage liens None TROR 335,469 28,244 22 59,155 Restricted cash, notes receivable, letters of credit None Total $ 1,074,602 $ 61,382 $ (787 ) $ 59,155

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2016 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (liabilities) $ — $ (32,329 ) $ — $ (32,329 ) TROR (assets) — — 13,750 13,750 TROR (liabilities) — — (28,266 ) (28,266 ) Fair value adjustment to the borrowings subject to TROR — — 4,586 4,586 Total $ — $ (32,329 ) $ (9,930 ) $ (42,259 ) 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) Nine Months Ended September 30, 2016 Balance, January 1, 2016 $ — $ (10,785 ) $ 2,810 $ (7,975 ) $ (7,975 ) Total realized and unrealized gains (losses): Included in earnings — (3,731 ) 1,776 (1,955 ) (1,955 ) Balance, September 30, 2016 $ — $ (14,516 ) $ 4,586 $ (9,930 ) $ (9,930 ) Nine Months Ended September 30, 2015 Balance, January 1, 2015 $ (73,536 ) $ (18,845 ) $ 5,604 $ (13,241 ) $ (86,777 ) Total realized and unrealized gains (losses): Included in earnings — 7,775 (3,299 ) 4,476 4,476 Included in other comprehensive income 15,313 — — — 15,313 Balance, September 30, 2015 $ (58,223 ) $ (11,070 ) $ 2,305 $ (8,765 ) $ (66,988 )
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 September 30, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value September 30, 2016 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (14,516 ) Third party bond pricing Bond valuation 77.55 - 116.04 Fair value adjustment to the borrowings subject to TROR $ 4,586 Third party bond pricing Bond valuation 77.55 - 105.30
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: September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 3,743,828 $ 3,812,640 $ 4,395,107 $ 4,622,934 Convertible senior debt, net 112,067 130,087 267,235 296,554 Total $ 3,855,895 $ 3,942,727 $ 4,662,342 $ 4,919,488

Dividends Dividends (Tables)

Dividends Dividends (Tables)	9 Months Ended
	Sep. 30, 2016
Dividends [Abstract]
Dividends Declared	The following table summarizes cash dividends declared by the Board of Directors on the Company’s Class A and Class B common stock (in thousands, except per share data): Type Date Declared Record Date Payment Date Amount Per Share Total Cash Payment E&P February 18, 2016 March 4, 2016 March 18, 2016 $ 0.10 $ 25,992 Quarterly February 18, 2016 March 4, 2016 March 18, 2016 $ 0.06 $ 15,596 Quarterly May 17, 2016 June 10, 2016 June 24, 2016 $ 0.06 $ 15,623 Quarterly August 18, 2016 September 2, 2016 September 16, 2016 $ 0.06 $ 15,621 Total $ 72,832

Stock-Based Compensation (Tabl

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Stock option costs $ 205 $ 320 $ 731 $ 985 Restricted stock costs 3,439 3,349 11,367 11,950 Performance share costs 2,496 3,541 7,213 8,601 Total stock-based compensation costs 6,140 7,210 19,311 21,536 Less amount capitalized into qualifying real estate projects (1,592 ) (1,883 ) (4,151 ) (4,967 ) Amount charged to operating expenses 4,548 5,327 15,160 16,569 Depreciation expense on capitalized stock-based compensation 202 227 621 679 Total stock-based compensation expense $ 4,750 $ 5,554 $ 15,781 $ 17,248 Deferred income tax benefit $ 136 $ 2,131 $ 457 $ 6,642

Impairment of Real Estate and43

Impairment of Real Estate and Impairment of Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Regional Malls: Shops at Northfield Stapleton Denver, Colorado $ 68,821 $ — $ 68,821 $ — Boulevard Mall Amherst, New York 52,510 — 52,510 — Shops at Wiregrass Tampa, Florida — — 12,464 — Westchester's Ridge Hill Yonkers, New York — 372,587 — 372,587 Office Buildings: Post Office Plaza Cleveland, Ohio 11,800 — 11,800 — Illinois Science and Technology Park Skokie, Illinois 7,900 26,246 7,900 26,246 Land inventory Las Vegas, Nevada 1,230 16,307 1,230 16,307 Other — 10,323 2,100 10,323 Total $ 142,261 $ 425,463 $ 156,825 $ 425,463
Schedule of Impairment of Unconsolidated Entities	The following table summarizes the Company’s impairment of unconsolidated entities: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Pacific Park Brooklyn Brooklyn, New York $ 299,300 $ — $ 299,300 $ — Other 7,100 1,384 7,100 1,384 Total $ 306,400 $ 1,384 $ 306,400 $ 1,384
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 and unconsolidated investments for the nine months ended September 30, 2016 and 2015 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) September 30, 2016 Impairment of real estate $ 371,139 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 18,500 Comparable property market analysis Price per square foot $39 per square foot Impairment of unconsolidated investments $ — Discounted cash flows Discount rate 9.8% Market capitalization rate 3.9% - 6.0% Impairment of unconsolidated investments $ 3,600 Indicative bids Indicative bids N/A (1) September 30, 2015 Impairment of real estate $ 630,797 Indicative bids Indicative bids N/A (1) Impairment of real estate $ 5,128 Comparable property market analysis Price per square foot $18 per square foot Impairment of unconsolidated investments $ — Indicative bid Indicative bid N/A (1) (1) This fair value measurement was derived from a bona fide purchase offer from third party prospective buyers, subject to the Company’s corroboration for reasonableness.

Gains on Change in Control of44

Gains on Change in Control of Interests (Tables)	9 Months Ended
	Sep. 30, 2016
Gains on Change in Control of Interests [Abstract]
Schedule of Gains on Change in Control of Interests	The following table summarizes the gains on change in control of interests. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) University Park at MIT Cambridge, Massachusetts $ — $ — $ — $ 463,643 Apartment Communities: Cherry Tree Strongsville, Ohio — — — 7,391 Chestnut Lake Strongsville, Ohio — — — 8,525 Stratford Crossing Wadsworth, Ohio — — — 8,125 Total $ — $ — $ — $ 487,684
Schedule of Fair Value of Acquisition and Consideration	The fair value of the acquisition was allocated as follows. All amounts are presented in thousands. Real Estate, net $ 1,121,786 Restricted cash 17,235 Notes and accounts receivable, net 1,801 Other assets (1) 103,804 1,244,626 Mortgage debt and notes payable, nonrecourse (363,147 ) Accounts payable, accrued expenses and other liabilities (2) (94,214 ) Net Assets Acquired $ 787,265 Gains on change in control of interests $ 463,643 Carrying value of previously held equity interests (62,534 ) Fair value of previously held equity interests (3) 401,109 Cash paid 386,156 Total consideration $ 787,265 (1) Primarily consists of $78,000 of in-place leases and $20,000 of below-market ground leases with weighted-average lives of 3.6 years and 60 years , respectively. (2) Primarily consists of $49,000 of below-market tenant leases and $24,000 of above-market ground leases with weighted-average lives of 3.6 years and 58 years , respectively. (3) The significant assumptions used to value the previously held equity interests in the MIT Assets were determined to be Level 3 inputs. The weighted-average discount rate applied to cash flows and the weighted-average terminal capitalization rate were 7.0% and 6.0% , respectively.
Schedule of Pro Forma Information	The qualitative and quantitative effect to the pro forma operating data related to the remaining acquisitions described in the table above was not material. Pro Forma Adjustments Nine Months Ended September 30, 2015 Remove: Gain on Change in Control of Interests (1) Other Pro Forma Adjustments (2) Pro Forma Nine Months Ended September 30, 2015 (in thousands, except per share data) Revenues $ 705,401 $ — $ 43,742 $ 749,143 Loss from continuing operations $ (9,047 ) $ (283,828 ) $ (15,211 ) $ (308,086 ) Net loss attributable to common shareholders $ (52,672 ) $ (283,828 ) $ (15,211 ) $ (351,711 ) Weighted average shares outstanding - Basic 230,778,223 230,778,223 Net earnings (loss) attributable to common shareholders - Basic $ (0.23 ) $ (1.52 ) Weighted average shares outstanding - Diluted 230,778,223 230,778,223 Net earnings (loss) attributable to common shareholders - Diluted $ (0.23 ) $ (1.52 ) (1) Gain on change in control of interests of $463,643 , net of tax of $179,815 . (2) Represents additional depreciation and amortization expense related to the increased basis of real estate and intangible assets, plus pro forma earnings of the 100% ownership interests, less actual equity in earnings related to the Company’s 51% prior ownership for the period presented.

Net Gain on Disposition of In45

Net Gain on Disposition of Interest in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2016
Net Gain on Disposition of Interest in Unconsolidated Entities [Abstract]
Summary of Net Gain on Disposition of Interest in Unconsolidated Entities	The following table summarizes the net gain on disposition of interest in unconsolidated entities which are included in earnings (loss)from unconsolidated entities. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Steinway Street Theaters (Specialty Retail Center) Queens, New York $ — $ — $ 12,613 $ — Apartment Communities: Newport Landing Coventry Township, Ohio — — — 5,765 Eaton Ridge Sagamore Hills, Ohio — — — 4,745 Arbor Glen Twinsburg, Ohio — — — 3,422 Parkwood Village Brunswick, Ohio — — — 2,817 Sutton Landing Brimfield, Ohio — — — 2,535 Other — 1,009 — 1,009 $ — $ 1,009 $ 12,613 $ 20,293

Net Gain on Disposition of Fu46

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Tables)	9 Months Ended
	Sep. 30, 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 (loss) on disposition of full or partial interest in rental properties, net of tax: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Office Buildings: Terminal Tower Cleveland, Ohio $ 14,391 $ — $ 14,391 $ — Aperture Center Albuquerque, New Mexico — — (171 ) — Skylight Office Tower Cleveland, Ohio — 1,746 — 1,746 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 — Johns Hopkins Parking Garage Baltimore, Maryland — — (623 ) — Other (324 ) — (324 ) — 14,067 1,746 169,498 1,746 Income tax effect (1) — (679 ) (66,413 ) (679 ) $ 14,067 $ 1,067 $ 103,085 $ 1,067

Assets and Liabilities Held f47

Assets and Liabilities Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Summary of the components of assets and liabilities held for sale	The following table summarizes the components of the assets and liabilities classified as held for sale: ` September 30, 2016 December 31, 2015 (in thousands) Assets Real Estate Completed rental properties $ 28,254 $ 951,070 Project under development - Land — 9,265 Less accumulated depreciation (7,292 ) (109,462 ) Real Estate, net 20,962 850,873 Cash and equivalents 1,215 28,043 Restricted cash 106 10,127 Notes and accounts receivable, net 15 20,021 Other assets 22 17,323 Total Assets $ 22,320 $ 926,387 Liabilities Nonrecourse mortgage debt and notes payable, net $ — $ 439,405 Accounts payable, accrued expenses and other liabilities 353 99,520 Cash distributions and losses in excess of investments in unconsolidated entities — 13,682 Total Liabilities $ 353 $ 552,607
Summary of Operating Results of Discontinued Operations	The following tables summarize the operating results related to discontinued operations: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Revenues $ — $ 24,637 $ 14,792 $ 80,497 Expenses Operating expenses — 17,199 12,540 55,019 Depreciation and amortization — 8,811 23 26,403 — 26,010 12,563 81,422 Interest expense — (9,415 ) (3,540 ) (29,650 ) Amortization of mortgage procurement costs — — (61 ) — Loss before income taxes and loss from unconsolidated entities — (10,788 ) (1,372 ) (30,575 ) Loss from unconsolidated entities — (36,842 ) (1,400 ) (38,435 ) Loss before income taxes — (47,630 ) (2,772 ) (69,010 ) Income tax benefit — (16,511 ) (824 ) (21,019 ) Loss before gain on disposal group — (31,119 ) (1,948 ) (47,991 ) Gain on disposition of disposal group, net of tax — — 64,553 — Earnings (loss) from discontinued operations — (31,119 ) 62,605 (47,991 ) Noncontrolling interest Operating loss from disposal group — (5,055 ) (776 ) (14,812 ) — (5,055 ) (776 ) (14,812 ) Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc. $ — $ (26,064 ) $ 63,381 $ (33,179 )
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 September 30, Nine Months Ended September 30, 2016 2015 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerators (in thousands) Loss from continuing operations attributable to common shareholders ‑ Basic and Diluted $ (430,861 ) $ (276,155 ) $ (223,608 ) $ (19,493 ) Net loss attributable to common shareholders ‑ Basic and Diluted $ (430,861 ) $ (302,219 ) $ (160,227 ) $ (52,672 ) Denominators Weighted average shares outstanding ‑ Basic and Diluted (1) 258,713,429 255,417,396 258,437,586 230,778,223 Earnings Per Share Loss from continuing operations attributable to common shareholders ‑ Basic and Diluted $ (1.67 ) $ (1.08 ) $ (0.87 ) $ (0.08 ) Net loss attributable to common shareholders ‑ Basic and Diluted $ (1.67 ) $ (1.18 ) $ (0.62 ) $ (0.23 ) (1) Incremental shares from dilutive options, restricted stock, performance shares and convertible securities aggregating 8,157,781 and 10,035,997 for the three and nine months ended September 30, 2016 , respectively, and 17,959,278 and 25,382,494 for the three and nine months ended September 30, 2015 , respectively, 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 2,446,901 and 2,711,273 for the three and nine months ended September 30, 2016 , respectively, and 2,666,555 and 2,304,807 for the three and nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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. September 30, 2016 December 31, 2015 Identifiable Assets Office $ 3,225,492 $ 3,409,589 Retail 625,176 1,220,556 Apartments 2,447,429 2,286,121 Total Operations 6,298,097 6,916,266 Development 1,734,986 1,792,143 Corporate 517,724 207,249 Other — 1,007,492 $ 8,550,807 $ 9,923,150 Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Revenues Operating Expenses Office $ 116,787 $ 121,435 $ 352,960 $ 310,474 $ 48,486 $ 50,532 $ 142,835 $ 135,924 Retail 20,496 34,459 61,622 101,988 14,812 21,711 40,877 67,606 Apartments 74,170 68,626 219,211 197,129 33,415 35,912 102,327 104,629 Total Operations 211,453 224,520 633,793 609,591 96,713 108,155 286,039 308,159 Development 26,077 32,955 52,445 72,086 19,357 25,481 56,580 66,952 Corporate — — — — 26,009 20,436 74,272 64,273 Other — 6,945 3,518 23,724 — 1,938 2,730 6,289 $ 237,530 $ 264,420 $ 689,756 $ 705,401 $ 142,079 $ 156,010 $ 419,621 $ 445,673 Depreciation and Amortization Capital Expenditures Office $ 33,541 $ 34,886 $ 102,587 $ 72,440 $ 5,749 $ 16,581 $ 19,774 $ 46,417 Retail 5,384 13,297 17,618 40,888 4,032 3,351 8,473 7,654 Apartments 18,994 19,759 56,345 56,814 3,369 3,932 9,070 9,941 Total Operations 57,919 67,942 176,550 170,142 13,150 23,864 37,317 64,012 Development 4,669 2,399 10,915 7,601 116,673 110,174 396,243 257,437 Corporate 304 638 930 2,084 99 — 99 19 Other — 176 126 552 — — — — $ 62,892 $ 71,155 $ 188,521 $ 180,379 $ 129,922 $ 134,038 $ 433,659 $ 321,468
Reconciliation of Net Earning Loss to Adjusted EBIDTA by Segment	The reconciliations of net earnings (loss) to Adjusted EBITDA by segment are shown in the following tables. All amounts are presented in thousands. Three Months Ended September 30, 2016 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 30,091 $ (100,889 ) $ 27,038 $ (43,760 ) $ (315,806 ) $ (71,295 ) $ — $ (430,861 ) Depreciation and amortization 33,650 19,016 23,413 76,079 3,259 304 — 79,642 Interest expense — — — — — 54,408 — 54,408 Amortization of mortgage procurement costs — — — — — 2,239 — 2,239 Income tax expense — — — — — 525 — 525 Impairment of consolidated real estate 19,700 121,331 — 141,031 1,230 — — 142,261 Impairment of unconsolidated real estate — — — — 306,400 — — 306,400 Net (gain) loss on disposition of full or partial interests in rental properties (14,391 ) — — (14,391 ) 324 — — (14,067 ) REIT conversion, reorganization costs and termination benefits — — — — — 8,092 — 8,092 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 69,050 $ 39,458 $ 50,451 $ 158,959 $ (4,593 ) $ (5,727 ) $ — $ 148,639 Three Months Ended September 30, 2015 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 9,995 $ (352,619 ) $ 10,108 $ (332,516 ) $ (12,535 ) $ 75,972 $ (33,140 ) $ (302,219 ) Depreciation and amortization 34,819 25,686 22,732 83,237 2,963 638 684 87,522 Interest expense — — — — — 66,017 — 66,017 Amortization of mortgage procurement costs — — — — — 2,452 — 2,452 Income tax expense — — — — — (179,646 ) — (179,646 ) Impairment of consolidated real estate 28,146 372,587 8,423 409,156 16,307 — — 425,463 Impairment of unconsolidated real estate — — — — 1,384 — — 1,384 Loss on extinguishment of debt — — — — — 23,018 — 23,018 Net (gain) loss on disposition of full or partial interests in rental properties (1,746 ) — — (1,746 ) — — — (1,746 ) Gain on disposition of unconsolidated entities (1,009 ) — — (1,009 ) — — — (1,009 ) Discontinued operations: Depreciation and Amortization - Real Estate — — — — — — 5,091 5,091 Nets pre-tax EBITDA — — — — — — 36,842 36,842 REIT conversion, reorganization costs and termination benefits — — — — — 9,515 — 9,515 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 70,205 $ 45,654 $ 41,263 $ 157,122 $ 8,119 $ (2,034 ) $ 9,477 $ 172,684 Nine Months Ended September 30, 2016 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 102,549 $ (40,430 ) $ 76,355 $ 138,474 $ (190,377 ) $ (330,512 ) $ 222,188 $ (160,227 ) Depreciation and amortization 102,583 58,144 69,458 230,185 7,413 930 302 238,830 Interest expense — — — — — 168,023 — 168,023 Amortization of mortgage procurement costs — — — — — 6,676 — 6,676 Income tax expense — — — — — 83,539 — 83,539 Impairment of consolidated real estate 19,700 133,795 2,100 155,595 1,230 — — 156,825 Impairment of unconsolidated real estate — — — — 306,400 — — 306,400 Loss on extinguishment of debt — — — — — 29,933 — 29,933 Net gain on disposition of interest in development project — — — — (136,687 ) — — (136,687 ) Net (gain) loss on disposition of full or partial interests in rental properties (13,782 ) (14,550 ) — (28,332 ) 324 — (141,675 ) (169,683 ) Gain on disposition of unconsolidated entities — (12,613 ) — (12,613 ) — — — (12,613 ) Discontinued operations: Depreciation and Amortization - Real Estate — — — — — — 35 35 Loss on disposition of rental properties — — — — — — 56,481 56,481 Net gain on disposition of partial interest in other investment - Nets — — — — — — (136,247 ) (136,247 ) Nets pre-tax EBITDA — — — — — — 1,400 1,400 REIT conversion, reorganization costs and termination benefits — — — — — 22,493 — 22,493 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 211,050 $ 124,346 $ 147,913 $ 483,309 $ (11,697 ) $ (18,918 ) $ 2,484 $ 455,178 Nine Months Ended September 30, 2015 Office Retail Apartments Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 546,857 $ (316,562 ) $ 80,445 $ 310,740 $ (26,651 ) $ (314,191 ) $ (22,570 ) $ (52,672 ) Depreciation and amortization 75,770 75,667 66,166 217,603 9,481 2,084 2,069 231,237 Interest expense — — — — — 202,205 — 202,205 Amortization of mortgage procurement costs — — — — — 7,859 — 7,859 Income tax expense — — — — — 3,399 — 3,399 Impairment of consolidated real estate 28,146 372,587 8,423 409,156 16,307 — — 425,463 Impairment of unconsolidated real estate — — — — 1,384 — — 1,384 Loss on extinguishment of debt — — — — — 61,970 — 61,970 Net (gain) loss on disposition of full or partial interests in rental properties (1,746 ) — — (1,746 ) — — — (1,746 ) Gain on disposition of unconsolidated entities (1,009 ) — (19,284 ) (20,293 ) — — — (20,293 ) Gains on change in control of interests (463,643 ) — (24,041 ) (487,684 ) — — — (487,684 ) Discontinued operations: Depreciation and Amortization - Real Estate — — — — — — 15,242 15,242 Nets pre-tax EBITDA — — — — — — 38,435 38,435 REIT conversion, reorganization costs and termination benefits — — — — — 25,498 — 25,498 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 184,375 $ 131,692 $ 111,709 $ 427,776 $ 521 $ (11,176 ) $ 33,176 $ 450,297

Accounting Policies (Details)

Accounting Policies (Details) - USD ($)		Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
The components of accumulated other comprehensive income (loss) ("accumulated OCI")
Unrealized losses on foreign currency translation		$ 0	$ 95,000
Unrealized losses on interest rate contracts	[1]	48,002,000	67,888,000
Total unrealized losses		48,002,000	67,983,000
Noncontrolling interest		(66,000)	(78,000)
Accumulated Other Comprehensive Loss		$ 47,936,000	$ 67,905,000	$ 49,959,000	$ 58,846,000
[1]	Included in the amounts as of September 30, 2016 and December 31, 2015 are $28,152 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 ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	(10,089,000)	(9,495,000)
Loss reclassified from accumulated OCI	30,058,000	18,382,000
Total other comprehensive income	19,969,000	8,887,000
Balance, ending	(47,936,000)	(49,959,000)
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	95,000	29,000
Loss reclassified from accumulated OCI	0	0
Total other comprehensive income	95,000	29,000
Balance, ending	0	(55,000)
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	(10,184,000)	(9,524,000)
Loss reclassified from accumulated OCI	30,058,000	18,382,000
Total other comprehensive income	19,874,000	8,858,000
Balance, ending	$ (47,936,000)	$ (49,904,000)

Accounting Policies (Details 2)

Accounting Policies (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 34,060,000	$ 39,592,000	$ 101,130,000	$ 119,685,000
Net gain (loss) on disposition of full or partial interest in rental properties, net of tax	(14,067,000)	(1,067,000)	(103,085,000)	(1,067,000)
Gains on change in control of interests	0	0	0	487,684,000
Earnings from unconsolidated entities	(6,433,000)	(7,710,000)	(25,520,000)	(18,341,000)
Total before income tax and noncontrolling interest	443,121,000	436,872,000	455,480,000	(13,625,000)
Income tax benefit	525,000	(163,814,000)	2,167,000	23,739,000
Noncontrolling Interest	$ 1,282,000	$ 4,164,000	5,163,000	10,446,000
Loss reclassified from accumulated OCI			(30,058,000)	(18,382,000)
Reclassification out of accumulated OCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense			27,536,000	28,087,000
Net gain (loss) on disposition of full or partial interest in rental properties, net of tax			113,000
Gains on change in control of interests				(900,000)
Earnings from unconsolidated entities			2,421,000	2,852,000
Total before income tax and noncontrolling interest			30,070,000	30,039,000
Income tax benefit				(11,645,000)
Noncontrolling Interest			(12,000)	(12,000)
Loss reclassified from accumulated OCI			$ 30,058,000	$ 18,382,000

Accounting Policies (Details 3)

Accounting Policies (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
REIT Conversion Costs	$ 0	$ 3,112,000	$ 863,000	$ 7,887,000
Reorganization Costs	5,382,000	5,048,000	11,357,000	14,028,000
Termination benefits	2,710,000	1,355,000	10,273,000	3,583,000
REIT conversion,reorganization costs and termination benefits	$ 8,092,000	$ 9,515,000	$ 22,493,000	$ 25,498,000

Accounting Policies (Details 4)

Accounting Policies (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016
Accounting Policies [Abstract]
Accrued severance benefits, beginning balance	$ 11,277	$ 11,722	$ 16,338
Termination benefits expense	2,710	2,612	4,951
Payments	(3,394)	(3,057)	(9,567)
Accrued severance benefits, ending balance	$ 10,593	$ 11,277	$ 11,722

Accounting Policies (Details 5)

Accounting Policies (Details 5) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Non-cash changes to balance sheet - Investing Activities
Projects under construction and development	$ (37,542,000)	$ 84,971,000
Completed rental properties	(1,173,460,000)	827,125,000
Restricted cash	(12,265,000)	8,969,000
Notes receivable	277,050,000	0
Investments in and advances to affiliates - due to dispositions or change in control	125,741,000	71,438,000
Investments in and advances to affiliates - other activity	2,708,000	20,397,000
Total non-cash effect on investing activities	(817,768,000)	1,012,900,000
Non-cash changes to balance sheet - Financing Activities
Nonrecourse mortgage debt and notes payable, net	(846,965,000)	448,741,000
Convertible senior debt, net	(125,000)	(424,433,000)
Class A common stock	0	7,000,000
Additional paid-in capital	(12,065,000)	473,614,000
Treasury stock	0	(6,503,000)
Redeemable noncontrolling interest	(159,202,000)	0
Noncontrolling interest	19,059,000	(53,188,000)
Total non-cash effect on financing activities	$ (999,298,000)	$ 445,231,000

Accounting Policies (Details Te

Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)segment$ / shares
Accounting Policies [Abstract]
Total Assets | $	$ 9,923,150	$ 8,550,807
Number of States in which Entity Operates		20
Number of real estate operations reportable operating segments | segment		3
Number of remaining reportable operating segments | segment		3
Occupancy rate of stabilized properties		92.00%
Stabilization, minimum years open and operating		1 year
Stabilization, maximum years open and operating		2 years
Class of Stock [Line Items]
Number of shares received for each share of previous company | shares	1
Noncontrolling Interest [Abstract]
Acquisitions of Partner's Interests | $		$ 38,951
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 57

Accounting Policies (Details Textual 1) $ in Millions	Sep. 30, 2016USD ($)propertyentity
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $	$ 148
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities	49
Number of Properties Represented by Variable Interest Entities | property	40
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities	61

Accounting Policies (Details 58

Accounting Policies (Details Textual 2) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Sep. 30, 2016items	Sep. 30, 2015USD ($)
Income statement reclassification [Line Items]
Number of financial statement line items added | items			2
Property expenses reclassified to corporate
Income statement reclassification [Line Items]
Prior Period Reclassification Adjustment | $	$ 730	$ 2,260		$ 2,880

Accounting Policies (Details 59

Accounting Policies (Details Textual 3) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)entitychanges	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Changes to consolidation conclusions of subsidiaries | changes	0
VIEs added due to new accounting guidance | entity	27
Debt Instrument [Line Items]
Mortgage procurement costs	$ 41,417
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 60

Accounting Policies (Details Textual 4)	1 Months Ended				12 Months Ended
	Sep. 30, 2016USD ($)shares	Jun. 30, 2016USD ($)	Apr. 30, 2016USD ($)	Sep. 30, 2015USD ($)shares	Dec. 31, 2015USD ($)shares	Jan. 31, 2016USD ($)	Aug. 31, 2006property
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units					$ 0
Common Unit, Outstanding | shares	1,940,788				1,940,788,000
Common Class A [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units					$ 344,000
Noncontrolling Interest [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units					(52,663,000)
Additional Paid-in Capital [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units					52,319,000
BCR transaction [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | property							30
Tax indemnity payment accrual						$ 6,238,000
Tax Indemnity Payment	$ 1,560,000	$ 1,560,000	$ 1,560,000
Development fee					$ 11,000,000
BCR exchange transaction [Member]
Related Party Transaction [Line Items]
Exchange of Class A common Units for Class A Shares, Units Exchanged | shares				1,032,402
BCR exchange transaction [Member] | Common Class A [Member]
Related Party Transaction [Line Items]
Exchange of Class A Common Units for Class A Shares, Shares Issued | shares				1,032,402
Stock Issued During Period, Value, Conversion of Units				$ 344,000
BCR exchange transaction [Member] | Noncontrolling Interest [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units				52,663,000
BCR exchange transaction [Member] | Additional Paid-in Capital [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units				$ 52,319,000

Accounting Policies (Details 61

Accounting Policies (Details Textual 5) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies (Textual) [Abstract]
Unrealized loss on interest rate swap	$ 28,152	$ 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 ($)	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 410,461,000	$ 154,585,000
Stapleton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	169,224,000	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
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 23,537,000	$ 21,164,000

Nonrecourse Mortgage Debt and63

Nonrecourse Mortgage Debt and Notes Payable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Summary of nonrecourse mortgage debt and notes payable, net maturities
Nonrecourse mortgage debt and notes payable total maturities in 2016	$ 90,894
Nonrecourse mortgage debt and notes payable total maturities in 2017	953,394
Nonrecourse mortgage debt and notes payable total maturities in 2018	415,766
Nonrecourse mortgage debt and notes payable total maturities in 2019	412,841
Nonrecourse mortgage debt and notes payable total maturities in 2020	188,728
Nonrecourse mortgage debt and notes payable total maturities thereafter	1,723,622
Nonrecourse mortgage debt and notes payable, gross	3,785,245
Net unamortized mortgage procurement costs	(41,417)
Nonrecourse mortgage debt and notes payable, net	$ 3,743,828	$ 3,955,702

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Maximum borrowings	$ 600,000,000	$ 500,000,000
Borrowings	0	0
Letters of credit	58,608,000	59,800,000
Available credit	$ 541,392,000	$ 440,200,000

Revolving Credit Facility (De65

Revolving Credit Facility (Details Textual)	9 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Line of Credit Maximum Borrowings Under Accordion Provision	$ 750,000,000
Total available borrowings	600,000,000	$ 500,000,000
Unamortized debt issuance costs	3,000,000	$ 3,177,000
Old maximum borrowing capacity [Member]
Line of Credit Facility [Line Items]
Total available borrowings	$ 500,000,000
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
Line of Credit Facility, Commitment Fee Percentage	0.25%
Amount of available borrowings that can be used for letters of credit	$ 150,000,000
New maximum borrowing capacity [Member]
Line of Credit Facility [Line Items]
Total available borrowings	$ 600,000,000
LIBOR [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.53%
Prime Rate [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	3.50%
Minimum [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.20%
Minimum [Member] | LIBOR [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	1.15%
Minimum [Member] | Prime Rate [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.15%
Maximum [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Maximum [Member] | LIBOR [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	1.85%
Maximum [Member] | Prime Rate [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.85%
Current Period [Member] | LIBOR [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	1.25%
Current Period [Member] | Prime Rate [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.25%

Term Loan Facility Term Loan 66

Term Loan Facility Term Loan Facility (Details Textuals)	9 Months Ended
	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Term loan, maximum borrowing capacity	$ 335,000,000
Term loan, number of draws	3
Term loan facility borrowings outstanding	$ 0	$ 0
Unamortized debt issuance costs	$ 1,832,000
Term Loan Facility [Member] | LIBOR [Member] | Current Period [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	1.45%
Term Loan Facility [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	1.30%
Term Loan Facility [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	2.20%
Term Loan Facility [Member] | Base Rate [Member] | Current Period [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	0.45%
Term Loan Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	0.30%
Term Loan Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	1.20%

Convertible Senior Debt, Net (D

Convertible Senior Debt, Net (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Convertible Senior Notes	$ 113,237,000	$ 271,006,000
Unamortized procurement costs, convertible senior debt	(1,170,000)	(3,771,000)
Convertible senior debt, net	$ 112,067,000	$ 267,235,000
Convertible Senior Notes due Two Thousand Sixteen [Member]
Debt Instrument [Line Items]
Interest rate	5.00%	5.00%
Convertible Senior Notes	$ 0	$ 125,000
Convertible Senior Notes due Two Thousand Eighteen [Member]
Debt Instrument [Line Items]
Interest rate	4.25%	4.25%
Convertible Senior Notes	$ 73,216,000	$ 154,526,000
Convertible Senior Notes due Two Thousand Twenty [Member]
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%
Convertible Senior Notes	$ 40,021,000	$ 116,355,000

Convertible Senior Debt, Net 68

Convertible Senior Debt, Net (Details 1) - USD ($)	Mar. 17, 2016	Mar. 14, 2016	Jan. 20, 2016	Jul. 16, 2015	Jul. 15, 2015	Mar. 05, 2015	Feb. 26, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Conversion [Line Items]
Loss on extinguishment								$ 0	$ (23,609,000)	$ (29,084,000)	$ (61,953,000)
Senior Notes due 2016 [Member]
Debt Conversion [Line Items]
Aggregate Principal			$ 125,000		$ 8,151,000	$ 40,481,000
Cash payments to noteholders			0		1,305,000	6,163,000
Loss on extinguishment			$ 59,000		489,000	$ 2,732,000
Senior Notes due 2018 [Member]
Debt Conversion [Line Items]
Aggregate Principal	$ 4,000,000	$ 77,310,000		$ 75,387,000			$ 120,087,000
Cash payments to noteholders	4,707,000	90,958,000		13,052,000			13,641,000
Loss on extinguishment	$ 795,000	15,370,000		$ 11,664,000			13,372,000
Senior Notes due 2020 [Member]
Debt Conversion [Line Items]
Aggregate Principal		76,334,000			55,407,000		128,238,000
Cash payments to noteholders		86,858,000			11,371,000		19,283,000
Loss on extinguishment		$ 12,823,000			$ 10,500,000		$ 19,038,000
2016, 2018 and 2020 Senior Notes [Member]
Debt Conversion [Line Items]
Aggregate Principal										157,769,000	427,751,000
Cash payments to noteholders										182,523,000	64,815,000
Loss on extinguishment										$ 29,047,000	$ 57,795,000
Common stock Class A | Senior Notes due 2016 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued			9,298		555,016	2,805,513
Common stock Class A | Senior Notes due 2018 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued	0	0		3,478,511			5,541,115
Common stock Class A | Senior Notes due 2020 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued		0			2,289,013		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	19,967,053

Convertible Senior Debt, Net 69

Convertible Senior Debt, Net (Details Textuals)	Mar. 03, 2015USD ($)shares	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2015USD ($)	Dec. 31, 2015
Debt Instrument [Line Items]
Proceeds from termination and settlement of convertible note hedge		$ 0	$ 17,818,000
Convertible Senior Notes due Two Thousand Sixteen [Member]
Debt Instrument [Line Items]
Proceeds from termination and settlement of convertible note hedge	$ 17,818,000
Interest rate		5.00%		5.00%
Convertible Senior Notes due Two Thousand Sixteen [Member] | Common stock Class A
Debt Instrument [Line Items]
Shares received for termination and settlement of convertible note hedge | shares	258,350
Convertible Senior Notes due Two Thousand Eighteen [Member]
Debt Instrument [Line Items]
Interest rate		4.25%		4.25%
Principal Amount of Notes		$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 21.67
Convertible Senior Notes due Two Thousand Twenty [Member]
Debt Instrument [Line Items]
Interest rate		3.625%		3.625%
Principal Amount of Notes		$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 24.21
Initial Conversion Ratio [Member] | Convertible Senior Notes due Two Thousand Eighteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio		46.1425
Initial Conversion Ratio [Member] | Convertible Senior Notes due Two Thousand Twenty [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio		41.3129
Adjusted Conversion Ratio [Member] | Convertible Senior Notes due Two Thousand Eighteen [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio		46.6375
Adjusted Conversion Ratio [Member] | Convertible Senior Notes due Two Thousand Twenty [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio		41.7561

Derivative Instruments and He70

Derivative Instruments and Hedging Activities (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	$ 1,074,602,000
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	7,139,000	7,811,000
Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	170,398,000	404,225,000
Asset Derivatives, Fair Value	6,611,000	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	1,036,918,000	991,939,000
Liability Derivatives, Fair Value	44,054,000	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	37,684,000	37,757,000
Liability Derivatives, Fair Value	16,541,000	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	739,133,000	669,154,000
Liability Derivatives, Fair Value	32,329,000	50,045,000
TROR [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	335,469,000
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	7,139,000	7,471,000
TROR [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	100,880,000	101,114,000
Asset Derivatives, Fair Value	6,611,000	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	297,785,000	322,785,000
Liability Derivatives, Fair Value	11,725,000	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	37,684,000	37,757,000
Liability Derivatives, Fair Value	$ 16,541,000	$ 13,353,000

Derivative Instruments and He71

Derivative Instruments and Hedging Activities (Details 1) - Cash Flow Hedging [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative instruments gain (loss) in financial statements
Gain (loss) recognized in OCI (effective portion)	$ 1,406,000	$ (7,854,000)	$ (10,184,000)	$ (15,557,000)
Gain (loss) reclassified from accumulated OCI, effective amount	(9,899,000)	(10,644,000)	(30,046,000)	(30,011,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	3,000	(16,000)	(24,000)	(28,000)
Interest rate caps and interest rate swaps [Member]
Derivative instruments gain (loss) in financial statements
Gain (loss) recognized in OCI (effective portion)	1,406,000	(7,854,000)	(10,184,000)	(15,557,000)
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	(9,103,000)	(9,759,000)	(27,512,000)	(28,060,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	3,000	(16,000)	(24,000)	(27,000)
Interest rate caps and interest rate swaps [Member] | Gains on change in control of interests [Member]
Derivative instruments gain (loss) in financial statements
Gain (loss) reclassified from accumulated OCI, effective amount		0		900,000
Gain (loss) reclassified from accumulated OCI, ineffective amount		0		0
Interest rate caps and interest rate swaps [Member] | Net gain (loss) 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	0		(113,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	0		0
Interest rate caps and interest rate swaps [Member] | Earnings from unconsolidated entities [Member]
Derivative instruments gain (loss) in financial statements
Gain (loss) reclassified from accumulated OCI, effective amount	(796,000)	(885,000)	(2,421,000)	(2,851,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	$ 0	$ 0	$ 0	$ (1,000)

Derivative Instruments and He72

Derivative Instruments and Hedging Activities (Details 2) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement		$ 26,000	$ (1,323,000)	$ (2,049,000)	$ 4,281,000
TROR [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement		26,000	(1,143,000)	(1,955,000)	4,476,000
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]	(1,153,000)	848,000	(1,776,000)	3,299,000
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		$ 0	$ (180,000)	$ (94,000)	$ (195,000)
[1]	The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $1,153 and $1,776 for the three and nine months ended September 30, 2016, respectively, and $(848) and $(3,299) for the three and nine months ended September 30, 2015, respectively, offsetting the gain (loss) recognized on the TROR.

Derivative Instruments and He73

Derivative Instruments and Hedging Activities (Details 3)	9 Months Ended
	Sep. 30, 2016USD ($)
Derivative [Line Items]
Notional Amount	$ 1,074,602,000
Fair Value Prior to Nonperformance Risk	61,382,000
Nonperformance Risk	(787,000)
Collateral Posted	59,155,000
Property Specific Swap [Member]
Derivative [Line Items]
Notional Amount	739,133,000
Fair Value Prior to Nonperformance Risk	33,138,000
Nonperformance Risk	(809,000)
Collateral Posted	$ 0
Nature of Collateral	Mortgage liens
Credit Risk Contingent Feature	None
TROR [Member]
Derivative [Line Items]
Notional Amount	$ 335,469,000
Fair Value Prior to Nonperformance Risk	28,244,000
Nonperformance Risk	22,000
Collateral Posted	$ 59,155,000
Nature of Collateral	Restricted cash, notes receivable, letters of credit
Credit Risk Contingent Feature	None

Derivative Instruments and He74

Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
SIFMA rate	0.84%		0.84%
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 TROR	$ 138,564		$ 138,564
Cash Flow Hedging [Member]
Derivative [Line Items]
Loss on cash flow hedges to be reclassified within next twelve months			34,337
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | TROR [Member]
Derivative [Line Items]
Notional amount of TROR	551,985		551,985
Net gain (loss) from change in fair value of underlying TROR borrowings recognized in interest expense	$ 1,153	$ (848)	$ 1,776	$ (3,299)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowings subject to TROR	$ 3,942,727,000	$ 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	4,586,000	2,810,000
Financial assets and liabilities measured at fair value on a recurring basis	(42,259,000)	(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	(32,329,000)	(50,045,000)
Fair value measurement, recurring basis [Member] | TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	13,750,000	12,849,000
Derivative liabilities	(28,266,000)	(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		0
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	(32,329,000)	(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	(32,329,000)	(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	4,586,000	2,810,000
Financial assets and liabilities measured at fair value on a recurring basis	(9,930,000)	(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	13,750,000	12,849,000
Derivative liabilities	$ (28,266,000)	$ (23,634,000)

Fair Value Measurements (Deta76

Fair Value Measurements (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	(1,955,000)	4,476,000
Included in other comprehensive income		15,313,000
Balance, ending	(9,930,000)	(66,988,000)
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		15,313,000
Balance, ending	0	(58,223,000)
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	(3,731,000)	7,775,000
Included in other comprehensive income		0
Balance, ending	(14,516,000)	(11,070,000)
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	1,776,000	(3,299,000)
Included in other comprehensive income		0
Balance, ending	4,586,000	2,305,000
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	(1,955,000)	4,476,000
Included in other comprehensive income		0
Balance, ending	$ (9,930,000)	$ (8,765,000)

Fair Value Measurements (Deta77

Fair Value Measurements (Details 2) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ (9,930)	$ (7,975)	$ (66,988)	$ (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	4,586	$ 2,810	$ 2,305	$ 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	(14,516)
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	$ 4,586
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	116.04
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	$ 105.30

Fair Value Measurements (Deta78

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Sep. 30, 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	$ 3,855,895	$ 4,662,342
Fair Value	3,942,727	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	3,743,828	4,395,107
Fair Value	3,812,640	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	112,067	267,235
Fair Value	$ 130,087	$ 296,554

Capital Stock (Detail Textuals)

Capital Stock (Detail Textuals) - USD ($)	Jan. 20, 2016	Jul. 15, 2015	Mar. 05, 2015	May 31, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock					$ 0	$ 806,500,000
Common stock Class A
Class of Stock [Line Items]
Issuance of Class A shares in equity offering, shares				37,375,000			37,375,000
Shares Issued, Price Per Share				$ 22.50
Proceeds from Issuance of Common Stock				$ 806,500,000
Senior Notes due 2016 [Member]
Class of Stock [Line Items]
Senior notes exchanged for Class A common stock	$ 125,000	$ 8,151,000	$ 40,481,000
Senior Notes due 2016 [Member] | Common stock Class A
Class of Stock [Line Items]
Shares of Class A common stock issued in exchange of debt	9,298	555,016	2,805,513

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 16, 2016	Sep. 02, 2016	Jun. 24, 2016	May 17, 2016	Mar. 18, 2016	Feb. 18, 2016	Sep. 30, 2016
Dividends Payable [Line Items]
Total Cash Payments							$ 72,832
E&P
Dividends Payable [Line Items]
Amount per Share						$ 0.10
Total Cash Payments					$ 25,992
Quarterly
Dividends Payable [Line Items]
Amount per Share		$ 0.06		$ 0.06		$ 0.06
Total Cash Payments	$ 15,621		$ 15,623		$ 15,596

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 6,140	$ 7,210	$ 19,311	$ 21,536
Less amount capitalized into qualifying real estate projects	(1,592)	(1,883)	(4,151)	(4,967)
Amount charged to operating expenses	4,548	5,327	15,160	16,569
Depreciation expense on capitalized stock-based compensation	202	227	621	679
Total stock-based compensation expense	4,750	5,554	15,781	17,248
Deferred income tax benefit	136	2,131	457	6,642
Stock option costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	205	320	731	985
Restricted stock costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	3,439	3,349	11,367	11,950
Performance share costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 2,496	$ 3,541	$ 7,213	$ 8,601

Stock-Based Compensation (Det82

Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 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	$ 1,926
Repurchase of Class A common shares, Shares	385,380
Purchase of treasury stock, shares		216,700
Repurchase of Class A common shares	$ 7,825
Purchase of treasury stock		$ 5,412	$ 5,543
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	25,020
Stock options 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	$ 754
Weighted-average period of unrecognized compensation cost expected to be recognized	15 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	$ 19,313
Weighted-average period of unrecognized compensation cost expected to be recognized	23 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	$ 11,301
Weighted-average period of unrecognized compensation cost expected to be recognized	18 months

Write-Offs of Abandoned Devel83

Write-Offs of Abandoned Development Projects (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Write-Offs of Abandoned Development Projects [Abstract]
Write-offs of Abandoned Development Projects	$ 10,058,000	$ 0	$ 10,058,000	$ 5,778,000
Write-offs of abandoned development projects of unconsolidated entities	$ 0	$ 0	$ 0	$ 10,191,000

Impairment of Real Estate and84

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	$ 142,261,000	$ 425,463,000	$ 156,825,000	$ 425,463,000
Shops at Northfield Stapleton [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	68,821,000	0	68,821,000	0
Boulevard Mall [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	52,510,000	0	52,510,000	0
Shops at Wiregrass [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	0	0	12,464,000	0
Westchester's Ridge Hill [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	0	372,587,000	0	372,587,000
Post Office Plaza [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	11,800,000	0	11,800,000	0
Illinois Science and Technology Park [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	7,900,000	26,246,000	7,900,000	26,246,000
Land inventory [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	1,230,000	16,307,000	1,230,000	16,307,000
Other [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	$ 0	$ 10,323,000	$ 2,100,000	$ 10,323,000

Impairment of Real Estate and85

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Impairment of Unconsolidated Entities [Line Items]
Impairment of unconsolidated entities	$ 306,400,000	$ 1,384,000	$ 306,400,000	$ 1,384,000
Pacific Park Brooklyn [Member]
Schedule of Impairment of Unconsolidated Entities [Line Items]
Impairment of unconsolidated entities	299,300,000	0	299,300,000	0
Other [Member]
Schedule of Impairment of Unconsolidated Entities [Line Items]
Impairment of unconsolidated entities	$ 7,100,000	$ 1,384,000	$ 7,100,000	$ 1,384,000

Impairment of Real Estate and86

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details 2) - Fair Value, Measurements, Nonrecurring [Member]	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Impairment of real estate [Member] | Indicative bids [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ 371,139,000	$ 630,797,000
Impairment of real estate [Member] | Comparable Property Market Analysis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ 18,500,000	$ 5,128,000
Price per square foot	39	18
Impairment of unconsolidated investment [Member] | Indicative bids [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ 3,600,000	$ 0
Impairment of unconsolidated investment [Member] | Discounted cash flows [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ 0
Discount rate	9.80%
Minimum [Member] | Impairment of unconsolidated investment [Member] | Discounted cash flows [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Market capitalization rate	3.90%
Maximum [Member] | Impairment of unconsolidated investment [Member] | Discounted cash flows [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Market capitalization rate	6.00%

Impairment of Real Estate and87

Impairment of Real Estate and Impairment of Unconsolidated Entities (Detail Textual) ft² in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)aft²properties	Sep. 30, 2015USD ($)a	Jun. 30, 2014USD ($)	Sep. 30, 2016USD ($)aft²properties	Sep. 30, 2015USD ($)a	Dec. 31, 2015aproperties	Jan. 31, 2016
Impairment of real estate	$ 142,261,000	$ 425,463,000		$ 156,825,000	$ 425,463,000
Impairment of unconsolidated entities	$ 306,400,000	1,384,000		$ 306,400,000	1,384,000
Shops at Wiregrass [Member]
Percentage Ownership Sold	49.00%			49.00%
Impairment of real estate	$ 0	$ 0		$ 12,464,000	$ 0
Land inventory [Member]
Area of Land | a		13.5			13.5
Impairment of real estate	1,230,000	$ 16,307,000		1,230,000	$ 16,307,000
Area of land parcel sold | a						6.1
Westchester's Ridge Hill [Member]
Percentage Ownership Sold							51.00%
Impairment of real estate	$ 0	372,587,000		$ 0	372,587,000
Pacific Park Brooklyn [Member]
Percentage Ownership Sold			70.00%
Area of Land | a	22			22
Net cash proceeds from disposition			$ 208,275,000
Buildings commenced in 2015 | properties						2
Impairment of unconsolidated entities	$ 299,300,000	$ 0		$ 299,300,000	$ 0
Pacific Park Brooklyn [Member] | Phase I [Member]
Number of buildings | properties	7			7
Area of buildings | ft²	3.1			3.1
Pacific Park Brooklyn [Member] | Phase II [Member]
Number of buildings | properties	7			7
Area of buildings | ft²	3.3			3.3

Gains on Change in Control of88

Gains on Change in Control of Interests (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gains on Change in Control of Interests [Line Items]
Gains on change in control of interests	$ 0	$ 0	$ 0	$ 487,684,000
University Park at MIT [Member]
Gains on Change in Control of Interests [Line Items]
Gains on change in control of interests	0	0	0	463,643,000
Cherry Tree [Member]
Gains on Change in Control of Interests [Line Items]
Gains on change in control of interests	0	0	0	7,391,000
Chestnut Lake [Member]
Gains on Change in Control of Interests [Line Items]
Gains on change in control of interests	0	0	0	8,525,000
Stratford Crossing [Member]
Gains on Change in Control of Interests [Line Items]
Gains on change in control of interests	$ 0	$ 0	$ 0	$ 8,125,000

Gains on Change in Control of89

Gains on Change in Control of Interests (Detail 1) - University Park at MIT [Member] $ in Thousands	Jun. 30, 2015USD ($)
Business Acquisition [Line Items]
Real Estate, net	$ 1,121,786
Restricted cash	17,235
Notes and accounts receivable, net	1,801
Other assets (1)	103,804	[1]
Assets Acquired	1,244,626
Mortgage debt and notes payable, nonrecourse	(363,147)
Accounts payable, accrued expenses and other liabilities (2)	(94,214)	[2]
Net Assets Acquired	$ 787,265
[1]	(1)Primarily consists of $78,000 of in-place leases and $20,000 of below-market ground leases with weighted-average lives of 3.6 years and 60 years, respectively.
[2]	(2)Primarily consists of $49,000 of below-market tenant leases and $24,000 of above-market ground leases with weighted-average lives of 3.6 years and 58 years,

Gains on Change in Control of90

Gains on Change in Control of Interests (Details 2) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Gains on change in control of interests		$ 0	$ 0	$ 0	$ 487,684,000
University Park at MIT [Member]
Business Acquisition [Line Items]
Gains on change in control of interests					463,643,000
Carrying value of previously held equity interests					(62,534,000)
Fair value of previously held equity interests	[1]				401,109,000
Cash paid					386,156,000
Total					$ 787,265,000
[1]	(3)The significant assumptions used to value the previously held equity interests in the MIT Assets were determined to be Level 3 inputs. The weighted-average discount rate applied to cash flows and the weighted-average terminal capitalization rate were 7.0% and 6.0%, respectively.

Gains on Change in Controls of

Gains on Change in Controls of Interests (Details 3) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues				$ 705,401,000
Pro forma revenues				749,143,000
Loss from continuing operations	$ (429,579,000)	$ (271,991,000)	$ (218,445,000)	(9,047,000)
Pro forma loss from continuing operations				(308,086,000)
Net loss attributable to common shareholders				(52,672,000)
Pro forma net loss attributable to common shareholders				$ (351,711,000)
Weighted average shares outstanding, Basic				230,778,223
Pro forma weighted average shares outstanding, Basic				230,778,223
Net earnings (loss) attributable to common shareholders, Basic				$ (0.23)
Pro forma net earnings (loss) attributable to common shareholders, Basic				$ (1.52)
Weighted average shares outstanding, Diluted				230,778,223
Pro forma weighted average shares outstanding, Diluted				230,778,223
Net earnings (loss) attributable to common shareholders, Diluted				$ (0.23)
Pro forma net earnings (loss) attributable to common shareholders, Diluted				$ (1.52)
Gains on change in control of interests [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustment to revenues				$ 0
Pro forma adjustment to loss from continuing operations				(283,828,000)
Pro forma adjustment to net loss attributable to common shareholders				(283,828,000)
Other Pro Forma Adjustments [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma adjustment to revenues				43,742,000
Pro forma adjustment to loss from continuing operations				(15,211,000)
Pro forma adjustment to net loss attributable to common shareholders				$ (15,211,000)

Gains on Change in Control of92

Gains on Change in Control of Interests (Details Textuals)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2015USD ($)properties	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Apr. 30, 2015properties
Net Gain on Change in Control of Interest [Line Items]
Gains on change in control of interests		$ 0	$ 0	$ 0	$ 487,684,000
Apartment Communities transaction [Member]
Net Gain on Change in Control of Interest [Line Items]
Partner's equity ownership acquired						50.00%
Number of properties acquired | properties						3
Company's equity ownership exchanged						50.00%
Number of properties exchanged | properties						5
Company's ownership interest after acquisition						100.00%
University Park at MIT [Member]
Net Gain on Change in Control of Interest [Line Items]
Partner's equity ownership acquired	49.00%
Number of properties acquired | properties	7
Company's ownership interest after acquisition	100.00%
Number of parking facilities | properties	2
Ownership percentage prior to sale	51.00%
Weighted-average discount rate applied to cash flows	7.00%
Weighted-average terminal capitalization rate	6.00%
Gains on change in control of interests					$ 463,643,000
University Park at MIT [Member] | Above Market Leases [Member]
Net Gain on Change in Control of Interest [Line Items]
In-place leases	$ 78,000,000
Weighted average life	3 years 7 months
University Park at MIT [Member] | Below-market tenant leases [Member]
Net Gain on Change in Control of Interest [Line Items]
Below market tenant leases	$ 49,000,000
Weighted average life	3 years 7 months
University Park at MIT [Member] | Below-market ground leases [Member]
Net Gain on Change in Control of Interest [Line Items]
Ground leases	$ 20,000,000
Acquired ground leases, weighted average life	60 years
University Park at MIT [Member] | Above-market ground leases [Member]
Net Gain on Change in Control of Interest [Line Items]
Ground leases	$ 24,000,000
Acquired ground leases, weighted average life	58 years
University Park at MIT [Member] | May 2015 Common Stock Issuance [Member]
Net Gain on Change in Control of Interest [Line Items]
Net proceeds to finance acquisition	$ 386,156,000
University Park at MIT [Member]
Net Gain on Change in Control of Interest [Line Items]
Company's ownership interest after acquisition			100.00%		100.00%
Ownership percentage prior to sale			51.00%		51.00%
Gains on change in control of interests		$ 0	$ 0	$ 0	$ 463,643,000
Gain on change in control of interests, tax					$ 179,815,000

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt (Details Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 0	$ 23,609,000	$ 29,084,000	$ 61,953,000

Net Gain on Disposition of In94

Net Gain on Disposition of Interest in Unconsolidated Entities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	$ 0	$ 1,009,000	$ 12,613,000	$ 20,293,000
Steinway Street Theaters [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	0	0	12,613,000	0
Newport Landing [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	0	0	0	5,765,000
Eaton Ridge [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	0	0	0	4,745,000
Arbor Glen [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	0	0	0	3,422,000
Parkwood Village [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	0	0	0	2,817,000
Sutton Landing [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	0	0	0	2,535,000
Other [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	$ 0	$ 1,009,000	$ 0	$ 1,009,000

Net Gain on Disposition of In95

Net Gain on Disposition of Interest in Unconsolidated Entities (Details Textuals) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)	Apr. 30, 2015properties
Steinway Street Theaters [Member]
Disposal Group, not including discontinued operations [Line Items]
Net cash proceeds from disposition | $	$ 14,059
Apartment Communities transaction [Member]
Disposal Group, not including discontinued operations [Line Items]
Partner's equity ownership acquired		50.00%
Number of properties acquired		3
Company's equity ownership exchanged		50.00%
Number of properties exchanged		5

Income Taxes Income Taxes (Deta

Income Taxes Income Taxes (Details Textuals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Percentage of annual REIT taxable income to be distributed annually to shareholders			90.00%
Period after REIT Conversion Assets Sold Subject to Income Taxes			5 years
Income tax expense	$ 525	$ (163,814)	$ 2,167	$ 23,739
Deferred tax assets reversed 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

Net Gain on Dispositon of Devel

Net Gain on Dispositon of Development Project (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2016
Net Gain on Disposition of Interest in Development Project [Abstract]
Disposition of Interest in Development Project Net Cash Proceeds			$ 151,776
Disposition of Interest in Development Project Cash Received	$ 58,000	$ 93,776
Pre-tax gain on disposition of interest in development project			$ 136,687

Net Gain on Disposition of Fu99

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016		Sep. 30, 2015
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	$ 14,067,000	$ 1,746,000	$ 169,498,000		$ 1,746,000
Income tax effect	0	(679,000)	(66,413,000)	[1]	(679,000)
Net gain on disposition of full or partial interest in rental properties, net of tax	14,067,000	1,067,000	103,085,000		1,067,000
Terminal Tower [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	14,391,000	0	14,391,000		0
Aperture Center [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	0	0	(171,000)		0
Skylight Office Tower [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	0	1,746,000	0		1,746,000
Military Housing [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	0	0	141,675,000		0
Avenue at Tower City Center & Tower City Parking [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	0	0	14,207,000		0
QIC Joint Venture-Westchester's Ridge Hill [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	0	0	343,000		0
Johns Hopkins Parking Garage [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	0	0	(623,000)		0
Other [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	$ (324,000)	$ 0	$ (324,000)		$ 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)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)floors	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)floors	Sep. 30, 2015USD ($)
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Net gain on disposition	$ 14,067,000	$ 1,746,000	$ 169,498,000	$ 1,746,000
Terminal Tower [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Deferred gain from sale leaseback transaction	7,917,000		7,917,000
Net gain on disposition	14,391,000	0	14,391,000	0
Net cash proceeds from disposition of full or partial interest in rental properties	38,027,000
Military Housing [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Net gain on disposition	0	0	141,675,000	0
Net cash proceeds from disposition of full or partial interest in rental properties			208,305,000
Significant acquisitions and disposals intangible assets sold	29,000,000		29,000,000
Significant acquisitions and disposals investments in unconsolidated entities, net sold	14,600,000		14,600,000
QIC Joint Venture-Westchester's Ridge Hill [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Net gain on disposition	0	0	343,000	0
Net cash proceeds from disposition of full or partial interest in rental properties			75,448,000
Debt Assumed by Outside Partner	$ 169,369,000		$ 169,369,000
Percentage Ownership Sold	51.00%		51.00%
QIC Joint Venture-Ballston Quarter [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Debt Assumed by Outside Partner	$ 20,825,000		$ 20,825,000
Percentage Ownership Sold	49.00%		49.00%
Partner cash investment into joint venture			$ 36,269,000
Johns Hopkins Parking Garage [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Net gain on disposition	$ 0	$ 0	(623,000)	$ 0
Net cash proceeds from disposition of full or partial interest in rental properties			$ 11,186,000
Number of floors sold | floors	5		5

Assets and Liabilities Held 101

Assets and Liabilities Held for Sale and Discontinued Operations (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Completed rental properties	$ 7,102,184,000	$ 7,694,071,000
Less accumulated depreciation	(1,427,021,000)	(1,624,920,000)
Real Estate, net	6,524,295,000	7,028,087,000
Cash and equivalents	385,998,000	265,677,000
Restricted cash	146,750,000	161,891,000
Other assets	301,871,000	402,444,000
Total Assets	8,550,807,000	9,923,150,000
Nonrecourse mortgage debt and notes payable, net	3,743,828,000	3,955,702,000
Accounts payable, accrued expenses and other liabilities	779,893,000	862,817,000
Cash Distributions and Losses in Excess of Investments in Unconsolidated Entities	149,314,000	150,255,000
Total Liabilities	4,785,455,000	5,788,616,000
Held for sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Completed rental properties	28,254,000	951,070,000
Projects under development - Land	0	9,265,000
Less accumulated depreciation	(7,292,000)	(109,462,000)
Real Estate, net	20,962,000	850,873,000
Cash and equivalents	1,215,000	28,043,000
Restricted cash	106,000	10,127,000
Accounts and Notes Receivable, Net	15,000	20,021,000
Other assets	22,000	17,323,000
Total Assets	22,320,000	926,387,000
Nonrecourse mortgage debt and notes payable, net	0	439,405,000
Accounts payable, accrued expenses and other liabilities	353,000	99,520,000
Cash Distributions and Losses in Excess of Investments in Unconsolidated Entities	0	13,682,000
Total Liabilities	$ 353,000	$ 552,607,000

Assets and Liabilities Held 102

Assets and Liabilities Held for Sale and Discontinued Operations (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Summary of operating results of discontinued operations
Revenues	$ 0	$ 24,637,000	$ 14,792,000	$ 80,497,000
Expenses
Operating expenses	0	17,199,000	12,540,000	55,019,000
Depreciation and amortization	0	8,811,000	23,000	26,403,000
Total expenses	0	26,010,000	12,563,000	81,422,000
Interest expense	0	(9,415,000)	(3,540,000)	(29,650,000)
Amortization of mortgage procurement costs	0	0	(61,000)	0
Loss before income taxes and loss from unconsolidated entities	0	(10,788,000)	(1,372,000)	(30,575,000)
Loss from unconsolidated entities	0	(36,842,000)	(1,400,000)	(38,435,000)
Loss before income taxes	0	(47,630,000)	(2,772,000)	(69,010,000)
Income tax benefit	0	(16,511,000)	(824,000)	(21,019,000)
Loss before gain on disposal group	0	(31,119,000)	(1,948,000)	(47,991,000)
Gain on disposition of disposal group, net of tax	0	0	64,553,000	0
Earnings (loss) from discontinued operations	0	(31,119,000)	62,605,000	(47,991,000)
Noncontrolling interest
Operating loss from disposal group	0	(5,055,000)	(776,000)	(14,812,000)
Total operating loss from disposal group	0	(5,055,000)	(776,000)	(14,812,000)
Earnings (loss) from discontinued operations attributable to Forest City Realty Trust, Inc.	$ 0	$ (26,064,000)	$ 63,381,000	$ (33,179,000)

Assets and Liabilities Held 103

Assets and Liabilities Held for Sale and Discontinued Operations (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016		Sep. 30, 2015
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group	$ 0	$ 0	$ 79,766,000		$ 0
Income tax effect	0	0	(15,213,000)	[1]	0
Gain on disposition of disposal group, net of tax	0	0	64,553,000		0
Nets [Member]
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group	0	0	136,247,000		0
Barclays Center [Member]
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group	$ 0	$ 0	$ (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 104

Assets and Liabilities Held for Sale and Discontinued Operations (Details Textuals) $ in Thousands	Jan. 29, 2016USD ($)
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 ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerators
Loss from continuing operations attributable to common shareholders - Basic and Diluted	$ (430,861)	$ (276,155)	$ (223,608)	$ (19,493)
Net loss attributable to common shareholders - Basic and Diluted	$ (430,861)	$ (302,219)	$ (160,227)	$ (52,672)
Denominators
Weighted average shares outstanding ‑ Basic and Diluted (1)	258,713,429	255,417,396	258,437,586	230,778,223
Earnings per share
Loss from continuing operations attributable to common shareholders ‑ Basic and Diluted	$ (1.67)	$ (1.08)	$ (0.87)	$ (0.08)
Net loss attributable to common shareholders - Basic and Diluted	$ (1.67)	$ (1.18)	$ (0.62)	$ (0.23)

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
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	8,157,781	17,959,278	10,035,997	25,382,494
Weighted-average options, restricted stock and performance shares [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share	2,446,901	2,666,555	2,711,273	2,304,807

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Financial data of reportable segments
Identifiable Assets	$ 8,550,807,000		$ 8,550,807,000		$ 9,923,150,000
Revenues	237,530,000	$ 264,420,000	689,756,000	$ 705,401,000
Operating Expenses	142,079,000	156,010,000	419,621,000	445,673,000
Depreciation and amortization	62,892,000	71,155,000	188,521,000	180,379,000
Capital expenditures	129,922,000	134,038,000	433,659,000	321,468,000
Office
Financial data of reportable segments
Identifiable Assets	3,225,492,000		3,225,492,000		3,409,589,000
Revenues	116,787,000	121,435,000	352,960,000	310,474,000
Operating Expenses	48,486,000	50,532,000	142,835,000	135,924,000
Depreciation and amortization	33,541,000	34,886,000	102,587,000	72,440,000
Capital expenditures	5,749,000	16,581,000	19,774,000	46,417,000
Retail
Financial data of reportable segments
Identifiable Assets	625,176,000		625,176,000		1,220,556,000
Revenues	20,496,000	34,459,000	61,622,000	101,988,000
Operating Expenses	14,812,000	21,711,000	40,877,000	67,606,000
Depreciation and amortization	5,384,000	13,297,000	17,618,000	40,888,000
Capital expenditures	4,032,000	3,351,000	8,473,000	7,654,000
Apartments
Financial data of reportable segments
Identifiable Assets	2,447,429,000		2,447,429,000		2,286,121,000
Revenues	74,170,000	68,626,000	219,211,000	197,129,000
Operating Expenses	33,415,000	35,912,000	102,327,000	104,629,000
Depreciation and amortization	18,994,000	19,759,000	56,345,000	56,814,000
Capital expenditures	3,369,000	3,932,000	9,070,000	9,941,000
Total Operations
Financial data of reportable segments
Identifiable Assets	6,298,097,000		6,298,097,000		6,916,266,000
Revenues	211,453,000	224,520,000	633,793,000	609,591,000
Operating Expenses	96,713,000	108,155,000	286,039,000	308,159,000
Depreciation and amortization	57,919,000	67,942,000	176,550,000	170,142,000
Capital expenditures	13,150,000	23,864,000	37,317,000	64,012,000
Development
Financial data of reportable segments
Identifiable Assets	1,734,986,000		1,734,986,000		1,792,143,000
Revenues	26,077,000	32,955,000	52,445,000	72,086,000
Operating Expenses	19,357,000	25,481,000	56,580,000	66,952,000
Depreciation and amortization	4,669,000	2,399,000	10,915,000	7,601,000
Capital expenditures	116,673,000	110,174,000	396,243,000	257,437,000
Corporate
Financial data of reportable segments
Identifiable Assets	517,724,000		517,724,000		207,249,000
Revenues	0	0	0	0
Operating Expenses	26,009,000	20,436,000	74,272,000	64,273,000
Depreciation and amortization	304,000	638,000	930,000	2,084,000
Capital expenditures	99,000	0	99,000	19,000
Other
Financial data of reportable segments
Identifiable Assets	0		0		$ 1,007,492,000
Revenues	0	6,945,000	3,518,000	23,724,000
Operating Expenses	0	1,938,000	2,730,000	6,289,000
Depreciation and amortization	0	176,000	126,000	552,000
Capital expenditures	$ 0	$ 0	$ 0	$ 0

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	$ (430,861,000)	$ (302,219,000)	$ (160,227,000)	$ (52,672,000)
Depreciation and amortization	62,892,000	71,155,000	188,521,000	180,379,000
Interest expense	34,060,000	39,592,000	101,130,000	119,685,000
Amortization of mortgage procurement costs	1,314,000	1,793,000	4,395,000	5,756,000
Income tax expense	525,000	(163,814,000)	2,167,000	23,739,000
Impairment of consolidated real estate	142,261,000	425,463,000	156,825,000	425,463,000
Impairment of unconsolidated entities	306,400,000	1,384,000	306,400,000	1,384,000
Loss on extinguishment of debt	0	(23,609,000)	(29,084,000)	(61,953,000)
Net gain on disposition of interest in development project	0	0	136,117,000	0
Net gain (loss) on disposition of full or partial interest in rental properties	14,067,000	1,067,000	103,085,000	1,067,000
Gain on disposition of interest in unconsolidated entities	0	1,009,000	12,613,000	20,293,000
Gains on change in control of interests	0	0	0	487,684,000
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment	0	0	79,766,000	0
Nets pre-tax EBITDA	6,433,000	7,710,000	25,520,000	18,341,000
REIT conversion, reorganization costs and termination benefits	8,092,000	9,515,000	22,493,000	25,498,000
Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment	0	0	136,247,000	0
Total
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(430,861,000)	(302,219,000)	(160,227,000)	(52,672,000)
Interest expense	54,408,000	66,017,000	168,023,000	202,205,000
Amortization of mortgage procurement costs	2,239,000	2,452,000	6,676,000	7,859,000
Income tax expense	525,000	(179,646,000)	83,539,000	3,399,000
Impairment of consolidated real estate	142,261,000	425,463,000	156,825,000	425,463,000
Impairment of unconsolidated entities	306,400,000	1,384,000	306,400,000	1,384,000
Loss on extinguishment of debt		23,018,000	29,933,000	61,970,000
Net gain on disposition of interest in development project			(136,687,000)
Net gain (loss) on disposition of full or partial interest in rental properties	(14,067,000)	(1,746,000)	(169,683,000)	(1,746,000)
Gain on disposition of interest in unconsolidated entities		(1,009,000)	(12,613,000)	(20,293,000)
Gains on change in control of interests				(487,684,000)
Discontinued operations:
Depreciation and amortization - Real Estate		5,091,000	35,000	15,242,000
(Gain) loss on disposition of full or partial interest rental properties and other investment			56,481,000
Nets pre-tax EBITDA		36,842,000	1,400,000	38,435,000
REIT conversion, reorganization costs and termination benefits	8,092,000	9,515,000	22,493,000	25,498,000
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	148,639,000	172,684,000	455,178,000	450,297,000
Total | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			(136,247,000)
Total | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	79,642,000	87,522,000	238,830,000	231,237,000
Office
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	30,091,000	9,995,000	102,549,000	546,857,000
Depreciation and amortization	33,541,000	34,886,000	102,587,000	72,440,000
Interest expense	0		0	0
Amortization of mortgage procurement costs	0		0	0
Income tax expense	0	0	0	0
Impairment of consolidated real estate	19,700,000	28,146,000	19,700,000	28,146,000
Impairment of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		0	0	0
Net gain on disposition of interest in development project			0
Net gain (loss) on disposition of full or partial interest in rental properties	(14,391,000)	(1,746,000)	(13,782,000)	(1,746,000)
Gain on disposition of interest in unconsolidated entities		(1,009,000)	0	(1,009,000)
Gains on change in control of interests				(463,643,000)
Discontinued operations:
Depreciation and amortization - Real Estate		0	0	0
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Nets pre-tax EBITDA		0	0	0
REIT conversion, reorganization costs and termination benefits	0	0	0	0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	69,050,000	70,205,000	211,050,000	184,375,000
Office | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Office | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	33,650,000	34,819,000	102,583,000	75,770,000
Retail
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(100,889,000)	(352,619,000)	(40,430,000)	(316,562,000)
Depreciation and amortization	5,384,000	13,297,000	17,618,000	40,888,000
Interest expense	0		0	0
Amortization of mortgage procurement costs	0		0	0
Income tax expense	0	0	0	0
Impairment of consolidated real estate	121,331,000	372,587,000	133,795,000	372,587,000
Impairment of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		0	0	0
Net gain on disposition of interest in development project			0
Net gain (loss) on disposition of full or partial interest in rental properties	0	0	(14,550,000)	0
Gain on disposition of interest in unconsolidated entities		0	(12,613,000)	0
Gains on change in control of interests				0
Discontinued operations:
Depreciation and amortization - Real Estate		0	0	0
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Nets pre-tax EBITDA		0	0	0
REIT conversion, reorganization costs and termination benefits	0	0	0	0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	39,458,000	45,654,000	124,346,000	131,692,000
Retail | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Retail | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	19,016,000	25,686,000	58,144,000	75,667,000
Apartments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	27,038,000	10,108,000	76,355,000	80,445,000
Depreciation and amortization	18,994,000	19,759,000	56,345,000	56,814,000
Interest expense	0		0	0
Amortization of mortgage procurement costs	0		0	0
Income tax expense	0	0	0	0
Impairment of consolidated real estate	0	8,423,000	2,100,000	8,423,000
Impairment of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		0	0	0
Net gain on disposition of interest in development project			0
Net gain (loss) on disposition of full or partial interest in rental properties	0	0	0	0
Gain on disposition of interest in unconsolidated entities		0	0	(19,284,000)
Gains on change in control of interests				(24,041,000)
Discontinued operations:
Depreciation and amortization - Real Estate		0	0	0
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Nets pre-tax EBITDA		0	0	0
REIT conversion, reorganization costs and termination benefits	0	0	0	0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	50,451,000	41,263,000	147,913,000	111,709,000
Apartments | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Apartments | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	23,413,000	22,732,000	69,458,000	66,166,000
Total Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(43,760,000)	(332,516,000)	138,474,000	310,740,000
Depreciation and amortization	57,919,000	67,942,000	176,550,000	170,142,000
Interest expense	0		0	0
Amortization of mortgage procurement costs	0		0	0
Income tax expense	0	0	0	0
Impairment of consolidated real estate	141,031,000	409,156,000	155,595,000	409,156,000
Impairment of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		0	0	0
Net gain on disposition of interest in development project			0
Net gain (loss) on disposition of full or partial interest in rental properties	(14,391,000)	(1,746,000)	(28,332,000)	(1,746,000)
Gain on disposition of interest in unconsolidated entities		(1,009,000)	(12,613,000)	(20,293,000)
Gains on change in control of interests				(487,684,000)
Discontinued operations:
Depreciation and amortization - Real Estate		0	0	0
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Nets pre-tax EBITDA		0	0	0
REIT conversion, reorganization costs and termination benefits	0	0	0	0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	158,959,000	157,122,000	483,309,000	427,776,000
Total Operations | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Total Operations | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	76,079,000	83,237,000	230,185,000	217,603,000
Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(315,806,000)	(12,535,000)	(190,377,000)	(26,651,000)
Depreciation and amortization	4,669,000	2,399,000	10,915,000	7,601,000
Interest expense	0		0	0
Amortization of mortgage procurement costs	0		0	0
Income tax expense	0	0	0	0
Impairment of consolidated real estate	1,230,000	16,307,000	1,230,000	16,307,000
Impairment of unconsolidated entities	306,400,000	1,384,000	306,400,000	1,384,000
Loss on extinguishment of debt		0	0	0
Net gain on disposition of interest in development project			(136,687,000)
Net gain (loss) on disposition of full or partial interest in rental properties	324,000	0	324,000	0
Gain on disposition of interest in unconsolidated entities		0	0	0
Gains on change in control of interests				0
Discontinued operations:
Depreciation and amortization - Real Estate		0	0	0
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Nets pre-tax EBITDA		0	0	0
REIT conversion, reorganization costs and termination benefits	0	0	0	0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	(4,593,000)	8,119,000	(11,697,000)	521,000
Development | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Development | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	3,259,000	2,963,000	7,413,000	9,481,000
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(71,295,000)	75,972,000	(330,512,000)	(314,191,000)
Depreciation and amortization	304,000	638,000	930,000	2,084,000
Interest expense	54,408,000	66,017,000	168,023,000	202,205,000
Amortization of mortgage procurement costs	2,239,000	2,452,000	6,676,000	7,859,000
Income tax expense	525,000	(179,646,000)	83,539,000	3,399,000
Impairment of consolidated real estate	0	0	0	0
Impairment of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		23,018,000	29,933,000	61,970,000
Net gain on disposition of interest in development project			0
Net gain (loss) on disposition of full or partial interest in rental properties	0	0	0	0
Gain on disposition of interest in unconsolidated entities		0	0	0
Gains on change in control of interests				0
Discontinued operations:
Depreciation and amortization - Real Estate		0	0	0
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Nets pre-tax EBITDA		0	0	0
REIT conversion, reorganization costs and termination benefits	8,092,000	9,515,000	22,493,000	25,498,000
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	(5,727,000)	(2,034,000)	(18,918,000)	(11,176,000)
Corporate | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			0
Corporate | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	304,000	638,000	930,000	2,084,000
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	0	(33,140,000)	222,188,000	(22,570,000)
Depreciation and amortization	0	176,000	126,000	552,000
Interest expense	0		0	0
Amortization of mortgage procurement costs	0		0	0
Income tax expense	0	0	0	0
Impairment of consolidated real estate	0	0	0	0
Impairment of unconsolidated entities	0	0	0	0
Loss on extinguishment of debt		0	0	0
Net gain on disposition of interest in development project			0
Net gain (loss) on disposition of full or partial interest in rental properties	0	0	(141,675,000)	0
Gain on disposition of interest in unconsolidated entities		0	0	0
Gains on change in control of interests				0
Discontinued operations:
Depreciation and amortization - Real Estate		5,091,000	35,000	15,242,000
(Gain) loss on disposition of full or partial interest rental properties and other investment			56,481,000
Nets pre-tax EBITDA		36,842,000	1,400,000	38,435,000
REIT conversion, reorganization costs and termination benefits	0	0	0	0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	0	9,477,000	2,484,000	33,176,000
Other | Nets [Member]
Discontinued operations:
(Gain) loss on disposition of full or partial interest rental properties and other investment			(136,247,000)
Other | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	$ 0	$ 684,000	$ 302,000	$ 2,069,000

Segment Information (Details Te

Segment Information (Details Textuals)	9 Months Ended
	Sep. 30, 2016segment
Segment Reporting [Abstract]
Number of real estate operations reportable operating segments	3
Number of remaining reportable operating segments	3
Occupancy rate of stabilized properties	92.00%
Stabilization, minimum years open and operating	1 year
Stabilization, maximum years open and operating	2 years