Forest City Realty Trust (FCE-A) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Entity Registrant Name	FOREST CITY REALTY TRUST, INC.
Entity Central Index Key	1,647,509
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common stock Class A
Entity Common Stock, Shares Outstanding		242,126,024
Common stock Class B
Entity Common Stock, Shares Outstanding		18,788,163

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Real Estate
Completed rental properties	$ 7,178,536,000	$ 7,112,347,000
Projects under construction and development	661,068,000	734,980,000
Land inventory	78,014,000	68,238,000
Total Real Estate	7,917,618,000	7,915,565,000
Less accumulated depreciation	(1,461,370,000)	(1,442,006,000)
Real Estate, net – (variable interest entities $2,337.0 million and $2,270.3 million, respectively)	6,456,248,000	6,473,559,000
Cash and equivalents – (variable interest entities $69.3 million and $59.3 million, respectively)	146,426,000	174,619,000
Restricted cash – (variable interest entities $50.2 million and $46.5 million, respectively)	142,352,000	149,300,000
Accounts receivable, net – (variable interest entities $78.9 million and $72.2 million, respectively)	214,022,000	208,563,000
Notes receivable – (variable interest entities $154.6 million and $154.3 million, respectively)	382,746,000	383,163,000
Investments in and advances to unconsolidated entities	557,775,000	564,779,000
Other assets – (variable interest entities $67.2 million and $72.2 million, respectively)	257,075,000	274,614,000
Total Assets	8,156,644,000	8,228,597,000
Liabilities
Nonrecourse mortgage debt and notes payable, net – (variable interest entities $1,478.4 million and $1,437.8 million, respectively)	3,111,847,000	3,120,833,000
Revolving credit facility	0	0
Term loan, net	333,368,000	333,268,000
Convertible senior debt, net	112,295,000	112,181,000
Accounts payable, accrued expenses and other liabilities – (variable interest entities $262.3 million and $241.9 million, respectively)	661,611,000	726,724,000
Cash distributions and losses in excess of investments in unconsolidated entities	132,874,000	150,592,000
Total Liabilities	4,351,995,000	4,443,598,000
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	2,592,000	2,587,000
Additional paid-in capital	2,494,299,000	2,483,275,000
Retained earnings	829,862,000	812,386,000
Shareholders' equity before accumulated other comprehensive loss	3,326,753,000	3,298,248,000
Accumulated other comprehensive loss	(12,701,000)	(14,410,000)
Total Shareholders' Equity	3,314,052,000	3,283,838,000
Noncontrolling interest	490,597,000	501,161,000
Total Equity	3,804,649,000	3,784,999,000
Total Liabilities and Equity	8,156,644,000	8,228,597,000
Common stock Class A
Common stock – $.01 par value
Common stock	2,404,000	2,399,000
Total Equity	2,404,000	2,399,000
Common stock Class B
Common stock – $.01 par value
Common stock	188,000	188,000
Total Equity	$ 188,000	$ 188,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate, net	$ 6,456,248	$ 6,473,559
Cash and equivalents	146,426	174,619
Restricted cash	142,352	149,300
Accounts receivable, net	214,022	208,563
Notes receivable	382,746	383,163
Other assets	257,075	274,614
Nonrecourse mortgage debt and notes payable, net	3,111,847	3,120,833
Accounts payable, accrued expenses and other liabilities	$ 661,611	$ 726,724
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	$ 2,337,000	$ 2,270,300
Cash and equivalents	69,300	59,300
Restricted cash	50,200	46,500
Accounts receivable, net	78,900	72,200
Notes receivable	154,600	154,300
Other assets	67,200	72,200
Nonrecourse mortgage debt and notes payable, net	1,478,400	1,437,800
Accounts payable, accrued expenses and other liabilities	$ 262,300	$ 241,900
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	240,443,569	239,937,796
Common stock, shares outstanding	240,443,569	239,937,796
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	18,788,163	18,788,169
Common stock, shares outstanding	18,788,163	18,788,169
Common stock, shares issuable	26,257,961	26,257,961

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental	$ 162,449,000	$ 163,183,000
Tenant recoveries	25,932,000	31,590,000
Service and management fees	10,127,000	8,682,000
Parking and other	11,738,000	15,357,000
Land sales	5,760,000	3,933,000
Military Housing	0	3,518,000
Total revenues	216,006,000	226,263,000
Expenses
Property operating and management	78,793,000	89,920,000
Real estate taxes	21,200,000	24,466,000
Ground rent	3,888,000	3,639,000
Cost of land sales	2,001,000	340,000
Military Housing operating	0	2,730,000
Corporate general and administrative	15,583,000	17,112,000
Organizational transformation and termination benefits	4,525,000	8,720,000
Total operating expenses	125,990,000	146,927,000
Depreciation and amortization	63,555,000	63,211,000
Impairment of real estate	0	12,464,000
Total expenses	189,545,000	222,602,000
Operating income	26,461,000	3,661,000
Interest and other income	10,272,000	9,654,000
Interest expense	(27,975,000)	(34,635,000)
Amortization of mortgage procurement costs	(1,222,000)	(1,665,000)
Loss on extinguishment of debt	(2,843,000)	(29,084,000)
Earnings (loss) before income taxes and earnings from unconsolidated entities	4,693,000	(52,069,000)
Earnings from unconsolidated entities
Equity in earnings	9,278,000	10,536,000
Net gain on disposition of interest in unconsolidated entities	17,701,000	0
Earnings (loss) from unconsolidated entities, gross of tax	26,979,000	10,536,000
Earnings (loss) before income taxes	31,672,000	(41,533,000)
Income tax expense of taxable REIT subsidiaries
Current	51,000	922,000
Deferred	0	528,000
Total income tax expense	51,000	1,450,000
Earnings (loss) before gains on disposal of real estate	31,621,000	(42,983,000)
Net gain (loss) on disposition of interest in development project	(113,000)	136,117,000
Net gain on disposition of full or partial interest in rental properties, net of tax	9,303,000	89,641,000
Earnings from continuing operations	40,811,000	182,775,000
Discontinued operations, net of tax:
Operating loss from rental property	0	(1,126,000)
Gain on disposition of disposal group	0	64,553,000
Equity in earnings (loss)	0	(822,000)
Earnings (loss) from discontinued operations	0	62,605,000
Net earnings	40,811,000	245,380,000
Noncontrolling interests, gross of tax
(Earnings) loss from continuing operations attributable to noncontrolling interests	106,000	(2,121,000)
Loss from discontinued operations attributable to noncontrolling interests	0	776,000
(Earnings) loss attributable to noncontrolling interests	106,000	(1,345,000)
Net earnings attributable to Forest City Realty Trust, Inc.	$ 40,917,000	$ 244,035,000
Basic earnings per common share
Earnings (loss) from continuing operations attributable to common stockholders	$ 0.16	$ 0.69
Earnings (loss) from discontinued operations attributable to common stockholders	0	0.24
Net earnings (loss) attributable to common stockholders	0.16	0.93
Diluted earnings (loss) per common share
Earnings (loss) from continuing operations attributable to common stockholders	0.16	0.68
Earnings (loss) from discontinued operations attributable to common stockholders	0	0.24
Net earnings (loss) attributable to common stockholders	$ 0.16	$ 0.92

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 40,811,000	$ 245,380,000
Other comprehensive income, net of tax:
Foreign currency translation adjustments	0	84,000
Unrealized net gains on interest rate derivative contracts	1,713,000	2,076,000
Total other comprehensive income	1,713,000	2,160,000
Comprehensive income	42,524,000	247,540,000
Comprehensive (income) loss attributable to noncontrolling interest	102,000	(1,349,000)
Total comprehensive income attributable to Forest City Realty Trust, Inc.	$ 42,626,000	$ 246,191,000

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Additional Paid-in Capital [Member]	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest	Common stock Class A	Common stock Class B
Balance at Dec. 31, 2015	$ 3,974,556,000	$ 2,524,420,000	$ 1,059,240,000	$ (67,905,000)	$ 456,224,000	$ 2,389,000	$ 188,000
Balance, Shares at Dec. 31, 2015						238,949,000	18,805,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss), net of amount attributable to redeemable noncontrolling interest	(152,324,000)		(158,402,000)		6,078,000
Other comprehensive income	53,510,000			53,495,000	15,000
Common stock dividends	(88,452,000)		(88,452,000)
Conversion of Class B common shares to Class A common shares	0					$ 0	$ 0
Conversion of Class B common shares to Class A common shares, Shares						17,000	(17,000)
Costs incurred for planned conversion of Class B shares to Class A shares	(3,896,000)	(3,896,000)
Restricted stock and performance shares vested	0	(12,000)				$ 12,000
Restricted stock and performance shares vested, Shares						1,267,000
Repurchase of Class A common shares	(7,945,000)	(7,942,000)				$ (3,000)
Repurchase of Class A common shares, Shares						(390,000)
Exercise of stock options	1,158,000	1,157,000				$ 1,000
Exercise of stock options, shares						86,000
Stock-based compensation	25,463,000	25,463,000
Issuance of Class A shares in exchange for 2016 Convertible Senior Notes	186,000	186,000				$ 0
Issuance of Class A shares in exchange for 2016 Convertible Senior Notes, Shares						9,000
Acquisition of partners' noncontrolling interest in consolidated subsidiaries	(36,185,000)	(56,101,000)			19,916,000
Contributions from noncontrolling interests	50,506,000				50,506,000
Distributions to noncontrolling interests	(31,578,000)				(31,578,000)
Balance at Dec. 31, 2016	3,784,999,000	2,483,275,000	812,386,000	(14,410,000)	501,161,000	$ 2,399,000	$ 188,000
Balance, Shares at Dec. 31, 2016						239,938,000	18,788,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss), net of amount attributable to redeemable noncontrolling interest	40,811,000		40,917,000		(106,000)
Other comprehensive income	1,713,000			1,709,000	4,000
Common stock dividends	(23,441,000)		(23,441,000)
Costs incurred for planned conversion of Class B shares to Class A shares	(604,000)	(604,000)
Restricted stock and performance shares vested	0	(5,000)				$ 5,000
Restricted stock and performance shares vested, Shares						494,000
Repurchase of Class A common shares	$ (3,436,000)	(3,435,000)				$ (1,000)
Repurchase of Class A common shares, Shares	157,304					(157,000)
Exercise of stock options	$ 425,000	425,000				$ 0
Exercise of stock options, shares						26,000
Stock-based compensation	7,356,000	7,356,000
Exchange of 2006 Class A Common Units for Class A common shares	0	7,287,000			(7,288,000)	$ 1,000
Exchange of 2006 Class A Common Units for Class A common shares, shares						143,000
Contributions from noncontrolling interests	12,117,000				12,117,000
Distributions to noncontrolling interests	(15,291,000)				(15,291,000)
Balance at Mar. 31, 2017	$ 3,804,649,000	$ 2,494,299,000	$ 829,862,000	$ (12,701,000)	$ 490,597,000	$ 2,404,000	$ 188,000
Balance, Shares at Mar. 31, 2017						240,444,000	18,788,000

Consolidated Statements of Equ7

Consolidated Statements of Equity (Parenthetical) (Unaudited) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Noncontrolling Interest
Net loss attributable to redeemable noncontrolling interest	$ (776)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net earnings	$ 40,811,000	$ 245,380,000
Depreciation and amortization	63,555,000	63,211,000
Amortization of mortgage procurement costs	1,222,000	1,665,000
Impairment of real estate	0	12,464,000
Loss on extinguishment of debt	2,843,000	29,084,000
Net (gain) loss on disposition of interest in development project	113,000	(136,117,000)
Net gain on disposition of full or partial interest in rental properties, net of tax	(9,303,000)	(89,641,000)
Deferred income tax expense	0	528,000
Earnings from unconsolidated entities	(26,979,000)	(10,536,000)
Stock-based compensation expense	4,864,000	6,160,000
Amortization and mark-to-market adjustments of derivative instruments	(816,000)	2,286,000
Operating distributions from unconsolidated entities	17,808,000	11,820,000
Non-cash operating expenses and deferred taxes included in discontinued operations	0	(309,000)
Loss from unconsolidated entities included in discontinued operations	0	1,400,000
Gain on disposition of disposal group included in discontinued operations, net of tax	0	(64,553,000)
Increase in land inventory	(6,480,000)	(1,134,000)
Increase in accounts receivable	(5,741,000)	(12,860,000)
Decrease in other assets	(171,000)	800,000
Decrease in accounts payable, accrued expenses and other liabilities	(26,745,000)	(68,698,000)
Net cash provided by (used in) operating activities	54,981,000	(9,050,000)
Cash Flows from Investing Activities
Capital expenditures	(96,685,000)	(166,303,000)
Capital expenditures of assets included in discontinued operations	0	(690,000)
Payment of lease procurement costs	(1,842,000)	(1,373,000)
Increase in notes receivable	(6,768,000)	(4,407,000)
Decrease in restricted cash	6,948,000	10,974,000
Cash held at Arena upon disposition	0	(28,041,000)
Proceeds from disposition of rental properties or development project	25,796,000	496,040,000
Contributions to unconsolidated entities	(28,351,000)	(51,867,000)
Distributions from unconsolidated entities	24,893,000	0
Net cash (used in) provided by investing activities	(76,009,000)	254,333,000
Cash Flows from Financing Activities
Proceeds from nonrecourse mortgage debt and notes payable	55,691,000	51,533,000
Principal payments on nonrecourse mortgage debt and notes payable	(33,306,000)	(45,952,000)
Redemption of Senior Notes due 2018 & 2020	0	(157,644,000)
Payments to noteholders related to exchange of convertible senior notes	0	(24,376,000)
Transaction costs related to exchange of convertible senior notes	0	(2,460,000)
Payment of deferred financing costs	(96,000)	(1,223,000)
Repurchase of Class A common stock	(3,436,000)	(4,319,000)
Exercise of stock options	425,000	1,103,000
Dividends paid to stockholders	(23,441,000)	(41,588,000)
Acquisitions of noncontrolling interests	0	(38,951,000)
Contributions from noncontrolling interests	12,117,000	19,657,000
Distributions to noncontrolling interests	(15,119,000)	(3,840,000)
Net cash provided by (used in) financing activities	(7,165,000)	(248,060,000)
Net decrease in cash and equivalents	(28,193,000)	(2,777,000)
Cash and equivalents at beginning of period (including cash held for sale - 2016)	174,619,000	293,720,000
Cash and equivalents at end of period	$ 146,426,000	$ 290,943,000

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 office, apartment and retail real estate and land throughout the United States. The Company had approximately $8.2 billion of consolidated assets in 20 states and the District of Columbia at March 31, 2017 . The Company’s core markets include Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington D.C. The Company has regional offices in Boston, Dallas, Denver, Los Angeles, New York City, San Francisco, Washington, D.C., and the Company’s corporate headquarters in Cleveland, Ohio. Basis of Presentation The 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, 2016 . 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. Company Operations The Company believes it is organized in a manner that enables it to qualify, and intends to operate in a manner allowing 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 ended December 31, 2016, upon filing the 2016 Form 1120-REIT with the Internal Revenue Service on or before October 15, 2017. The Company holds substantially all of its assets, and conducts substantially all of its business, through Forest City Enterprises, L.P. (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership and, as of March 31, 2017 , 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 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 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. Segments The Company is organized around real estate operations, real estate development and corporate support service functions. Real Estate Operations represents the performance of the Company’s core rental real estate portfolio and is comprised of the following reportable operating segments: • Office - owns, acquires and operates office and life science buildings. • Apartments - owns, acquires and operates rental properties, including upscale and middle-market apartments, adaptive re-use developments and subsidized senior housing. • Retail - owns, acquires and operates amenity retail within our mixed-use projects, regional malls and specialty/urban retail centers. The remaining reportable operating segments consist of the following: • Development - develops and constructs office and life science buildings, apartments, condominiums, amenity retail, regional malls, specialty/urban retail centers and mixed-use projects. The Development segment includes recently opened operating properties prior to stabilization and the horizontal development and sale of land to residential, commercial and industrial customers primarily at its Stapleton project in Denver, Colorado. • Corporate - provides executive oversight to the company and various support services for Operations, Development and Corporate employees. • Other - owned and operated 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 and projects under construction along with recently opened operating properties prior to stabilization. Projects will be reported in their applicable operating segment (Office, Apartments or Retail) beginning on 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 achieving 92% or greater occupancy or having been open and operating for one or two years, depending on the size of the project. Once a stabilized property is transferred to the applicable Operations segment on January 1, it will be considered “comparable” beginning on the following January 1. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and related notes. Some of the critical estimates made by the Company include, but are not limited to, determination of the primary beneficiary of variable interest entities (“VIEs”), estimates of useful lives for long-lived assets, reserves for collection on accounts and notes receivable and other investments, gain on change in control of interests, impairment of real estate and other-than-temporary impairments on equity method investments. Actual results could differ from those estimates. Reclassifications The Company recently completed an internal reorganization and began presenting new reportable operating segments during the three months ended September 30, 2016. The prior period has been recast to conform to the current period presentation. Concurrent with the Company’s internal reorganization, certain functions previously performed within the old business unit structure were centralized into the corporate segment. The Company analyzed the allocation methodology of the new corporate functions and the historic corporate functions and how it relates to support services provided to the new segments within the Company’s 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, $1,460,000 , has been reclassed from property operating and management expenses to corporate general and administrative expenses for the three months ended March 31, 2016 . Certain other prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year’s presentation. Variable Interest Entities As of March 31, 2017 , the Company determined it was the primary beneficiary of 50 VIEs. The creditors of the consolidated VIEs do not have recourse to the Company’s general credit. As of March 31, 2017 , the Company determined it was not the primary beneficiary of 58 VIEs and accounts for these interests as equity method investments. The maximum exposure to loss of these unconsolidated VIEs is limited to the Company’s investment balance of $162,000,000 as of March 31, 2017 . New Accounting Guidance The following accounting pronouncements were adopted during the three months ended March 31, 2017 : In March 2016, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of 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. The adoption of this guidance effective January 1, 2017 did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued an amendment to the accounting guidance on the classification of certain transactions on the statement of cash flows where diversity in practice currently exists. The guidance addresses certain specific cash flow issues, including, but not limited to, debt prepayment or debt extinguishment costs and distributions received from equity method investments. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted, and the Company has elected to adopt this guidance effective January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s Consolidated Statements of Cash Flows. In January 2017, the FASB issued an amendment to the accounting guidance for business combinations to clarify the definition of a business. The objective of this guidance is to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, and the Company has elected to adopt this guidance effective January 1, 2017. The impact on the Company’s consolidated financial statements resulting from the adoption of this guidance will depend on the Company’s level of acquisitions, but will most likely increase the number of acquisitions accounted for as asset acquisitions rather than business combinations. 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. Rental revenue from lease contracts represents a significant portion of our total revenues and is a specific scope exception provided by this guidance. However, common area maintenance and other tenant reimbursable expenses provided to the lessee are considered a non-lease component and will be required to be separated from rental revenue and recorded on a separate financial statement line item upon adoption of the new accounting guidance on leases discussed below. Certain of our other revenue streams, such as management, development and other fee arrangements, as well as recognition of gains on full or partial sales of real estate may be impacted by the new guidance. The Company has finalized a project plan, including determination of each applicable revenue stream required to be analyzed within the scope of this accounting guidance. The Company has begun the process of reviewing various customer revenue contracts (primarily consisting of service and management and parking and other revenues) to analyze the overall impact the adoption will have on the Company’s Statement of Operations. 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 adoption of the new guidance is expected to have an impact on the consolidated financial statements as the Company has material ground lease arrangements, as well as other lease agreements. In addition, the Company believes it will be precluded from capitalizing its internal leasing costs, as the costs are not expected to be directly incremental to the successful execution of a lease, as required by the new guidance. The Company is in the process of evaluating the impact of this guidance. In November 2016, the FASB issued an amendment to the accounting guidance on the classification and presentation of changes in restricted cash on the statement of cash flows. The guidance requires restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance should be adopted using a retrospective transition method. The Company is currently in the process of evaluating the impact of adopting this guidance on its Consolidated Statements of Cash Flows. 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 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. Pursuant to the Master Contribution Agreement, 2006 Units not exchanged are entitled to a distribution preference payment equal to the dividends paid on an equivalent number of shares of the Company’s common stock. During the three months ended March 31, 2017 and 2016 , the Company recorded $172,000 and $311,000 , respectively, related to the distribution preference payment, which is classified as noncontrolling interest expense on the Company’s Consolidated Statement of Operations. As a result of the January 2017 sale of Shops at Bruckner Boulevard , an unconsolidated specialty retail center in Bronx, New York, the Company accrued $482,000 related to a tax indemnity payment due to the BCR Entities in accordance with the terms of the Tax Protection Agreement. The Company expects to remit quarterly installments to the BCR Entities during the three months ending June 30, 2017. 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. Installments totaling $4,680,000 were paid during the year ended December 31, 2016. The remaining amount was included in accounts payable, accrued expenses and other liabilities at December 31, 2016 and was paid in January 2017. In March 2017, certain BCR Entities exchanged 142,879 of the 2006 Units. The Company issued 142,879 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 $7,288,000 , an increase to Class A common stock of $1,000 and a combined increase to additional paid-in capital of $7,287,000 , 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 March 31, 2017 and December 31, 2016 , 1,797,909 and 1,940,788 of the 2006 Units were outstanding, respectively. In December 2016, the Company’s Board of Directors approved, and the Company entered into a reclassification agreement with RMS Limited Partnership (“RMS”), the controlling stockholder of the Company's Class B shares (the “Reclassification Agreement”). The Reclassification Agreement provides that, at the Effective Time, as defined in the Agreement, following the satisfaction of the conditions thereto, each share of Class B Common Stock issued and outstanding immediately prior to the Effective Time will be reclassified and exchanged into 1.31 shares of Class A Common Stock, with a right to cash in lieu of fractional shares (the “Reclassification”). See Note I – Capital Stock for additional information. In October 2016, the Company entered into a Reimbursement Agreement with RMS (the “Reimbursement Agreement”). The Company agreed to reimburse RMS (together with its officers, directors, employees, beneficiaries, trustees, representatives and agents)(“Reimbursed Persons”) for reasonable and documented fees and out-of-pocket expenses of RMS’s financial, legal and public relations advisors incurred in evaluating and negotiating the Reclassification. In addition, the Company agreed to reimburse the Reimbursed Persons for (i) reasonable costs and expenses incurred in connection with any Proceeding (as defined in the Reimbursement Agreement) to which such Reimbursed Person is a party or otherwise involved in and (ii) any losses, damages or liabilities actually and reasonably suffered or incurred in any such Proceeding by a Reimbursed Person. Accumulated Other Comprehensive Loss The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”): March 31, 2017 December 31, 2016 (in thousands) Unrealized losses on interest rate derivative contracts (1) $ 12,760 $ 14,473 Noncontrolling interest (59 ) (63 ) Accumulated Other Comprehensive Loss $ 12,701 $ 14,410 (1) Includes unrealized losses on interest rate swaps accounted for as hedges held by certain of the Company’s equity method investees. The following table summarizes the changes, net of noncontrolling interest, of accumulated OCI by component: Foreign Currency Translation Interest Rate Contracts Total (in thousands) Three Months Ended March 31, 2017 Balance, January 1, 2017 $ — $ (14,410 ) $ (14,410 ) Gain recognized in accumulated OCI — 241 241 Loss reclassified from accumulated OCI — 1,468 1,468 Total other comprehensive income — 1,709 1,709 Balance, March 31, 2017 $ — $ (12,701 ) $ (12,701 ) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ (95 ) $ (67,810 ) $ (67,905 ) Gain (loss) recognized in accumulated OCI 84 (8,085 ) (8,001 ) Loss reclassified from accumulated OCI — 10,157 10,157 Total other comprehensive income 84 2,072 2,156 Balance, March 31, 2016 $ (11 ) $ (65,738 ) $ (65,749 ) The following table summarizes losses reclassified from accumulated OCI and their location on the Consolidated Statements of Operations: Accumulated OCI Components Loss Reclassified from Accumulated OCI Location on Consolidated Statements of Operations (in thousands) Three Months Ended March 31, 2017 Interest rate contracts $ 763 Interest expense Interest rate contracts 709 Earnings from unconsolidated entities 1,472 Total before noncontrolling interest (4 ) Noncontrolling interest $ 1,468 Loss reclassified from accumulated OCI Three Months Ended March 31, 2016 Interest rate contracts $ 9,233 Interest expense Interest rate contracts 113 Net gain on disposition of full or partial interest in rental properties, net of tax Interest rate contracts 815 Earnings from unconsolidated entities 10,161 Total before noncontrolling interest (4 ) Noncontrolling interest $ 10,157 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 three months ended March 31, 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. Organizational Transformation and Termination Benefits The following table summarizes the components of organizational transformation and termination benefits: Three Months Ended March 31, 2017 2016 (in thousands) Termination benefits $ 4,152 $ 4,951 Shareholder activism costs 373 — Reorganization costs — 2,997 REIT conversion costs — 772 Total $ 4,525 $ 8,720 During the three months ended March 31, 2017 and 2016 , the Company experienced a workplace reduction and recorded termination benefits expenses (outplacement and severance payments based on years of service and other defined criteria). Shareholder activism costs are comprised of advisory, legal and other professional fees associated with activism matters. Reorganization costs consist primarily of consulting and other professional fees related to the 2016 restructuring of the organization by function (operations, development and corporate support). REIT conversion costs consist primarily of legal, accounting, consulting and other professional fees. The Company has segregated these costs along with termination benefits and reported these amounts as organizational transformation 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: Three Months Ended March 31, 2017 2016 (in thousands) Accrued severance benefits, beginning balance $ 9,969 $ 16,338 Termination benefits expense 4,152 4,951 Payments (5,063 ) (9,567 ) Accrued severance benefits, ending balance $ 9,058 $ 11,722 Supplemental Non-Cash Disclosures The following table summarizes the impact to the applicable balance sheet line items as a result of various non-cash transactions. Non-cash transactions primarily include dispositions of operating properties whereby the nonrecourse mortgage debt is assumed by the buyer or otherwise extinguished at closing, exchanges of 2006 Units or senior notes for Class A common stock, changes in consolidation methods of fully consolidated properties due to the occurrence of triggering events including, but not limited to, disposition of a partial interest in rental properties, change in construction payables and other capital expenditures, notes receivable from the sale of rental properties or development project, redemption of redeemable noncontrolling interest, adoption of new accounting guidance for debt issuance costs and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate. Three Months Ended March 31, 2017 2016 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ 7,513 $ (5,866 ) Completed rental properties (60,956 ) (1,139,144 ) Restricted cash — (12,265 ) Notes receivable 2,000 275,700 Investments in and advances to affiliates - due to dispositions or change in control (2,890 ) 96,843 Investments in and advances to affiliates - other activity 166 (3,136 ) Total non-cash effect on investing activities $ (54,167 ) $ (787,868 ) Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (46,907 ) $ (799,156 ) Convertible senior debt, net — (125 ) Class A common stock 1 — Additional paid-in capital 9,779 (14,387 ) Redeemable noncontrolling interest — (159,202 ) Noncontrolling interest (7,456 ) 19,344 Total non-cash effect on financing activities $ (44,583 ) $ (953,526 )

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2017
Notes Receivable [Abstract]
Notes receivables	Notes Receivable The following table summarizes the components of the Company’s interest bearing notes receivable: March 31, 2017 December 31, 2016 Maturity Date Weighted Average Interest Rate (in thousands) Stapleton $ 145,707 $ 141,034 Various 8.63% The Nets sale 125,100 125,100 January 2021 4.50% Barclays Center sale 92,600 92,600 January 2019 4.50% Other 19,339 24,429 Various 4.94% Total $ 382,746 $ 383,163

Nonrecourse Mortgage Debt and N

Nonrecourse Mortgage Debt and Notes Payable, Net	3 Months Ended
	Mar. 31, 2017
Nonrecourse Mortgage Debt and Notes Payable, Net [Abstract]
Nonrecourse Mortgage Debt and Notes Payable, Net	Nonrecourse Mortgage Debt and Notes Payable, Net The following table summarizes the nonrecourse mortgage debt and notes payable, net maturities as of March 31, 2017 : Years Ending December 31, (in thousands) 2017 $ 218,065 2018 464,409 2019 454,806 2020 210,028 2021 191,324 Thereafter 1,608,801 3,147,433 Net unamortized mortgage procurement costs (35,586 ) Total $ 3,111,847

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Mar. 31, 2017
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 (increased to $600,000,000 in May 2016) and contains an accordion provision, subject to bank approval, allowing the Company to increase total available borrowings to $750,000,000 (“Revolving Credit Facility”). The Revolving Credit Facility matures in November 2019, and provides for two six -month extension periods, subject to certain conditions. Borrowings bear interest at the Company’s option at either London Interbank Offered Rate (“LIBOR”) ( 0.98% at March 31, 2017 ) plus a margin of 1.15% - 1.85% ( 1.25% at March 31, 2017 ) or the Prime Rate ( 4.00% at March 31, 2017 ) plus a margin of 0.15% - 0.85% ( 0.25% at March 31, 2017 ). In addition, the Revolving Credit Facility is subject to an annual facility fee of 0.20% - 0.35% ( 0.25% at March 31, 2017 ) 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 (adjusted quarterly, if applicable). 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 March 31, 2017 , the Company was in compliance with all of these financial covenants. The following table summarizes available credit on the Revolving Credit Facility: March 31, 2017 December 31, 2016 (in thousands) Total available borrowings $ 600,000 $ 600,000 Less: Outstanding borrowings — — Letters of credit 43,933 44,215 Available credit $ 556,067 $ 555,785 As of March 31, 2017 and December 31, 2016 , unamortized debt issuance costs related to the Revolving Credit Facility of $2,518,000 and $2,757,000 , respectively, are included in other assets on the Consolidated Balance Sheets.

Term Loan, Net

Term Loan, Net	3 Months Ended
	Mar. 31, 2017
Term Loan, Net [Abstract]
Term Loan, Net	Term Loan, Net In May 2016, the Company entered into a Term Loan Credit Agreement which provides a $335,000,000 senior unsecured term loan credit facility (“Term Loan”). In November 2016, the Company borrowed the entire $335,000,000 available. The Term Loan matures in May 2021 and the outstanding balance bears interest at the Company’s option at either LIBOR (based on the approximate date of borrowings and adjusted monthly thereafter) ( 0.78% at March 31, 2017) plus a margin of 1.30% - 2.20% ( 1.45% at March 31, 2017 ) or the Prime Rate plus a margin of 0.30% - 1.20% ( 0.45% at March 31, 2017 ). 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 contains identical financial covenants as the Revolving Credit Facility as described in Note D – Revolving Credit Facility . Additionally, the Term Loan 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, as well as customary representations and warranties and affirmative and negative covenants. The following table summarizes outstanding borrowings of the Term Loan, net: March 31, 2017 December 31, 2016 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,632 ) (1,732 ) Total $ 333,368 $ 333,268 Convertible Senior Debt, Net The following table summarizes the convertible senior debt, net: March 31, 2017 December 31, 2016 (in thousands) 4.250% Notes due 2018 $ 73,216 $ 73,216 3.625% Notes due 2020 40,021 40,021 113,237 113,237 Net unamortized debt procurement costs (942 ) (1,056 ) Total $ 112,295 $ 112,181 During the three months ended March 31, 2016, 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 or cash payments. 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 loss on extinguishment of debt. The following table summarizes the convertible senior debt transactions completed during the three months ended March 31, 2016: Agreement Date Issuance Aggregate Principal Class A Common Shares Issued Cash Payments to Noteholders Loss on Extinguishment (in thousands, except share data) 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 Amounts paid to noteholders for consideration of additional interest through maturity are presented as cash used in financing activities in the Consolidated Statement of Cash Flows. 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.

Convertible Senior Debt, Net

Convertible Senior Debt, Net	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Convertible Senior Debt, Net	Term Loan, Net In May 2016, the Company entered into a Term Loan Credit Agreement which provides a $335,000,000 senior unsecured term loan credit facility (“Term Loan”). In November 2016, the Company borrowed the entire $335,000,000 available. The Term Loan matures in May 2021 and the outstanding balance bears interest at the Company’s option at either LIBOR (based on the approximate date of borrowings and adjusted monthly thereafter) ( 0.78% at March 31, 2017) plus a margin of 1.30% - 2.20% ( 1.45% at March 31, 2017 ) or the Prime Rate plus a margin of 0.30% - 1.20% ( 0.45% at March 31, 2017 ). 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 contains identical financial covenants as the Revolving Credit Facility as described in Note D – Revolving Credit Facility . Additionally, the Term Loan 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, as well as customary representations and warranties and affirmative and negative covenants. The following table summarizes outstanding borrowings of the Term Loan, net: March 31, 2017 December 31, 2016 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,632 ) (1,732 ) Total $ 333,368 $ 333,268 Convertible Senior Debt, Net The following table summarizes the convertible senior debt, net: March 31, 2017 December 31, 2016 (in thousands) 4.250% Notes due 2018 $ 73,216 $ 73,216 3.625% Notes due 2020 40,021 40,021 113,237 113,237 Net unamortized debt procurement costs (942 ) (1,056 ) Total $ 112,295 $ 112,181 During the three months ended March 31, 2016, 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 or cash payments. 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 loss on extinguishment of debt. The following table summarizes the convertible senior debt transactions completed during the three months ended March 31, 2016: Agreement Date Issuance Aggregate Principal Class A Common Shares Issued Cash Payments to Noteholders Loss on Extinguishment (in thousands, except share data) 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 Amounts paid to noteholders for consideration of additional interest through maturity are presented as cash used in financing activities in the Consolidated Statement of Cash Flows. 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.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Risk Management Objective of Using Derivatives The Company maintains an overall interest rate risk management strategy using derivative instruments to minimize significant unplanned impact on earnings and cash flows caused by interest rate volatility. The strategy uses interest rate swaps and caps having indices related to the pricing of specific liabilities. The Company enters into interest rate swaps to convert floating-rate debt to fixed-rate long-term debt, and vice-versa, depending on market conditions. Interest rate swaps are generally for periods of one to ten years. Interest rate caps are generally for periods of one to three years. The use of interest rate caps is consistent with the Company’s risk management objective to reduce or eliminate exposure to variability in future cash flows primarily attributable to increases in interest rates on its floating-rate debt. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. The Company primarily uses interest rate caps and swaps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated OCI and is subsequently reclassified into earnings during the period the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value is recognized directly in earnings. Ineffectiveness was insignificant during the three months ended March 31, 2017 and 2016 . As of March 31, 2017 , the Company expects it will reclassify amounts recorded in accumulated OCI into earnings as an increase in interest expense of approximately $4,924,000 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 ( 0.91% at March 31, 2017 ) plus a spread. Additionally, the Company has guaranteed the fair value of the underlying borrowings. Fluctuation in the value of the TROR is offset by the fluctuation in the value of the underlying borrowings, resulting in minimal financial impact. At March 31, 2017 , 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 March 31, 2017 , the aggregate notional amount of these TROR is $137,736,000 . In instances where the Company enters into separate derivative instruments effectively hedging the same debt for consecutive annual periods, the duplicate amount of notional is excluded from the following disclosure in an effort to provide information that enables the financial statement user to understand the Company’s volume of derivative activity. The following table summarizes the fair values and location in the Consolidated Balance Sheets of all derivative instruments: Fair Value of Derivative Instruments March 31, 2017 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 $ 64,029 $ 804 $ 34,542 $ 1,294 TROR 235,970 4,735 316,015 6,818 Total $ 299,999 $ 5,539 $ 350,557 $ 8,112 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,718 5,139 37,018 11,780 Total $ 170,236 $ 5,139 $ 37,018 $ 11,780 December 31, 2016 Derivatives Designated as Hedging Instruments Interest rate swaps $ 64,248 $ 593 $ 34,666 $ 1,504 TROR 235,970 5,008 316,015 12,442 Total $ 300,218 $ 5,601 $ 350,681 $ 13,946 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,800 4,117 37,044 12,256 Total $ 170,318 $ 4,117 $ 37,044 $ 12,256 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 March 31, 2017 Interest rate caps and interest rate swaps $ 241 Interest expense $ (722 ) $ (41 ) Earnings from unconsolidated entities (709 ) — Total $ 241 $ (1,431 ) $ (41 ) Three Months Ended March 31, 2016 Interest rate caps and interest rate swaps $ (8,085 ) Interest expense $ (9,214 ) $ (19 ) Net gain on disposition of full or partial interest in rental properties, net of tax (113 ) — Earnings from unconsolidated entities (815 ) — Total $ (8,085 ) $ (10,142 ) $ (19 ) The following table summarizes the impact of gains and losses related to derivative instruments not designated as cash flow hedges in the Consolidated Statements of Operations: Net Gain (Loss) Recognized Three Months Ended March 31, 2017 2016 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ 5,351 $ (929 ) Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ (107 ) $ (94 ) TROR 1,498 (1,400 ) Total $ 1,391 $ (1,494 ) (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(5,351) and $929 for the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 , the Company does not have any derivative contracts containing credit-risk related contingent features, such as a credit rating downgrade, that may trigger collateral to be posted with a counterparty. The following table summarizes information about collateral posted for derivatives in liability positions as of March 31, 2017 : 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 $ 34,542 $ 1,358 $ (64 ) $ — Mortgage liens None TROR 353,033 18,560 38 58,844 Restricted cash, notes receivable, letters of credit None Total $ 387,575 $ 19,918 $ (26 ) $ 58,844

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Measurements on a Recurring Basis The Company’s financial assets consist of interest rate caps, interest rate swaps and TROR with positive fair values included in other assets. The Company’s financial liabilities consist of interest rate swaps and TROR with negative fair values included in accounts payable, accrued expenses and other liabilities and borrowings subject to TROR included in nonrecourse mortgage debt and notes payable, net. The following table summarizes information about financial assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: March 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (assets) $ — $ 804 $ — $ 804 Interest rate swaps (liabilities) — (1,294 ) — (1,294 ) TROR (assets) — — 9,874 9,874 TROR (liabilities) — — (18,598 ) (18,598 ) Fair value adjustment to the borrowings subject to TROR — — 2,083 2,083 Total $ — $ (490 ) $ (6,641 ) $ (7,131 ) December 31, 2016 (in thousands) Interest rate swaps (assets) $ — $ 593 $ — $ 593 Interest rate swaps (liabilities) — (1,504 ) — (1,504 ) TROR (assets) — — 9,125 9,125 TROR (liabilities) — — (24,698 ) (24,698 ) Fair value adjustment to the borrowings subject to TROR — — 7,434 7,434 Total $ — $ (911 ) $ (8,139 ) $ (9,050 ) 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): Net TROR Fair value adjustment to the borrowings subject to TROR Total (in thousands) Three Months Ended March 31, 2017 Balance, January 1, 2017 $ (15,573 ) $ 7,434 $ (8,139 ) Total realized and unrealized gains (losses): Included in earnings 6,849 (5,351 ) 1,498 Balance, March 31, 2017 $ (8,724 ) $ 2,083 $ (6,641 ) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ (10,785 ) $ 2,810 $ (7,975 ) Total realized and unrealized gains (losses): Included in earnings (2,329 ) 929 (1,400 ) Balance, March 31, 2016 $ (13,114 ) $ 3,739 $ (9,375 ) The following table presents quantitative information about the significant unobservable inputs used to estimate the fair value of financial instruments measured on a recurring basis as of March 31, 2017 : Quantitative Information about Level 3 Fair Value Measurements Fair Value March 31, 2017 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (8,724 ) Third party bond pricing Bond valuation 87.63 - 121.25 Fair value adjustment to the borrowings subject to TROR $ 2,083 Third party bond pricing Bond valuation 87.63 - 103.36 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 (exclusive of the fair value of derivatives), term loan, net and convertible senior debt, net: March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 3,111,847 $ 3,105,758 $ 3,120,833 $ 3,105,587 Term loan, net 333,368 333,605 333,268 333,527 Convertible senior debt, net 112,295 124,443 112,181 122,795 Total $ 3,557,510 $ 3,563,806 $ 3,566,282 $ 3,561,909

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Capital Stock	Capital Stock On December 5, 2016, the Company’s Board of Directors approved, and the Company entered into, a reclassification agreement with RMS (the “Reclassification Agreement”). Pursuant to the Reclassification Agreement, the Board submitted a proposal for stockholder approval to eliminate the current dual-class share structure at the Company’s 2017 Annual Meeting of Stockholders. Under the terms of the Reclassification Agreement, each outstanding share of the Company’s Class B Common Stock would be converted into 1.31 shares of Class A Common Stock, with a right to cash in lieu of fractional shares. The completion of the proposed reclassification is subject to customary closing conditions and approval by the Company’s stockholders. Upon completion of this transaction, all outstanding shares will be entitled to one vote per share on all matters brought to the Company’s stockholders, including but not limited to, composition of the entire Board of Directors. If approved, the proposed reclassification is expected to be completed promptly after the Company’s 2017 Annual Meeting of Stockholders. There can be no assurance the reclassification will occur based on these terms, or at all. Certain professional and consulting fees, including amounts paid in accordance with the Reimbursement Agreement with RMS, incurred directly related to the planned stock conversion were recorded as a reduction to additional paid-in capital, in accordance with applicable accounting requirements when raising permanent equity. See the “Related Party Transactions” section of Note A – Accounting Policies for detailed information of the Reimbursement Agreement with RMS.

Dividends

Dividends	3 Months Ended
	Mar. 31, 2017
Dividends [Abstract]
Dividends [Text Block]	Dividends Prior to the taxable year ended 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 a distribution to its stockholders that equaled or exceeded its accumulated positive E&P. The 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 2017 Quarterly March 1, 2017 March 13, 2017 March 27, 2017 $ 0.09 $ 23,441 2016 Quarterly November 30, 2016 December 12, 2016 December 23, 2016 $ 0.06 $ 15,620 Quarterly August 18, 2016 September 2, 2016 September 16, 2016 $ 0.06 $ 15,621 Quarterly May 17, 2016 June 10, 2016 June 24, 2016 $ 0.06 $ 15,623 Quarterly February 18, 2016 March 4, 2016 March 18, 2016 $ 0.06 $ 15,596 E&P February 18, 2016 March 4, 2016 March 18, 2016 $ 0.10 $ 25,992 Total $ 0.34 $ 88,452

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the three months ended March 31, 2017 , the Company granted 26,112 stock options, 663,595 shares of restricted stock and 243,571 performance shares under the Company’s 1994 Stock Plan. The stock options had a grant-date fair value of $4.79 , which was computed using the Black-Scholes option-pricing model using the following assumptions: expected term of 5.5 years , expected volatility of 25.1% , risk-free interest rate of 2.12% , and expected dividend yield of 1.69% . The exercise price of the options is $21.83 , 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 $21.83 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 $24.91 per share, which was computed using a Monte Carlo simulation. At March 31, 2017 , $473,000 of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 12 months , $24,630,000 of unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 26 months , and $12,452,000 of unrecognized compensation cost related to performance shares is expected to be recognized over a weighted-average period of 22 months . The following table summarizes stock-based compensation costs and related deferred income tax benefit recognized in the financial statements: Three Months Ended March 31, 2017 2016 (in thousands) Stock option costs $ 200 $ 297 Restricted stock costs 5,138 5,548 Performance share costs 2,018 2,146 Total stock-based compensation costs 7,356 7,991 Less amount capitalized into qualifying real estate projects (2,492 ) (1,831 ) Amount charged to operating expenses 4,864 6,160 Depreciation expense on capitalized stock-based compensation 215 202 Total stock-based compensation expense $ 5,079 $ 6,362 Deferred income tax benefit $ 168 $ 189 The amount of grant-date fair value expensed immediately for awards granted to retirement-eligible grantees during the three months ended March 31, 2017 and 2016 was $867,000 and $1,166,000 , respectively. In connection with the vesting of restricted stock and performance shares during the three months ended March 31, 2017 and 2016 , the Company repurchased 157,304 shares and 220,860 shares, respectively, of Class A common stock to satisfy the employees’ related minimum statutory tax withholding requirements. Shares repurchased for the three months ended March 31, 2017 and 2016 were returned to unissued shares with an aggregate cost basis of $3,436,000 and $4,319,000 , respectively.

Write-Offs of Abandoned Develop

Write-Offs of Abandoned Development Projects and Demolition Costs	3 Months Ended
	Mar. 31, 2017
Write-Offs of Abandoned Development Projects and Demolition Costs [Abstract]
Write-Offs of Abandoned Development Projects and Demolition Costs [Text Block]	Write-Offs of Abandoned Development Projects and Demolition Costs The Company reviews each project under development to determine whether it is probable the project will be developed. If management determines the project will not be developed, its project costs and other related expenses are written off as an abandoned development project cost. The Company abandons projects under development for a number of reasons, including, but not limited to, changes in local market conditions, increases in construction or financing costs or third party challenges related to entitlements or public financing. The Company recorded no write-offs of abandoned development projects and demolition costs during the three months ended March 31, 2017 and 2016 , respectively. The Company incurred write-offs of abandoned development projects and demolition costs of unconsolidated entities of $351,000 during the three months ended March 31, 2017 , which is included in equity in earnings and represents non-capitalizable demolition costs at a redevelopment property. The Company incurred no write-offs of abandoned development projects and demolition costs of unconsolidated entities for the three months ended March 31, 2016 .

Impairment of Real Estate and I

Impairment of Real Estate and Impairment of Unconsolidated Entities	3 Months Ended
	Mar. 31, 2017
Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]
Impairment of Real Estate and Impairment of Unconsolidated Entities	Impairment of Real Estate and Impairment of Unconsolidated Entities Impairment of Real Estate The Company reviews its real estate for impairment whenever events or changes indicate its carrying value may not be recoverable. In determining whether the carrying costs are recoverable from estimated future undiscounted cash flows, the Company uses various assumptions including future estimated net operating income, estimated holding periods, risk of foreclosure and estimated cash proceeds upon the disposition of the asset. If the carrying costs are not recoverable, the Company records an impairment charge to reduce the carrying value to estimated fair value. The assumptions used to estimate fair value, which are based on current information, are Level 2 or 3 inputs. If the conditions deteriorate or if plans regarding the assets change, additional impairment charges may occur in future periods. The following table summarizes the Company’s impairment of real estate included in continuing operations: Three Months Ended March 31, 2017 2016 (in thousands) Shops at Wiregrass (Regional Mall) Tampa, Florida $ — $ 12,464 During the year ended December 31, 2015, the Company decided to pursue the partial sale, through 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. 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 received the third party consent and closed on the disposition of 49% of its equity interest in October 2016. Impairment of Real Estate - Fair Value Information The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of real estate for the three months ended March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) March 31, 2016 Impairment of real estate $ 133,997 Indicative bid Indicative bid N/A (1) (1) This fair value measurement was derived from a bona fide purchase offer from a third party prospective buyer, subject to the Company’s corroboration for reasonableness. Impairment of Unconsolidated Entities The Company reviews its portfolio of unconsolidated entities for other-than-temporary impairments whenever events or changes indicate its carrying value in the investments may be in excess of fair value. An equity method investment’s value is impaired if management’s estimate of its fair value is less than the carrying value and the difference is deemed to be other-than-temporary. In estimating fair value, assumptions that may be used include comparable sale prices, market discount rates, market capitalization rates and estimated future discounted cash flows specific to the geographic region and property type, all of which are considered Level 3 inputs. For recently opened properties, assumptions also include the timing of initial property lease up. In the event initial property lease up assumptions differ from actual results, estimated future discounted cash flows may vary, resulting in impairment charges in future periods. There were no impairments of unconsolidated entities recorded during the three months ended March 31, 2017 and 2016 .

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt	3 Months Ended
	Mar. 31, 2017
Extinguishment of Debt Disclosures [Abstract]
Loss on Extinguishment of Debt	Loss on Extinguishment of Debt For the three months ended March 31, 2017 and 2016 , the Company recorded $2,843,000 , and $29,084,000 , respectively, as loss on extinguishment of debt. The amount for 2017 primarily relates to a loss on extinguishment of nonrecourse mortgage debt at Illinois Science and Technology Park, office buildings in Skokie, Illinois that were sold during the quarter. The loss on extinguishment of debt recorded for 2016 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.

Net Gain on Disposition of Inte

Net Gain on Disposition of Interest in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 (in thousands) Federally assisted housing apartments (6) Various $ 9,349 $ — Shops at Bruckner Boulevard (Specialty Retail Center) Bronx, New York 8,183 — Other 169 — $ 17,701 $ — During the three months ended March 31, 2017 , the Company sold its entire ownership interest in Shops at Bruckner Boulevard , an unconsolidated specialty retail center in Bronx, New York. The sale generated net cash proceeds of $8,863,000 at the Company’s ownership share, of which $5,464,000 was not distributed to the Company and remained in the Company’s joint venture to be used for anticipated 2017 debt paydowns. During the three months ended March 31, 2017 , the Company completed the sale of six of our federally assisted housing (“FAH”)apartment communities, consisting of 1,369 units. The dispositions resulted in net cash proceeds of $18,122,000 . Subsequent to March 31, 2017, the Company completed the sale of eight additional FAH apartment communities, consisting of 1,404 units. The dispositions generated net cash proceeds of approximately $23,400,000 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has historically filed a consolidated United States federal tax return, which includes all of its wholly owned subsidiaries. For its taxable year ended 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 October 15, 2017. The Company’s TRSs will file as C corporations. The Company also files individual separate income tax returns in various states. As a REIT, the Company is required to annually distribute to its stockholders 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 $51,000 and $1,450,000 for the three months ended March 31, 2017 and 2016 , respectively. The Company did not recognize any federal corporate income tax on its earnings in the REIT. During the three months ended March 31, 2016, the Company reversed $83,645,000 of deferred tax assets associated with the Military Housing, Westchester’s Ridge Hill , the Nets and Barclays Center disposals. At December 31, 2016 , the TRS had a federal net operating loss carryforward for tax purposes of $204,752,000 available to use on its tax return expiring in the years ending December 31, 2029 through 2036, and charitable contribution deduction carryforward of $1,940,000 expiring in the years ending December 31, 2017 through 2021. At December 31, 2016 , the Company had a federal net operating loss carryforward of $180,698,000 available to use on its REIT tax return expiring in the years ending December 31, 2029 through 2036.

Net Gain (Loss) on Disposition

Net Gain (Loss) on Disposition of Interest in Development Project	3 Months Ended
	Mar. 31, 2017
Net Gain (Loss) on Disposition of Development Project [Abstract]
Net Gain (Loss) on Disposition of Interest in Development Project	Net Gain (Loss) 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 three months ended March 31, 2016.

Net Gain on Disposition of Full

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax	3 Months Ended
	Mar. 31, 2017
Net Gain (Loss) on Disposition of Full or Partial Interest in Rental Properties, Net of Tax [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 March 31, 2017 2016 (in thousands) Office Buildings: Illinois Science and Technology Park (4 buildings) Skokie, Illinois $ 3,771 $ — Aperture Center Albuquerque, New Mexico — (171 ) 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 Other 5,532 — 9,303 156,054 Income tax effect — (66,413 ) $ 9,303 $ 89,641 The 2016 income tax effect on the net gain on disposition of full or partial interest in rental properties, net of tax primarily relates to the deferred taxes recognized upon the partial disposition of Westchester’s Ridge Hill, a formerly wholly owned regional mall in Yonkers, New York, and the disposal of military housing entities, as these assets were held by our TRS and remained subject to federal income tax. Military Housing During the three months ended March 31, 2016, the Company completed the sale of its interests in entities that develop and manage military family housing. The sale generated net cash proceeds of $208,305,000 . These entities were primarily service providers generating fee revenue. The primary assets acquired by the buyer were intangible assets of approximately $29,000,000 and investments in unconsolidated entities, net, of approximately $14,600,000 . QIC Joint Venture During the three months ended March 31, 2016, the Company entered into a joint venture agreement with outside partners, affiliated entities of QIC, one of the largest institutional investment managers in Australia. The outside partner invested in and received 51% of our equity interests in Westchester’s Ridge Hill. The Company received net cash proceeds of $75,448,000 along with the buyer assuming debt of $169,369,000 , representing 51% of the nonrecourse mortgage debt of the property. Based on the amount of cash received, the outside partner’s minimum initial investment requirement was met and the transaction qualified for full gain recognition related to the partial sale. The property is adequately capitalized and does not 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.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On January 29, 2016, the Company completed the sale of its 55% ownership interest in Barclays Center and 20% equity method ownership interest in the Nets (collectively, the “Disposal Group”). The sales price for our equity interest in Barclays Center was $162,600,000 , generating net cash proceeds of $60,924,000 and a note receivable of $92,600,000 , which bears interest at 4.50% per annum payable semi-annually and matures in 2019. In addition, the buyer assumed the gross debt totaling $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 following tables summarize the operating results related to discontinued operations: Three Months Ended March 31, 2016 (in thousands) Revenues $ 14,792 Expenses Operating expenses 12,540 Depreciation and amortization 23 12,563 Interest expense (3,540 ) Amortization of mortgage procurement costs (61 ) Loss before income taxes and loss from unconsolidated entities (1,372 ) Loss from unconsolidated entities (1,400 ) Loss before income taxes (2,772 ) Income tax benefit (824 ) Loss before gain on disposal group (1,948 ) Gain on disposition of disposal group, net of tax 64,553 Earnings from discontinued operations 62,605 Noncontrolling interest Operating loss from disposal group (776 ) Earnings from discontinued operations attributable to Forest City Realty Trust, Inc. $ 63,381 The following table summarizes the pre-tax gain on disposition of the Disposal Group: Three Months Ended March 31, 2016 (in thousands) The Nets $ 136,247 Barclays Center (56,481 ) 79,766 Income tax effect (1) (15,213 ) $ 64,553 (1) Primarily represents non-cash deferred taxes recognized upon the reversal of the deferred tax asset used to offset the taxable gain on the sales of assets held by the TRS.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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 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 stockholders. 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 reconciliation of the basic and diluted EPS computations is shown in the following table: Three Months Ended March 31, 2017 2016 Numerators (in thousands) Earnings from continuing operations attributable to Forest City Realty Trust, Inc. $ 40,917 $ 180,654 Distributed and undistributed earnings allocated to participating securities (374 ) (2,359 ) Earnings from continuing operations attributable to common stockholders ‑ Basic $ 40,543 $ 178,295 Interest on convertible debt — 1,141 Earnings from continuing operations attributable to common stockholders ‑ Diluted $ 40,543 $ 179,436 Net earnings attributable to Forest City Realty Trust, Inc. $ 40,917 $ 244,035 Distributed and undistributed earnings allocated to participating securities (374 ) (3,300 ) Net earnings attributable to common stockholders ‑ Basic $ 40,543 $ 240,735 Interest on convertible debt — 1,141 Net earnings attributable to common stockholders ‑ Diluted $ 40,543 $ 241,876 Denominators Weighted average shares outstanding ‑ Basic 258,797,277 257,951,076 Effect of stock options and performance shares 402,992 450,522 Effect of convertible debt — 5,033,629 Weighted average shares outstanding ‑ Diluted (1) 259,200,269 263,435,227 Earnings Per Share Earnings from continuing operations attributable to common stockholders ‑ Basic $ 0.16 $ 0.69 Earnings from continuing operations attributable to common stockholders ‑ Diluted $ 0.16 $ 0.68 Net earnings attributable to common stockholders ‑ Basic $ 0.16 $ 0.93 Net earnings attributable to common stockholders ‑ Diluted $ 0.16 $ 0.92 (1) Incremental shares from restricted stock and convertible securities aggregating 7,860,297 and 8,518,583 for the three months ended March 31, 2017 and 2016 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. Weighted-average options, restricted stock and performance shares of 2,167,229 and 3,176,672 for the three months ended March 31, 2017 and 2016 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company recently completed an internal reorganization and began presenting reportable segments based on this new structure for the reporting period ended September 30, 2016. The new structure is organized around the Company’s real estate operations, real estate development and corporate support service functions. The prior period has been recast to conform to the current period’s reportable segment presentation. The following tables summarize financial data for the Company’s reportable operating segments. All amounts are presented in thousands. March 31, 2017 December 31, 2016 Identifiable Assets Office $ 3,100,965 $ 3,192,840 Apartments 2,385,684 2,406,768 Retail 515,456 521,015 Total Operations 6,002,105 6,120,623 Development 1,875,860 1,799,138 Corporate 278,679 308,836 $ 8,156,644 $ 8,228,597 Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Revenues Operating Expenses Office $ 113,539 $ 115,608 $ 42,776 $ 45,898 Apartments 72,098 71,168 33,904 36,629 Retail 14,750 25,191 10,754 17,048 Total Operations 200,387 211,967 87,434 99,575 Development 15,619 10,778 18,448 18,790 Corporate — — 20,108 25,832 Other — 3,518 — 2,730 $ 216,006 $ 226,263 $ 125,990 $ 146,927 Depreciation and Amortization Capital Expenditures Office $ 33,999 $ 34,403 $ 14,302 $ 9,501 Apartments 18,651 18,737 3,920 1,955 Retail 3,065 7,027 415 2,041 Total Operations 55,715 60,167 18,637 13,497 Development 7,166 2,587 78,027 152,806 Corporate 674 331 21 — Other — 126 — — $ 63,555 $ 63,211 $ 96,685 $ 166,303 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) gains or losses 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 organizational transformation 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”), a non-GAAP measure, as all property 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. Three Months Ended March 31, 2017 Office Apartments Retail Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 42,309 $ 41,516 $ 31,358 $ 115,183 $ (10,577 ) $ (63,689 ) $ — $ 40,917 Depreciation and amortization 34,862 22,491 15,850 73,203 5,174 674 — 79,051 Interest expense — — — — — 47,831 — 47,831 Amortization of mortgage procurement costs — — — — — 1,832 — 1,832 Income tax expense — — — — — 51 — 51 Loss on extinguishment of debt — — — — — 4,466 — 4,466 Net gain on disposition of full or partial interests in rental properties (3,771 ) (5,532 ) — (9,303 ) — — — (9,303 ) Gain on disposition of unconsolidated entities — (9,518 ) (8,183 ) (17,701 ) — — — (17,701 ) Organizational transformation and termination benefits — — — — — 4,525 — 4,525 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 73,400 $ 48,957 $ 39,025 $ 161,382 $ (5,403 ) $ (4,310 ) $ — $ 151,669 Three Months Ended March 31, 2016 Office Apartments Retail Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 35,068 $ 22,782 $ 25,432 $ 83,282 $ 128,123 $ (189,558 ) $ 222,188 $ 244,035 Depreciation and amortization 34,364 22,845 20,109 77,318 1,695 331 302 79,646 Interest expense — — — — — 58,725 — 58,725 Amortization of mortgage procurement costs — — — — — 2,406 — 2,406 Income tax expense — — — — — 82,822 — 82,822 Impairment of consolidated real estate — — 12,464 12,464 — — — 12,464 Loss on extinguishment of debt — — — — — 29,084 — 29,084 Net gain on disposition of interest in development project — — — — (136,687 ) — — (136,687 ) Net gain on disposition of full or partial interests in rental properties (14 ) — (14,550 ) (14,564 ) — — (141,675 ) (156,239 ) Organizational transformation and termination benefits — — — — — 8,720 — 8,720 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 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 69,418 $ 45,627 $ 43,455 $ 158,500 $ (6,869 ) $ (7,470 ) $ 2,484 $ 146,645

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016 . 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 made by the Company 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 and other investments, gain on change in control of interests, impairment of real estate and other-than-temporary impairments on equity method investments. Actual results could differ from those estimates. Reclassifications The Company recently completed an internal reorganization and began presenting new reportable operating segments during the three months ended September 30, 2016. The prior period has been recast to conform to the current period presentation. Concurrent with the Company’s internal reorganization, certain functions previously performed within the old business unit structure were centralized into the corporate segment. The Company analyzed the allocation methodology of the new corporate functions and the historic corporate functions and how it relates to support services provided to the new segments within the Company’s 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, $1,460,000 , has been reclassed from property operating and management expenses to corporate general and administrative expenses for the three months ended March 31, 2016 .
New Accounting Guidance	New Accounting Guidance The following accounting pronouncements were adopted during the three months ended March 31, 2017 : In March 2016, the Financial Accounting Standards Board (“FASB”) issued an amendment to the accounting guidance to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of 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. The adoption of this guidance effective January 1, 2017 did not have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued an amendment to the accounting guidance on the classification of certain transactions on the statement of cash flows where diversity in practice currently exists. The guidance addresses certain specific cash flow issues, including, but not limited to, debt prepayment or debt extinguishment costs and distributions received from equity method investments. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted, and the Company has elected to adopt this guidance effective January 1, 2017. The adoption of this guidance did not have a material impact on the Company’s Consolidated Statements of Cash Flows. In January 2017, the FASB issued an amendment to the accounting guidance for business combinations to clarify the definition of a business. The objective of this guidance is to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted, and the Company has elected to adopt this guidance effective January 1, 2017. The impact on the Company’s consolidated financial statements resulting from the adoption of this guidance will depend on the Company’s level of acquisitions, but will most likely increase the number of acquisitions accounted for as asset acquisitions rather than business combinations. 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. Rental revenue from lease contracts represents a significant portion of our total revenues and is a specific scope exception provided by this guidance. However, common area maintenance and other tenant reimbursable expenses provided to the lessee are considered a non-lease component and will be required to be separated from rental revenue and recorded on a separate financial statement line item upon adoption of the new accounting guidance on leases discussed below. Certain of our other revenue streams, such as management, development and other fee arrangements, as well as recognition of gains on full or partial sales of real estate may be impacted by the new guidance. The Company has finalized a project plan, including determination of each applicable revenue stream required to be analyzed within the scope of this accounting guidance. The Company has begun the process of reviewing various customer revenue contracts (primarily consisting of service and management and parking and other revenues) to analyze the overall impact the adoption will have on the Company’s Statement of Operations. 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 adoption of the new guidance is expected to have an impact on the consolidated financial statements as the Company has material ground lease arrangements, as well as other lease agreements. In addition, the Company believes it will be precluded from capitalizing its internal leasing costs, as the costs are not expected to be directly incremental to the successful execution of a lease, as required by the new guidance. The Company is in the process of evaluating the impact of this guidance. In November 2016, the FASB issued an amendment to the accounting guidance on the classification and presentation of changes in restricted cash on the statement of cash flows. The guidance requires restricted cash to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance should be adopted using a retrospective transition method. The Company is currently in the process of evaluating the impact of adopting this guidance on its Consolidated Statements of Cash Flows.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Components of accumulated other comprehensive income (loss)	The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”): March 31, 2017 December 31, 2016 (in thousands) Unrealized losses on interest rate derivative contracts (1) $ 12,760 $ 14,473 Noncontrolling interest (59 ) (63 ) Accumulated Other Comprehensive Loss $ 12,701 $ 14,410 (1) Includes unrealized losses on interest rate swaps accounted for as hedges held by certain of the Company’s equity method investees.
Schedule of changes of accumulated other comprehensive income (loss) by component	The following table summarizes the changes, net of noncontrolling interest, of accumulated OCI by component: Foreign Currency Translation Interest Rate Contracts Total (in thousands) Three Months Ended March 31, 2017 Balance, January 1, 2017 $ — $ (14,410 ) $ (14,410 ) Gain recognized in accumulated OCI — 241 241 Loss reclassified from accumulated OCI — 1,468 1,468 Total other comprehensive income — 1,709 1,709 Balance, March 31, 2017 $ — $ (12,701 ) $ (12,701 ) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ (95 ) $ (67,810 ) $ (67,905 ) Gain (loss) recognized in accumulated OCI 84 (8,085 ) (8,001 ) Loss reclassified from accumulated OCI — 10,157 10,157 Total other comprehensive income 84 2,072 2,156 Balance, March 31, 2016 $ (11 ) $ (65,738 ) $ (65,749 )
Losses reclassified from accumulated other comprehensive income (loss)	The following table summarizes losses reclassified from accumulated OCI and their location on the Consolidated Statements of Operations: Accumulated OCI Components Loss Reclassified from Accumulated OCI Location on Consolidated Statements of Operations (in thousands) Three Months Ended March 31, 2017 Interest rate contracts $ 763 Interest expense Interest rate contracts 709 Earnings from unconsolidated entities 1,472 Total before noncontrolling interest (4 ) Noncontrolling interest $ 1,468 Loss reclassified from accumulated OCI Three Months Ended March 31, 2016 Interest rate contracts $ 9,233 Interest expense Interest rate contracts 113 Net gain on disposition of full or partial interest in rental properties, net of tax Interest rate contracts 815 Earnings from unconsolidated entities 10,161 Total before noncontrolling interest (4 ) Noncontrolling interest $ 10,157 Loss reclassified from accumulated OCI
Summary of components of organizational transformation and termination benefits	The following table summarizes the components of organizational transformation and termination benefits: Three Months Ended March 31, 2017 2016 (in thousands) Termination benefits $ 4,152 $ 4,951 Shareholder activism costs 373 — Reorganization costs — 2,997 REIT conversion costs — 772 Total $ 4,525 $ 8,720
Schedule of Accrued Severance	The following table summarizes the activity in the accrued severance balance for termination benefits: Three Months Ended March 31, 2017 2016 (in thousands) Accrued severance benefits, beginning balance $ 9,969 $ 16,338 Termination benefits expense 4,152 4,951 Payments (5,063 ) (9,567 ) Accrued severance benefits, ending balance $ 9,058 $ 11,722
Supplemental non-cash disclosures	The following table summarizes the impact to the applicable balance sheet line items as a result of various non-cash transactions. Non-cash transactions primarily include dispositions of operating properties whereby the nonrecourse mortgage debt is assumed by the buyer or otherwise extinguished at closing, exchanges of 2006 Units or senior notes for Class A common stock, changes in consolidation methods of fully consolidated properties due to the occurrence of triggering events including, but not limited to, disposition of a partial interest in rental properties, change in construction payables and other capital expenditures, notes receivable from the sale of rental properties or development project, redemption of redeemable noncontrolling interest, adoption of new accounting guidance for debt issuance costs and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate. Three Months Ended March 31, 2017 2016 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ 7,513 $ (5,866 ) Completed rental properties (60,956 ) (1,139,144 ) Restricted cash — (12,265 ) Notes receivable 2,000 275,700 Investments in and advances to affiliates - due to dispositions or change in control (2,890 ) 96,843 Investments in and advances to affiliates - other activity 166 (3,136 ) Total non-cash effect on investing activities $ (54,167 ) $ (787,868 ) Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (46,907 ) $ (799,156 ) Convertible senior debt, net — (125 ) Class A common stock 1 — Additional paid-in capital 9,779 (14,387 ) Redeemable noncontrolling interest — (159,202 ) Noncontrolling interest (7,456 ) 19,344 Total non-cash effect on financing activities $ (44,583 ) $ (953,526 )

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Receivable [Abstract]
Schedule of notes receivable	The following table summarizes the components of the Company’s interest bearing notes receivable: March 31, 2017 December 31, 2016 Maturity Date Weighted Average Interest Rate (in thousands) Stapleton $ 145,707 $ 141,034 Various 8.63% The Nets sale 125,100 125,100 January 2021 4.50% Barclays Center sale 92,600 92,600 January 2019 4.50% Other 19,339 24,429 Various 4.94% Total $ 382,746 $ 383,163

Nonrecourse Mortgage Debt and33

Nonrecourse Mortgage Debt and Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 : Years Ending December 31, (in thousands) 2017 $ 218,065 2018 464,409 2019 454,806 2020 210,028 2021 191,324 Thereafter 1,608,801 3,147,433 Net unamortized mortgage procurement costs (35,586 ) Total $ 3,111,847

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Available credit on the Credit Facility	The following table summarizes available credit on the Revolving Credit Facility: March 31, 2017 December 31, 2016 (in thousands) Total available borrowings $ 600,000 $ 600,000 Less: Outstanding borrowings — — Letters of credit 43,933 44,215 Available credit $ 556,067 $ 555,785

Term Loan, Net (Tables)

Term Loan, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Term Loan, Net [Abstract]
Schedule of Debt [Table Text Block]	The following table summarizes outstanding borrowings of the Term Loan, net: March 31, 2017 December 31, 2016 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,632 ) (1,732 ) Total $ 333,368 $ 333,268 The following table summarizes the convertible senior debt, net: March 31, 2017 December 31, 2016 (in thousands) 4.250% Notes due 2018 $ 73,216 $ 73,216 3.625% Notes due 2020 40,021 40,021 113,237 113,237 Net unamortized debt procurement costs (942 ) (1,056 ) Total $ 112,295 $ 112,181

Convertible Senior Debt, Net (T

Convertible Senior Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Convertible Senior Debt, Net	The following table summarizes outstanding borrowings of the Term Loan, net: March 31, 2017 December 31, 2016 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,632 ) (1,732 ) Total $ 333,368 $ 333,268 The following table summarizes the convertible senior debt, net: March 31, 2017 December 31, 2016 (in thousands) 4.250% Notes due 2018 $ 73,216 $ 73,216 3.625% Notes due 2020 40,021 40,021 113,237 113,237 Net unamortized debt procurement costs (942 ) (1,056 ) Total $ 112,295 $ 112,181
Schedule of Exchange Agreement Transactions	The following table summarizes the convertible senior debt transactions completed during the three months ended March 31, 2016: Agreement Date Issuance Aggregate Principal Class A Common Shares Issued Cash Payments to Noteholders Loss on Extinguishment (in thousands, except share data) 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

Derivative Instruments and He37

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	The following table summarizes the fair values and location in the Consolidated Balance Sheets of all derivative instruments: Fair Value of Derivative Instruments March 31, 2017 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 $ 64,029 $ 804 $ 34,542 $ 1,294 TROR 235,970 4,735 316,015 6,818 Total $ 299,999 $ 5,539 $ 350,557 $ 8,112 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,718 5,139 37,018 11,780 Total $ 170,236 $ 5,139 $ 37,018 $ 11,780 December 31, 2016 Derivatives Designated as Hedging Instruments Interest rate swaps $ 64,248 $ 593 $ 34,666 $ 1,504 TROR 235,970 5,008 316,015 12,442 Total $ 300,218 $ 5,601 $ 350,681 $ 13,946 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,800 4,117 37,044 12,256 Total $ 170,318 $ 4,117 $ 37,044 $ 12,256
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 March 31, 2017 Interest rate caps and interest rate swaps $ 241 Interest expense $ (722 ) $ (41 ) Earnings from unconsolidated entities (709 ) — Total $ 241 $ (1,431 ) $ (41 ) Three Months Ended March 31, 2016 Interest rate caps and interest rate swaps $ (8,085 ) Interest expense $ (9,214 ) $ (19 ) Net gain on disposition of full or partial interest in rental properties, net of tax (113 ) — Earnings from unconsolidated entities (815 ) — Total $ (8,085 ) $ (10,142 ) $ (19 )
Impact of Gains (Losses) Related to Derivative Instruments	The following table summarizes the impact of gains and losses related to derivative instruments not designated as cash flow hedges in the Consolidated Statements of Operations: Net Gain (Loss) Recognized Three Months Ended March 31, 2017 2016 (in thousands) Derivatives Designated as Fair Value Hedging Instruments TROR (1) $ 5,351 $ (929 ) Derivatives Not Designated as Hedging Instruments Interest rate caps and interest rate swaps $ (107 ) $ (94 ) TROR 1,498 (1,400 ) Total $ 1,391 $ (1,494 ) (1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(5,351) and $929 for the three months ended March 31, 2017 and 2016 , respectively, offsetting the gain (loss) recognized on the TROR.
Collateral Posted for Derivatives in Liability Positions	The following table summarizes information about collateral posted for derivatives in liability positions as of March 31, 2017 : 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 $ 34,542 $ 1,358 $ (64 ) $ — Mortgage liens None TROR 353,033 18,560 38 58,844 Restricted cash, notes receivable, letters of credit None Total $ 387,575 $ 19,918 $ (26 ) $ 58,844

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured on a Recurring Basis	The following table summarizes information about financial assets and liabilities measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value: March 31, 2017 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (assets) $ — $ 804 $ — $ 804 Interest rate swaps (liabilities) — (1,294 ) — (1,294 ) TROR (assets) — — 9,874 9,874 TROR (liabilities) — — (18,598 ) (18,598 ) Fair value adjustment to the borrowings subject to TROR — — 2,083 2,083 Total $ — $ (490 ) $ (6,641 ) $ (7,131 ) December 31, 2016 (in thousands) Interest rate swaps (assets) $ — $ 593 $ — $ 593 Interest rate swaps (liabilities) — (1,504 ) — (1,504 ) TROR (assets) — — 9,125 9,125 TROR (liabilities) — — (24,698 ) (24,698 ) Fair value adjustment to the borrowings subject to TROR — — 7,434 7,434 Total $ — $ (911 ) $ (8,139 ) $ (9,050 )
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): Net TROR Fair value adjustment to the borrowings subject to TROR Total (in thousands) Three Months Ended March 31, 2017 Balance, January 1, 2017 $ (15,573 ) $ 7,434 $ (8,139 ) Total realized and unrealized gains (losses): Included in earnings 6,849 (5,351 ) 1,498 Balance, March 31, 2017 $ (8,724 ) $ 2,083 $ (6,641 ) Three Months Ended March 31, 2016 Balance, January 1, 2016 $ (10,785 ) $ 2,810 $ (7,975 ) Total realized and unrealized gains (losses): Included in earnings (2,329 ) 929 (1,400 ) Balance, March 31, 2016 $ (13,114 ) $ 3,739 $ (9,375 )
Significant Unobservable Inputs Used to Estimate Fair Value of Financial Instruments	The following table presents quantitative information about the significant unobservable inputs used to estimate the fair value of financial instruments measured on a recurring basis as of March 31, 2017 : Quantitative Information about Level 3 Fair Value Measurements Fair Value March 31, 2017 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (8,724 ) Third party bond pricing Bond valuation 87.63 - 121.25 Fair value adjustment to the borrowings subject to TROR $ 2,083 Third party bond pricing Bond valuation 87.63 - 103.36
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 (exclusive of the fair value of derivatives), term loan, net and convertible senior debt, net: March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 3,111,847 $ 3,105,758 $ 3,120,833 $ 3,105,587 Term loan, net 333,368 333,605 333,268 333,527 Convertible senior debt, net 112,295 124,443 112,181 122,795 Total $ 3,557,510 $ 3,563,806 $ 3,566,282 $ 3,561,909

Dividends (Tables)

Dividends (Tables)	3 Months Ended
	Mar. 31, 2017
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 2017 Quarterly March 1, 2017 March 13, 2017 March 27, 2017 $ 0.09 $ 23,441 2016 Quarterly November 30, 2016 December 12, 2016 December 23, 2016 $ 0.06 $ 15,620 Quarterly August 18, 2016 September 2, 2016 September 16, 2016 $ 0.06 $ 15,621 Quarterly May 17, 2016 June 10, 2016 June 24, 2016 $ 0.06 $ 15,623 Quarterly February 18, 2016 March 4, 2016 March 18, 2016 $ 0.06 $ 15,596 E&P February 18, 2016 March 4, 2016 March 18, 2016 $ 0.10 $ 25,992 Total $ 0.34 $ 88,452

Stock-Based Compensation (Tabl

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Amount of Stock-Based Compensation Costs and Related Deferred Income Tax Benefit Recognized in the Financial Statements	The following table summarizes stock-based compensation costs and related deferred income tax benefit recognized in the financial statements: Three Months Ended March 31, 2017 2016 (in thousands) Stock option costs $ 200 $ 297 Restricted stock costs 5,138 5,548 Performance share costs 2,018 2,146 Total stock-based compensation costs 7,356 7,991 Less amount capitalized into qualifying real estate projects (2,492 ) (1,831 ) Amount charged to operating expenses 4,864 6,160 Depreciation expense on capitalized stock-based compensation 215 202 Total stock-based compensation expense $ 5,079 $ 6,362 Deferred income tax benefit $ 168 $ 189

Impairment of Real Estate and41

Impairment of Real Estate and Impairment of Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Impairment of Real Estate and Impairment of Unconsolidated Entities [Abstract]
Schedule of Impairment of Real Estate Included in Continuing Operations	The following table summarizes the Company’s impairment of real estate included in continuing operations: Three Months Ended March 31, 2017 2016 (in thousands) Shops at Wiregrass (Regional Mall) Tampa, Florida $ — $ 12,464
Summary of Significant Unobservable Inputs Used to Determine the Fair Value of the Impairment of Real Estate	The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of real estate for the three months ended March 31, 2016 : Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Technique Unobservable Input Range of Input Values (in thousands) March 31, 2016 Impairment of real estate $ 133,997 Indicative bid Indicative bid N/A (1) (1) This fair value measurement was derived from a bona fide purchase offer from a third party prospective buyer, subject to the Company’s corroboration for reasonableness.

Net Gain on Disposition of In42

Net Gain on Disposition of Interest in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 (in thousands) Federally assisted housing apartments (6) Various $ 9,349 $ — Shops at Bruckner Boulevard (Specialty Retail Center) Bronx, New York 8,183 — Other 169 — $ 17,701 $ —

Net Gain on Disposition of Fu43

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Tables)	3 Months Ended
	Mar. 31, 2017
Net Gain (Loss) on Disposition of Full or Partial Interest in Rental Properties, Net of Tax [Abstract]
Schedule of Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax [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 March 31, 2017 2016 (in thousands) Office Buildings: Illinois Science and Technology Park (4 buildings) Skokie, Illinois $ 3,771 $ — Aperture Center Albuquerque, New Mexico — (171 ) 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 Other 5,532 — 9,303 156,054 Income tax effect — (66,413 ) $ 9,303 $ 89,641

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Summary of Operating Results of Discontinued Operations	The following tables summarize the operating results related to discontinued operations: Three Months Ended March 31, 2016 (in thousands) Revenues $ 14,792 Expenses Operating expenses 12,540 Depreciation and amortization 23 12,563 Interest expense (3,540 ) Amortization of mortgage procurement costs (61 ) Loss before income taxes and loss from unconsolidated entities (1,372 ) Loss from unconsolidated entities (1,400 ) Loss before income taxes (2,772 ) Income tax benefit (824 ) Loss before gain on disposal group (1,948 ) Gain on disposition of disposal group, net of tax 64,553 Earnings from discontinued operations 62,605 Noncontrolling interest Operating loss from disposal group (776 ) Earnings from discontinued operations attributable to Forest City Realty Trust, Inc. $ 63,381
Pre-tax Gain on Disposition of the Disposal Group	The following table summarizes the pre-tax gain on disposition of the Disposal Group: Three Months Ended March 31, 2016 (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 (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted EPS Computations	The reconciliation of the basic and diluted EPS computations is shown in the following table: Three Months Ended March 31, 2017 2016 Numerators (in thousands) Earnings from continuing operations attributable to Forest City Realty Trust, Inc. $ 40,917 $ 180,654 Distributed and undistributed earnings allocated to participating securities (374 ) (2,359 ) Earnings from continuing operations attributable to common stockholders ‑ Basic $ 40,543 $ 178,295 Interest on convertible debt — 1,141 Earnings from continuing operations attributable to common stockholders ‑ Diluted $ 40,543 $ 179,436 Net earnings attributable to Forest City Realty Trust, Inc. $ 40,917 $ 244,035 Distributed and undistributed earnings allocated to participating securities (374 ) (3,300 ) Net earnings attributable to common stockholders ‑ Basic $ 40,543 $ 240,735 Interest on convertible debt — 1,141 Net earnings attributable to common stockholders ‑ Diluted $ 40,543 $ 241,876 Denominators Weighted average shares outstanding ‑ Basic 258,797,277 257,951,076 Effect of stock options and performance shares 402,992 450,522 Effect of convertible debt — 5,033,629 Weighted average shares outstanding ‑ Diluted (1) 259,200,269 263,435,227 Earnings Per Share Earnings from continuing operations attributable to common stockholders ‑ Basic $ 0.16 $ 0.69 Earnings from continuing operations attributable to common stockholders ‑ Diluted $ 0.16 $ 0.68 Net earnings attributable to common stockholders ‑ Basic $ 0.16 $ 0.93 Net earnings attributable to common stockholders ‑ Diluted $ 0.16 $ 0.92 (1) Incremental shares from restricted stock and convertible securities aggregating 7,860,297 and 8,518,583 for the three months ended March 31, 2017 and 2016 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. Weighted-average options, restricted stock and performance shares of 2,167,229 and 3,176,672 for the three months ended March 31, 2017 and 2016 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Financial Data of Reportable Operating Segments	The following tables summarize financial data for the Company’s reportable operating segments. All amounts are presented in thousands. March 31, 2017 December 31, 2016 Identifiable Assets Office $ 3,100,965 $ 3,192,840 Apartments 2,385,684 2,406,768 Retail 515,456 521,015 Total Operations 6,002,105 6,120,623 Development 1,875,860 1,799,138 Corporate 278,679 308,836 $ 8,156,644 $ 8,228,597 Three Months Ended March 31, Three Months Ended March 31, 2017 2016 2017 2016 Revenues Operating Expenses Office $ 113,539 $ 115,608 $ 42,776 $ 45,898 Apartments 72,098 71,168 33,904 36,629 Retail 14,750 25,191 10,754 17,048 Total Operations 200,387 211,967 87,434 99,575 Development 15,619 10,778 18,448 18,790 Corporate — — 20,108 25,832 Other — 3,518 — 2,730 $ 216,006 $ 226,263 $ 125,990 $ 146,927 Depreciation and Amortization Capital Expenditures Office $ 33,999 $ 34,403 $ 14,302 $ 9,501 Apartments 18,651 18,737 3,920 1,955 Retail 3,065 7,027 415 2,041 Total Operations 55,715 60,167 18,637 13,497 Development 7,166 2,587 78,027 152,806 Corporate 674 331 21 — Other — 126 — — $ 63,555 $ 63,211 $ 96,685 $ 166,303
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 March 31, 2017 Office Apartments Retail Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 42,309 $ 41,516 $ 31,358 $ 115,183 $ (10,577 ) $ (63,689 ) $ — $ 40,917 Depreciation and amortization 34,862 22,491 15,850 73,203 5,174 674 — 79,051 Interest expense — — — — — 47,831 — 47,831 Amortization of mortgage procurement costs — — — — — 1,832 — 1,832 Income tax expense — — — — — 51 — 51 Loss on extinguishment of debt — — — — — 4,466 — 4,466 Net gain on disposition of full or partial interests in rental properties (3,771 ) (5,532 ) — (9,303 ) — — — (9,303 ) Gain on disposition of unconsolidated entities — (9,518 ) (8,183 ) (17,701 ) — — — (17,701 ) Organizational transformation and termination benefits — — — — — 4,525 — 4,525 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 73,400 $ 48,957 $ 39,025 $ 161,382 $ (5,403 ) $ (4,310 ) $ — $ 151,669 Three Months Ended March 31, 2016 Office Apartments Retail Total Operations Development Corporate Other Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 35,068 $ 22,782 $ 25,432 $ 83,282 $ 128,123 $ (189,558 ) $ 222,188 $ 244,035 Depreciation and amortization 34,364 22,845 20,109 77,318 1,695 331 302 79,646 Interest expense — — — — — 58,725 — 58,725 Amortization of mortgage procurement costs — — — — — 2,406 — 2,406 Income tax expense — — — — — 82,822 — 82,822 Impairment of consolidated real estate — — 12,464 12,464 — — — 12,464 Loss on extinguishment of debt — — — — — 29,084 — 29,084 Net gain on disposition of interest in development project — — — — (136,687 ) — — (136,687 ) Net gain on disposition of full or partial interests in rental properties (14 ) — (14,550 ) (14,564 ) — — (141,675 ) (156,239 ) Organizational transformation and termination benefits — — — — — 8,720 — 8,720 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 Adjusted EBITDA Attributable to Forest City Realty Trust, Inc. $ 69,418 $ 45,627 $ 43,455 $ 158,500 $ (6,869 ) $ (7,470 ) $ 2,484 $ 146,645

Accounting Policies (Details)

Accounting Policies (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
The components of accumulated other comprehensive income (loss) ("accumulated OCI")
Unrealized losses on interest rate contracts	[1]	$ 12,760	$ 14,473
Noncontrolling interest		(59)	(63)
Accumulated Other Comprehensive Loss		$ 12,701	$ 14,410	$ 65,749	$ 67,905
[1]	Includes unrealized losses on interest rate swaps accounted for as hedges held by certain of the Company’s equity method investees.

Accounting Policies (Details 1)

Accounting Policies (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Balance, beginning	$ (14,410,000)	$ (67,905,000)
Gain recognized in accumulated OCI	241,000	(8,001,000)
Loss reclassified from accumulated OCI	1,468,000	10,157,000
Total other comprehensive income	1,709,000	2,156,000
Balance, ending	(12,701,000)	(65,749,000)
Foreign Currency Translation
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Balance, beginning	0	(95,000)
Gain recognized in accumulated OCI	0	84,000
Loss reclassified from accumulated OCI	0	0
Total other comprehensive income	0	84,000
Balance, ending	0	(11,000)
Interest Rate Contracts
Schedule of Changes in Accumulated Other Comprehensive Income [Line Items]
Balance, beginning	(14,410,000)	(67,810,000)
Gain recognized in accumulated OCI	241,000	(8,085,000)
Loss reclassified from accumulated OCI	1,468,000	10,157,000
Total other comprehensive income	1,709,000	2,072,000
Balance, ending	$ (12,701,000)	$ (65,738,000)

Accounting Policies (Details 2)

Accounting Policies (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 27,975	$ 34,635
Net gain on disposition of full or partial interest in rental properties, net of tax	(9,303)	(89,641)
Earnings from unconsolidated entities	(9,278)	(10,536)
Total before noncontrolling interest	(31,672)	41,533
Noncontrolling Interest	(106)	2,121
Loss reclassified from accumulated OCI	(1,468)	(10,157)
Reclassification out of accumulated OCI [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	763	9,233
Net gain on disposition of full or partial interest in rental properties, net of tax		113
Earnings from unconsolidated entities	709	815
Total before noncontrolling interest	1,472	10,161
Noncontrolling Interest	(4)	(4)
Loss reclassified from accumulated OCI	$ 1,468	$ 10,157

Accounting Policies (Details 3)

Accounting Policies (Details 3) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Termination benefits	$ 4,152,000	$ 4,951,000
Shareholder activism costs	373,000	0
Reorganization costs	0	2,997,000
REIT conversion costs	0	772,000
Organizational transformation and termination benefits	$ 4,525,000	$ 8,720,000

Accounting Policies (Details 4)

Accounting Policies (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Accrued severance benefits, beginning balance	$ 9,969	$ 16,338
Termination benefits expense	4,152	4,951
Payments	(5,063)	(9,567)
Accrued severance benefits, ending balance	$ 9,058	$ 11,722

Accounting Policies (Details 5)

Accounting Policies (Details 5) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Non-cash changes to balance sheet - Investing Activities
Projects under construction and development	$ 7,513,000	$ (5,866,000)
Completed rental properties	(60,956,000)	(1,139,144,000)
Restricted cash	0	(12,265,000)
Notes receivable	2,000,000	275,700,000
Investments in and advances to affiliates - due to dispositions or change in control	(2,890,000)	96,843,000
Investments in and advances to affiliates - other activity	166,000	(3,136,000)
Total non-cash effect on investing activities	(54,167,000)	(787,868,000)
Non-cash changes to balance sheet - Financing Activities
Nonrecourse mortgage debt and notes payable, net	(46,907,000)	(799,156,000)
Convertible senior debt, net	0	(125,000)
Class A common stock	1,000	0
Additional paid-in capital	9,779,000	(14,387,000)
Redeemable noncontrolling interest	0	(159,202,000)
Noncontrolling interest	(7,456,000)	19,344,000
Total non-cash effect on financing activities	$ (44,583,000)	$ (953,526,000)

Accounting Policies (Details Te

Accounting Policies (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)State	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Total Assets	$ 8,156,644	$ 8,228,597
Number of States in which Entity Operates | State	20
Occupancy rate of stabilized properties	92.00%
Stabilization, minimum years open and operating	1 year
Stabilization, maximum years open and operating	2 years
Acquisitions of Partner's Interests	$ 38,951

Accounting Policies (Details 54

Accounting Policies (Details Textual 1) $ in Millions	Mar. 31, 2017USD ($)entity
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $	$ 162
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities	50
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities	58

Accounting Policies (Details 55

Accounting Policies (Details Textual 2) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Property expenses reclassified to corporate
Income statement reclassification [Line Items]
Prior Period Reclassification Adjustment	$ 1,460

Accounting Policies (Details 56

Accounting Policies (Details Textual 3)	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)shares	Jan. 31, 2016USD ($)	Aug. 31, 2006property
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	$ 0
Common Unit, Outstanding | shares	1,797,909		1,940,788
Common Stock, Conversion Ratio Under Proposed Transaction	1.31
Common Class A [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	$ 1,000
Noncontrolling Interest [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	(7,288,000)
Additional Paid-in Capital [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	7,287,000
BCR transaction [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | property					30
Distribution preference payment	172,000	$ 311,000
Tax indemnity payment accrual	482,000			$ 6,238,000
Tax Indemnity Payment	$ 1,558,000		$ 4,680,000
BCR exchange transaction [Member]
Related Party Transaction [Line Items]
Exchange of Class A common Units for Class A Shares, Units Exchanged | shares	142,879
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	142,879
Stock Issued During Period, Value, Conversion of Units	$ 1,000
BCR exchange transaction [Member] | Noncontrolling Interest [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	7,288,000
BCR exchange transaction [Member] | Additional Paid-in Capital [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Value, Conversion of Units	$ 7,287,000

Notes Receivable (Details)

Notes Receivable (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 382,746,000	$ 383,163,000
Stapleton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 145,707,000	141,034,000
Weighted Average Interest Rate on Notes Receivable	8.63%
The Nets sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 125,100,000	125,100,000
Weighted Average Interest Rate on Notes Receivable	4.50%
Barclays Center sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 92,600,000	92,600,000
Weighted Average Interest Rate on Notes Receivable	4.50%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 19,339,000	$ 24,429,000
Weighted Average Interest Rate on Notes Receivable	4.94%

Nonrecourse Mortgage Debt and58

Nonrecourse Mortgage Debt and Notes Payable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Summary of nonrecourse mortgage debt and notes payable, net maturities
Nonrecourse mortgage debt and notes payable total maturities in 2017	$ 218,065
Nonrecourse mortgage debt and notes payable total maturities in 2018	464,409
Nonrecourse mortgage debt and notes payable total maturities in 2019	454,806
Nonrecourse mortgage debt and notes payable total maturities in 2020	210,028
Nonrecourse mortgage debt and notes payable total maturities in 2021	191,324
Nonrecourse mortgage debt and notes payable total maturities thereafter	1,608,801
Nonrecourse mortgage debt and notes payable, gross	3,147,433
Net unamortized mortgage procurement costs	(35,586)
Nonrecourse mortgage debt and notes payable, net	$ 3,111,847	$ 3,120,833

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Total available borrowings	$ 600,000,000	$ 600,000,000
Outstanding borrowings	0	0
Letters of credit	43,933,000	44,215,000
Available credit	$ 556,067,000	$ 555,785,000

Revolving Credit Facility (De60

Revolving Credit Facility (Details Textual)	3 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Total available borrowings	$ 600,000,000	$ 600,000,000
Line of Credit Maximum Borrowings Under Accordion Provision	750,000,000
Unamortized debt issuance costs	2,518,000	$ 2,757,000
Original 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
Annual facility fee	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	0.98%
Prime Rate [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	4.00%
Minimum [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Annual facility fee	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]
Annual facility fee	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, Net (Details)

Term Loan, Net (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Term Loan, Net [Abstract]
Total outstanding borrowings	$ 335,000,000	$ 335,000,000
Net unamortized debt procurement costs	(1,632,000)	(1,732,000)
Total	$ 333,368,000	$ 333,268,000

Term Loan, Net (Details Textual

Term Loan, Net (Details Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Term loan, maximum borrowing capacity	$ 335,000,000
Total outstanding borrowings	$ 335,000,000	$ 335,000,000
Term Loan [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	0.78%
Term Loan [Member] | LIBOR [Member] | Current Period [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	1.45%
Term Loan [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	1.30%
Term Loan [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	2.20%
Term Loan [Member] | Prime Rate [Member] | Current Period [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	0.45%
Term Loan [Member] | Prime Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	0.30%
Term Loan [Member] | Prime 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 ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Convertible Senior Notes	$ 113,237	$ 113,237
Net unamortized debt procurement costs	(942)	(1,056)
Convertible senior debt, net	$ 112,295	$ 112,181
Notes due 2018 [Member]
Debt Instrument [Line Items]
Interest rate	4.25%	4.25%
Convertible Senior Notes	$ 73,216	$ 73,216
Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate	3.625%	3.625%
Convertible Senior Notes	$ 40,021	$ 40,021

Convertible Senior Debt, Net 64

Convertible Senior Debt, Net (Details 1) - USD ($)	Mar. 17, 2016	Mar. 14, 2016	Jan. 20, 2016	Mar. 31, 2017	Mar. 31, 2016
Debt Conversion [Line Items]
Loss on extinguishment				$ (2,843,000)	$ (29,084,000)
Notes due 2016 [Member]
Debt Conversion [Line Items]
Aggregate Principal			$ 125,000
Cash payments to noteholders			0
Loss on extinguishment			$ 59,000
Notes due 2018 [Member]
Debt Conversion [Line Items]
Aggregate Principal	$ 4,000,000	$ 77,310,000
Cash payments to noteholders	4,707,000	90,958,000
Loss on extinguishment	$ 795,000	15,370,000
Notes due 2020 [Member]
Debt Conversion [Line Items]
Aggregate Principal		76,334,000
Cash payments to noteholders		86,858,000
Loss on extinguishment		$ 12,823,000
2016, 2018 and 2020 Senior Notes [Member]
Debt Conversion [Line Items]
Aggregate Principal					157,769,000
Cash payments to noteholders					182,523,000
Loss on extinguishment					$ 29,047,000
Common stock Class A | Notes due 2016 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued			9,298
Common stock Class A | Notes due 2018 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued	0	0
Common stock Class A | Notes due 2020 [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued		0
Common stock Class A | 2016, 2018 and 2020 Senior Notes [Member]
Debt Conversion [Line Items]
Class A Common Shares Issued					9,298

Derivative Instruments and He65

Derivative Instruments and Hedging Activities (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	$ 387,575,000
Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	299,999,000	$ 300,218,000
Asset Derivatives, Fair Value	5,539,000	5,601,000
Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	170,236,000	170,318,000
Asset Derivatives, Fair Value	5,139,000	4,117,000
Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	350,557,000	350,681,000
Liability Derivatives, Fair Value	8,112,000	13,946,000
Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	37,018,000	37,044,000
Liability Derivatives, Fair Value	11,780,000	12,256,000
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	69,518,000
Asset Derivatives, Fair Value	0	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	64,029,000	64,248,000
Asset Derivatives, Fair Value	804,000	593,000
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	34,542,000	34,666,000
Liability Derivatives, Fair Value	1,294,000	1,504,000
TROR [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	353,033,000
TROR [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	235,970,000	235,970,000
Asset Derivatives, Fair Value	4,735,000	5,008,000
TROR [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	100,718,000	100,800,000
Asset Derivatives, Fair Value	5,139,000	4,117,000
TROR [Member] | Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	316,015,000	316,015,000
Liability Derivatives, Fair Value	6,818,000	12,442,000
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	37,018,000	37,044,000
Liability Derivatives, Fair Value	$ 11,780,000	$ 12,256,000

Derivative Instruments and He66

Derivative Instruments and Hedging Activities (Details 1) - Cash Flow Hedging [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative instruments gain (loss) in financial statements
Gain (loss) recognized in OCI (effective portion)	$ 241,000	$ (8,085,000)
Gain (loss) reclassified from accumulated OCI, effective amount	(1,431,000)	(10,142,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	(41,000)	(19,000)
Interest rate caps and interest rate swaps [Member]
Derivative instruments gain (loss) in financial statements
Gain (loss) recognized in OCI (effective portion)	241,000	(8,085,000)
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	(722,000)	(9,214,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	(41,000)	(19,000)
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		(113,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount		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	(709,000)	(815,000)
Gain (loss) reclassified from accumulated OCI, ineffective amount	$ 0	$ 0

Derivative Instruments and He67

Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement		$ 1,391	$ (1,494)
TROR [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative net gain (loss) recognized in income statement		1,498	(1,400)
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]	5,351	(929)
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		$ (107)	$ (94)
[1]	The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(5,351) and $929 for the three months ended March 31, 2017 and 2016, respectively, offsetting the gain (loss) recognized on the TROR.

Derivative Instruments and He68

Derivative Instruments and Hedging Activities (Details 3)	3 Months Ended
	Mar. 31, 2017USD ($)
Derivative [Line Items]
Notional Amount	$ 387,575,000
Fair Value Prior to Nonperformance Risk	19,918,000
Nonperformance Risk	(26,000)
Collateral Posted	58,844,000
Property Specific Swap [Member]
Derivative [Line Items]
Notional Amount	34,542,000
Fair Value Prior to Nonperformance Risk	1,358,000
Nonperformance Risk	(64,000)
Collateral Posted	$ 0
Nature of Collateral	Mortgage liens
Credit Risk Contingent Feature	None
TROR [Member]
Derivative [Line Items]
Notional Amount	$ 353,033,000
Fair Value Prior to Nonperformance Risk	18,560,000
Nonperformance Risk	38,000
Collateral Posted	$ 58,844,000
Nature of Collateral	Restricted cash, notes receivable, letters of credit
Credit Risk Contingent Feature	None

Derivative Instruments and He69

Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative [Line Items]
SIFMA rate	0.91%
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	$ 137,736
Cash Flow Hedging [Member]
Derivative [Line Items]
Loss on cash flow hedges to be reclassified within next twelve months	4,924
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | TROR [Member]
Derivative [Line Items]
Notional amount of TROR	551,985
Net gain (loss) from change in fair value of underlying TROR borrowings recognized in interest expense	$ (5,351)	$ 929

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value measurement, recurring basis [Member] - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowing subject to TROR	$ 2,083,000	$ 7,434,000
Financial assets and liabilities measured at fair value on a recurring basis	(7,131,000)	(9,050,000)
Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	804,000	593,000
Derivative liabilities	(1,294,000)	(1,504,000)
TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	9,874,000	9,125,000
Derivative liabilities	(18,598,000)	(24,698,000)
Fair Value, Inputs, Level 1 [Member]
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowing 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] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Inputs, Level 1 [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]
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowing subject to TROR	0	0
Financial assets and liabilities measured at fair value on a recurring basis	(490,000)	(911,000)
Fair Value, Inputs, Level 2 [Member] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	804,000	593,000
Derivative liabilities	(1,294,000)	(1,504,000)
Fair Value, Inputs, Level 2 [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]
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowing subject to TROR	2,083,000	7,434,000
Financial assets and liabilities measured at fair value on a recurring basis	(6,641,000)	(8,139,000)
Fair Value, Inputs, Level 3 [Member] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	9,874,000	9,125,000
Derivative liabilities	$ (18,598,000)	$ (24,698,000)

Fair Value Measurements (Deta71

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ (8,139)	$ (7,975)
Total realized and unrealized gains (losses):
Included in earnings	1,498	(1,400)
Balance, ending	(6,641)	(9,375)
Net TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(15,573)	(10,785)
Total realized and unrealized gains (losses):
Included in earnings	6,849	(2,329)
Balance, ending	(8,724)	(13,114)
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	7,434	2,810
Total realized and unrealized gains (losses):
Included in earnings	(5,351)	929
Balance, ending	$ 2,083	$ 3,739

Fair Value Measurements (Deta72

Fair Value Measurements (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ (6,641)	$ (8,139)	$ (9,375)	$ (7,975)
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	2,083	$ 7,434	$ 3,739	$ 2,810
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	(8,724)
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	$ 2,083
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	$ 87.63
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	87.63
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	121.25
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	$ 103.36

Fair Value Measurements (Deta73

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair value of nonrecourse mortgage debt and notes payable, net (exclusive of fair value of derivatives), term loan, net and convertible senior debt, net [Abstract]
Carrying Value	$ 3,557,510	$ 3,566,282
Fair Value	3,563,806	3,561,909
Nonrecourse mortgage debt and notes payable, net [Member]
Fair value of nonrecourse mortgage debt and notes payable, net (exclusive of fair value of derivatives), term loan, net and convertible senior debt, net [Abstract]
Carrying Value	3,111,847	3,120,833
Fair Value	3,105,758	3,105,587
Term loan, net [Member]
Fair value of nonrecourse mortgage debt and notes payable, net (exclusive of fair value of derivatives), term loan, net and convertible senior debt, net [Abstract]
Carrying Value	333,368	333,268
Fair Value	333,605	333,527
Convertible senior debt, net [Member]
Fair value of nonrecourse mortgage debt and notes payable, net (exclusive of fair value of derivatives), term loan, net and convertible senior debt, net [Abstract]
Carrying Value	112,295	112,181
Fair Value	$ 124,443	$ 122,795

Capital Stock (Detail Textuals)

Capital Stock (Detail Textuals)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Common Stock, Conversion Ratio Under Proposed Transaction	1.31
Common Stock, Voting Rights per Share	one vote per share

Dividends (Details)

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands

Mar. 27, 2017

Mar. 01, 2017

Dec. 23, 2016

Nov. 30, 2016

Sep. 16, 2016

Aug. 18, 2016

Jun. 24, 2016

May 17, 2016

Mar. 18, 2016

Feb. 18, 2016

Mar. 31, 2017

Dec. 31, 2016

Dividends Payable [Line Items]

Amount per Share

$ 0.34

Total Cash Payments

$ 23,441

$ 88,452

E&P

Dividends Payable [Line Items]

Amount per Share

$ 0.10

Total Cash Payments

$ 25,992

Quarterly

Dividends Payable [Line Items]

Amount per Share

$ 0.09

$ 0.06

$ 0.06

$ 0.06

$ 0.06

Total Cash Payments

$ 23,441

$ 15,620

$ 15,621

$ 15,623

$ 15,596

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 7,356	$ 7,991
Less amount capitalized into qualifying real estate projects	(2,492)	(1,831)
Amount charged to operating expenses	4,864	6,160
Depreciation expense on capitalized stock-based compensation	215	202
Total stock-based compensation expense	5,079	6,362
Deferred income tax benefit	168	189
Stock option costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	200	297
Restricted stock costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	5,138	5,548
Performance share costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 2,018	$ 2,146

Stock-Based Compensation (Det77

Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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	$ 867	$ 1,166
Repurchase of Class A common shares, Shares	157,304	220,860
Repurchase of Class A commons shares	$ 3,436	$ 4,319	$ 7,945
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	26,112
Stock options grant-date fair value	$ 4.79
Stock options expected term	5 years 6 months
Stock options expected volatility	25.10%
Stock options risk-free interest rate	2.12%
Stock options expected dividend yield	1.69%
Exercise price of options	$ 21.83
Unrecognized compensation cost	$ 473
Weighted-average period of unrecognized compensation cost expected to be recognized	12 months
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	663,595
Grant-date fair value	$ 21.83
Unrecognized compensation cost	$ 24,630
Weighted-average period of unrecognized compensation cost expected to be recognized	26 months
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	243,571
Grant-date fair value	$ 24.91
Unrecognized compensation cost	$ 12,452
Weighted-average period of unrecognized compensation cost expected to be recognized	22 months

Write-Offs of Abandoned Devel78

Write-Offs of Abandoned Development Projects and Demolition Costs (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Write-Offs of Abandoned Development Projects and Demolition Costs [Abstract]
Write-offs of abandoned development projects and demolition costs	$ 0	$ 0
Write-offs of abandoned development projects and demolition costs of unconsolidated entities	$ 351,000	$ 0

Impairment of Real Estate and79

Impairment of Real Estate and Impairment of Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	$ 0	$ 12,464,000
Shops at Wiregrass [Member]
Schedule of Impairment of Real Estate Included in Continuing Operations [Line Items]
Impairment of real estate	$ 0	$ 12,464,000

Impairment of Real Estate and80

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

Impairment of Real Estate and81

Impairment of Real Estate and Impairment of Unconsolidated Entities (Detail Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Oct. 31, 2016
Impairment of unconsolidated entities	$ 0	$ 0
Shops at Wiregrass [Member]
Percentage Ownership Sold			49.00%

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Extinguishment of Debt Disclosures [Abstract]
Loss on extinguishment of debt	$ (2,843)	$ (29,084)

Net Gain on Disposition of In83

Net Gain on Disposition of Interest in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	$ 17,701,000	$ 0
Federally assisted housing apartments [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	9,349,000	0
Shops at Bruckner Boulevard [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	8,183,000	0
Other [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	$ 169,000	$ 0

Net Gain on Disposition of In84

Net Gain on Disposition of Interest in Unconsolidated Entities (Details Textuals) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2017USD ($)unitsproperties	Mar. 31, 2017USD ($)unitsproperties
Shops at Bruckner Boulevard [Member]
Disposal Group, not including discontinued operations [Line Items]
Net cash proceeds from disposition		$ 8,863
Undistributed cash proceeds from disposition		5,464
Federally assisted housing apartment communities [Member]
Disposal Group, not including discontinued operations [Line Items]
Net cash proceeds from disposition		$ 18,122
Number of apartment communities sold | properties		6
Number of apartment units sold | units		1,369
Subsequent Event [Member] | Federally assisted housing apartment communities [Member]
Disposal Group, not including discontinued operations [Line Items]
Net cash proceeds from disposition	$ 23,400
Number of apartment communities sold | properties	8
Number of apartment units sold | units	1,404

Income Taxes (Details Textuals)

Income Taxes (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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	$ 51	$ 1,450
Deferred tax assets reversed associated with disposals		$ 83,645

Income Taxes (Details Textual 1

Income Taxes (Details Textual 1) $ in Thousands	Dec. 31, 2016USD ($)
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	$ 204,752
Operating Loss Carryforward for REIT tax return	180,698
Charitable contribution deduction carryforward [Member]
Tax Credit Carryforward [Line Items]
Tax carryforward	$ 1,940

Net Gain (Loss) on Disposition

Net Gain (Loss) on Disposition of Development Project (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016
Net Gain (Loss) 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 met gain on disposition of interest in development project		$ 136,687

Net Gain on Disposition of Fu88

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	$ 9,303,000	$ 156,054,000
Income tax effect	0	(66,413,000)
Net gain on disposition of full or partial interest in rental properties, net of tax	9,303,000	89,641,000
Illinois Science and Technology Park [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	3,771,000	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	(171,000)
Military Housing [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	0	141,675,000
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	14,207,000
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	343,000
Other [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	$ 5,532,000	$ 0

Net Gain of Disposition of Full

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

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summary of operating results of discontinued operations
Revenues		$ 14,792,000
Expenses
Operating expenses		12,540,000
Depreciation and amortization		23,000
Total expenses		12,563,000
Interest expense		(3,540,000)
Amortization of mortgage procurement costs		(61,000)
Loss before income taxes and loss from unconsolidated entities		(1,372,000)
Loss from unconsolidated entities		(1,400,000)
Loss before income taxes		(2,772,000)
Income tax benefit		(824,000)
Loss before gain on disposal group		(1,948,000)
Gain on disposition of disposal group, net of tax	$ 0	64,553,000
Earnings from discontinued operations	$ 0	62,605,000
Noncontrolling interest
Operating loss from disposal group		(776,000)
Earnings from discontinued operations attributable to Forest City Realty Trust, Inc.		$ 63,381,000

Discontinued Operations (Deta91

Discontinued Operations (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group		$ 79,766,000
Income tax effect		(15,213,000)
Gain on disposition of disposal group, net of tax	$ 0	64,553,000
Nets [Member]
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group		136,247,000
Barclays Center [Member]
Gain (Loss) on Disposition of Disposal Group [Line Items]
Pre-tax gain on disposition of disposal group		$ (56,481,000)

Discontinued Operations (Deta92

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 ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Numerators
Earnings (loss) from continuing operations attributable to Forest City Realty Trust, Inc.		$ 40,917,000	$ 180,654,000
Distributed and undistributed earnings allocated to participating securities, Basic		(374,000)	(2,359,000)
Earning (loss) from continuing operations attributable to common stockholders ‑ Basic		40,543,000	178,295,000
Interest on convertible debt		0	1,141,000
Earnings (loss) from continuing operations attributable to common stockholders - Diluted		40,543,000	179,436,000
Net earnings (loss) attributable to Forest City Realty Trust, Inc.		40,917,000	244,035,000
Distributed and undistributed earnings allocated to participating securities, Diluted		(374,000)	(3,300,000)
Net earnings (loss) attributable to common stockholders - Basic		40,543,000	240,735,000
Net earnings (loss) attributable to common stockholders - Diluted		$ 40,543,000	$ 241,876,000
Denominators
Weighted Average Number of Shares Outstanding, Basic		258,797,277	257,951,076
Effect of stock options and performance shares		402,992	450,522
Effect of convertible debt		0	5,033,629
Weighted Average Number of Shares Outstanding, Diluted	[1]	259,200,269	263,435,227
Earnings per share
Earnings (loss) from continuing operations attributable to common stockholders - Basic		$ 0.16	$ 0.69
Earnings (loss) from continuing operations attributable to common stockholders - Diluted		0.16	0.68
Net earnings (loss) attributable to common shareholders - Basic		0.16	0.93
Net earnings (loss) attributable to common stockholders - Diluted		$ 0.16	$ 0.92
[1]	Incremental shares from restricted stock and convertible securities aggregating 7,860,297 and 8,518,583 for the three months ended March 31, 2017 and 2016, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. Weighted-average options, restricted stock and performance shares of 2,167,229 and 3,176,672 for the three months ended March 31, 2017 and 2016, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive under the treasury stock method.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock and Convertible Securities [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share	7,860,297	8,518,583
Weighted-average options, restricted stock and performance shares [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share	2,167,229	3,176,672

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Financial data of reportable segments
Identifiable Assets	$ 8,156,644,000		$ 8,228,597,000
Revenues	216,006,000	$ 226,263,000
Operating Expenses	125,990,000	146,927,000
Depreciation and amortization	63,555,000	63,211,000
Capital expenditures	96,685,000	166,303,000
Office
Financial data of reportable segments
Identifiable Assets	3,100,965,000		3,192,840,000
Revenues	113,539,000	115,608,000
Operating Expenses	42,776,000	45,898,000
Depreciation and amortization	33,999,000	34,403,000
Capital expenditures	14,302,000	9,501,000
Apartments
Financial data of reportable segments
Identifiable Assets	2,385,684,000		2,406,768,000
Revenues	72,098,000	71,168,000
Operating Expenses	33,904,000	36,629,000
Depreciation and amortization	18,651,000	18,737,000
Capital expenditures	3,920,000	1,955,000
Retail
Financial data of reportable segments
Identifiable Assets	515,456,000		521,015,000
Revenues	14,750,000	25,191,000
Operating Expenses	10,754,000	17,048,000
Depreciation and amortization	3,065,000	7,027,000
Capital expenditures	415,000	2,041,000
Total Operations
Financial data of reportable segments
Identifiable Assets	6,002,105,000		6,120,623,000
Revenues	200,387,000	211,967,000
Operating Expenses	87,434,000	99,575,000
Depreciation and amortization	55,715,000	60,167,000
Capital expenditures	18,637,000	13,497,000
Development
Financial data of reportable segments
Identifiable Assets	1,875,860,000		1,799,138,000
Revenues	15,619,000	10,778,000
Operating Expenses	18,448,000	18,790,000
Depreciation and amortization	7,166,000	2,587,000
Capital expenditures	78,027,000	152,806,000
Corporate
Financial data of reportable segments
Identifiable Assets	278,679,000		$ 308,836,000
Revenues	0	0
Operating Expenses	20,108,000	25,832,000
Depreciation and amortization	674,000	331,000
Capital expenditures	21,000	0
Other
Financial data of reportable segments
Revenues	0	3,518,000
Operating Expenses	0	2,730,000
Depreciation and amortization	0	126,000
Capital expenditures	$ 0	$ 0

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	$ 40,917,000	$ 244,035,000
Depreciation and amortization	63,555,000	63,211,000
Interest expense	27,975,000	34,635,000
Amortization of mortgage procurement costs	1,222,000	1,665,000
Income tax expense	51,000	1,450,000
Impairment of consolidated real estate	0	12,464,000
Loss on extinguishment of debt	(2,843,000)	(29,084,000)
Net gain on disposition of interest in development project		136,687,000
Net gain on disposition of full or partial interest in rental properties	9,303,000	89,641,000
Gain on disposition of unconsolidated entities	17,701,000	0
Organizational transformation and termination benefits	4,525,000	8,720,000
Discontinued operations:
Loss on disposition of rental properties		0
Net gain on disposition of partial interest in other investments - Nets		79,766,000
Nets pre-tax EBITDA	9,278,000	10,536,000
Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		136,247,000
Total
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	40,917,000	244,035,000
Interest expense	47,831,000	58,725,000
Amortization of mortgage procurement costs	1,832,000	2,406,000
Income tax expense	51,000	82,822,000
Impairment of consolidated real estate		12,464,000
Loss on extinguishment of debt	4,466,000	29,084,000
Net gain on disposition of interest in development project		(136,687,000)
Net gain on disposition of full or partial interest in rental properties	(9,303,000)	(156,239,000)
Gain on disposition of unconsolidated entities	(17,701,000)
Organizational transformation and termination benefits	4,525,000	8,720,000
Discontinued operations:
Depreciation and amortization - Real Estate		35,000
Loss on disposition of rental properties		56,481,000
Nets pre-tax EBITDA		1,400,000
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	151,669,000	146,645,000
Total | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		(136,247,000)
Total | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	79,051,000	79,646,000
Office
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	42,309,000	35,068,000
Depreciation and amortization	33,999,000	34,403,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Impairment of consolidated real estate		0
Loss on extinguishment of debt	0	0
Net gain on disposition of interest in development project		0
Net gain on disposition of full or partial interest in rental properties	(3,771,000)	(14,000)
Gain on disposition of unconsolidated entities	0
Organizational transformation and termination benefits	0	0
Discontinued operations:
Depreciation and amortization - Real Estate		0
Loss on disposition of rental properties		0
Nets pre-tax EBITDA		0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	73,400,000	69,418,000
Office | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		0
Office | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	34,862,000	34,364,000
Apartments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	41,516,000	22,782,000
Depreciation and amortization	18,651,000	18,737,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Impairment of consolidated real estate		0
Loss on extinguishment of debt	0	0
Net gain on disposition of interest in development project		0
Net gain on disposition of full or partial interest in rental properties	(5,532,000)	0
Gain on disposition of unconsolidated entities	(9,518,000)
Organizational transformation and termination benefits	0	0
Discontinued operations:
Depreciation and amortization - Real Estate		0
Loss on disposition of rental properties		0
Nets pre-tax EBITDA		0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	48,957,000	45,627,000
Apartments | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		0
Apartments | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	22,491,000	22,845,000
Retail
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	31,358,000	25,432,000
Depreciation and amortization	3,065,000	7,027,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Impairment of consolidated real estate		12,464,000
Loss on extinguishment of debt	0	0
Net gain on disposition of interest in development project		0
Net gain on disposition of full or partial interest in rental properties	0	(14,550,000)
Gain on disposition of unconsolidated entities	(8,183,000)
Organizational transformation and termination benefits	0	0
Discontinued operations:
Depreciation and amortization - Real Estate		0
Loss on disposition of rental properties		0
Nets pre-tax EBITDA		0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	39,025,000	43,455,000
Retail | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		0
Retail | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	15,850,000	20,109,000
Total Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	115,183,000	83,282,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Impairment of consolidated real estate		12,464,000
Loss on extinguishment of debt	0	0
Net gain on disposition of interest in development project		0
Net gain on disposition of full or partial interest in rental properties	(9,303,000)	(14,564,000)
Gain on disposition of unconsolidated entities	(17,701,000)
Organizational transformation and termination benefits	0	0
Discontinued operations:
Depreciation and amortization - Real Estate		0
Nets pre-tax EBITDA		0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	161,382,000	158,500,000
Total Operations | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		0
Total Operations | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	73,203,000	77,318,000
Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(10,577,000)	128,123,000
Depreciation and amortization	7,166,000	2,587,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Impairment of consolidated real estate		0
Loss on extinguishment of debt	0	0
Net gain on disposition of interest in development project		(136,687,000)
Net gain on disposition of full or partial interest in rental properties	0	0
Gain on disposition of unconsolidated entities	0
Organizational transformation and termination benefits	0	0
Discontinued operations:
Depreciation and amortization - Real Estate		0
Loss on disposition of rental properties		0
Nets pre-tax EBITDA		0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	(5,403,000)	(6,869,000)
Development | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		0
Development | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	5,174,000	1,695,000
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(63,689,000)	(189,558,000)
Depreciation and amortization	674,000	331,000
Interest expense	47,831,000	58,725,000
Amortization of mortgage procurement costs	1,832,000	2,406,000
Income tax expense	51,000	82,822,000
Impairment of consolidated real estate		0
Loss on extinguishment of debt	4,466,000	29,084,000
Net gain on disposition of interest in development project		0
Net gain on disposition of full or partial interest in rental properties	0	0
Gain on disposition of unconsolidated entities	0
Organizational transformation and termination benefits	4,525,000	8,720,000
Discontinued operations:
Depreciation and amortization - Real Estate		0
Loss on disposition of rental properties		0
Nets pre-tax EBITDA		0
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	(4,310,000)	(7,470,000)
Corporate | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		0
Corporate | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	674,000	331,000
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	0	222,188,000
Depreciation and amortization	0	126,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Impairment of consolidated real estate		0
Loss on extinguishment of debt	0	0
Net gain on disposition of interest in development project		0
Net gain on disposition of full or partial interest in rental properties	0	(141,675,000)
Gain on disposition of unconsolidated entities	0
Organizational transformation and termination benefits	0	0
Discontinued operations:
Depreciation and amortization - Real Estate		35,000
Loss on disposition of rental properties		56,481,000
Nets pre-tax EBITDA		1,400,000
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization	0	2,484,000
Other | Nets [Member]
Discontinued operations:
Net gain on disposition of partial interest in other investments - Nets		(136,247,000)
Other | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	$ 0	$ 302,000