Forest City Realty Trust (FCE-A) 10-Q 3 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document Information [Line Items]
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		267,191,818

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Real Estate
Completed rental properties	$ 6,576,803,000	$ 7,154,607,000
Projects under construction and development	593,650,000	568,552,000
Land inventory	58,717,000	57,296,000
Total Real Estate	7,229,170,000	7,780,455,000
Less accumulated depreciation	(1,485,790,000)	(1,484,163,000)
Real Estate, net – (variable interest entities $2,010.6 million and $2,383.2 million, respectively)	5,743,380,000	6,296,292,000
Cash and cash equivalents – (variable interest entities $72.9 million and $55.3 million, respectively)	455,447,000	204,260,000
Restricted cash – (variable interest entities $130.6 million and $65.5 million, respectively)	203,829,000	146,131,000
Accounts receivable, net – (variable interest entities $62.6 million and $52.6 million, respectively)	216,464,000	225,022,000
Notes receivable – (variable interest entities $139.4 million and $132.8 million, respectively)	459,069,000	398,785,000
Investments in and advances to unconsolidated entities	645,977,000	550,362,000
Other assets – (variable interest entities $61.9 million and $66.6 million, respectively)	235,550,000	242,435,000
Total Assets	7,959,716,000	8,063,287,000
Liabilities
Nonrecourse mortgage debt and notes payable, net – (variable interest entities $1,460.8 million and $1,448.2 million, respectively)	2,967,198,000	2,998,361,000
Revolving credit facility	0	0
Term loan, net	333,768,000	333,668,000
Convertible senior debt, net	112,741,000	112,637,000
Accounts payable, accrued expenses and other liabilities – (variable interest entities $241.1 million and $259.9 million, respectively)	572,531,000	650,022,000
Cash distributions and losses in excess of investments in unconsolidated entities	120,833,000	123,882,000
Total Liabilities	4,107,071,000	4,218,570,000
Commitments and Contingencies	0	0
Stockholders' Equity
Preferred stock – $.01 par value, respectively; 20,000,000 shares authorized, no shares issued	0	0
Class A Common Stock - $.01 par value, 371,000,000 shares authorized, 265,912,983 and 265,343,283 shares issued and outstanding, respectively	2,659,000	2,653,000
Additional paid-in capital	2,536,715,000	2,537,538,000
Retained earnings	1,048,421,000	896,806,000
Accumulated other comprehensive loss	(6,143,000)	(8,563,000)
Total Stockholders' Equity	3,581,652,000	3,428,434,000
Noncontrolling interest	270,993,000	416,283,000
Total Equity	3,852,645,000	3,844,717,000
Total Liabilities and Equity	$ 7,959,716,000	$ 8,063,287,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate, net	$ 5,743,380	$ 6,296,292
Cash and equivalents	455,447	204,260
Restricted cash	203,829	146,131
Accounts receivable, net	216,464	225,022
Notes receivable	459,069	398,785
Other assets	235,550	242,435
Nonrecourse mortgage debt and notes payable, net	2,967,198	2,998,361
Accounts payable, accrued expenses and other liabilities	$ 572,531	$ 650,022
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
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	371,000,000	371,000,000
Common stock, shares issued	265,912,983	265,343,283
Common stock, shares outstanding	265,912,983	265,343,283
Variable interest entities
Real Estate, net	$ 2,010,600	$ 2,383,200
Cash and equivalents	72,900	55,300
Restricted cash	130,600	65,500
Accounts receivable, net	62,600	52,600
Notes receivable	139,400	132,800
Other assets	61,900	66,600
Nonrecourse mortgage debt and notes payable, net	1,460,800	1,448,200
Accounts payable, accrued expenses and other liabilities	$ 241,100	$ 259,900

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental	$ 162,547,000	$ 162,449,000
Tenant recoveries	28,408,000	25,932,000
Service and management fees	5,563,000	10,127,000
Parking and other	7,457,000	11,738,000
Land sales	5,945,000	5,760,000
Total revenues	209,920,000	216,006,000
Expenses
Property operating and management	71,311,000	78,793,000
Real estate taxes	21,031,000	21,200,000
Ground rent	3,685,000	3,888,000
Cost of land sales	2,986,000	2,001,000
Corporate general and administrative	12,183,000	15,583,000
Organizational transformation and termination benefits	15,950,000	4,525,000
Total operating expenses	127,146,000	125,990,000
Depreciation and amortization	55,285,000	63,555,000
Total expenses	182,431,000	189,545,000
Operating income	27,489,000	26,461,000
Interest and other income	10,761,000	10,272,000
Gain on change in control of interests	117,711,000	0
Interest expense	(26,967,000)	(27,975,000)
Amortization of mortgage procurement costs	(1,306,000)	(1,222,000)
Loss on extinguishment of debt	(2,388,000)	(2,843,000)
Earnings before income taxes and earnings from unconsolidated entities	125,300,000	4,693,000
Earnings (loss) from unconsolidated entities
Equity in earnings (loss)	(2,981,000)	9,278,000
Net gain on disposition of interest in unconsolidated entities	74,959,000	17,701,000
Total earnings from unconsolidated entities	71,978,000	26,979,000
Earnings before income taxes	197,278,000	31,672,000
Current income tax expense	1,409,000	51,000
Earnings before gains on disposal of real estate, net of tax	195,869,000	31,621,000
Net gain (loss) on disposition of interest in development project	6,227,000	(113,000)
Net gain (loss) on disposition of full or partial interest in rental properties	(2,534,000)	9,303,000
Net earnings	199,562,000	40,811,000
Noncontrolling interests, gross of tax
Loss from continuing operations attributable to noncontrolling interests	185,000	106,000
Net earnings attributable to Forest City Realty Trust, Inc.	$ 199,747,000	$ 40,917,000
Earnings per common share
Net earnings attributable to common stockholders - Basic	$ 0.75	$ 0.16
Net earnings attributable to common stockholders - Diluted	$ 0.73	$ 0.16

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net earnings	$ 199,562	$ 40,811
Other comprehensive income
Unrealized net gains on interest rate derivative contracts	2,304	1,713
Comprehensive income	201,866	42,524
Comprehensive loss attributable to noncontrolling interest	181	102
Total comprehensive income attributable to Forest City Realty Trust, Inc.	$ 202,047	$ 42,626

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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss), net of amount attributable to redeemable noncontrolling interest	$ 215,036,000		$ 206,030,000		$ 9,006,000
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]
Other comprehensive income	5,861,000			5,847,000	14,000
Common stock dividends	(121,610,000)		(121,610,000)
Conversion of Class B common stock to Class A common stock	0	(58,000)				$ 246,000	$ (188,000)
Conversion of Class B common stock to Class A common stock, Shares						24,612,000	(18,788,000)
Costs incurred for conversion of Class B stock to Class A stock	(9,305,000)	(9,305,000)
Restricted stock and performance shares vested	0	8,000				$ (8,000)
Restricted stock and performance shares vested, Shares						818,000
Repurchase of Class A common stock	(6,082,000)	(6,080,000)				$ (2,000)
Repurchase of Class A common stock, Shares						(272,000)
Exercise of stock options	1,498,000	1,497,000				$ 1,000
Exercise of stock options, Shares						91,000
Issuance of Class A common stock under the deferred compensation plan for non-employee directors	309,000	309,000				$ 0
Issuance of Class A common stock under the deferred compensation plan for non-employee directors, Shares						13,000
Stock-based compensation	26,884,000	26,884,000
Issuance of Class A stock in exchange for Convertible Senior Notes	1,000	1,000				$ 0
Issuance of Class A stock in exchange for Convertible Senior Notes, Shares						0
Exchange of 2006 Class A Common Units for Class A common stock	0	7,287,000			(7,288,000)	$ 1,000
Exchange of 2006 Class A Common Units for Class A common stock, shares						143,000
Exchange of 2006 Class A Common Units for rental property	(12,232,000)	22,805,000			(35,037,000)
Acquisition of partners' noncontrolling interest in consolidated subsidiaries	0	10,931,000			(10,931,000)
Contributions from noncontrolling interests	23,168,000				23,168,000
Distributions to noncontrolling interests	(63,810,000)				(63,810,000)
Balance at Dec. 31, 2017	3,844,717,000	2,537,538,000	896,806,000	(8,563,000)	416,283,000	$ 2,653,000	$ 0
Balance, Shares at Dec. 31, 2017						265,343,000	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss), net of amount attributable to redeemable noncontrolling interest	199,562,000		199,747,000		(185,000)
Other comprehensive income	2,304,000			2,300,000	4,000
Common stock dividends	(48,012,000)		(48,012,000)
Restricted stock and performance shares vested	0	9,000				$ (9,000)
Restricted stock and performance shares vested, Shares						861,000
Repurchase of Class A common stock	$ (6,047,000)	(6,044,000)				$ (3,000)
Repurchase of Class A common stock, Shares	(291,447)					(292,000)
Stock-based compensation	$ 5,219,000	5,219,000
Issuance of Class A stock in exchange for Convertible Senior Notes	11,000	11,000				$ 0
Deconsolidation of a joint venture upon change in control	(133,090,000)				(133,090,000)
Issuance of Class A stock in exchange for Convertible Senior Notes, Shares						1,000
Contributions from noncontrolling interests	4,481,000				4,481,000
Distributions to noncontrolling interests	(16,500,000)				(16,500,000)
Balance at Mar. 31, 2018	3,852,645,000	$ 2,536,715,000	1,048,421,000	(6,143,000)	$ 270,993,000	$ 2,659,000	$ 0
Balance, Shares at Mar. 31, 2018						265,913,000	0
Cumulative Effect of New Accounting Principle in Period of Adoption	120,000		$ (120,000)	$ 120,000
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net earnings	$ 199,562,000	$ 40,811,000
Depreciation and amortization	55,285,000	63,555,000
Amortization of mortgage procurement costs	1,306,000	1,222,000
Loss on extinguishment of debt	2,388,000	2,843,000
Net (gain) loss on disposition of interest in development projects, net of tax	(6,227,000)	113,000
Net gain on disposition of full or partial interest in rental properties, net of tax	2,534,000	(9,303,000)
Gains on change in control of interests	(117,711,000)	0
Earnings from unconsolidated entities	2,981,000	(9,278,000)
Equity Method Investment, Realized Gain (Loss) on Disposal	(74,959,000)	(17,701,000)
Stock-based compensation expense	4,264,000	4,864,000
Amortization and mark-to-market adjustments of derivative instruments	(1,436,000)	(816,000)
Operating distributions from unconsolidated entities	11,292,000	17,808,000
Increase in land inventory	(3,034,000)	(6,480,000)
Decrease (increase) in accounts receivable	16,590,000	(5,741,000)
Decrease (increase) in other assets	1,605,000	(171,000)
Decrease in accounts payable, accrued expenses and other liabilities	(59,709,000)	(26,745,000)
Net cash provided by operating activities	34,731,000	54,981,000
Cash Flows from Investing Activities
Capital expenditures	(67,309,000)	(96,685,000)
Payment of lease procurement costs	(3,441,000)	(1,842,000)
Increase in notes receivable	(12,251,000)	(6,768,000)
Proceeds from deconsolidation of a rental property	24,000,000	0
Proceeds from disposition of rental properties or development project	157,992,000	25,796,000
Contributions to unconsolidated entities	(26,892,000)	(28,351,000)
Distributions from unconsolidated entities	167,715,000	24,893,000
Net cash provided by (used in) investing activities	239,814,000	(82,957,000)
Cash Flows from Financing Activities
Proceeds from nonrecourse mortgage debt and notes payable	148,548,000	55,691,000
Principal payments on nonrecourse mortgage debt and notes payable	(45,807,000)	(33,306,000)
Payment of deferred financing costs	(2,523,000)	(96,000)
Repurchase of Class A common stock	(6,047,000)	(3,436,000)
Exercise of stock options	0	425,000
Dividends paid to stockholders	(48,012,000)	(23,441,000)
Contributions from noncontrolling interests	4,481,000	12,117,000
Distributions to noncontrolling interests	(16,300,000)	(15,119,000)
Net cash provided by (used in) financing activities	34,340,000	(7,165,000)
Net increase (decrease) in cash, cash equivalents and restricted cash	308,885,000	(35,141,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at beginning of period	350,391,000	323,919,000
Cash and Cash Equivalents, at Carrying Value at beginning of period	204,260,000	174,619,000
Restricted Cash and Cash Equivalents at beginning of period	146,131,000	149,300,000
Cash and Cash Equivalents, at Carrying Value at end of period	455,447,000	146,426,000
Restricted Cash and Cash Equivalents at end of period	203,829,000	142,352,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at end of period	$ 659,276,000	$ 288,778,000

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Accounting Policies	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 $8.0 billion of consolidated assets i n 19 s tates and the District of Columbia at March 31, 2018 . 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, 2017 . 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 is organized as a Real Estate Investment Trust (“REIT”) for federal income tax purposes. 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, 2018 , owns all of the limited partnership interests directly or indirectly 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 businesses held in TRSs during 2018 include 461 Dean Street (sold in March 2018), an apartment building in Brooklyn, New York, Antelope Valley Mall (sold in January 2018), Mall at Robinson (sold in February 2018) and Charleston Town Center , regional malls in Palmdale, California, Pittsburgh, Pennsylvania and Charleston, West Virginia, respectively, Pacific Park Brooklyn project and land development operations. 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 upscale and middle-market apartments and adaptive re-use developments. • Retail - owns, acquires and operates amenity retail within our mixed-use properties, and remaining 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 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 and various support services for Operations, Development and Corporate employees. Segment Transfers The Development segment includes projects in development and projects under construction along with recently opened operating properties prior to stabilization. Projects are 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, as that will be the first time the property is stabilized in each period presented. 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 of control of interests, impairment of real estate and other-than-temporary impairments on equity method investments. Actual results could differ from those estimates. Reclassifications Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current year’s presentation as a result of adopting new accounting guidance on the classification and presentation of changes in restricted cash on the statement of cash flows. Variable Interest Entities As of March 31, 2018 , the Company determined it was the primary beneficiary of 43 VIEs. The creditors of the consolidated VIEs do not have recourse to the Company’s general credit. As of March 31, 2018 , the Company determined it was not the primary beneficiary of 36 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 $173,000,000 as of March 31, 2018 . In January 2018, our 50% noncontrolling partner at Bayside Village , an apartment community in San Francisco, CA, closed on a transaction where they sold the majority of their 50% ownership interest to an unrelated third party. Prior to this transaction, the Company fully consolidated the property, as the outside partner, in accordance with the partnership agreement, lacked any substantive participating rights. Thus, Bayside Village was presented as a VIE in the parenthetical VIE balances in the Consolidated Balance Sheets. Simultaneously with the sale, the Company amended the partnership agreement to grant substantive participating rights to the new outside partner. The property is adequately capitalized and no longer contains characteristics of a VIE. Based on the substantive participating rights held by the new outside partner, the Company concluded it is appropriate to deconsolidate the entity and account for the Company’s 50% investment in the property using the equity method of accounting. As a result, the Company removed approximately $415,000,000 of real estate, net, $127,000,000 of nonrecourse mortgage debt, net, and $23,300,000 of accounts payable, accrued expenses and other liabilities from the Consolidated Balance Sheet line items and corresponding parenthetical VIE balances. New Accounting Guidance The following accounting pronouncements were adopted during the three months ended March 31, 2018 : 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 that 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. The Company adopted this guidance as of January 1, 2018 using the modified retrospective method and therefore, the comparative information has not been adjusted. The guidance has been applied to contracts that are not completed as of the date of initial application. Rental revenue and tenant recoveries from lease contracts represents a significant portion of the Company’s total revenues and is a specific scope exception provided by this guidance. The adoption of this guidance did not result in a material impact on the Company’s consolidated financial statements or disclosures. 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. The Company adopted this guidance as of January 1, 2018 using the retrospective transition method. The adoption of this guidance significantly increased the combined beginning and ending period cash, cash equivalents and restricted cash balances as of each period presented and removed the effects of the change in restricted cash as previously presented in Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2017 . In February 2017, the FASB issued an amendment to the accounting guidance on the derecognition of nonfinancial assets. The guidance clarifies the definition of an in substance nonfinancial asset and the recognition of gains and losses from the transfer of nonfinancial assets and for partial sales of nonfinancial assets, which includes real estate. We elected the practical expedient to not apply the guidance on completed contracts. A completed contract is one in which “substantially all” of the revenue from the contract was recognized under the previous accounting guidance. The Company adopted this guidance using the modified retrospective method on January 1, 2018. In August 2017, the FASB issued an amendment to the accounting guidance on derivatives and hedging activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The Company early adopted this guidance on January 1, 2018, using the modified retrospective method requiring a cumulative effect adjustment of $120,000 to recognize the initial application of this guidance as an adjustment to accumulated other comprehensive income and a corresponding adjustment to beginning retained earnings. The following new accounting pronouncements will be adopted on their respective effective dates: 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 the current guidance for operating leases. The new guidance 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. 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 has completed an inventory of its lease agreements in which the Company is a lessee and is gathering the necessary information to determine the right of use asset and related lease liability. The Company intends to use the practical expedients available to lessees upon adoption. For leases in which the Company is the lessor, the Company is in the process of analyzing the various revenue streams from its lease agreements to determine the lease and non-lease components based on the applicable performance obligation associated with the consideration received. On March 28, 2018, the FASB tentatively approved targeted improvements to the Leases standard that provides lessors with a practical expedient by class of underlying assets to not separate non-lease components from the lease component. Such practical expedient is limited to circumstances in which (i) the timing and pattern of transfer for the non-lease component and the related lease component are the same and (ii) the stand-alone lease component would be classified as an operating lease if accounted for separately. The Company will elect the practical expedient which would allow the Company the ability to account for the combined component based on its predominant characteristic if the underlying asset meets the two criteria defined above. Recognition of Revenues The Company has adopted new accounting guidance for revenue from contracts with customers on January 1, 2018. The adoption of this guidance did not result in a material impact on the Company’s consolidated financial statements at adoption and at March 31, 2018 . The following is disclosure of the Company’s revenue recognition policies. Rental – Lease terms in office buildings, retail centers and certain parking facilities generally range from 1 to 30 years, excluding leases with certain anchor tenants, which typically are longer. Minimum rents are recognized on a straight-line basis over the non-cancelable term of the lease, which include the effects of applicable rent steps and rent abatements. Overage rents are recognized after sales thresholds have been achieved. Apartment lease terms are generally one year. Tenant Recoveries – Reimbursements from office, apartments and retail tenants for common area maintenance, taxes, insurance, utilities and other property operating expenses as defined in the lease agreements are recognized in the period the applicable costs are incurred. Service and Management Fees – Management fee revenue in the Office, Apartment and Retail segments is a series of distinct services required to operate a property’s day to day activities with the same pattern of transfer to the customer satisfied over time. Management fee revenue is billed to the customer and recognized as revenue on a monthly basis as management services are rendered. Service fee revenue in the Office, Apartment and Retail segments primarily from leasing, financing, and other real estate services are distinct services billed and recognized in the period the Company’s performance obligation is satisfied. Development fee revenue on long-term fixed-price contracts or cost plus fee contracts are recognized as the Company’s performance obligation is satisfied. We apply the practical expedient and, as a result, do not disclose variable consideration attributable to wholly or partially unsatisfied performance obligations as of the end of the reporting period. Parking and Other – Revenues derived from monthly and transient tenant parking and other revenue relates primarily to the Office and Apartment segment and is recognized in the period the Company’s performance obligation is satisfied. Land Sales – Sales of land to residential, commercial and industrial customers, primarily at the Company’s Stapleton project in the Development segment, and sales of commercial outlots adjacent to the Company’s operating property portfolio primarily in the Retail segment are recognized at closing or upon completion of all conditions precedent to the sales contract (whichever is later). Historic, New Market and Low Income Housing Tax Credit Entities The Company invests in properties that have received, or the Company believes are entitled to receive, historic preservation tax credits on qualifying expenditures under Internal Revenue Code (“IRC”) section 47, low income housing tax credits on new construction and rehabilitation of existing buildings as low income rental housing under IRC section 42, and new market tax credits on qualifying investments in designated community development entities (“CDEs”) under IRC section 45D, as well as various state credit programs, which entitles the members to tax credits based on qualified expenditures at the time those qualified expenditures are placed in service (collectively “Tax Credits”). The Company typically enters into these investments with sophisticated financial investors. In exchange for the financial investors’ initial contribution into the investment, the financial investor is entitled to substantially all of the benefits derived from the tax credit. Typically, these arrangements have put/call provisions whereby the Company may be obligated (or entitled) to repurchase the financial investors’ interest. The Company has consolidated each of these entities in its consolidated financial statements and has included these investor contributions in accounts payable, accrued expenses and other liabilities. The Company guarantees to the financial investor that in the event of a subsequent recapture by a taxing authority due to the Company’s noncompliance with applicable tax credit guidelines, it will indemnify the financial investor for any recaptured tax credits. The Company initially records a contract liability for the cash received from the financial investor, which represents consideration received prior to transferring services. The Company’s performance obligation is to comply with the recapture rules of the specified tax credit over the recapture period, which is in its control. The financial investor is simultaneously receiving and consuming the benefits provided by the Company’s performance as it complies with the recapture period. Therefore, the Company recognizes revenue in the amount of the contract liability on a straight-line basis over the tax credit recapture period, which range from 0 to 15 years . Income related to the sale of tax credits is recorded in interest and other income within the Corporate segment. The following table summarizes the Tax Credit contract liabilities: Three Months Ended March 31, 2018 2017 (in thousands) Beginning balance $ 60,851 $ 50,790 Tax credit revenue (3,303 ) (2,845 ) Tax credit contribution — 1,294 Ending balance $ 57,548 $ 49,239 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 at the time of the transaction and currently Chairman of Forest City Ratner Companies, 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 apartment 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. If the Company elects to pay cash as full or partial consideration in exchange for 2006 Units, the exchanging unit holder(s) may elect to redeem such 2006 Units for an in-kind distribution of one or more properties in lieu of cash, provided certain conditions set forth under the Exchange Rights Agreement adopted pursuant to the Master Contribution Agreement are met. The Company may, in its sole discretion, elect not to proceed with an in-kind redemption if the Company determines in good faith that the Company will suffer any adverse effects from proceeding with the in-kind redemption. The Company has no rights to redeem or repurchase the 2006 Units. Pursuant to the Master Contribution Agreement, certain projects under development would remain owned jointly until each project was completed and achieved “stabilization.” Upon stabilization, each project would be valued and the Company, in its discretion, would choose among various ownership options for the project. As of March 31, 2018, air rights for any future residential vertical development at East River Plaza , a specialty retail center in Manhattan, New York, remains the only development asset subject to this agreement. 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. The Company recorded $200,000 and $172,000 during the three months ended March 31, 2018 and 2017, respectively, related to the distribution preference payment, which is classified as noncontrolling interest expense on the Company’s Consolidated Statement of Operations. 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, 2018 and December 31, 2017 , 1,111,044 of the 2006 Units were outstanding. 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 during the three months ended March 31, 2017 . Other Related Party Transactions In December 2016, the Company’s Board of Directors approved, and the Company entered into a reclassification agreement, with RMS Limited Partnership (“RMS”), the former controlling stockholder of the Company's Class B shares (the “Reclassification Agreement”). The Reclassification Agreement provided that, at the Effective Time, as defined in the Reclassification Agreement, following the satisfaction of the conditions thereto, each share of Class B Common Stock issued and outstanding immediately prior to the Effective Time would 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”). At the Company’s Annual Meeting of Stockholders held on June 9, 2017, the stockholders approved 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. Amounts incurred subject to the Reimbursement Agreement were approximately $50,000 for the three months ended March 31, 2017 . In March, 2018, the Company entered into agreements with Starboard Value LP ("Starboard"), which owned approximately 3.0% of the Company’s outstanding shares, Scopia Capital Management LP ("Scopia"), which owned approximately 8.3% , to reimburse Starboard and Scopia for their reasonable, documented out-of-pocket fees and expenses incurred in connection with their involvement at the Company, including, but not limited to the negotiation and the execution of their respective stockholder agreements with the Company, provided that such reimbursement will not exceed $200,000 in the aggregate for either Starboard or Scopia. In April 2018, the Company reimbursed Starboard in the amount of $188,000 . Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of unrealized losses on interest rate swaps accounted for as cash flow hedges (including unrealized losses on interest rate swaps accounted for as hedges held by certain of the Company’s equity method investees), net of noncontrolling interest. Accumulated other comprehensive loss was $6,143,000 and $8,563,000 at March 31, 2018 and December 31, 2017 , respectively. See Note G – Derivative Instruments and Hedging Activities for detailed information on gains and losses recognized in and reclassified from accumulated other comprehensive loss. Organizational Transformation and Termination Benefits The following table summarizes the components of organizational transformation and termination benefits and are reported in the Corporate Segment: Three Months Ended March 31, 2018 2017 (in thousands) Termination benefits $ 4,647 $ 4,152 Strategic alternative costs 11,303 — Shareholder activism costs — 373 Total $ 15,950 $ 4,525 For the periods presented, the Company experienced workplace reductions and recorded the associated termination benefits expenses (outplacement and severance payments based on years of service and other defined criteria) for each occurrence. The Company records a severance liability during the period in which costs are estimable and notification has been communicated to affected employees. Strategic alternative costs consist primarily of professional fees (legal and investment banking advisors) incurred related to the Company’s Board of Directors’ process to consider a broad range of alternatives to enhance stockholder value, including, but not limited to, an accelerated and enhanced operating plan, structural alternatives for the Company’s assets, and potential merger, acquisition or sale transactions. Shareholder activism costs are comprised of advisory, legal and other professional fees associated with activism matters. The following table summarizes the activity in the accrued severance balance for termination benefits: Three Months Ended March 31, 2018 2017 (in thousands) Accrued severance benefits, beginning balance $ 13,974 $ 9,969 Termination benefits expense 4,647 4,152 Payments (7,277 ) (5,063 ) Accrued severance benefits, ending balance $ 11,344 $ 9,058 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 or change in control transactions, change in construction payables and other capital expenditures, notes receivable from the sale of rental properties and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate. Three Months Ended March 31, 2018 2017 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ 1,698 $ 7,513 Completed rental properties (416,023 ) (60,956 ) Notes receivable 51,929 2,000 Investments in and advances to affiliates - due to dispositions or change in control 174,814 (2,890 ) Investments in and advances to affiliates - other activity 3,329 166 Total non-cash effect on investing activities $ (184,253 ) $ (54,167 ) Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (135,123 ) $ (46,907 ) Convertible senior debt, net (11 ) — Class A common stock — 1 Additional paid-in capital 966 9,779 Noncontrolling interest (133,286 ) (7,456 ) Total non-cash effect on financing activities $ (267,454 ) $ (44,583 )

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2018
Notes Receivable [Abstract]
Notes receivables	Notes Receivable The following table summarizes the Company’s interest bearing notes receivable: March 31, 2018 December 31, 2017 Maturity Date Weighted Average Interest Rate (in thousands) Stapleton advances $ 135,318 $ 128,676 Various 8.53% The Nets sale 125,100 125,100 January 2021 4.50% Barclays Center sale 92,600 92,600 January 2019 4.50% QIC (Regional Mall dispositions) 88,864 36,935 April 2019 4.25% Other 17,187 15,474 Various 4.84% Total $ 459,069 $ 398,785 On April 2, 2018, the Company completed the sale of Westchester’s Ridge Hill , a regional mall in Yonkers, New York, to Queensland Investment Company (“QIC”). In connection with the sale, the Company provided $61,136,000 in seller financing. Including the 2018 and 2017 QIC seller financings summarized in the above table, the total QIC note receivable amounts to $150,000,000 , subsequent to the Westchester’s Ridge Hill sale. In April 2018, the owners of the Brooklyn Nets closed on a partial sale of interest in the Nets. In accordance with the Promissory Note governing the Company’s Nets note receivable, the note receivable, including unpaid accrued interest, was repaid in full on April 11, 2018.

Nonrecourse Mortgage Debt and N

Nonrecourse Mortgage Debt and Notes Payable, Net	3 Months Ended
	Mar. 31, 2018
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, 2018 : Years Ending December 31, (in thousands) 2018 $ 381,036 2019 361,443 2020 244,138 2021 195,012 2022 205,260 Thereafter 1,612,550 2,999,439 Net unamortized mortgage procurement costs (32,241 ) Total $ 2,967,198

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility The Company’s Revolving Credit Agreement provides for total available borrowings of $600,000,000 and contains an accordion provision, subject to bank approval, allowing the Company to increase total available borrowings to $750,000,000 (“Revolving Credit Facility”). 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”) ( 1.88% at March 31, 2018 ) plus a margin of 1.15% - 1.85% ( 1.20% at March 31, 2018 ) or the Prime Rate ( 4.75% at March 31, 2018 ) plus a margin of 0.15% - 0.85% ( 0.20% at March 31, 2018 ). In addition, the Revolving Credit Facility is subject to an annual facility fee of 0.20% - 0.35% ( 0.20% at March 31, 2018 ) 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, 2018 , the Company was in compliance with all of these financial covenants. The following table summarizes available credit on the Revolving Credit Facility: March 31, 2018 December 31, 2017 (in thousands) Total available borrowings $ 600,000 $ 600,000 Less: Outstanding borrowings — — Outstanding letters of credit (23,136 ) (36,439 ) Available credit $ 576,864 $ 563,561 As of March 31, 2018 and December 31, 2017 , unamortized debt issuance costs related to the Revolving Credit Facility of $1,558,000 and $1,798,000 , respectively, are included in other assets on the Consolidated Balance Sheets.

Term Loan, Net

Term Loan, Net	3 Months Ended
	Mar. 31, 2018
Term Loan, Net [Abstract]
Term Loan, Net	Term Loan, Net The Company’s Term Loan Credit Agreement provides a $335,000,000 senior unsecured term loan credit facility (“Term Loan”). The Term Loan matures in May 2021 and bears interest at the Company’s option at either LIBOR (based on the approximate date of the initial borrowings and adjusted monthly thereafter) ( 1.66% at March 31, 2018 ) plus a margin of 1.30% - 2.20% ( 1.35% at March 31, 2018 ) or the Prime Rate plus a margin of 0.30% - 1.20% ( 0.35% at March 31, 2018 ). 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, 2018 December 31, 2017 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,232 ) (1,332 ) Total $ 333,768 $ 333,668 Convertible Senior Debt, Net The following table summarizes the convertible senior debt, net: March 31, 2018 December 31, 2017 (in thousands) 4.250% Notes due 2018 $ 73,208 $ 73,215 3.625% Notes due 2020 40,017 40,021 113,225 113,236 Net unamortized debt procurement costs (484 ) (599 ) Total $ 112,741 $ 112,637 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, 2018
Debt Disclosure [Abstract]
Convertible Senior Debt, Net	Term Loan, Net The Company’s Term Loan Credit Agreement provides a $335,000,000 senior unsecured term loan credit facility (“Term Loan”). The Term Loan matures in May 2021 and bears interest at the Company’s option at either LIBOR (based on the approximate date of the initial borrowings and adjusted monthly thereafter) ( 1.66% at March 31, 2018 ) plus a margin of 1.30% - 2.20% ( 1.35% at March 31, 2018 ) or the Prime Rate plus a margin of 0.30% - 1.20% ( 0.35% at March 31, 2018 ). 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, 2018 December 31, 2017 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,232 ) (1,332 ) Total $ 333,768 $ 333,668 Convertible Senior Debt, Net The following table summarizes the convertible senior debt, net: March 31, 2018 December 31, 2017 (in thousands) 4.250% Notes due 2018 $ 73,208 $ 73,215 3.625% Notes due 2020 40,017 40,021 113,225 113,236 Net unamortized debt procurement costs (484 ) (599 ) Total $ 112,741 $ 112,637 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, 2018
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. 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. As of March 31, 2018 , the Company expects it will reclassify amounts recorded in accumulated OCI into earnings as an increase in interest expense of approximately $2,703,000 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 ( 1.58% at March 31, 2018 ) 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, 2018 , the aggregate notional amount of TROR designated as fair value hedging instruments is $597,166,000 . The underlying TROR borrowings are subject to a fair value adjustment. The following amounts were recored on the Consolidated Balance Sheets in nonrecourse mortgage debt and notes payable, net related to the hedged borrowings in fair value hedges: March 31, 2018 December 31, 2017 (in thousands) Carrying amount of underlying borrowings $ 597,166 $ 605,036 Cumulative fair value adjustments to underlying borrowings (1,241 ) 3,210 Fair value of underlying borrowings $ 595,925 $ 608,246 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, 2018 , the aggregate notional amount of these TROR is $180,461,000 . 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 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) March 31, 2018 Derivatives Designated as Hedging Instruments Interest rate swaps $ 63,153 $ 1,656 $ 33,906 $ 301 TROR 281,151 1,328 316,015 2,569 Total $ 344,304 $ 2,984 $ 349,921 $ 2,870 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 89,209 2,677 91,252 9,793 Total $ 158,727 $ 2,677 $ 91,252 $ 9,793 December 31, 2017 Derivatives Designated as Hedging Instruments Interest rate swaps $ 63,372 $ 1,129 $ 34,078 $ 863 TROR 369,021 3,862 236,015 652 Total $ 432,393 $ 4,991 $ 270,093 $ 1,515 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,466 4,107 36,280 11,330 Total $ 169,984 $ 4,107 $ 36,280 $ 11,330 The following table summarizes the impact of gains and losses related to derivative instruments designated as cash flow hedges on accumulated other comprehensive income: Three Months Ended March 31, 2018 2017 (in thousands) Gain on interest rate contracts recognized in Accumulated OCI $ 1,216 $ 241 Loss on interest rate contracts reclassified from Accumulated OCI to the Statements of Operations Interest expense $ (581 ) $ (763 ) Earnings (loss) from unconsolidated entities (507 ) (709 ) $ (1,088 ) $ (1,472 ) The following table summarizes the impact of gains and losses related to cash flow and fair value hedging relationships in the Consolidated Statements of Operations: Three Months Ended March 31, Location on Consolidated Statements of Operations 2018 2017 Cash Flow Hedging Relationships (in thousands) Loss on interest rate contracts reclassified from Accumulated OCI Interest expense $ (581 ) $ (763 ) Fair Value Hedging Relationships Gain (loss) on TROR Interest expense $ (4,451 ) $ 5,351 Gain (loss) on underlying borrowings Interest expense 4,451 (5,351 ) Total Fair Value Hedging Relationships $ — $ — The following table summarizes the impact of gains and losses related to derivative instruments not designated as cash flow hedges or fair value hedges in the Consolidated Statements of Operations: Net Gain (Loss) Recognized Three Months Ended March 31, Location on Consolidated Statements of Operations 2018 2017 Derivatives Not Designated as Hedging Instruments (in thousands) Interest rate caps and interest rate swaps Interest expense $ — $ (107 ) TROR Interest expense 1,224 1,498 Total $ 1,224 $ 1,391 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 BBB+, 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, 2018 , 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.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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, 2018 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (assets) $ — $ 1,656 $ — $ 1,656 Interest rate swaps (liabilities) — (301 ) — (301 ) TROR (assets) — — 4,005 4,005 TROR (liabilities) — — (12,362 ) (12,362 ) Fair value adjustment to the borrowings subject to TROR — — 1,241 1,241 Total $ — $ 1,355 $ (7,116 ) $ (5,761 ) December 31, 2017 (in thousands) Interest rate swaps (assets) $ — $ 1,129 $ — $ 1,129 Interest rate swaps (liabilities) — (863 ) — (863 ) TROR (assets) — — 7,969 7,969 TROR (liabilities) — — (11,982 ) (11,982 ) Fair value adjustment to the borrowings subject to TROR — — (3,210 ) (3,210 ) Total $ — $ 266 $ (7,223 ) $ (6,957 ) 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, 2018 Balance, January 1, 2018 $ (4,013 ) $ (3,210 ) $ (7,223 ) Total realized and unrealized gains (losses): Included in earnings Fair market value adjustment (2,324 ) 3,548 1,224 Settlement of TROR designated as fair value hedge (903 ) 903 — Settlement of TROR not designated as a fair value hedge (1,117 ) — (1,117 ) Balance, March 31, 2018 $ (8,357 ) $ 1,241 $ (7,116 ) 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 Fair market value adjustment 6,849 (5,351 ) 1,498 Balance, March 31, 2017 $ (8,724 ) $ 2,083 $ (6,641 ) 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, 2018 : Quantitative Information about Level 3 Fair Value Measurements Fair Value March 31, 2018 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (8,357 ) Third party bond pricing Bond valuation 93.73 - 109.14 Fair value adjustment to the borrowings subject to TROR $ 1,241 Third party bond pricing Bond valuation 93.73 - 101.00 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, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 2,967,198 $ 2,948,720 $ 2,998,361 $ 2,995,559 Term loan, net 333,768 333,857 333,668 333,726 Convertible senior debt, net 112,741 113,525 112,637 130,942 Total $ 3,413,707 $ 3,396,102 $ 3,444,666 $ 3,460,227

Capital Stock

Capital Stock	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Capital Stock	Capital Stock Share Repurchase Authorization On March 22, 2018, the Board approved an increase in the Company's existing $100,000,000 share repurchase program to an aggregate total of $400,000,000 . The shares may be repurchased, in light of prevailing market and economic conditions, to take advantage of investment opportunities at times when the Board and Company management believe the market price of the common stock does not accurately reflect the underlying value of the Company. Reclassification Agreement Pursuant to the Reclassification Agreement, the Board submitted a proposal for stockholder approval to eliminate the dual-class share structure at the Company’s 2017 Annual Meeting of Stockholders. This proposal was approved by the stockholders at the Company’s Annual Meeting of Stockholders on June 9, 2017 and became effective following the market close on June 12, 2017. As a result, each of the 18,788,163 shares of Class B common stock issued and outstanding immediately prior to the Effective Time were reclassified into 1.31 shares of Class A common stock. As such, 24,612,495 additional shares of Class A common stock were issued to the prior Class B common stockholders. Upon completion of this transaction, all outstanding shares of common stock are entitled to one vote per share on all matters brought to the Company’s stockholders, including but not limited to, the election of the entire Board of Directors. During the three months ended March 31, 2017 , certain professional and consulting fees, including investment banking success fees, incurred directly related to the stock conversion were recorded as a $604,000 reduction to additional paid-in capital, in accordance with applicable accounting requirements when raising permanent equity. Amounts include costs paid on behalf of RMS in accordance with the Reimbursement Agreement. See the “Other Related Party Transactions” section of Note A – Accounting Policies for detailed information on the Reimbursement Agreement.

Dividends

Dividends	3 Months Ended
	Mar. 31, 2018
Dividends [Abstract]
Dividends [Text Block]	Dividends The following table summarizes the quarterly cash dividends declared by the Board of Directors on the Company’s common stock (in thousands, except per share data): Date Declared Record Date Payment Date Amount Per Share Total Cash Payment 2018 February 22, 2018 March 5, 2018 March 16, 2018 $ 0.18 $ 48,012 2017 November 29, 2017 December 20, 2017 December 29, 2017 $ 0.14 $ 37,344 August 22, 2017 September 5, 2017 September 18, 2017 0.14 37,343 May 17, 2017 June 9, 2017 June 23, 2017 0.09 23,482 March 1, 2017 March 13, 2017 March 27, 2017 0.09 23,441 Total $ 0.46 $ 121,610

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation During the three months ended March 31, 2018 , the Company granted 632,869 shares of restricted stock and 217,548 performance shares under the Company’s 1994 Stock Plan. The restricted stock had a fair value of $20.89 per share, based on the closing price of the Class A common stock on the date of grant. The performance shares had a grant-date fair value of $17.44 per share, which was computed using a Monte Carlo simulation. At March 31, 2018 , $19,231,000 of unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 28 months and $8,756,000 of unrecognized compensation cost related to performance shares is expected to be recognized over a weighted-average period of 27 months . The following table summarizes stock-based compensation costs recognized in the financial statements: Three Months Ended March 31, 2018 2017 (in thousands) Stock option costs $ 84 $ 200 Restricted stock costs 4,037 5,138 Performance share costs 1,098 2,018 Total stock-based compensation costs 5,219 7,356 Less amount capitalized into qualifying real estate projects (955 ) (2,492 ) Amount charged to operating expenses 4,264 4,864 Depreciation expense on capitalized stock-based compensation 341 215 Total stock-based compensation expense $ 4,605 $ 5,079 The amount of grant-date fair value expensed immediately for awards granted to retirement-eligible grantees during the three months ended March 31, 2018 and 2017 was $322,000 and $867,000 , respectively. In connection with the vesting of restricted stock and performance shares during the three months ended March 31, 2018 and 2017 , the Company repurchased 291,447 shares and 157,304 shares, respectively, of Class A common stock to satisfy the employees’ related minimum statutory tax withholding requirements. Shares repurchased during the three months ended March 31, 2018 and 2017 were returned to unissued shares with an aggregate cost basis of $6,047,000 and $3,436,000 , respectively.

Write-Offs of Abandoned Develop

Write-Offs of Abandoned Development Projects and Demolition Costs	3 Months Ended
	Mar. 31, 2018
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 project exit costs 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, 2018 and 2017 , respectively. The Company incurred $6,218,000 and $351,000 as write-offs of abandoned development projects and demolition costs of unconsolidated entities during the three months ended March 31, 2018 and 2017 , respectively, which is included in equity in earnings.

Impairment of Real Estate and I

Impairment of Real Estate and Impairment of Unconsolidated Entities	3 Months Ended
	Mar. 31, 2018
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. There were no impairments of real estate recorded during the three months ended March 31, 2018 or 2017. 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, 2018 or 2017.

Gain on Change in Control of In

Gain on Change in Control of Interests Gain on Change in Control of Interests	3 Months Ended
	Mar. 31, 2018
Gain on Change in Control of Interest [Abstract]
Gain on Change in Control [Text Block]	Gain on Change in Control of Interests In January 2018, our 50% noncontrolling partner at Bayside Village , an apartment community in San Francisco, CA, closed on a transaction where they sold the majority of their 50% ownership interest to an unrelated third party. Prior to this transaction, the Company fully consolidated the property, as the outside partner, in accordance with the partnership agreement, lacked any substantive participating rights. Simultaneously with the sale, the Company amended the partnership agreement to grant substantive participating rights to the new outside partner and received a cash payment of $24,000,000 in connection with such amendment. The joint venture is adequately capitalized and does not contain the characteristics of a VIE. Based on the substantive participating rights held by the new outside partner, the Company concluded it appropriate to deconsolidate the entity and account for the Company’s 50% investment in the property using the equity method of accounting. The Company remeasured its equity interest in the property, as required by the accounting guidance, at fair value (based upon the income approach using current rents and market discount rates). As a result of the deconsolidation and the current estimated fair value, the Company removed approximately $415,000,000 of real estate, net, $127,000,000 of nonrecourse mortgage debt, net, $133,090,000 of noncontrolling interest from the Consolidated Balance Sheet, increased investments in and advances to unconsolidated entities by approximately $227,000,000 and recorded $117,711,000 as a gain on change in control of interests in the Consolidated Statement of Operations for the three months ended March 31, 2018 .

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt	3 Months Ended
	Mar. 31, 2018
Extinguishment of Debt Disclosures [Abstract]
Loss on Extinguishment of Debt	Loss on Extinguishment of Debt For the three months ended March 31, 2018 and 2017 , the Company recorded $2,388,000 and $2,843,000 , respectively, as loss on extinguishment of debt. The amount for 2018 is related to a loss on extinguishment of nonrecourse mortgage debt in connection with a debt refinancing at Pavilion , an apartment building in Chicago, Illinois. 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.

Net Gain on Disposition of Inte

Net Gain on Disposition of Interest in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 (in thousands) Regional Malls - QIC Various $ 74,838 $ — Federally assisted housing apartment 121 9,349 Shops at Bruckner Boulevard (Specialty Retail Center) Bronx, New York — 8,183 Other — 169 $ 74,959 $ 17,701 During the three months ended March 31, 2018 , the Company completed the sale of Antelope Valley Mall, Mall at Robinson , Shops at Wiregrass and Victoria Gardens - Bass Pro Shops under our signed definitive agreement with QIC. The dispositions generated net cash proceeds of approximately $74,203,000 and a note receivable of $51,929,000 , which matures in 2019. On April 2, 2018, the Company completed the sale of Westchester’s Ridge Hill to QIC. This disposition generated net cash proceeds of approximately $10,468,000 and note receivable of $61,136,000 . During the three months ended March 31, 2018 , the Company completed the sale of one unconsolidated federally assisted housing (“FAH”) apartment community. The disposition resulted in net cash proceeds of $43,000 . During the three months ended March 31, 2017 , the Company completed the sale of six unconsolidated FAH apartment communities. These dispositions resulted in net cash proceeds of $18,122,000 . During the three months ended March 31, 2017 , the Company sold its 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Beginning for its taxable year ended December 31, 2016, the Company filed its U.S. federal tax return as a REIT and the Company’s TRSs filed as C corporations. The Company 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 (ending December 31, 2020), to the extent such sold assets had a built-in gain on the date of conversion. Income tax expense was $1,409,000 and $51,000 for the three months ended March 31, 2018 and 2017 , respectively. The Company did not recognize any federal corporate income tax on its earnings in the REIT for any of the periods presented. At December 31, 2017 , the TRS had a federal net operating loss carryforward for tax purposes of $106,505,000 available to use on their tax returns expiring in the years ending December 31, 2028 through 2037. At December 31, 2017 , the Company had a federal net operating loss carryforward of $76,176,000 available to use on its REIT tax return expiring in the years ending December 31, 2034 through 2036.

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, 2018
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 (Loss) 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, 2018 2017 (in thousands) Apartment: 461 Dean Street Brooklyn, New York $ (3,713 ) $ — Office Building: Illinois Science & Technology Park (4 buildings) Skokie, Illinois — 3,771 Federally assisted housing apartment 464 — Other 845 5,532 (2,404 ) 9,303 Income tax effect (130 ) — $ (2,534 ) $ 9,303 461 Dean Street During the three months ended March 31, 2018 , the Company completed the sale of 461 Dean Street , an apartment community in Brooklyn, New York. The Company received net cash proceeds of $147,193,000 . Illinois Science & Technology Park During the three months ended March 31, 2017 , the Company completed the sale of Illinois Science & Technology Park , comprised of four life science office buildings in Skokie, Illinois. The Company received net cash proceeds of $16,494,000 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 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, 2018 2017 Numerators (in thousands) Net earnings attributable to Forest City Realty Trust, Inc. $ 199,747 $ 40,917 Distributed and undistributed earnings allocated to participating securities (1,625 ) (374 ) Net earnings attributable to common stockholders ‑ Basic $ 198,122 $ 40,543 Interest on convertible debt 1,141 — Net earnings attributable to common stockholders ‑ Diluted $ 199,263 $ 40,543 Denominators Weighted average shares outstanding ‑ Basic 265,440,763 258,797,277 Effect of stock options and performance shares 589,985 402,992 Effect of convertible debt 5,213,392 — Weighted average shares outstanding ‑ Diluted (1) (2) 271,244,140 259,200,269 Earnings Per Share Net earnings attributable to common stockholders ‑ Basic $ 0.75 $ 0.16 Net earnings attributable to common stockholders ‑ Diluted $ 0.73 $ 0.16 (1) Incremental shares from restricted stock and convertible securities aggregating 1,901,530 and 7,860,297 for the three months ended March 31, 2018 and 2017 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. (2) Weighted-average options, restricted stock and performance shares of 719,716 and 2,167,229 for the three months ended March 31, 2018 and 2017 , 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, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The following tables summarize financial data for the Company’s reportable operating segments. All amounts are presented in thousands. March 31, 2018 December 31, 2017 Identifiable Assets Office $ 3,061,692 $ 3,025,810 Apartments 2,309,164 2,246,479 Retail 388,272 368,353 Total Operations 5,759,128 5,640,642 Development 1,563,728 2,020,273 Corporate 636,860 402,372 $ 7,959,716 $ 8,063,287 Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Revenues Operating Expenses Office $ 111,472 $ 113,539 $ 43,790 $ 42,776 Apartments 74,270 72,098 35,964 33,904 Retail 6,380 14,750 3,624 10,754 Total Operations 192,122 200,387 83,378 87,434 Development 17,798 15,619 15,635 18,448 Corporate — — 28,133 20,108 $ 209,920 $ 216,006 $ 127,146 $ 125,990 Depreciation and Amortization Capital Expenditures Office $ 27,870 $ 33,999 $ 6,209 $ 14,302 Apartments 20,494 18,651 2,695 3,920 Retail 782 3,065 760 415 Total Operations 49,146 55,715 9,664 18,637 Development 5,524 7,166 57,559 78,027 Corporate 615 674 86 21 $ 55,285 $ 63,555 $ 67,309 $ 96,685 The Company uses Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") to manage its business and 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; and ix) other transactional items, including organizational transformation and termination benefits. 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, 2018 Office Apartments Retail Total Operations Development Corporate Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 41,456 $ 141,053 $ 93,562 $ 276,071 $ (9,311 ) $ (67,013 ) $ 199,747 Depreciation and amortization 28,556 22,889 11,923 63,368 6,438 615 70,421 Interest expense — — — — — 43,118 43,118 Amortization of mortgage procurement costs — — — — — 1,637 1,637 Income tax expense — — — — — 1,824 1,824 Loss on extinguishment of debt — — — — — 2,269 2,269 Net (gain) loss on disposition of full or partial interests in rental properties (94 ) (1,214 ) — (1,308 ) 3,712 — 2,404 Gain on disposition of unconsolidated entities — (121 ) (74,486 ) (74,607 ) — — (74,607 ) Gains on change in control of interests — (117,711 ) — (117,711 ) — — (117,711 ) Organizational transformation and termination benefits — — — — — 15,950 15,950 Adjusted EBITDA attributable to Forest City Realty Trust, Inc. $ 69,918 $ 44,896 $ 30,999 $ 145,813 $ 839 $ (1,600 ) $ 145,052 Three Months Ended March 31, 2017 Office Apartments Retail Total Operations Development Corporate 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) loss 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

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event [Text Block]	Subsequent Event On April 25, 2018 , the Company’s jointly owned specialty retail joint venture with Madison International, acquired a 50% ownership interest in three life science office buildings (“acquired assets”) located in Cambridge, Massachusetts, for a purchase price of approximately $302,000,000 . Prior to this acquisition, the Company owned the remaining 50% ownership interest in the acquired assets and accounted for this investment on the equity method of accounting. Subsequent to the acquisition, the Company continues to own the remaining 50% ownership interests in the acquired assets and continues to account for this investment on the equity method of accounting as the Madison International joint venture retains the same rights as the previous partner was entitled to. The acquisition was funded primarily through a capital contribution into the joint venture from Madison International. It is expected the Company will exchange its preferred ownership interests in certain of the specialty retail assets owned by the joint venture for the acquired assets in a non-cash transaction during the three months ended September 30, 2018. Following this anticipated exchange, the Company will own 100% of the acquired assets and expects to fully consolidate the properties. In accordance with accounting guidance, the Company will remeasure its equity interests, at fair value (based upon the income approach using current rents and market cap rates and discount rates), and expects to record a gain on change in control during the three months ended September 30, 2018.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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, 2017 . 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 of control of interests, impairment of real estate and other-than-temporary impairments on equity method investments. Actual results could differ from those estimates.
New Accounting Guidance	New Accounting Guidance The following accounting pronouncements were adopted during the three months ended March 31, 2018 : 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 that 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. The Company adopted this guidance as of January 1, 2018 using the modified retrospective method and therefore, the comparative information has not been adjusted. The guidance has been applied to contracts that are not completed as of the date of initial application. Rental revenue and tenant recoveries from lease contracts represents a significant portion of the Company’s total revenues and is a specific scope exception provided by this guidance. The adoption of this guidance did not result in a material impact on the Company’s consolidated financial statements or disclosures. 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. The Company adopted this guidance as of January 1, 2018 using the retrospective transition method. The adoption of this guidance significantly increased the combined beginning and ending period cash, cash equivalents and restricted cash balances as of each period presented and removed the effects of the change in restricted cash as previously presented in Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2017 . In February 2017, the FASB issued an amendment to the accounting guidance on the derecognition of nonfinancial assets. The guidance clarifies the definition of an in substance nonfinancial asset and the recognition of gains and losses from the transfer of nonfinancial assets and for partial sales of nonfinancial assets, which includes real estate. We elected the practical expedient to not apply the guidance on completed contracts. A completed contract is one in which “substantially all” of the revenue from the contract was recognized under the previous accounting guidance. The Company adopted this guidance using the modified retrospective method on January 1, 2018. In August 2017, the FASB issued an amendment to the accounting guidance on derivatives and hedging activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The Company early adopted this guidance on January 1, 2018, using the modified retrospective method requiring a cumulative effect adjustment of $120,000 to recognize the initial application of this guidance as an adjustment to accumulated other comprehensive income and a corresponding adjustment to beginning retained earnings. The following new accounting pronouncements will be adopted on their respective effective dates: 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 the current guidance for operating leases. The new guidance 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. 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 has completed an inventory of its lease agreements in which the Company is a lessee and is gathering the necessary information to determine the right of use asset and related lease liability. The Company intends to use the practical expedients available to lessees upon adoption. For leases in which the Company is the lessor, the Company is in the process of analyzing the various revenue streams from its lease agreements to determine the lease and non-lease components based on the applicable performance obligation associated with the consideration received.
Recognition of Revenues	Recognition of Revenues The Company has adopted new accounting guidance for revenue from contracts with customers on January 1, 2018. The adoption of this guidance did not result in a material impact on the Company’s consolidated financial statements at adoption and at March 31, 2018 . The following is disclosure of the Company’s revenue recognition policies. Rental – Lease terms in office buildings, retail centers and certain parking facilities generally range from 1 to 30 years, excluding leases with certain anchor tenants, which typically are longer. Minimum rents are recognized on a straight-line basis over the non-cancelable term of the lease, which include the effects of applicable rent steps and rent abatements. Overage rents are recognized after sales thresholds have been achieved. Apartment lease terms are generally one year. Tenant Recoveries – Reimbursements from office, apartments and retail tenants for common area maintenance, taxes, insurance, utilities and other property operating expenses as defined in the lease agreements are recognized in the period the applicable costs are incurred. Service and Management Fees – Management fee revenue in the Office, Apartment and Retail segments is a series of distinct services required to operate a property’s day to day activities with the same pattern of transfer to the customer satisfied over time. Management fee revenue is billed to the customer and recognized as revenue on a monthly basis as management services are rendered. Service fee revenue in the Office, Apartment and Retail segments primarily from leasing, financing, and other real estate services are distinct services billed and recognized in the period the Company’s performance obligation is satisfied. Development fee revenue on long-term fixed-price contracts or cost plus fee contracts are recognized as the Company’s performance obligation is satisfied. We apply the practical expedient and, as a result, do not disclose variable consideration attributable to wholly or partially unsatisfied performance obligations as of the end of the reporting period. Parking and Other – Revenues derived from monthly and transient tenant parking and other revenue relates primarily to the Office and Apartment segment and is recognized in the period the Company’s performance obligation is satisfied. Land Sales – Sales of land to residential, commercial and industrial customers, primarily at the Company’s Stapleton project in the Development segment, and sales of commercial outlots adjacent to the Company’s operating property portfolio primarily in the Retail segment are recognized at closing or upon completion of all conditions precedent to the sales contract (whichever is later).
Historic, New Market and Low Income Housing Tax Credit Entities	Historic, New Market and Low Income Housing Tax Credit Entities The Company invests in properties that have received, or the Company believes are entitled to receive, historic preservation tax credits on qualifying expenditures under Internal Revenue Code (“IRC”) section 47, low income housing tax credits on new construction and rehabilitation of existing buildings as low income rental housing under IRC section 42, and new market tax credits on qualifying investments in designated community development entities (“CDEs”) under IRC section 45D, as well as various state credit programs, which entitles the members to tax credits based on qualified expenditures at the time those qualified expenditures are placed in service (collectively “Tax Credits”). The Company typically enters into these investments with sophisticated financial investors. In exchange for the financial investors’ initial contribution into the investment, the financial investor is entitled to substantially all of the benefits derived from the tax credit. Typically, these arrangements have put/call provisions whereby the Company may be obligated (or entitled) to repurchase the financial investors’ interest. The Company has consolidated each of these entities in its consolidated financial statements and has included these investor contributions in accounts payable, accrued expenses and other liabilities. The Company guarantees to the financial investor that in the event of a subsequent recapture by a taxing authority due to the Company’s noncompliance with applicable tax credit guidelines, it will indemnify the financial investor for any recaptured tax credits. The Company initially records a contract liability for the cash received from the financial investor, which represents consideration received prior to transferring services. The Company’s performance obligation is to comply with the recapture rules of the specified tax credit over the recapture period, which is in its control. The financial investor is simultaneously receiving and consuming the benefits provided by the Company’s performance as it complies with the recapture period. Therefore, the Company recognizes revenue in the amount of the contract liability on a straight-line basis over the tax credit recapture period, which range from 0 to 15 years . Income related to the sale of tax credits is recorded in interest and other income within the Corporate segment.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Tax credit contract liability	contract liabilities: Three Months Ended March 31, 2018 2017 (in thousands) Beginning balance $ 60,851 $ 50,790 Tax credit revenue (3,303 ) (2,845 ) Tax credit contribution — 1,294 Ending balance $ 57,548 $ 49,239
Summary of components of organizational transformation and termination benefits	The following table summarizes the components of organizational transformation and termination benefits and are reported in the Corporate Segment: Three Months Ended March 31, 2018 2017 (in thousands) Termination benefits $ 4,647 $ 4,152 Strategic alternative costs 11,303 — Shareholder activism costs — 373 Total $ 15,950 $ 4,525
Schedule of Accrued Severance	The following table summarizes the activity in the accrued severance balance for termination benefits: Three Months Ended March 31, 2018 2017 (in thousands) Accrued severance benefits, beginning balance $ 13,974 $ 9,969 Termination benefits expense 4,647 4,152 Payments (7,277 ) (5,063 ) Accrued severance benefits, ending balance $ 11,344 $ 9,058
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 or change in control transactions, change in construction payables and other capital expenditures, notes receivable from the sale of rental properties and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate. Three Months Ended March 31, 2018 2017 (in thousands) Non-cash changes to balance sheet - Investing Activities Projects under construction and development $ 1,698 $ 7,513 Completed rental properties (416,023 ) (60,956 ) Notes receivable 51,929 2,000 Investments in and advances to affiliates - due to dispositions or change in control 174,814 (2,890 ) Investments in and advances to affiliates - other activity 3,329 166 Total non-cash effect on investing activities $ (184,253 ) $ (54,167 ) Non-cash changes to balance sheet - Financing Activities Nonrecourse mortgage debt and notes payable, net $ (135,123 ) $ (46,907 ) Convertible senior debt, net (11 ) — Class A common stock — 1 Additional paid-in capital 966 9,779 Noncontrolling interest (133,286 ) (7,456 ) Total non-cash effect on financing activities $ (267,454 ) $ (44,583 )

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Receivable [Abstract]
Schedule of notes receivable	The following table summarizes the Company’s interest bearing notes receivable: March 31, 2018 December 31, 2017 Maturity Date Weighted Average Interest Rate (in thousands) Stapleton advances $ 135,318 $ 128,676 Various 8.53% The Nets sale 125,100 125,100 January 2021 4.50% Barclays Center sale 92,600 92,600 January 2019 4.50% QIC (Regional Mall dispositions) 88,864 36,935 April 2019 4.25% Other 17,187 15,474 Various 4.84% Total $ 459,069 $ 398,785

Nonrecourse Mortgage Debt and32

Nonrecourse Mortgage Debt and Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 : Years Ending December 31, (in thousands) 2018 $ 381,036 2019 361,443 2020 244,138 2021 195,012 2022 205,260 Thereafter 1,612,550 2,999,439 Net unamortized mortgage procurement costs (32,241 ) Total $ 2,967,198

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Available credit on the Credit Facility	The following table summarizes available credit on the Revolving Credit Facility: March 31, 2018 December 31, 2017 (in thousands) Total available borrowings $ 600,000 $ 600,000 Less: Outstanding borrowings — — Outstanding letters of credit (23,136 ) (36,439 ) Available credit $ 576,864 $ 563,561

Term Loan, Net (Tables)

Term Loan, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Term Loan, Net [Abstract]
Schedule of Debt [Table Text Block]	The following table summarizes outstanding borrowings of the Term Loan, net: March 31, 2018 December 31, 2017 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,232 ) (1,332 ) Total $ 333,768 $ 333,668 The following table summarizes the convertible senior debt, net: March 31, 2018 December 31, 2017 (in thousands) 4.250% Notes due 2018 $ 73,208 $ 73,215 3.625% Notes due 2020 40,017 40,021 113,225 113,236 Net unamortized debt procurement costs (484 ) (599 ) Total $ 112,741 $ 112,637

Convertible Senior Debt, Net (T

Convertible Senior Debt, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Convertible Senior Debt, Net	The following table summarizes outstanding borrowings of the Term Loan, net: March 31, 2018 December 31, 2017 (in thousands) Total outstanding borrowings $ 335,000 $ 335,000 Net unamortized debt procurement costs (1,232 ) (1,332 ) Total $ 333,768 $ 333,668 The following table summarizes the convertible senior debt, net: March 31, 2018 December 31, 2017 (in thousands) 4.250% Notes due 2018 $ 73,208 $ 73,215 3.625% Notes due 2020 40,017 40,021 113,225 113,236 Net unamortized debt procurement costs (484 ) (599 ) Total $ 112,741 $ 112,637

Derivative Instruments and He36

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value Hedging Instruments	The following amounts were recored on the Consolidated Balance Sheets in nonrecourse mortgage debt and notes payable, net related to the hedged borrowings in fair value hedges: March 31, 2018 December 31, 2017 (in thousands) Carrying amount of underlying borrowings $ 597,166 $ 605,036 Cumulative fair value adjustments to underlying borrowings (1,241 ) 3,210 Fair value of underlying borrowings $ 595,925 $ 608,246
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 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) March 31, 2018 Derivatives Designated as Hedging Instruments Interest rate swaps $ 63,153 $ 1,656 $ 33,906 $ 301 TROR 281,151 1,328 316,015 2,569 Total $ 344,304 $ 2,984 $ 349,921 $ 2,870 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 89,209 2,677 91,252 9,793 Total $ 158,727 $ 2,677 $ 91,252 $ 9,793 December 31, 2017 Derivatives Designated as Hedging Instruments Interest rate swaps $ 63,372 $ 1,129 $ 34,078 $ 863 TROR 369,021 3,862 236,015 652 Total $ 432,393 $ 4,991 $ 270,093 $ 1,515 Derivatives Not Designated as Hedging Instruments Interest rate caps $ 69,518 $ — $ — $ — TROR 100,466 4,107 36,280 11,330 Total $ 169,984 $ 4,107 $ 36,280 $ 11,330
Derivative Instruments Gain (Loss) in Statement of Financial Position	The following table summarizes the impact of gains and losses related to derivative instruments designated as cash flow hedges on accumulated other comprehensive income: Three Months Ended March 31, 2018 2017 (in thousands) Gain on interest rate contracts recognized in Accumulated OCI $ 1,216 $ 241 Loss on interest rate contracts reclassified from Accumulated OCI to the Statements of Operations Interest expense $ (581 ) $ (763 ) Earnings (loss) from unconsolidated entities (507 ) (709 ) $ (1,088 ) $ (1,472 )
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance, Location	The following table summarizes the impact of gains and losses related to cash flow and fair value hedging relationships in the Consolidated Statements of Operations: Three Months Ended March 31, Location on Consolidated Statements of Operations 2018 2017 Cash Flow Hedging Relationships (in thousands) Loss on interest rate contracts reclassified from Accumulated OCI Interest expense $ (581 ) $ (763 ) Fair Value Hedging Relationships Gain (loss) on TROR Interest expense $ (4,451 ) $ 5,351 Gain (loss) on underlying borrowings Interest expense 4,451 (5,351 ) Total Fair Value Hedging Relationships $ — $ —
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 or fair value hedges in the Consolidated Statements of Operations: Net Gain (Loss) Recognized Three Months Ended March 31, Location on Consolidated Statements of Operations 2018 2017 Derivatives Not Designated as Hedging Instruments (in thousands) Interest rate caps and interest rate swaps Interest expense $ — $ (107 ) TROR Interest expense 1,224 1,498 Total $ 1,224 $ 1,391

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 Level 1 Level 2 Level 3 Total (in thousands) Interest rate swaps (assets) $ — $ 1,656 $ — $ 1,656 Interest rate swaps (liabilities) — (301 ) — (301 ) TROR (assets) — — 4,005 4,005 TROR (liabilities) — — (12,362 ) (12,362 ) Fair value adjustment to the borrowings subject to TROR — — 1,241 1,241 Total $ — $ 1,355 $ (7,116 ) $ (5,761 ) December 31, 2017 (in thousands) Interest rate swaps (assets) $ — $ 1,129 $ — $ 1,129 Interest rate swaps (liabilities) — (863 ) — (863 ) TROR (assets) — — 7,969 7,969 TROR (liabilities) — — (11,982 ) (11,982 ) Fair value adjustment to the borrowings subject to TROR — — (3,210 ) (3,210 ) Total $ — $ 266 $ (7,223 ) $ (6,957 )
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, 2018 Balance, January 1, 2018 $ (4,013 ) $ (3,210 ) $ (7,223 ) Total realized and unrealized gains (losses): Included in earnings Fair market value adjustment (2,324 ) 3,548 1,224 Settlement of TROR designated as fair value hedge (903 ) 903 — Settlement of TROR not designated as a fair value hedge (1,117 ) — (1,117 ) Balance, March 31, 2018 $ (8,357 ) $ 1,241 $ (7,116 ) 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 Fair market value adjustment 6,849 (5,351 ) 1,498 Balance, March 31, 2017 $ (8,724 ) $ 2,083 $ (6,641 )
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, 2018 : Quantitative Information about Level 3 Fair Value Measurements Fair Value March 31, 2018 Valuation Technique Unobservable Input Input Values (in thousands) TROR $ (8,357 ) Third party bond pricing Bond valuation 93.73 - 109.14 Fair value adjustment to the borrowings subject to TROR $ 1,241 Third party bond pricing Bond valuation 93.73 - 101.00
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, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Nonrecourse mortgage debt and notes payable, net $ 2,967,198 $ 2,948,720 $ 2,998,361 $ 2,995,559 Term loan, net 333,768 333,857 333,668 333,726 Convertible senior debt, net 112,741 113,525 112,637 130,942 Total $ 3,413,707 $ 3,396,102 $ 3,444,666 $ 3,460,227

Dividends (Tables)

Dividends (Tables)	3 Months Ended
	Mar. 31, 2018
Dividends [Abstract]
Dividends Declared	The following table summarizes the quarterly cash dividends declared by the Board of Directors on the Company’s common stock (in thousands, except per share data): Date Declared Record Date Payment Date Amount Per Share Total Cash Payment 2018 February 22, 2018 March 5, 2018 March 16, 2018 $ 0.18 $ 48,012 2017 November 29, 2017 December 20, 2017 December 29, 2017 $ 0.14 $ 37,344 August 22, 2017 September 5, 2017 September 18, 2017 0.14 37,343 May 17, 2017 June 9, 2017 June 23, 2017 0.09 23,482 March 1, 2017 March 13, 2017 March 27, 2017 0.09 23,441 Total $ 0.46 $ 121,610

Stock-Based Compensation (Tabl

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
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 recognized in the financial statements: Three Months Ended March 31, 2018 2017 (in thousands) Stock option costs $ 84 $ 200 Restricted stock costs 4,037 5,138 Performance share costs 1,098 2,018 Total stock-based compensation costs 5,219 7,356 Less amount capitalized into qualifying real estate projects (955 ) (2,492 ) Amount charged to operating expenses 4,264 4,864 Depreciation expense on capitalized stock-based compensation 341 215 Total stock-based compensation expense $ 4,605 $ 5,079

Net Gain on Disposition of In40

Net Gain on Disposition of Interest in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 (in thousands) Regional Malls - QIC Various $ 74,838 $ — Federally assisted housing apartment 121 9,349 Shops at Bruckner Boulevard (Specialty Retail Center) Bronx, New York — 8,183 Other — 169 $ 74,959 $ 17,701

Net Gain on Disposition of Fu41

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 (in thousands) Apartment: 461 Dean Street Brooklyn, New York $ (3,713 ) $ — Office Building: Illinois Science & Technology Park (4 buildings) Skokie, Illinois — 3,771 Federally assisted housing apartment 464 — Other 845 5,532 (2,404 ) 9,303 Income tax effect (130 ) — $ (2,534 ) $ 9,303

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 Numerators (in thousands) Net earnings attributable to Forest City Realty Trust, Inc. $ 199,747 $ 40,917 Distributed and undistributed earnings allocated to participating securities (1,625 ) (374 ) Net earnings attributable to common stockholders ‑ Basic $ 198,122 $ 40,543 Interest on convertible debt 1,141 — Net earnings attributable to common stockholders ‑ Diluted $ 199,263 $ 40,543 Denominators Weighted average shares outstanding ‑ Basic 265,440,763 258,797,277 Effect of stock options and performance shares 589,985 402,992 Effect of convertible debt 5,213,392 — Weighted average shares outstanding ‑ Diluted (1) (2) 271,244,140 259,200,269 Earnings Per Share Net earnings attributable to common stockholders ‑ Basic $ 0.75 $ 0.16 Net earnings attributable to common stockholders ‑ Diluted $ 0.73 $ 0.16 (1) Incremental shares from restricted stock and convertible securities aggregating 1,901,530 and 7,860,297 for the three months ended March 31, 2018 and 2017 , respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive. (2) Weighted-average options, restricted stock and performance shares of 719,716 and 2,167,229 for the three months ended March 31, 2018 and 2017 , 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, 2018
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, 2018 December 31, 2017 Identifiable Assets Office $ 3,061,692 $ 3,025,810 Apartments 2,309,164 2,246,479 Retail 388,272 368,353 Total Operations 5,759,128 5,640,642 Development 1,563,728 2,020,273 Corporate 636,860 402,372 $ 7,959,716 $ 8,063,287 Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Revenues Operating Expenses Office $ 111,472 $ 113,539 $ 43,790 $ 42,776 Apartments 74,270 72,098 35,964 33,904 Retail 6,380 14,750 3,624 10,754 Total Operations 192,122 200,387 83,378 87,434 Development 17,798 15,619 15,635 18,448 Corporate — — 28,133 20,108 $ 209,920 $ 216,006 $ 127,146 $ 125,990 Depreciation and Amortization Capital Expenditures Office $ 27,870 $ 33,999 $ 6,209 $ 14,302 Apartments 20,494 18,651 2,695 3,920 Retail 782 3,065 760 415 Total Operations 49,146 55,715 9,664 18,637 Development 5,524 7,166 57,559 78,027 Corporate 615 674 86 21 $ 55,285 $ 63,555 $ 67,309 $ 96,685
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, 2018 Office Apartments Retail Total Operations Development Corporate Total Net earnings (loss) attributable to Forest City Realty Trust, Inc. $ 41,456 $ 141,053 $ 93,562 $ 276,071 $ (9,311 ) $ (67,013 ) $ 199,747 Depreciation and amortization 28,556 22,889 11,923 63,368 6,438 615 70,421 Interest expense — — — — — 43,118 43,118 Amortization of mortgage procurement costs — — — — — 1,637 1,637 Income tax expense — — — — — 1,824 1,824 Loss on extinguishment of debt — — — — — 2,269 2,269 Net (gain) loss on disposition of full or partial interests in rental properties (94 ) (1,214 ) — (1,308 ) 3,712 — 2,404 Gain on disposition of unconsolidated entities — (121 ) (74,486 ) (74,607 ) — — (74,607 ) Gains on change in control of interests — (117,711 ) — (117,711 ) — — (117,711 ) Organizational transformation and termination benefits — — — — — 15,950 15,950 Adjusted EBITDA attributable to Forest City Realty Trust, Inc. $ 69,918 $ 44,896 $ 30,999 $ 145,813 $ 839 $ (1,600 ) $ 145,052 Three Months Ended March 31, 2017 Office Apartments Retail Total Operations Development Corporate 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) loss 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

Accounting Policies Accounting

Accounting Policies Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Liabilities for Long-term Contracts or Programs [Abstract]
Beginning balance	$ 60,851,000	$ 50,790,000
Contract liability recognized into revenue	(3,303,000)	(2,845,000)
Contract liability recognized	0	1,294,000
Ending balance	$ 57,548,000	$ 49,239,000

Accounting Policies (Details 1)

Accounting Policies (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Termination benefits	$ 4,647,000	$ 4,152,000
Strategic alternative costs	11,303,000	0
Shareholder activism costs	0	373,000
Organizational transformation and termination benefits	$ 15,950,000	$ 4,525,000

Accounting Policies (Details 2)

Accounting Policies (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accounting Policies [Abstract]
Accrued severance benefits, beginning balance	$ 13,974	$ 9,969
Termination benefits expense	4,647	4,152
Payments	(7,277)	(5,063)
Accrued severance benefits, ending balance	$ 11,344	$ 9,058

Accounting Policies (Details 3)

Accounting Policies (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Non-cash changes to balance sheet - Investing Activities
Projects under construction and development	$ 1,698	$ 7,513
Completed rental properties	(416,023)	(60,956)
Notes receivable	51,929	2,000
Investments in and advances to affiliates - due to dispositions or change in control	174,814	(2,890)
Investments in and advances to affiliates - other activity	3,329	166
Total non-cash effect on investing activities	(184,253)	(54,167)
Non-cash changes to balance sheet - Financing Activities
Nonrecourse mortgage debt and notes payable, net	(135,123)	(46,907)
Convertible senior debt, net	(11)	0
Class A common stock	0	1
Additional paid-in capital	966	9,779
Noncontrolling interest	(133,286)	(7,456)
Total non-cash effect on financing activities	$ (267,454)	$ (44,583)

Accounting Policies (Details Te

Accounting Policies (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)State	Dec. 31, 2017USD ($)
Segment Reporting Information [Line Items]
Total Assets	$ 7,959,716	$ 8,063,287
Number of States in which Entity Operates | State	19
Occupancy rate of stabilized properties	92.00%
Stabilization, minimum years open and operating	1 year
Stabilization, maximum years open and operating	2 years
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 120
Accumulated other comprehensive loss	$ (6,143)	$ (8,563)
Residential Real Estate [Member]
Segment Reporting Information [Line Items]
Lease Terms		1 year
Minimum [Member]
Segment Reporting Information [Line Items]
Tax credit recapture period	0 years
Minimum [Member] | Retail Centers and Office Buildings [Member]
Segment Reporting Information [Line Items]
Lease Terms		1 year
Maximum [Member]
Segment Reporting Information [Line Items]
Tax credit recapture period	15 years
Maximum [Member] | Retail Centers and Office Buildings [Member]
Segment Reporting Information [Line Items]
Lease Terms		30 years

Accounting Policies (Details 49

Accounting Policies (Details Textual 1)	3 Months Ended
	Mar. 31, 2018USD ($)entity
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 173,000,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%
Forest City Ownership Percentage in Bayside Village	50.00%
Decrease in Real Estate Due to Deconsolidation of Property	$ 415,000,000
Decrease in Nonrecourse Mortgage Debt Due to Deconsolidation of Property	127,000,000
Decrease in Accounts Payable, Accrued Expenses and Other Liabilities Due to Deconsolidation of Property	$ 23,000,000
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities | entity	43
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Variable Interest Entities | entity	36

Accounting Policies (Details 50

Accounting Policies (Details Textual 2)	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2018USD ($)	Mar. 31, 2017USD ($)propertiesshares	Mar. 31, 2018USD ($)propertyshares	Mar. 31, 2017USD ($)properties	Sep. 30, 2017	Dec. 31, 2017USD ($)shares	Aug. 31, 2006property
Related Party Transaction [Line Items]
Number of Real Estate Properties		6	1	6
Reduction of noncontrolling interest			$ 270,993,000			$ 416,283,000
Increase to common stock			2,659,000			2,653,000
Increase to additional paid-in capital			$ 2,536,715,000			$ 2,537,538,000
Common Units Outstanding | shares			1,111,044			1,111,044,000
Conversion Ratio			1.31		1.31
Maximum reimbursement			$ 200,000
BCR transaction [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties | property							30
Distribution preference payment			$ 200,000	$ 172,000
Tax indemnity payment accrual		$ 482,000		482,000
BCR exchange transaction [Member]
Related Party Transaction [Line Items]
Exchange of Class A common Units for Class A Shares, Units Exchanged | shares		142,879
Reduction of noncontrolling interest		$ 7,288,000		7,288,000
Increase to additional paid-in capital		$ 7,287,000		7,287,000
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
Increase to common stock		$ 1,000		1,000
RMS [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction				$ 50,000
Starboard [Member]
Related Party Transaction [Line Items]
Stock ownership by related party			3.00%
Scopia [Member]
Related Party Transaction [Line Items]
Stock ownership by related party			8.30%
Subsequent Event [Member] | Starboard [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 188,000

Notes Receivable (Details)

Notes Receivable (Details) - USD ($)	Apr. 02, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable		$ 459,069,000	$ 398,785,000
Stapleton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable		$ 135,318,000	128,676,000
Weighted Average Interest Rate on Notes Receivable		8.53%
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%
QIC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable		$ 88,864,000	36,935,000
Weighted Average Interest Rate on Notes Receivable		4.25%
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable		$ 17,187,000	$ 15,474,000
Weighted Average Interest Rate on Notes Receivable		4.84%
Subsequent Event [Member] | QIC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 150,000,000
Subsequent Event [Member] | Westchester's Ridge Hill [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 61,136,000

Nonrecourse Mortgage Debt and52

Nonrecourse Mortgage Debt and Notes Payable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Summary of nonrecourse mortgage debt and notes payable, net maturities
Nonrecourse mortgage debt and notes payable total maturities in 2018	$ 381,036
Nonrecourse mortgage debt and notes payable total maturities in 2019	361,443
Nonrecourse mortgage debt and notes payable total maturities in 2020	244,138
Nonrecourse mortgage debt and notes payable total maturities in 2021	195,012
Nonrecourse mortgage debt and notes payable total maturities in 2022	205,260
Nonrecourse mortgage debt and notes payable total maturities thereafter	1,612,550
Nonrecourse mortgage debt and notes payable, gross	2,999,439
Net unamortized mortgage procurement costs	(32,241)
Nonrecourse mortgage debt and notes payable, net	$ 2,967,198	$ 2,998,361

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Total available borrowings	$ 600,000,000	$ 600,000,000
Outstanding borrowings	0	0
Letters of credit	(23,136,000)	(36,439,000)
Available credit	$ 576,864,000	$ 563,561,000

Revolving Credit Facility (De54

Revolving Credit Facility (Details Textual)	3 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
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	$ 1,558,000	$ 1,798,000
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	0.20%
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	1.88%
Prime Rate [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	4.75%
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	1.20%
Current Period [Member] | Prime Rate [Member] | Revolving credit facility [Member]
Line of Credit Facility [Line Items]
Variable rate basis spread of debt instrument	0.20%

Term Loan, Net (Details)

Term Loan, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Term Loan, Net [Abstract]
Total outstanding borrowings	$ 335,000	$ 335,000
Net unamortized debt procurement costs	(1,232)	(1,332)
Total	$ 333,768	$ 333,668

Term Loan, Net (Details Textual

Term Loan, Net (Details Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
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	1.66%
Term Loan [Member] | LIBOR [Member] | Current Period [Member]
Debt Instrument [Line Items]
Variable rate basis spread of debt instrument	1.35%
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	0.35%
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, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Convertible Senior Notes	$ 113,225	$ 113,236
Net unamortized debt procurement costs	(484)	(599)
Convertible subordinated debt, net	$ 112,741	$ 112,637
Notes due 2018 [Member]
Debt Instrument [Line Items]
Interest Rate	4.25%	4.25%
Convertible Senior Notes	$ 73,208	$ 73,215
Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest Rate	3.625%	3.625%
Convertible Senior Notes	$ 40,017	$ 40,021

Derivative Instruments and He58

Derivative Instruments and Hedging Activities Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Carrying amount of underlying borrowings	$ 2,999,439
Fair Value Hedging [Member]
Derivative [Line Items]
Carrying amount of underlying borrowings	597,166	$ 605,036
Cumulative fair value adjustment to underlying borrowing	(1,241)	3,210
Fair value of underlying borrowings	$ 595,925	$ 608,246

Derivative Instruments and He59

Derivative Instruments and Hedging Activities (Details 1) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	$ 344,304,000	$ 432,393,000
Asset Derivatives, Fair Value	2,984,000	4,991,000
Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	158,727,000	169,984,000
Asset Derivatives, Fair Value	2,677,000	4,107,000
Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	349,921,000	270,093,000
Liability Derivatives, Fair Value	2,870,000	1,515,000
Accounts Payable, Accrued Expenses and Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Liability Derivatives, Current Notional	91,252,000	36,280,000
Liability Derivatives, Fair Value	9,793,000	11,330,000
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	63,153,000	63,372,000
Asset Derivatives, Fair Value	1,656,000	1,129,000
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	33,906,000	34,078,000
Liability Derivatives, Fair Value	301,000	863,000
TROR [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	281,151,000	369,021,000
Asset Derivatives, Fair Value	1,328,000	3,862,000
TROR [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Asset Derivatives, Current Notional	89,209,000	100,466,000
Asset Derivatives, Fair Value	2,677,000	4,107,000
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	236,015,000
Liability Derivatives, Fair Value	2,569,000	652,000
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	91,252,000	36,280,000
Liability Derivatives, Fair Value	$ 9,793,000	$ 11,330,000

Derivative Instruments and He60

Derivative Instruments and Hedging Activities (Details 2) - Interest Rate Contract [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative [Line Items]
Gain (loss) recognized in OCI (effective portion)	$ 1,216	$ 241
Gain (loss) reclassified from accumulated OCI	(1,088)	(1,472)
Interest expense [Member]
Derivative [Line Items]
Gain (loss) reclassified from accumulated OCI	(581)	(763)
Earnings from unconsolidated entities [Member]
Derivative [Line Items]
Gain (loss) reclassified from accumulated OCI	$ (507)	$ (709)

Derivative Instruments and He61

Derivative Instruments and Hedging Activities (Details 3) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Total Fair Value Hedging Relationships	$ 0	$ 0
Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI	(1,088,000)	(1,472,000)
Interest Expense [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on underlying borrowings	4,451,000	(5,351,000)
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI	(581,000)	(763,000)
Interest Expense [Member] | TROR [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on TROR	$ (4,451,000)	$ 5,351,000

Derivative Instruments and He62

Derivative Instruments and Hedging Activities (Details 4) - Not Designated as Hedging Instrument [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative [Line Items]
Derivative net gain (loss) recognized in interest expense	$ 1,224,000	$ 1,391,000
Interest Rate Contract [Member]
Derivative [Line Items]
Derivative net gain (loss) recognized in interest expense	0	(107,000)
TROR [Member]
Derivative [Line Items]
Derivative net gain (loss) recognized in interest expense	$ 1,224,000	$ 1,498,000

Derivative Instruments and He63

Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Derivative [Line Items]
SIFMA rate	1.58%
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	$ 180,461
Cash Flow Hedging [Member]
Derivative [Line Items]
Loss on cash flow hedges to be reclassified within next twelve months	2,703
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | TROR [Member]
Derivative [Line Items]
Notional amount of TROR	$ 597,166

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair value measurement, recurring basis [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Financial assets and liabilities measured on a recurring basis
Fair value adjustment to the borrowing subject to TROR	$ 1,241,000	$ (3,210,000)
Financial assets and liabilities measured at fair value on a recurring basis	(5,761,000)	(6,957,000)
Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	1,656,000	1,129,000
Derivative liabilities	(301,000)	(863,000)
TROR [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	4,005,000	7,969,000
Derivative liabilities	(12,362,000)	(11,982,000)
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	1,355,000	266,000
Fair Value, Inputs, Level 2 [Member] | Interest rate swaps [Member]
Financial assets and liabilities measured on a recurring basis
Derivative assets	1,656,000	1,129,000
Derivative liabilities	(301,000)	(863,000)
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	1,241,000	(3,210,000)
Financial assets and liabilities measured at fair value on a recurring basis	(7,116,000)	(7,223,000)
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	4,005,000	7,969,000
Derivative liabilities	$ (12,362,000)	$ (11,982,000)

Fair Value Measurements (Deta65

Fair Value Measurements (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ (7,223,000)	$ (8,139,000)
Total realized and unrealized gains (losses):
Included in earnings	1,224,000	1,498,000
Settlement of TROR designated as fair value hedge	0
Settlement of TROR not designated as a fair value hedge	(1,117,000)
Balance, ending	(7,116,000)	(6,641,000)
Net TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(4,013,000)	(15,573,000)
Total realized and unrealized gains (losses):
Included in earnings	(2,324,000)	6,849,000
Settlement of TROR designated as fair value hedge	(903,000)
Settlement of TROR not designated as a fair value hedge	(1,117,000)
Balance, ending	(8,357,000)	(8,724,000)
Fair value adjustment to the borrowings subject to TROR [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(3,210,000)	7,434,000
Total realized and unrealized gains (losses):
Included in earnings	3,548,000	(5,351,000)
Settlement of TROR designated as fair value hedge	903,000
Settlement of TROR not designated as a fair value hedge	0
Balance, ending	$ 1,241,000	$ 2,083,000

Fair Value Measurements (Deta66

Fair Value Measurements (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items]
Fair Value	$ (7,116)	$ (7,223)	$ (6,641)	$ (8,139)
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	1,241	$ (3,210)	$ 2,083	$ 7,434
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	(8,357)
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	$ 1,241
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	$ 93.73
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	93.73
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	109.14
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	$ 101

Fair Value Measurements (Deta67

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
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	$ 3,414	$ 3,445
Fair Value	3,396	3,460
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	2,967	2,998
Fair Value	2,949	2,996
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	334	334
Fair Value	334	334
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	113	113
Fair Value	$ 114	$ 131

Capital Stock (Detail Textuals)

Capital Stock (Detail Textuals)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2017	Dec. 31, 2017USD ($)	Jun. 12, 2017shares
Equity [Abstract]
Share repurchase program, initial amount	$ 100,000,000
Stock repurchase program, new amount	$ 400,000,000
Class B common shares reclassified pursuant to the Reclassification | shares					18,788,163
Conversion Ratio	1.31		1.31
Class A common shares issued pursuant to the Reclassification Agreement | shares					24,612,495
Common Stock, Voting Rights per Share	one vote per share
Costs incurred for conversion of Class B stock to Class A stock		$ 604,000		$ 9,305,000

Dividends (Details)

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

Mar. 16, 2018

Feb. 22, 2018

Dec. 29, 2017

Nov. 29, 2017

Sep. 18, 2017

Aug. 22, 2017

Jun. 23, 2017

May 17, 2017

Mar. 27, 2017

Mar. 01, 2017

Mar. 31, 2018

Dec. 31, 2017

Dividends Payable [Line Items]

Amount per Share

$ 0.46

Total Cash Payments

$ 48,012

$ 121,610

Quarterly

Dividends Payable [Line Items]

Amount per Share

$ 0.18

$ 0.14

$ 0.14

$ 0.09

$ 0.09

Total Cash Payments

$ 48,012

$ 37,344

$ 37,343

$ 23,482

$ 23,441

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 5,219	$ 7,356
Less amount capitalized into qualifying real estate projects	(955)	(2,492)
Amount charged to operating expenses	4,264	4,864
Depreciation expense on capitalized stock-based compensation	341	215
Total stock-based compensation expense	4,605	5,079
Stock option costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	84	200
Restricted stock costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	4,037	5,138
Performance share costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation costs	$ 1,098	$ 2,018

Stock-Based Compensation (Det71

Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
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	$ 322	$ 867
Repurchase of Class A common stock, Shares	291,447	157,304
Repurchase of Class A common stock	$ 6,047	$ 3,436	$ 6,082
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	632,869
Grant-date fair value	$ 20.89
Unrecognized compensation cost	$ 19,231
Weighted-average period of unrecognized compensation cost expected to be recognized	28 months
Performance shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	217,548
Grant-date fair value	$ 17.44
Unrecognized compensation cost	$ 8,756
Weighted-average period of unrecognized compensation cost expected to be recognized	27 months

Write-Offs of Abandoned Devel72

Write-Offs of Abandoned Development Projects and Demolition Costs (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 6,218,000	$ 351,000

Gain on Change in Control (Deta

Gain on Change in Control (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain on Change in Control of Interest [Abstract]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%
Proceeds from deconsolidation of a rental property	$ 24,000,000	$ 0
Forest City Ownership Percentage in Bayside Village	50.00%
Decrease in Real Estate Due to Deconsolidation of Property	$ 415,000,000
Decrease in Nonrecourse Mortgage Debt Due to Deconsolidation of Property	127,000,000
Noncontrolling Interest, Decrease from Deconsolidation	133,090,000
Increase in Investments In and Advances to Unconsolidated Entities Due to Deconsolidation of Property	227,000,000
Gain on change in control of interests	$ 117,711,000	$ 0

Loss on Extinguishment of Debt

Loss on Extinguishment of Debt (Details Textuals) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Extinguishment of Debt Disclosures [Abstract]
Loss on extinguishment of debt	$ 2,388,000	$ 2,843,000

Net Gain on Disposition of In75

Net Gain on Disposition of Interest in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	$ 74,959,000	$ 17,701,000
Regional Malls - QIC [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	74,838,000	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	121,000	9,349,000
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	0	8,183,000
Other [Member]
Net gain on disposition of interest in unconsolidated entities [Line Items]
Net gain on disposition of interest in unconsolidated entities	$ 0	$ 169,000

Net Gain on Disposition of In76

Net Gain on Disposition of Interest in Unconsolidated Entities (Details Textuals)	1 Months Ended	3 Months Ended
	Apr. 30, 2018USD ($)	Mar. 31, 2018USD ($)property	Mar. 31, 2017USD ($)properties	Apr. 02, 2018USD ($)	Dec. 31, 2017USD ($)
Disposal Group, not including discontinued operations [Line Items]
Cash proceeds		$ 157,992,000	$ 25,796,000
Notes receivable		$ 459,069,000			$ 398,785,000
Number of FAH apartment communities sold		1	6
Regional Malls - QIC [Member]
Disposal Group, not including discontinued operations [Line Items]
Cash proceeds		$ 74,203,000
Notes receivable		51,929,000
Federally assisted housing apartments [Member]
Disposal Group, not including discontinued operations [Line Items]
Cash proceeds		$ 43,000	$ 18,122,000
Shops at Bruckner Boulevard [Member]
Disposal Group, not including discontinued operations [Line Items]
Cash proceeds			$ 8,863,000
Subsequent Event [Member] | Westchester's Ridge Hill [Member]
Disposal Group, not including discontinued operations [Line Items]
Cash proceeds	$ 10,468,000
Notes receivable				$ 61,136,000

Income Taxes (Details Textuals)

Income Taxes (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 1,409	$ 51

Income Taxes (Details Textual 1

Income Taxes (Details Textual 1)	Dec. 31, 2017USD ($)
TRS [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	$ 106,505,000
REIT [Member]
Tax Credit Carryforward [Line Items]
Net operating loss carryforward	$ 76,176,000

Net Gain on Disposition of Fu79

Net Gain on Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	$ (2,404,000)	$ 9,303,000
Tax effect	130,000	0
Net gain on disposition of full or partial interest in rental properties, net of tax	(2,534,000)	9,303,000
461 Dean Street [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	(3,713,000)	0
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	0	3,771,000
Federally assisted housing apartment [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	464,000	0
Other [Member]
Disposal Group, not including discontinued operations [Line Items]
Gain (loss) on disposition of full or partial interest in rental properties	$ 845,000	$ 5,532,000

Net Gain of Disposition of Full

Net Gain of Disposition of Full or Partial Interest in Rental Properties, Net of Tax (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Cash proceeds	$ 157,992	$ 25,796
461 Dean Street [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Cash proceeds	$ 147,193
Illinois Science and Technology Park [Member]
Net Gain on Disposition of Full or Partial Interest in Rental Properties
Cash proceeds		$ 16,494

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
The reconciliation of basic and diluted EPS computations
Net earnings attributable to Forest City Realty Trust, Inc.		$ 199,747,000	$ 40,917,000
Distributed and undistributed earnings allocated to participating securities		(1,625,000)	(374,000)
Net earnings attributable to common stockholders ‑ Basic		198,122,000	40,543,000
Net gain on disposition of full or partial interest in rental properties, net of tax		(2,534,000)	9,303,000
Interest on convertible debt		1,141,000	0
Net earnings attributable to common stockholders - Diluted		$ 199,263,000	$ 40,543,000
Denominators
Weighted average shares outstanding - Basic		265,440,763	258,797,277
Effect of stock options and performance shares		589,985	402,992
Effect of convertible debt		5,213,392	0
Weighted average shares outstanding - Diluted	[1]	271,244,140	259,200,269
Earnings per share
Net earnings attributable to common shareholders - Basic		$ 0.75	$ 0.16
Net earnings attributable to common stockholders - Diluted		$ 0.73	$ 0.16
[1]	Incremental shares from restricted stock and convertible securities aggregating 1,901,530 and 7,860,297 for the three months ended March 31, 2018 and 2017, respectively, were not included in the computation of diluted EPS because their effect is anti-dilutive.(2)Weighted-average options, restricted stock and performance shares of 719,716 and 2,167,229 for the three months ended March 31, 2018 and 2017, 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, 2018	Mar. 31, 2017
Restricted Stock and Convertible Securities [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share	1,901,530	7,860,297
Weighted-average options, restricted stock and performance shares [Member]
Earnings Per Share (Textual) [Abstract]
Anti-dilutive securities excluded from computation of earnings per share	719,716	2,167,229

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Financial data of reportable segments
Identifiable Assets	$ 7,959,716,000		$ 8,063,287,000
Revenues	209,920,000	$ 216,006,000
Operating Expenses	127,146,000	125,990,000
Depreciation and amortization	55,285,000	63,555,000
Capital expenditures	67,309,000	96,685,000
Office
Financial data of reportable segments
Identifiable Assets	3,061,692,000		3,025,810,000
Revenues	111,472,000	113,539,000
Operating Expenses	43,790,000	42,776,000
Depreciation and amortization	27,870,000	33,999,000
Capital expenditures	6,209,000	14,302,000
Apartments
Financial data of reportable segments
Identifiable Assets	2,309,164,000		2,246,479,000
Revenues	74,270,000	72,098,000
Operating Expenses	35,964,000	33,904,000
Depreciation and amortization	20,494,000	18,651,000
Capital expenditures	2,695,000	3,920,000
Retail
Financial data of reportable segments
Identifiable Assets	388,272,000		368,353,000
Revenues	6,380,000	14,750,000
Operating Expenses	3,624,000	10,754,000
Depreciation and amortization	782,000	3,065,000
Capital expenditures	760,000	415,000
Total Operations
Financial data of reportable segments
Identifiable Assets	5,759,128,000		5,640,642,000
Revenues	192,122,000	200,387,000
Operating Expenses	83,378,000	87,434,000
Depreciation and amortization	49,146,000	55,715,000
Capital expenditures	9,664,000	18,637,000
Development
Financial data of reportable segments
Identifiable Assets	1,563,728,000		2,020,273,000
Revenues	17,798,000	15,619,000
Operating Expenses	15,635,000	18,448,000
Depreciation and amortization	5,524,000	7,166,000
Capital expenditures	57,559,000	78,027,000
Corporate
Financial data of reportable segments
Identifiable Assets	636,860,000		$ 402,372,000
Revenues	0	0
Operating Expenses	28,133,000	20,108,000
Depreciation and amortization	615,000	674,000
Capital expenditures	$ 86,000	$ 21,000

Segment Information (Details 1)

Segment Information (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	$ 199,747,000	$ 40,917,000
Depreciation and amortization	55,285,000	63,555,000
Interest expense	26,967,000	27,975,000
Amortization of mortgage procurement costs	1,306,000	1,222,000
Loss on extinguishment of debt	(2,388,000)	(2,843,000)
Net (gain) loss on disposition of full or partial interest in rental properties	(2,534,000)	9,303,000
Gain on disposition of unconsolidated entities	74,959,000	17,701,000
Gain on change in control of interests	117,711,000	0
Total
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	199,747,000	40,917,000
Interest expense	43,118,000	47,831,000
Amortization of mortgage procurement costs	1,637,000	1,832,000
Income tax expense	1,824,000	51,000
Loss on extinguishment of debt	2,269,000	4,466,000
Net (gain) loss on disposition of full or partial interest in rental properties	2,404,000	(9,303,000)
Gain on disposition of unconsolidated entities	(74,607,000)	(17,701,000)
Gain on change in control of interests	(117,711,000)
Organizational transformation and termination benefits	15,950,000	4,525,000
Adjusted EBIDTA attributable to Forest City Realty Trust, Inc.	145,052,000	151,669,000
Total | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	70,421,000	79,051,000
Office
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	41,456,000	42,309,000
Depreciation and amortization	27,870,000	33,999,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Loss on extinguishment of debt	0	0
Net (gain) loss on disposition of full or partial interest in rental properties	(94,000)	(3,771,000)
Gain on disposition of unconsolidated entities	0	0
Gain on change in control of interests	0
Organizational transformation and termination benefits	0	0
Adjusted EBIDTA attributable to Forest City Realty Trust, Inc.	69,918,000	73,400,000
Office | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	28,556,000	34,862,000
Apartments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	141,053,000	41,516,000
Depreciation and amortization	20,494,000	18,651,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Loss on extinguishment of debt	0	0
Net (gain) loss on disposition of full or partial interest in rental properties	(1,214,000)	(5,532,000)
Gain on disposition of unconsolidated entities	(121,000)	(9,518,000)
Gain on change in control of interests	(117,711,000)
Organizational transformation and termination benefits	0	0
Adjusted EBIDTA attributable to Forest City Realty Trust, Inc.	44,896,000	48,957,000
Apartments | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	22,889,000	22,491,000
Retail
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	93,562,000	31,358,000
Depreciation and amortization	782,000	3,065,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Loss on extinguishment of debt	0	0
Net (gain) loss on disposition of full or partial interest in rental properties	0	0
Gain on disposition of unconsolidated entities	(74,486,000)	(8,183,000)
Gain on change in control of interests	0
Organizational transformation and termination benefits	0	0
Adjusted EBIDTA attributable to Forest City Realty Trust, Inc.	30,999,000	39,025,000
Retail | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	11,923,000	15,850,000
Total Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	276,071,000	115,183,000
Depreciation and amortization	49,146,000	55,715,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Loss on extinguishment of debt	0	0
Net (gain) loss on disposition of full or partial interest in rental properties	(1,308,000)	(9,303,000)
Gain on disposition of unconsolidated entities	(74,607,000)	(17,701,000)
Gain on change in control of interests	(117,711,000)
Organizational transformation and termination benefits	0	0
Adjusted EBIDTA attributable to Forest City Realty Trust, Inc.	145,813,000	161,382,000
Total Operations | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	63,368,000	73,203,000
Development
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(9,311,000)	(10,577,000)
Depreciation and amortization	5,524,000	7,166,000
Interest expense	0	0
Amortization of mortgage procurement costs	0	0
Income tax expense	0	0
Loss on extinguishment of debt	0	0
Net (gain) loss on disposition of full or partial interest in rental properties	3,712,000	0
Gain on disposition of unconsolidated entities	0	0
Gain on change in control of interests	0
Organizational transformation and termination benefits	0	0
Adjusted EBIDTA attributable to Forest City Realty Trust, Inc.	839,000	(5,403,000)
Development | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	6,438,000	5,174,000
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net earnings (loss) attributable to Forest City Realty Trust, Inc.	(67,013,000)	(63,689,000)
Depreciation and amortization	615,000	674,000
Interest expense	43,118,000	47,831,000
Amortization of mortgage procurement costs	1,637,000	1,832,000
Income tax expense	1,824,000	51,000
Loss on extinguishment of debt	2,269,000	4,466,000
Net (gain) loss on disposition of full or partial interest in rental properties	0	0
Gain on disposition of unconsolidated entities	0	0
Gain on change in control of interests	0
Organizational transformation and termination benefits	15,950,000	4,525,000
Adjusted EBIDTA attributable to Forest City Realty Trust, Inc.	(1,600,000)	(4,310,000)
Corporate | Adjusted EBIDTA Depreciation
Segment Reporting, Revenue Reconciling Item [Line Items]
Depreciation and amortization	$ 615,000	$ 674,000

Subsequent Event (Details Textu

Subsequent Event (Details Textual) - USD ($)	1 Months Ended
	Apr. 30, 2018	Sep. 30, 2018	Apr. 25, 2018	Mar. 31, 2018
Subsequent Event [Line Items]
Ownership interest prior to acquisition				50.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Ownership interest acquired			50.00%
Purchase price	$ 302,000,000
Ownership interest prior to acquisition			50.00%
Ownership interest subsequent to acquisition			50.00%
Scenario, Forecast [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Ownership interest subsequent to acquisition		100.00%