NRF » Topics » Reclassifications

This excerpt taken from the NRF 10-Q filed May 7, 2009.

Reclassifications

        On January 1, 2009, the Company adopted FASB Staff Position APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("FSP APB 14-1"). FSP APB 14-1 applies to convertible debt instruments that, by their stated terms, may be settled in cash (or other assets) upon conversion, including partial cash settlement of the conversion option. FSP APB 14-1 requires bifurcation of the instrument into a debt component that is initially recorded at fair value and an equity component. The difference between the fair value of the debt component and the initial proceeds from issuance of the instrument is recorded as a component of equity. The liability component of the debt instrument is accreted to par using the effective yield method; accretion is reported as a component of interest expense. The equity component is not subsequently re-valued as long as it continues to qualify for equity treatment. Additionally, FSP APB 14-1 precludes the use of the fair value option pursuant to SFAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities." The adoption of FSP APB 14-1 resulted in the Company recognizing additional non-cash interest expense of approximately $0.7 million and $0.5 million in the statements of operations for the three months ended March 31, 2009 and 2008, respectively. The financial statements for 2008 have been restated for the effects of the retroactive application of FSP APB 14-1.

10


Table of Contents


NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Amount in Thousands, Except per Share Data

(Unaudited)

2. Summary of Significant Accounting Policies—(Continued)

        The following tables present the cumulative effects of the change in accounting principle as of January 1, 2008 and for the three months ended March 31, 2008:

 
  December 31, 2008  
 
  As originally
reported
  As adjusted   Effect of change
in accounting
principle
 

Deferred costs and intangible assets, net

  $ 71,933   $ 79,633   $ 7,700  

Exchangeable senior notes

    112,576     233,273     120,697  

Non-controlling interests

    210,281     198,593     (11,688 )

Total NorthStar Realty Finance Corp. Stockholders' Equity

  $ 1,516,475   $ 1,415,167   $ (101,308 )

 

 
  Three Months Ended March 31. 2008  
 
  As originally
reported
  As adjusted   Effect of change
in accounting
principle
 

Interest expense

  $ 54,947   $ 55,458   $ 511  

Unrealized gain (loss) on investments and other

    212,075     210,945     (1,130 )

Non-controlling interests

    (23,289 )   (23,116 )   173  

Net income attributable to NorthStar Realty Finance Corp. common stockholders

    195,273     193,805     (1,468 )

Earnings per share

  $ 3.14   $ 3.11   $ (0.03 )

        As of March 31, 2009 and December 31, 2008, the total carrying amount of the equity components of the exchangeable senior notes was $6.8 million and $9.2 million respectively. The principal amount of the exchangeable senior notes liabilities was $179.8 million and $240.8 million as of March 31, 2009 and December 31, 2008, respectively. The unamortized discount of the liability components was $5.3 million and $7.5 million at March 31, 2009 and December 31, 2008, respectively. The net carrying amount of the liability components was $174.5 million and $233.3 million at March 31, 2009 and December 31, 2008, respectively. Interest expense for the three months ended March 31, 2009 and 2008 related to the exchangeable senior notes was $5.2 million and $3.6 million, respectively, of which $4.5 million and $3.1 million was related to contractual interest, respectively, and $0.7 million and $0.5 million was attributable to amortization of the debt discount and deferred financing costs, respectively.

        On January 1, 2009, the Company adopted SFAS 160, "Non-controlling Interests in Consolidated Financial Statements" ("SFAS 160"). SFAS 160 clarifies that a non-controlling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. SFAS 160 also changes the way the consolidated income statement is presented by requiring consolidated net income to be reported at amounts that include the amounts attributable to both the parent and the non-controlling interest. It also requires disclosure, on the face of the consolidated statement of income, of the amounts of consolidated net income attributable to the parent and to the non-controlling interest. The adoption of SFAS 160 does not affect prior periods reported

11


Table of Contents


NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Amount in Thousands, Except per Share Data

(Unaudited)

2. Summary of Significant Accounting Policies—(Continued)


net income or retained earnings, however, the presentation and disclosure requirements have been applied retrospectively for all periods presented.

These excerpts taken from the NRF 10-K filed Feb 25, 2009.

Reclassifications

        Certain prior period amounts have been reclassified to conform to the current period presentation.

Reclassifications

        Certain prior period amounts have been reclassified to conform to the current period presentation.

This excerpt taken from the NRF 10-Q filed Nov 6, 2008.

Reclassifications

        Certain prior period amounts have been reclassified to conform to the current period presentation.

This excerpt taken from the NRF 10-Q filed Aug 8, 2008.

Reclassifications

        Certain prior period amounts have been reclassified to conform to the current period presentation.

This excerpt taken from the NRF 10-Q filed May 9, 2008.

Reclassifications

        Certain prior period amounts have been reclassified to conform to the current period presentation.

8


NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS--(Continued)

Amount in Thousands, Except per Share Data

(Unaudited)

2. Summary of Significant Accounting Policies (Continued)

These excerpts taken from the NRF 10-K filed Feb 29, 2008.

Reclassifications

        Certain prior period amounts have been reclassified to conform to the current period presentation.

Reclassifications



        Certain prior period amounts have been reclassified to conform to the current period presentation.



This excerpt taken from the NRF 10-Q filed Nov 9, 2007.

Reclassifications

        Certain prior period amounts have been reclassified to conform to the current period presentation.

This excerpt taken from the NRF 10-Q filed Aug 9, 2007.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

This excerpt taken from the NRF 10-Q filed May 10, 2007.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.



7



NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

This excerpt taken from the NRF 10-K filed Mar 15, 2007.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

At December 31, 2006 and 2005, the Operating real estate, net consists of the following:

  

December 31,
2006

 

December 31,
2005

 
 

     

  

     

   

Land

 

$

54,552

 

$

25,449

 

Buildings and Improvements

  

378,241

  

152,293

 

Leasehold interests

  

15,847

  

8,391

 

Tenant Improvements

  

30,974

  

16,547

 

Furniture and Fixtures

  

403

  

 

Capital leases

  

3,028

  

3,028

 
   

483,045

  

205,708

 

Less accumulated depreciation

  

(14,437

)

 

(7,000

)

Operating real estate, net

  

468,608

 

$

198,708

 

Depreciation expense amounted to approximately $9.2 million and $3.8 million for the year ended December 31, 2006 and 2005, respectively, of which a portion is included in income from discontinued operations for each of these periods.

This excerpt taken from the NRF 10-Q filed Nov 9, 2006.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

This excerpt taken from the NRF 10-Q filed Aug 9, 2006.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

This excerpt taken from the NRF 10-Q filed May 10, 2006.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

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