Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations [Text Block]

4.DISCONTINUED OPERATIONS

On November 28, 2012, we completed the sale of KingsPlaza located in Brooklyn, New York, to Macerich, for $751,000,000. Net proceeds from the sale, after repaying the existing loan and closing costs, were $479,000,000, of which $30,000,000 was in Macerich common shares. The financial statement gain was $601,976,000, of which $599,628,000 was recognized in the fourth quarter of 2012 and the remaining $2,348,000 was deferred and will be recognized upon the disposition of the Macerich common shares. Prior to the sale, in November 2012, we acquired the remaining 75% interest in our consolidated subsidiary, the Kings Plaza energyplant joint venture(which was sold with Kings Plaza), for $7,800,000 in cash.

On November 30, 2012, our Board of Directors declared a special long-term capital gain dividend of $122.00 per share, or $623,178,000 in the aggregate, to distribute the tax gain resulting from the sale of Kings Plaza.

In accordance with the provisions of ASC 360, Property, Plant and Equipment, we have reclassified the revenues and expenses of Kings Plaza to “income from discontinued operations” for all of the periods presented on our consolidated statements of income. The table below sets forth the income from discontinued operationsfor the years ended December 31, 2013, 2012 and 2011.

		Year Ended December 31,
(Amounts in thousands)			2013		2012		2011
Total revenues		$	-	$	61,836	$	69,006
Total operating expenses(1)			-		31,214		35,764
			-		30,622		33,242
Interest and other income, net			2,252		45		1,671
Interest and debt expense			-		(5,343)		(8,698)
Net gain on sale			-		599,628		-
Income from discontinued operations		$	2,252	$	624,952	$	26,215
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(1)	Includes fees to Vornado of $1,368 and $1,598 for the years ended December 31, 2012 and 2011, respectively.