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Segment Information (Tables)
 6 Months Ended
Jul. 31, 2012
Segment Reporting [Abstract]  
Financial data of five reportable segments
The following tables summarize financial data for the Company’s five reportable segments. All amounts are presented in thousands.
 
 
 
July 31,
2012
January 31, 2012
 
 
 
 
 
 
Identifiable Assets
 
 
 
 
Commercial Group
$
8,133,880

$
7,970,069

 
 
 
 
Residential Group
2,035,196

2,022,135

 
 
 
 
Land Development Group
289,505

352,248

 
 
 
 
The Nets(1)
(9,066
)
(3,836
)
 
 
 
 
Corporate Activities
283,338

163,667

 
 
 
 
 
 
 
$
10,732,853

$
10,504,283

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended July 31,
Six Months Ended July 31,
Three Months Ended July 31,
Six Months Ended July 31,
 
2012
2011
2012
2011
2012
2011
2012
2011
 
Revenues from Real Estate Operations
Operating Expenses
Commercial Group
$
182,139

$
178,622

$
361,188

$
374,813

$
105,446

$
92,625

$
199,384

$
190,114

Commercial Group Land Sales
49

1,400

40,049

47,652

50

634

3,566

3,155

Residential Group
66,701

56,822

131,285

109,626

42,902

39,506

87,586

76,001

Land Development Group
12,484

7,862

24,640

15,952

11,271

10,193

22,948

19,418

The Nets
—

—

—

—

—

—

—

—

Corporate Activities
—

—

—

—

13,623

9,798

26,354

24,425

 
$
261,373

$
244,706

$
557,162

$
548,043

$
173,292

$
152,756

$
339,838

$
313,113

 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization Expense
Interest Expense
Commercial Group
$
41,489

$
39,493

$
80,999

$
81,464

$
40,968

$
40,607

$
79,732

$
85,772

Residential Group
12,346

13,531

25,029

26,794

5,040

8,823

9,174

14,820

Land Development Group
139

54

246

114

2,475

776

4,226

1,600

The Nets
—

—

—

—

—

—

—

—

Corporate Activities
257

356

586

709

14,242

12,789

27,837

26,708

 
$
54,231

$
53,434

$
106,860

$
109,081

$
62,725

$
62,995

$
120,969

$
128,900

 
 
 
 
 
 
 
 
 
 
Interest and Other Income
Capital Expenditures
Commercial Group
$
6,299

$
7,714

$
10,098

$
14,455

$
217,758

$
151,872

$
387,897

$
266,497

Residential Group
4,837

4,998

9,312

10,874

27,648

40,523

53,585

93,563

Land Development Group
2,510

2,553

4,870

5,394

139

337

181

350

The Nets
—

—

—

—

—

—

—

—

Corporate Activities
32

50

77

99

199

150

435

170

 
$
13,678

$
15,315

$
24,357

$
30,822

$
245,744

$
192,882

$
442,098

$
360,580

(1)
The identifiable assets represent losses in excess of the Company’s investment basis in The Nets.
Reconciliation of EBDT to Net Earnings (Loss) by Segment
All amounts in the following tables are presented in thousands.
Reconciliation of EBDT to Net Earnings (Loss) by Segment:
Three Months Ended July 31, 2012
Commercial
Group
 
Residential
Group
 
Land
Development
Group
 
The Nets
 
Corporate
Activities
 
Total
EBDT
$
55,769

 
$
32,523

 
$
3,274

 
$
(8,272
)
 
$
(26,683
)
 
$
56,611

Depreciation and amortization – Real Estate Groups
(51,248
)
 
(20,953
)
 
(101
)
 
—

 
—

 
(72,302
)
Amortization of mortgage procurement costs – Real Estate Groups
(3,513
)
 
(808
)
 
(28
)
 
—

 
—

 
(4,349
)
Straight-line rent adjustment
3,920

 
(145
)
 
—

 
—

 
—

 
3,775

Net loss on land held for divestiture activity
—

 
—

 
(9,965
)
 
—

 
—

 
(9,965
)
Net loss on land held for divestiture activity of unconsolidated entities
—

 
—

 
(41,887
)
 
—

 
—

 
(41,887
)
Gain on disposition of unconsolidated entities
16,107

 
—

 
—

 
—

 
—

 
16,107

Net gain on change in control of interests
4,064

 
—

 
—

 
—

 
—

 
4,064

Impairment of real estate
(2,908
)
 
—

 
—

 
—

 
—

 
(2,908
)
Impairment of unconsolidated real estate
—

 
—

 
(390
)
 
—

 
—

 
(390
)
Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization – Real Estate Groups
(16
)
 
(175
)
 
—

 
—

 
—

 
(191
)
Amortization of mortgage procurement costs – Real Estate Groups
—

 
(4
)
 
—

 
—

 
—

 
(4
)
Impairment of real estate
(261
)
 
—

 
—

 
—

 
—

 
(261
)
Income tax benefit (expense):
 
 
 
 
 
 
 
 
 
 
 
Deferred income taxes
—

 
—

 
—

 
—

 
(11,430
)
 
(11,430
)
Current income taxes attributable to above dispositions
—

 
—

 
—

 
—

 
19,413

 
19,413

Net earnings (loss) attributable to Forest City Enterprises, Inc.
$
21,914

 
$
10,438

 
$
(49,097
)
 
$
(8,272
)
 
$
(18,700
)
 
$
(43,717
)
Preferred dividends
—

 
—

 
—

 
—

 
(3,850
)
 
(3,850
)
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders
$
21,914

 
$
10,438

 
$
(49,097
)
 
$
(8,272
)
 
$
(22,550
)
 
$
(47,567
)
Three Months Ended July 31, 2011
Commercial
Group
 
Residential
Group
 
Land
Development
Group
 
The Nets
 
Corporate
Activities
 
Total
EBDT
$
77,497

 
$
19,906

 
$
(214
)
 
$
(3,382
)
 
$
(23,101
)
 
$
70,706

Depreciation and amortization – Real Estate Groups
(48,570
)
 
(18,971
)
 
(67
)
 
—

 
—

 
(67,608
)
Amortization of mortgage procurement costs – Real Estate Groups
(2,349
)
 
(882
)
 
(85
)
 
—

 
—

 
(3,316
)
Straight-line rent adjustment
(3,001
)
 
288

 
—

 
—

 
—

 
(2,713
)
Preference payment
(586
)
 
—

 
—

 
—

 
—

 
(586
)
Impairment of real estate
—

 
(235
)
 
—

 
—

 
—

 
(235
)
Allowance for projects under development revision (See Note A)
1,400

 
600

 
—

 
—

 
—

 
2,000

Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization – Real Estate Groups
(1,104
)
 
(217
)
 
—

 
—

 
—

 
(1,321
)
Amortization of mortgage procurement costs – Real Estate Groups
(95
)
 
(4
)
 
—

 
—

 
—

 
(99
)
Straight-line rent adjustment
216

 
—

 
—

 
—

 
—

 
216

Gain on disposition of rental properties
29,899

 
—

 
—

 
—

 
—

 
29,899

Income tax benefit (expense):
 
 
 
 
 
 
 
 
 
 
 
Deferred income taxes .
—

 
—

 
—

 
—

 
(7,129
)
 
(7,129
)
Current income taxes attributable to above dispositions
—

 
—

 
—

 
—

 
(10,456
)
 
(10,456
)
Net earnings (loss) attributable to Forest City Enterprises, Inc.
$
53,307

 
$
485

 
$
(366
)
 
$
(3,382
)
 
$
(40,686
)
 
$
9,358

Preferred dividends
—

 
—

 
—

 
—

 
(3,850
)
 
(3,850
)
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders
$
53,307

 
$
485

 
$
(366
)
 
$
(3,382
)
 
$
(44,536
)
 
$
5,508

Reconciliation of EBDT to Net Earnings (Loss) by Segment (continued):
Six Months Ended July 31, 2012
Commercial
Group
 
Residential
Group
 
Land
Development
Group
 
The Nets
 
Corporate
Activities
 
Total
EBDT
$
153,995

 
$
65,302

 
$
4,364

 
$
(15,230
)
 
$
(49,388
)
 
$
159,043

Depreciation and amortization – Real Estate Groups
(100,402
)
 
(41,904
)
 
(209
)
 
—

 
—

 
(142,515
)
Amortization of mortgage procurement costs – Real Estate Groups
(6,352
)
 
(1,562
)
 
(54
)
 
—

 
—

 
(7,968
)
Straight-line rent adjustment
8,834

 
(227
)
 
—

 
—

 
—

 
8,607

Net loss on land held for divestiture activity
—

 
—

 
(9,965
)
 
—

 
—

 
(9,965
)
Net loss on land held for divestiture activity of unconsolidated entities
—

 
—

 
(41,887
)
 
—

 
—

 
(41,887
)
Gain on disposition of unconsolidated entities
16,107

 
—

 
—

 
—

 
—

 
16,107

Net gain on change in control of interests
4,064

 
—

 
—

 
—

 
—

 
4,064

Impairment of real estate
(4,289
)
 
—

 
—

 
—

 
—

 
(4,289
)
Impairment of unconsolidated real estate
—

 
—

 
(390
)
 
—

 
—

 
(390
)
Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization – Real Estate Groups
(40
)
 
(355
)
 
—

 
—

 
—

 
(395
)
Amortization of mortgage procurement costs – Real Estate Groups
—

 
(8
)
 
—

 
—

 
—

 
(8
)
Straight-line rent adjustment
3

 
—

 
—

 
—

 
—

 
3

Gain on disposition of rental properties
7,914

 
—

 
—

 
—

 
—

 
7,914

Impairment of real estate
(261
)
 
—

 
—

 
—

 
—

 
(261
)
Income tax benefit (expense):
 
 
 
 
 
 
 
 
 
 
 
Deferred income taxes
—

 
—

 
—

 
—

 
(22,893
)
 
(22,893
)
Current income taxes attributable to above dispositions
—

 
—

 
—

 
—

 
13,868

 
13,868

Net earnings (loss) attributable to Forest City Enterprises, Inc.
$
79,573

 
$
21,246

 
$
(48,141
)
 
$
(15,230
)
 
$
(58,413
)
 
$
(20,965
)
Preferred dividends
—

 
—

 
—

 
—

 
(7,700
)
 
(7,700
)
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders
$
79,573

 
$
21,246

 
$
(48,141
)
 
$
(15,230
)
 
$
(66,113
)
 
$
(28,665
)
Six Months Ended July 31, 2011
Commercial
Group
 
Residential
Group
 
Land
Development
Group
 
The Nets
 
Corporate
Activities
 
Total
EBDT
$
192,776

 
$
46,757

 
$
892

 
$
(3,686
)
 
$
(38,657
)
 
$
198,082

Depreciation and amortization – Real Estate Groups
(97,350
)
 
(37,102
)
 
(153
)
 
—

 
—

 
(134,605
)
Amortization of mortgage procurement costs – Real Estate Groups
(4,818
)
 
(1,718
)
 
(146
)
 
—

 
—

 
(6,682
)
Straight-line rent adjustment
(950
)
 
125

 
—

 
—

 
—

 
(825
)
Preference payment
(1,171
)
 
—

 
—

 
—

 
—

 
(1,171
)
Gain on disposition of partial interests in rental properties
9,561

 
—

 
—

 
—

 
—

 
9,561

Gain on disposition of unconsolidated entities
—

 
12,567

 
—

 
—

 
—

 
12,567

Impairment of real estate
(3,435
)
 
(235
)
 
(1,400
)
 
—

 
—

 
(5,070
)
Allowance for projects under development revision (See Note A)
—

 
—

 
—

 
—

 
—

 
—

Discontinued operations:
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization – Real Estate Groups .
(2,754
)
 
(399
)
 
—

 
—

 
—

 
(3,153
)
Amortization of mortgage procurement costs – Real Estate Groups
(357
)
 
(8
)
 
—

 
—

 
—

 
(365
)
Straight-line rent adjustment
552

 
—

 
—

 
—

 
—

 
552

Gain on disposition of rental properties
39,937

 
—

 
—

 
—

 
—

 
39,937

Income tax benefit (expense):
 
 
 
 
 
 
 
 
 
 
 
Deferred income taxes .
—

 
—

 
—

 
—

 
(11,166
)
 
(11,166
)
Current income taxes attributable to above dispositions
—

 
—

 
—

 
—

 
(41,961
)
 
(41,961
)
Net earnings (loss) attributable to Forest City Enterprises, Inc.
$
131,991

 
$
19,987

 
$
(807
)
 
$
(3,686
)
 
$
(91,784
)
 
$
55,701

Preferred dividends
—

 
—

 
—

 
—

 
(7,700
)
 
(7,700
)
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders
$
131,991

 
$
19,987

 
$
(807
)
 
$
(3,686
)
 
$
(99,484
)
 
$
48,001