Discontinued Operations and Gain (Loss) on Disposition of Rental Properties (Tables)

12 Months Ended

Jan. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Summary of rental properties included in discontinued operations

The following table lists rental properties included in discontinued operations:



Property	Location	Square Feet/ Number of Units	Period Disposed	Year Ended 1/31/13	Year Ended 1/31/12	Year Ended 1/31/11
Commercial Group:
Fairmont Plaza	San Jose, California	335,000 square feet	Q4-2012	Yes	Yes	Yes
White Oak Village	Richmond, Virginia	843,000 square feet	Q3-2012	Yes	Yes	Yes
Quebec Square	Denver, Colorado	739,000 square feet	Q1-2012	Yes	Yes	Yes
Ritz-Carlton hotel	Cleveland, Ohio	206 rooms	Q4-2011	—	Yes	Yes
250 Huron	Cleveland, Ohio	119,000 square feet	Q4-2011	—	Yes	Yes
Waterfront Station – East 4^th & West 4^th Buildings	Washington, D.C.	631,000 square feet	Q2-2011	—	Yes	Yes
Charleston Marriott hotel	Charleston, West Virginia	352 rooms	Q1-2011	—	Yes	Yes
Simi Valley Town Center	Simi Valley, California	612,000 square feet	Q4-2010	—	—	Yes
Saddle Rock Village	Aurora, Colorado	294,000 square feet	Q3-2010	—	—	Yes
Six triple net lease properties	Various	487,000 square feet	Various ⁽¹⁾	Yes	Yes	Yes
Residential Group:
Emerald Palms	Miami, Florida	505 units	Q4-2012	Yes	Yes	Yes
Southfield	Whitemarsh, Maryland	212 units	Q3-2012	Yes	Yes	Yes
101 San Fernando	San Jose, California	323 units	Q2-2010	—	—	Yes


(1)	Includes three triple net lease properties disposed of during Q3-2012, two triple net lease properties disposed of during Q2-2012 and one triple net lease property disposed of during Q4-2010.

Summary of operating results of discontinued operations

The following table summarizes the operating results related to discontinued operations:



	Years Ended January 31,
	2013			2012			2011
	(in thousands)
Revenues from real estate operations	$	26,456		$	67,458		$	117,193
Expenses
Operating expenses	11,733			34,784			61,498
Depreciation and amortization	6,159			14,139			22,935
Impairment of real estate	4,254			13,692			81,643
	22,146			62,615			166,076

Interest expense	(7,262		)	(14,175		)	(22,969		)
Amortization of mortgage procurement costs	(243		)	(1,257		)	(2,611		)
Loss of extinguishment of debt	(464		)	—			—

Interest income	20			22			40
Gain on disposition of rental properties	100,900			133,554			51,303
Earnings (loss) before income taxes	97,261			122,987			(23,120		)
Income tax expense (benefit)	43,832			17,017			(11,250		)
Earnings (loss) from discontinued operations	53,429			105,970			(11,870		)
Noncontrolling interests
Gain on disposition of rental properties	965			81,758			4,211
Operating earnings from rental properties	387			1,920			3,819
	1,352			83,678			8,030
Earnings (loss) from discontinued operations attributable to Forest City Enterprises, Inc.	$	52,077		$	22,292		$	(19,900	)

Summary of gains (losses) on disposition of rental properties

The following table summarizes the pre-tax gain (loss) on disposition of rental properties:



	Years Ended January 31,
	2013			2012		2011
	(in thousands)
Apartment Communities:
Emerald Palms	$	45,845		$	—	$	—
Southfield	13,445			—		—
101 San Fernando	—			—		6,204
Office Buildings:
Fairmont Plaza	26,877			—		—
Waterfront Station – East 4th & West 4th Buildings	—			111,738		—
250 Huron	—			9,428		—
Specialty Retail Centers:
Quebec Square	8,879			—		—
White Oak Village	(714		)	—		—
Saddle Rock Village	—			—		(1,428		)
Triple net lease properties	6,568			—		(275		)
Hotels:
Charleston Marriott	—			9,957		—
Ritz-Carlton	—			2,431		—
Simi Valley Town Center (Regional Mall)	—			—		46,802
	$	100,900		$	133,554	$	51,303

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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