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

3 Months Ended

Apr. 30, 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	Three Months Ended 4/30/13	Three Months Ended 4/30/12
Commercial Group:
Fairmont Plaza	San Jose, California	335,000 square feet	Q4-2012	—	Yes
White Oak Village	Richmond, Virginia	843,000 square feet	Q3-2012	—	Yes
Quebec Square	Denver, Colorado	739,000 square feet	Q1-2012	—	Yes
Six triple net lease properties	Various	287,000 square feet	Various⁽¹⁾	Yes	Yes
Residential Group:
Millender Center	Detroit, Michigan	339 units	Q1-2013	Yes	Yes
Emerald Palms	Miami, Florida	505 units	Q4-2012	—	Yes
Southfield	Whitemarsh, Maryland	212 units	Q3-2012	—	Yes


(1)	Includes one triple net lease property disposed of during Q1-2013, three triple net lease properties disposed of during Q3-2012 and two triple net lease properties disposed of during Q2-2012.

Summary of operating results of discontinued operations

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



	Three Months Ended April 30,
	2013			2012
	(in thousands)
Revenues from real estate operations	$	1,068		$	9,681
Expenses
Operating expenses	831			4,019
Depreciation and amortization	118			2,359
Impairment of real estate	—			1,381
	949			7,759

Interest expense	(87		)	(2,556		)
Amortization of mortgage procurement costs	—			(113		)
Loss on extinguishment of debt	(40		)	—
Interest income	2			10
Gain on disposition of rental properties	21,882			8,879
Earnings before income taxes	21,876			8,142
Income tax expense	6,316			3,255
Earnings from discontinued operations	15,560			4,887
Noncontrolling interest
Gain on disposition of rental properties	5,835			965
Operating earnings from rental properties	3			76
	5,838			1,041
Earnings from discontinued operations attributable to Forest City Enterprises, Inc.	$	9,722		$	3,846

Summary of gains on disposition of rental properties

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



	Three Months Ended April 30,
	2013		2012
	(in thousands)
Millender Center (Apartment Community)	$	21,660	$	—
Triple net lease property	222		—
Quebec Square (Specialty Retail Center)	—		8,879
	$	21,882	$	8,879

- 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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