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

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Summary of Rental Properties Included in Discontinued Operations

The following table summarizes the rental properties included in discontinued operations:

Property	Location	Square Feet/ Number of Units	Period Disposed	Three Months Ended 6/30/14	Six Months Ended 6/30/14	Three Months Ended 6/30/13	Six Months Ended 6/30/13
Commercial Group:
Promenade Bolingbrook	Bolingbrook, Illinois	771,000 square feet	Q2-2014	Yes	Yes	Yes	Yes
Quartermaster Plaza	Philadelphia, Pennsylvania	456,000 square feet	Q1-2014	—	Yes	Yes	Yes
Mesa del Sol - 5600 University SE	Albuquerque, New Mexico	87,000 square feet	Q1-2014	—	Yes	Yes	Yes
Orchard Town Center	Westminster, Colorado	603,000 square feet	Q4-2013	—	—	Yes	Yes
Colorado Studios	Denver, Colorado	75,000 square feet	Q3-2013	—	—	Yes	Yes
Higbee Building	Cleveland, Ohio	815,000 square feet	Q3-2013	—	—	Yes	Yes
Sheraton Station Square	Pittsburgh, Pennsylvania	399 rooms	Q3-2013	—	—	Yes	Yes
Two triple net lease properties	Various	138,000 square feet	Various (1)	—	—	Yes	Yes
Residential Group:
Millender Center	Detroit, Michigan	339 units	Q1-2013	—	—	—	Yes

(1) Includes one triple net lease property disposed of during Q4-2013 and one triple net lease property disposed of during Q1-2013.

Summary of Operating Results of Discontinued Operations

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(in thousands)
Revenues	$	39		$	21,189		$	7,034		$	46,426
Expenses
Operating expenses	(1,749		)	10,171			3,026			26,096
Depreciation and amortization	—			4,162			987			8,475
	(1,749		)	14,333			4,013			34,571
Interest expense	(55		)	(3,840		)	(5,538		)	(7,830		)
Amortization of mortgage procurement costs	—			(180		)	(41		)	(361		)
Loss on extinguishment of debt	(431		)	—			(448		)	(40		)
Interest and other income	—			112			—			226
Gain on disposition of rental properties	1,276			—			28,100			21,471
Earnings before income taxes	2,578			2,948			25,094			25,321
Income tax expense	1,438			1,123			12,082			7,763
Earnings from discontinued operations	1,140			1,825			13,012			17,558
Noncontrolling interest
Gain on disposition of rental properties	—			—			58			5,835
Operating earnings (loss) from rental properties	—			48			(8		)	64
	—			48			50			5,899
Earnings from discontinued operations attributable to Forest City Enterprises, Inc.	$	1,140		$	1,777		$	12,962		$	11,659

Pre-tax Gain on Disposition of Rental Properties

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands)
Promenade Bolingbrook (Regional Mall)	$	1,276	$	—	$	1,276	$	—
Quartermaster Plaza (Specialty Retail Center)	—		—		26,373		—
Mesa del Sol - 5600 University SE (Office Building)	—		—		451		—
Millender Center (Apartment Community)	—		—		—		21,660
Other	—		—		—		(189		)
	$	1,276	$	—	$	28,100	$	21,471

Gain on Disposition of Unconsolidated Entities

The following table summarizes gains on the disposition of unconsolidated entities, which are included in equity in earnings:

		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)
Specialty Retail Centers:
Golden Gate	Mayfield Heights, Ohio	$	16,440		$	—		$	16,440		$	—
Plaza at Robinson Town Center	Pittsburgh, Pennsylvania	—			(1,510		)	—			(1,510		)
Apartment Communities:
Westwood Reserve	Tampa, Florida	—			—			8,904			—
Legacy Crossroads	Cary, North Carolina	—			—			6,216			—
Colonial Grand	Tampa, Florida	—			—			4,904			—
Legacy Arboretum	Charlotte, North Carolina	—			—			3,257			—
Barrington Place	Raleigh, North Carolina	—			—			1,515			—
Other		(350		)	—			(350		)	—
		$	16,090		$	(1,510	)	$	40,886		$	(1,510	)