Discontinued Operations

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Gain on Disposition of Rental Properties

Discontinued Operations

The following tables summarize the rental properties included in discontinued operations during the three months ended March 31, 2014:

Property	Location	Square Feet	Period Disposed	Three Months Ended 3/31/15	Three Months Ended 3/31/14
Commercial Group:
Promenade Bolingbrook	Bolingbrook, Illinois	771,000 square feet	Q2-2014 (1)	—	Yes
Quartermaster Plaza	Philadelphia, Pennsylvania	456,000 square feet	Q1-2014	—	Yes
Mesa del Sol - 5600 University SE	Albuquerque, New Mexico	87,000 square feet	Q1-2014	—	Yes

(1) Classified as held for sale as of March 31, 2014.

Effective April 1, 2014, the Company adopted the new accounting guidance for reporting discontinued operations. As a result, fewer rental property disposals qualify to be reported as discontinued operations. There were no rental property dispositions during the three months ended March 31, 2015 that met the requirements for discontinued operations reporting.

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Revenues	$	—	$	6,995
Expenses
Operating expenses	—		4,775
Depreciation and amortization	—		987
	—		5,762
Gain on disposition of rental properties	—		26,824
Interest expense	—		(5,483		)
Amortization of mortgage procurement costs	—		(41		)
Loss on extinguishment of debt	—		(17		)
Earnings before income taxes	—		22,516
Income tax expense	—		10,644
Earnings from discontinued operations	—		11,872
Noncontrolling interest
Gain on disposition of rental properties	—		58
Operating loss from rental properties	—		(8		)
	—		50
Earnings from discontinued operations attributable to Forest City Enterprises, Inc.	$	—	$	11,822

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

	Three Months Ended March 31,
	2015		2014
	(in thousands)
Quartermaster Plaza (Specialty Retail Center)	$	—	$	26,373
Mesa del Sol - 5600 University SE (Office Building)	—		451
	$	—	$	26,824

Gain on Disposition of Unconsolidated Entities

Gains and losses on the disposition of investments accounted for on the equity method are included in equity in earnings (loss) and are summarized in the following table:

		Three Months Ended March 31,
		2015		2014
		(in thousands)
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
		$	—	$	24,796