Discontinued Operations

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations and Gain on Disposition of Rental Properties

Discontinued Operations

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 or six months ended June 30, 2015 that met the requirements for discontinued operations reporting.

The following tables summarize the rental properties included in discontinued operations during the three and six months ended June 30, 2014:

Property	Location	Square Feet	Period Disposed	Three Months Ended 6/30/14	Six Months Ended 6/30/14
Commercial Group:
Promenade Bolingbrook	Bolingbrook, Illinois	771,000 square feet	Q2-2014	Yes	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

	Three Months Ended June 30,			Six Months Ended June 30,
	2014			2014
	(in thousands)
Revenues	$	39		$	7,034
Expenses
Operating expenses	(1,749		)	3,026
Depreciation and amortization	—			987
	(1,749		)	4,013
Gain on disposition of rental properties	1,276			28,100
Interest expense	(55		)	(5,538		)
Amortization of mortgage procurement costs	—			(41		)
Loss on extinguishment of debt	(431		)	(448		)
Earnings before income taxes	2,578			25,094
Income tax expense	1,438			12,082
Earnings from discontinued operations	1,140			13,012
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.	$	1,140		$	12,962

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2014		2014
	(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
	$	1,276	$	28,100