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

12 Months Ended

Jan. 31, 2012

Discontinued Operations and Gain (loss) on Disposition of Rental Properties [Abstract]

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

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

The following table lists rental properties included in discontinued operations:

Property	Location	Square Feet/ Number of Units	Period Disposed	Year Ended 1/31/2012		Year Ended 1/31/2011		Year Ended 1/31/2010
Commercial Group:
Ritz-Carlton hotel	Cleveland, Ohio	206 rooms	Q4-2011		Yes		Yes		Yes
250 Huron	Cleveland, Ohio	119,000 square feet	Q4-2011		Yes		Yes		Yes
Waterfront Station – East 4 th & West 4 th Buildings	Washington, D.C.	631,000 square feet	Q2-2011		Yes		Yes		Yes
Charleston Marriott hotel	Charleston, West Virginia	352 rooms	Q1-2011		Yes		Yes		Yes
Simi Valley Town Center	Simi Valley, California	612,000 square feet	Q4-2010		-		Yes		Yes
Investment in triple net lease retail property	Pueblo, Colorado	203,000 square feet	Q4-2010		-		Yes		Yes
Saddle Rock Village	Aurora, Colorado	294,000 square feet	Q3-2010		-		Yes		Yes
Grand Avenue	Queens, New York	100,000 square feet	Q1-2009		-		-		Yes
Residential Group:
101 San Fernando	San Jose, California	323 units	Q2-2010		-		Yes		Yes
Sterling Glen of Glen Cove	Glen Cove, New York	80 units	Q3-2009		-		-		Yes
Sterling Glen of Great Neck	Great Neck, New York	142 units	Q3-2009		-		-		Yes

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

	Years Ended January 31,
	2012			2011			2010
	(in thousands)
Revenues from real estate operations	$	29,099		$	77,992		$	68,728
Expenses
Operating expenses		20,171			47,121			46,013
Depreciation and amortization		4,339			13,289			12,149
Impairment of real estate		10,257			81,643			27,394
		34,767			142,053			85,556
Interest expense		(2,937	)		(11,404	)		(9,595	)
Amortization of mortgage procurement costs		(762	)		(2,127	)		(371	)
Interest income		2			14			60
Gain on disposition of rental properties		133,554			51,303			5,720
Earnings (loss) before income taxes		124,189			(26,275	)		(21,014	)
Income tax expense (benefit)
Current		11,139			2,491			(1,383	)
Deferred		6,536			(15,002	)		(6,705	)
		17,675			(12,511	)		(8,088	)
Earnings (loss) from discontinued operations		106,514			(13,764	)		(12,926	)
Noncontrolling interests
Gain on disposition of rental properties		81,758			4,211			-
Operating earnings (loss) from rental properties		1,424			3,917			(156	)
		83,182			8,128			(156	)
Earnings (loss) from discontinued operations attributable to Forest City Enterprises, Inc.	$	23,332		$	(21,892	)	$	(12,770	)

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

		$000,00		$000,00			$000,00
	Years Ended January 31,
	2012		2011			2010
	(in thousands)
Office Buildings:
Waterfront Station – East 4th & West 4th Buildings	$	111,738	$	-		$	-
250 Huron		9,428		-			-
Hotels:
Charleston Marriott		9,957		-			-
Ritz-Carlton		2,431		-			-
Simi Valley Town Center (Regional Mall)		-		46,802			-
101 San Fernando (Apartment Community)		-		6,204			-
Specialty Retail Centers:
Saddle Rock Village		-		(1,428	)		-
Grand Avenue		-		-			4,548
Other		-		(275	)		1,172
Total	$	133,554	$	51,303		$	5,720