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Segment Information (Tables)

12 Months Ended

Jan. 31, 2012

Financial data of five reportable segments

The following tables summarize financial data for the Company’s five reportable segments. All amounts are presented in thousands.


	January 31,
	2012		2011

	Identifiable Assets

Commercial Group	$	7,970,069	$	8,617,287
Residential Group		2,022,135		2,825,527
Land Development Group		352,248		498,190
The Nets⁽¹⁾		(3,836)		-
Corporate Activities		163,667		118,697

	$	10,504,283	$	12,059,701


	Years Ended January 31,						Years Ended January 31,
	2012		2011		2010		2012		2011		2010
	Revenues from Real Estate Operations						Operating Expenses

Commercial Group	$	734,967	$	849,291	$	889,558	$	380,460	$	404,953	$	413,517
Commercial Group Land Sales		55,463		24,742		27,068		10,147		19,970		21,609
Residential Group		255,127		211,485		257,077		178,224		136,596		156,886
Land Development Group		44,420		32,131		20,267		47,543		38,650		33,119
The Nets		-		-		-		-		-		-
Corporate Activities		-		-		-		52,585		47,030		39,857
	$	1,089,977	$	1,117,649	$	1,193,970	$	668,959	$	647,199	$	664,988

	Depreciation and Amortization Expense						Interest Expense

Commercial Group	$	163,170	$	178,719	$	195,071	$	168,810	$	221,642	$	232,344
Residential Group		53,677		53,906		57,992		31,946		21,233		27,515
Land Development Group		240		334		830		3,443		3,007		2,109
The Nets		-		-		-		-		-		-
Corporate Activities		1,514		1,769		2,713		56,838		63,884		80,891
	$	218,601	$	234,728	$	256,606	$	261,037	$	309,766	$	342,859

	Interest and Other Income						Capital Expenditures

Commercial Group	$	21,198	$	23,384	$	19,515	$	604,737	$	500,336	$	552,241
Residential Group		19,816		19,830		23,673		154,475		222,712		390,088
Land Development Group		10,838		9,162		9,508		558		-		-
The Nets		-		-		-		-		-		-
Corporate Activities		262		442		1,249		611		110		280
	$	52,114	$	52,818	$	53,945	$	760,381	$	723,158	$	942,609

(1)	The identifiable assets of $(3,836) at January 31, 2012 represent losses in excess of the Company’s investment basis in The Nets.

Reconciliation of EBDT to Net Earnings (Loss) by Segment

Reconciliation of EBDT to Net Earnings (Loss) by Segment:


Year Ended January 31, 2012	Commercial Group			Residential Group			Land Development Group			The Nets			Corporate			Total
EBDT	$	325,063		$	100,924		$	8,541		$	(26,814	)	$	(73,330	)	$	334,384
Depreciation and amortization – Real Estate Groups		(198,063	)		(80,238	)		(249	)		-			-			(278,550	)
Amortization of mortgage procurement costs – Real Estate Groups		(10,519	)		(3,506	)		(289	)		-			-			(14,314	)
Straight-line rent adjustment		6,382			255			-			-			-			6,637
Preference payment		(1,732	)		-			-			-			-			(1,732	)
Gain on disposition of partial interests in rental properties		15,410			2,255			-			-			-			17,665
Gain on disposition of unconsolidated entities		-			12,567			-			-			-			12,567
Impairment of real estate		(3,435	)		(235	)		(115,411	)		-			-			(119,081	)
Impairment of unconsolidated real estate		(40,284	)		-			(41,902	)		-			-			(82,186	)
Allowance for projects under development revision (See note A)		700			300			-			-			-			1,000
Discontinued operations:
Depreciation and amortization – Real Estate Groups		(3,154	)		-			-			-			-			(3,154	)
Amortization of mortgage procurement costs – Real Estate Groups		(356	)		-			-			-			-			(356	)
Straight-line rent adjustment		571			-			-			-			-			571
Gain on disposition of rental properties		51,796			-			-			-			-			51,796
Impairment of real estate		(10,257	)		-			-			-			-			(10,257	)
Income tax benefit (expense):
Deferred income taxes		-			-			-			-			48,508			48,508
Current income taxes attributable to above dispositions		-			-			-			-			(49,984	)		(49,984	)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	132,122		$	32,322		$	(149,310	)	$	(26,814	)	$	(74,806	)	$	(86,486	)
Preferred dividends		-			-			-			-			(15,400	)		(15,400	)
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders	$	132,122		$	32,322		$	(149,310	)	$	(26,814	)	$	(90,206	)	$	(101,886	)
Year Ended January 31, 2011
EBDT	$	277,480		$	106,556		$	2,376		$	9,651		$	(86,188	)	$	309,875
Depreciation and amortization – Real Estate Groups		(199,640	)		(75,606	)		(264	)		-			-			(275,510	)
Amortization of mortgage procurement costs – Real Estate Groups		(10,444	)		(2,568	)		(273	)		-			-			(13,285	)
Deferred taxes – Real Estate Groups		(12,600	)		(3,002	)		(591	)		-			(19,095	)		(35,288	)
Straight-line rent adjustment		15,851			522			(8	)		-			-			16,365
Preference payment		(2,341	)		-			-			-			-			(2,341	)
Gain on disposition of partial interests in rental properties, net of tax		106,943			18,083			-			-			-			125,026
Gain on disposition of unconsolidated entities, net of tax		3,436			10,926			-			-			-			14,362
Impairment of real estate, net of tax		(964	)		-			(1,016	)		-			-			(1,980	)
Impairment of unconsolidated entities, net of tax		(30,115	)		-			(13,817	)		-			-			(43,932	)
Allowance for projects under development revision (See note A)		(700	)		(300	)		-			-			-			(1,000	)
Discontinued operations, net of tax:
Depreciation and amortization – Real Estate Groups		(9,896	)		(636	)		-			-			-			(10,532	)
Amortization of mortgage procurement costs – Real Estate Groups		(1,043	)		(13	)		-			-			-			(1,056	)
Deferred taxes – Real Estate Groups		(2,069	)		(400	)		-			-			-			(2,469	)
Straight-line rent adjustment		1,795			-			-			-			-			1,795
Gain on disposition of rental properties		26,899			1,099			-			-			-			27,998
Impairment of real estate, net of tax		(49,980	)		-			-			-			-			(49,980	)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	112,612		$	54,661		$	(13,593	)	$	9,651		$	(105,283	)	$	58,048
Preferred dividends		-			-			-			-			(11,807	)		(11,807	)
Net earnings (loss) attributable to Forest City Enterprises, Inc. common shareholders	$	112,612		$	54,661		$	(13,593	)	$	9,651		$	(117,090	)	$	46,241

Year Ended January 31, 2010
EBDT	$	286,420		$	122,769		$	12,828		$	(28,674	)	$	(92,237	)	$	301,106
Depreciation and amortization – Real Estate Groups		(201,660	)		(79,910	)		(387	)		-			-			(281,957	)
Amortization of mortgage procurement costs – Real Estate Groups		(11,963	)		(2,627	)		(624	)		-			-			(15,214	)
Deferred taxes – Real Estate Groups		(11,860	)		(12,010	)		(7,987	)		-			9,293			(22,564	)
Straight-line rent adjustment		12,287			86			-			-			-			12,373
Preference payment		(2,341	)		-			-			-			-			(2,341	)
Gain on disposition of unconsolidated entities, net of tax		-			30,462			-			-			-			30,462
Impairment of real estate, net of tax		(2,174	)		(897	)		(2,381	)		-			-			(5,452	)
Impairment of unconsolidated entities, net of tax		(6,441	)		(14,877	)		(938	)		-			-			(22,256	)
Allowance for projects under development revision (See note A)		4,200			1,800			-			-			-			6,000
Discontinued operations, net of tax:
Depreciation and amortization – Real Estate Groups		(9,038	)		(2,874	)		-			-			-			(11,912	)
Amortization of mortgage procurement costs – Real Estate Groups		(293	)		(76	)		-			-			-			(369	)
Deferred taxes – Real Estate Groups		(1,581	)		(874	)		-			-			-			(2,455	)
Straight-line rent adjustment		869			-			-			-			-			869
Gain on disposition of rental properties		2,784			-			-			-			-			2,784
Impairment of real estate, net of tax		(8,067	)		(8,703	)		-			-			-			(16,770	)
Deferred gain on disposition of Lumber Group		-			-			-			-			718			718
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	51,142		$	32,269		$	511		$	(28,674	)	$	(82,226	)	$	(26,978	)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details