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Discontinued Operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations [Text Block]

4.        DISCONTINUED OPERATIONS

On November 28, 2012, we completed the sale of Kings Plaza located in Brooklyn, New York, to Macerich, for $751,000,000. Net proceeds from the sale, after repaying the existing loan and closing costs, were $479,000,000, of which $30,000,000 was in Macerich common shares. The financial statement gain was $601,976,000, of which $599,628,000 was recognized in the fourth quarter of 2012 and the remaining $2,348,000 was deferred and will be recognized upon the disposition of the Macerich common shares. Prior to the sale, in November 2012, we acquired the remaining 75% interest in our consolidated subsidiary, the Kings Plaza energy plant joint venture (which was sold with Kings Plaza), for $7,800,000 in cash.

 

On November 30, 2012, our Board of Directors declared a special long-term capital gain dividend of $122.00 per share, or $623,178,000 in the aggregate, to distribute the tax gain resulting from the sale of Kings Plaza.

 

In accordance with the provisions of ASC 360, Property, Plant and Equipment, we have reclassified the revenues and expenses of Kings Plaza to “income from discontinued operations” for all of the periods presented on our consolidated statements of income. The table below sets forth the income from discontinued operations for the years ended December 31, 2014, 2013 and 2012.

    Year Ended December 31, 
 (Amounts in thousands)  2014  2013  2012 
 Total revenues $ - $ - $ 61,836 
 Total operating expenses(1)   -   -   31,214 
      -   -   30,622 
 Interest and other income, net   529   2,252   45 
 Interest and debt expense   -   -   (5,343) 
 Net gain on sale   -   -   599,628 
 Income from discontinued operations $ 529 $ 2,252 $ 624,952 
 ___________________          
 (1)Includes fees to Vornado of $1,368 for the year ended December 31, 2012.