Forest City Enterprises (FCEPP) 8-K Results of Operations and Financial Condition

Exhibit 99.1

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended January 31, 2005 (in thousands)

	Commercial Group 2004														Residential Group 2004
						Plus															Plus
	Full			Less		Unconsolidated			Plus			Pro-Rata			Full			Less			Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority		Investments at			Discontinued			Consolidation			Consolidation			Minority			Investments at			Discontinued			Consolidation
	(GAAP)			Interest		Pro-Rata			Operations			(Non-GAAP)			(GAAP)			Interest			Pro-Rata			Operations			(Non-GAAP)
Revenues from real estate operations		210,530			30,065		22,905			2			203,372			54,790			4,188			29,810			594			81,006
Exclude straight-line rent adjustment		(2,640	)		—		—			—			(2,640	)		(56	)		—			—			—			(56	)
Adjusted revenues		207,890			30,065		22,905			2			200,732			54,734			4,188			29,810			594			80,950
Operating expenses, including depreciation and amortization for non-Real Estate Groups		113,299			13,771		12,750			190			112,468			36,010			3,127			17,116			471			50,470
Exclude straight-line rent adjustment		(2,051	)		—		—			(9	)		(2,060	)		—			—			—			—			—
Adjusted operating expenses		111,248			13,771		12,750			181			110,408			36,010			3,127			17,116			471			50,470
Add interest income		2,289			98		(119	)		68			2,140			1,606			11			486			37			2,118
Add equity in earnings of unconsolidated entities		991			—		(2,078	)		—			(1,087	)		464			—			(997	)		—			(533	)
Add back equity method depreciation and amortization expense		2,638			—		(2,638	)		—			—			4,746			—			(4,746	)		—			—
Net operating income		102,560			16,392		5,320			(111	)		91,377			25,540			1,072			7,437			160			32,065
Interest expense, including early extinguishment of debt		46,737			6,835		5,320			—			45,222			13,048			1,197			7,437			2,330			21,618
Income tax expense (benefit)		4,382			—		—			32			4,414			(1,143	)		—			—			(961	)		(2,104	)
Minority interest in earnings before depreciation and amortization		9,557			9,557		—			—			—			(125	)		(125	)		—			—			—
Add: EBDT from discontinued operations		(143	)		—		—			143			—			(1,209	)		—			—			1,209			—
Earnings before depreciation, amortization and deferred taxes (EBDT)		41,741			—		—			—			41,741			12,551			—			—			—			12,551
Reconciliation to net earnings:
Earnings before depreciation, amortization and defered taxes (EBDT)		41,741			—		—			—			41,741			12,551			—			—			—			12,551
Depreciation and amortization — Real Estate Groups		(37,602	)		—		—			—			(37,602	)		(15,638	)		—			—			(48	)		(15,686	)
Deferred taxes — Real Estate Group		(1,928	)		—		—			16			(1,912	)		302			—			—			(85	)		217
Straight-line rent adjustment		589			—		—			(9	)		580			56			—			—			—			56
Gain on disposition of rental properties and other investments, net of tax		—			—		—			252			252			—			—			—			9,184			9,184
Discontinued operations, net of tax and minority interest:
Depreciation and amortization — Real Estate Groups		—			—		—			—			—			(48	)		—			—			48			—
Deferred taxes — Real Estate Groups		16			—		—			(16	)		—			(85	)		—			—			85			—
Straight-line rent adjustment		(9	)		—		—			9			—			—			—			—			—			—
Gain on disposition of Lumber Group		—			—		—			—			—			—			—			—			—			—
Gain on disposition of rental properties		252			—		—			(252	)		—			9,184			—			—			(9,184	)		—
Net earnings		3,059			—		—			—			3,059			6,322			—			—			—			6,322

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended January 31, 2005 (in thousands)

	Land Development Group 2004													Lumber Group 2004
						Plus													Plus
	Full			Less		Unconsolidated			Plus		Pro-Rata			Full			Less		Unconsolidated		Plus		Pro-Rata
	Consolidation			Minority		Investments at Pro-			Discontinued		Consolidation			Consolidation			Minority		Investments at		Discontinued		Consolidation
	(GAAP)			Interest		Rata			Operations		(Non-GAAP)			(GAAP)			Interest		Pro-Rata		Operations		(Non-GAAP)
Revenues from real estate operations		21,575			2,034		2,272			—		21,813			—			—		—		—		—
Exclude straight-line rent adjustment		—			—		—			—		—			—			—		—		—		—
Adjusted revenues		21,575			2,034		2,272			—		21,813			—			—		—		—		—
Operating expenses, including depreciation and amortization for non-Real Estate Groups		13,467			986		2,446			—		14,927			—			—		—		—		—
Exclude straight-line rent adjustment		—			—		—			—		—			—			—		—		—		—
Adjusted operating expenses		13,467			986		2,446			—		14,927			—			—		—		—		—
Add interest income		3,609			353		29			—		3,285			—			—		—		—		—
Add equity in earnings of unconsolidated entities		1,505			—		22			—		1,527			—			—		—		—		—
Add back equity method depreciation and amortization expense		—			—		—			—		—			—			—		—		—		—
Net operating income		13,222			1,401		(123	)		—		11,698			—			—		—		—		—
Interest expense, including early extinguishment of debt		1,147			40		(123	)		—		984			—			—		—		—		—
Income tax expense (benefit)		10,644			—		—			—		10,644			—			—		—		—		—
Minority interest in earnings before depreciation and amortization		1,361			1,361		—			—		—			—			—		—		—		—
Add: EBDT from discontinued operations		—			—		—			—		—			(1,219	)		—		—		—		(1,219	)
Earnings before depreciation, amortization and deferred taxes (EBDT)		70			—		—			—		70			(1,219	)		—		—		—		(1,219	)
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)		70			—		—			—		70			(1,219	)		—		—		—		(1,219	)
Depreciation and amortization — Real Estate Groups		(50	)		—		—			—		(50	)		—			—		—		—		—
Deferred taxes — Real Estate Group		1,466			—		—			—		1,466			—			—		—		—		—
Straight-line rent adjustment		—			—		—			—		—			—			—		—		—		—
Gain on disposition of rental properties and other investments, net of tax		—			—		—			—		—			—			—		—		—		—
Discontinued operations, net of tax and minority interest:
Depreciation and amortization — Real Estate Groups		—			—		—			—		—			—			—		—		—		—
Deferred taxes — Real Estate Groups		—			—		—			—		—			—			—		—		—		—
Straight-line rent adjustment		—			—		—			—		—			—			—		—		—		—
Gain on disposition of Lumber Group		—			—		—			—		—			12,162			—		—		—		12,162
Gain on disposition of rental properties		—			—		—			—		—			—			—		—		—		—
Net earnings		1,486			—		—			—		1,486			10,943			—		—		—		10,943

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended January 31, 2005 (in thousands)

	The Nets 2004												Corporate Activites 2004
						Plus												Plus
	Full			Less		Unconsolidated		Plus		Pro-Rata			Full			Less		Unconsolidated		Plus		Pro-Rata
	Consolidation			Minority		Investments at Pro-		Discontinued		Consolidation			Consolidation			Minority		Investments at		Discontinued		Consolidation
	(GAAP)			Interest		Rata		Operations		(Non-GAAP)			(GAAP)			Interest		Pro-Rata		Operations		(Non-GAAP)
Revenues from real estate operations		—			—		5,303		—		5,303			—			—		—		—		—
Exclude straight-line rent adjustment		—			—		—		—		—			—			—		—		—		—
Adjusted revenues		—			—		5,303		—		5,303			—			—		—		—		—
Operating expenses, including depreciation and amortization for non-Real Estate Groups		—			—		9,323		—		9,323			11,613			—		—		—		11,613
Exclude straight-line rent adjustment		—			—		—		—		—			—			—		—		—		—
Adjusted operating expenses		—			—		9,323		—		9,323			11,613			—		—		—		11,613
Add interest income		—			—		38		—		38			149			—		—		—		149
Add equity in earnings of unconsolidated entities		(9,259	)		—		4,344		—		(4,915	)		20			—		—		—		20
Add back equity method depreciation and amortization expense		—			—		—		—		—			—			—		—		—		—
Net operating income		(9,259	)		—		362		—		(8,897	)		(11,444	)		—		—		—		(11,444	)
Interest expense, including early extinguishment of debt		—			—		362		—		362			8,684			—		—		—		8,684
Income tax expense (benefit)		(4,136	)		—		—		—		(4,136	)		(8,439	)		—		—		—		(8,439	)
Minority interest in earnings before depreciation and amortization		—			—		—		—		—			—			—		—		—		—
Add: EBDT from discontinued operations		—			—		—		—		—			—			—		—		—		—
Earnings before depreciation, amortization and deferred taxes (EBDT)		(5,123	)		—		—		—		(5,123	)		(11,689	)		—		—		—		(11,689	)
Reconciliation to net earnings:
Earnings before depreciation, amortization and defered taxes (EBDT)		(5,123	)		—		—		—		(5,123	)		(11,689	)		—		—		—		(11,689	)
Depreciation and amortization — Real Estate Groups		—			—		—		—		—			—			—		—		—		—
Deferred taxes — Real Estate Group		—			—		—		—		—			577			—		—		—		577
Straight-line rent adjustment		—			—		—		—		—			—			—		—		—		—
Gain on disposition of rental properties and other investments, net of tax		—			—		—		—		—			265			—		—		—		265
Discontinued operations, net of tax and minority interest:
Depreciation and amortization — Real Estate Groups		—			—		—		—		—			—			—		—		—		—
Deferred taxes — Real Estate Groups		—			—		—		—		—			—			—		—		—		—
Straight-line rent adjustment		—			—		—		—		—			—			—		—		—		—
Gain on disposition of Lumber Group		—			—		—		—		—			—			—		—		—		—
Gain on disposition of rental properties		—			—		—		—		—			—			—		—		—		—
Net earnings		(5,123	)		—		—		—		(5,123	)		(10,847	)		—		—		—		(10,847	)

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended January 31, 2005 (in thousands)

	Total 2004
						Plus
	Full			Less		Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority		Investments at Pro-			Discontinued			Consolidation
	(GAAP)			Interest		Rata			Operations			(Non-GAAP)
Revenues from real estate operations		286,895			36,287		60,290			596			311,494
Exclude straight-line rent adjustment		(2,696	)		—		—			—			(2,696	)
Adjusted revenues		284,199			36,287		60,290			596			308,798
Operating expenses, including depreciation and amortization for non-Real Estate Groups		174,389			17,884		41,635			661			198,801
Exclude straight-line rent adjustment		(2,051	)		—		—			(9	)		(2,060	)
Adjusted operating expenses		172,338			17,884		41,635			652			196,741
Add interest income		7,653			462		434			105			7,730
Add equity in earnings of unconsolidated entities		(6,279	)		—		1,291			—			(4,988	)
Add back equity method depreciation and amortization expense		7,384			—		(7,384	)		—			—
Net operating income		120,619			18,865		12,996			49			114,799
Interest expense, including early extinguishment of debt		69,616			8,072		12,996			2,330			76,870
Income tax expense (benefit)		1,308			—		—			(929	)		379
Minority interest in earnings before depreciation and amortization		10,793			10,793		—			—			—
Add: EBDT from discontinued operations		(2,571	)		—		—			1,352			(1,219	)
Earnings before depreciation, amortization and deferred taxes (EBDT)		36,331			—		—			—			36,331
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)		36,331			—		—			—			36,331
Depreciation and amortization — Real Estate Groups		(53,290	)		—		—			(48	)		(53,338	)
Deferred taxes — Real Estate Group		417			—		—			(69	)		348
Straight-line rent adjustment		645			—		—			(9	)		636
Gain on disposition of rental properties and other investments, net of tax		265			—		—			9,436			9,701
Discontinued operations, net of tax and minority interest:
Depreciation and amortization — Real Estate Groups		(48	)		—		—			48			—
Deferred taxes — Real Estate Groups		(69	)		—		—			69			—
Straight-line rent adjustment		(9	)		—		—			9			—
Gain on disposition of Lumber Group		12,162			—		—			—			12,162
Gain on disposition of rental properties		9,436			—		—			(9,436	)		—
Net earnings		5,840			—		—			—			5,840

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended January 31, 2004 (in thousands)

	Commercial Group 2003															Residential Group 2003
							Plus														Plus
	Full			Less			Unconsolidated			Plus			Pro-Rata			Full			Less		Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority			Investments at Pro-			Discontinued			Consolidation			Consolidation			Minority		Investments at			Discontinued			Consolidation
	(GAAP)			Interest			Rata			Operations			(Non-GAAP)			(GAAP)			Interest		Pro-Rata			Operations			(Non-GAAP)
Revenues from real estate operations		162,129			32,755			42,418			2,281			174,073			42,443			2,483		20,673			5,198			65,831
Exclude straight-line rent adjustment		(3,592	)		—			—			61			(3,531	)		(163	)		—		—			—			(163	)
Adjusted revenues		158,537			32,755			42,418			2,342			170,542			42,280			2,483		20,673			5,198			65,668
Operating expenses, including depreciation and amortization for non-Real Estate Groups		95,869			18,896			23,267			833			101,073			31,311			1,723		10,964			2,566			43,118
Exclude straight-line rent adjustment		(1,812	)		—			—			(7	)		(1,819	)		—			—		—			—			—
Adjusted operating expenses		94,057			18,896			23,267			826			99,254			31,311			1,723		10,964			2,566			43,118
Add interest income		783			(4	)		(91	)		34			730			3,023			1		114			13			3,149
Add equity in earnings of unconsolidated entities		2,129			—			(1,886	)		—			243			(3,346	)		—		2,063			—			(1,283	)
																	—			—		—			—			—
Remove loss on disposition recorded on equity method		—			—			—			—			—			3,573			—		(3,573	)		—			—
Add back equity method depreciation and amortization expense		6,700			—			(6,700	)		—			—			4,779			—		(3,380	)		—			1,399
Net operating income		74,092			13,855			10,474			1,550			72,261			18,998			761		4,933			2,645			25,815
Interest expense, including early extinguishment of debt		35,972			8,139			10,474			723			39,030			9,009			468		4,933			1,421			14,895
Provision for decline in real estate recorded on the equity method		—			—			—			—			—			—			—		—			—			—
Income tax expense (benefit)		(117	)		—			—			(73	)		(190	)		(5,867	)		—		—			(67	)		(5,934	)
Minority interest in earnings before depreciation and amortization		5,716			5,716			—			—			—			293			293		—			—			—
Add: EBDT from discontinued operations		900			—			—			(900	)		—			1,291			—		—			(1,291	)		—
Earnings before depreciation, amortization and deferred taxes (EBDT)		33,421			—			—			—			33,421			16,854			—		—			—			16,854
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)		33,421			—			—			—			33,421			16,854			—		—			—			16,854
Depreciation and amortization — Real Estate Groups		(27,968	)		—			—			(407	)		(28,375	)		(11,979	)		—		—			(867	)		(12,846	)
Deferred taxes — Real Estate Group		(4,395	)		—			—			42			(4,353	)		(9,411	)		—		—			(211	)		(9,622	)
Straight-line rent adjustment		1,780			—			—			(68	)		1,712			163			—		—			—			163
Provision for decline in real estate, net of tax and minority interest		(216	)		—			—			—			(216	)		—			—		—			—			—
Provision for decline recorded on equity method, net of tax		—			—			—			—			—			—			—		—			—			—
Gain (loss) on disposition of rental properties and other investments, net of tax		—			—			—			—			—			280			—		(2,160	)		—			(1,880	)
Loss on disposition reported on equity method, net of tax		—			—			—			—			—			(2,160	)		—		2,160			—			—
Discontinued operations, net of tax and minority interest:
Depreciation and amortization — Real Estate Groups		(407	)		—			—			407			—			(867	)		—		—			867			—
Deferred taxes — Real Estate Groups		42			—			—			(42	)		—			(211	)		—		—			211			—
Straight-line rent adjustment		(68	)		—			—			68			—			—			—		—			—			—
Net earnings		2,189			—			—			—			2,189			(7,331	)		—		—			—			(7,331	)

Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended January 31, 2004 (in thousands)

	Land Group 2003														Lumber Trading Group 2003
							Plus													Plus
	Full			Less			Unconsolidated			Plus		Pro-Rata				Full		Less		Unconsolidated		Plus		Pro-Rata
	Consolidation			Minority			Investments at Pro-			Discontinued		Consolidation				Consolidation		Minority		Investments at		Discontinued		Consolidation
	(GAAP)			Interest			Rata			Operations		(Non-GAAP)				(GAAP)		Interest		Pro-Rata		Operations		(Non-GAAP)
Revenues from real estate operations		15,370			1,019			4,330			—		18,681				—		—		—		—		—
Exclude straight-line rent adjustment		—			—			—			—		—				—		—		—		—		—
Adjusted revenues		15,370			1,019			4,330			—		18,681				—		—		—		—		—
Operating expenses, including depreciation and amortization for non-Real Estate Groups		14,751			795			2,807			—		16,763				—		—		—		—		—
Exclude straight-line rent adjustment		—			—			—			—		—				—		—		—		—		—
Adjusted operating expenses		14,751			795			2,807			—		16,763				—		—		—		—		—
Add interest income		244			(1	)		179			—		424				—		—		—		—		—
Add equity in earnings of unconsolidated entities		(149	)		—			3,201			—		3,052				—		—		—		—		—
Remove loss on disposition recorded on equity method		—			—			—			—		—				—		—		—		—		—
Add back equity method depreciation and amortization expense		—			—			—			—		—				—		—		—		—		—
Net operating income		714			223			4,903			—		5,394				—		—		—		—		—
Interest expense, including early extinguishment of debt		865			—			282			—		1,147				—		—		—		—		—
Provision for decline in real estate recorded on the equity method		(4,621	)		—			4,621			—		—				—		—		—		—		—
Income tax expense (benefit)		845			—			—			—		845				—		—		—		—		—
Minority interest in earnings before depreciation and amortization		223			223			—			—		—				—		—		—		—		—
Add: EBDT from discontinued operations		—			—			—			—		—				1,543		—		—		—		1,543
Earnings before depreciation, amortization and deferred taxes (EBDT)		3,402			—			—			—		3,402				1,543		—		—		—		1,543
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)		3,402			—			—			—		3,402				1,543		—		—		—		1,543
Depreciation and amortization-Real Estate Groups		(66	)		—			—			—		(66	)			—		—		—		—		—
Deferred taxes-Real Estate Group		(11,145	)		—			—			—		(11,145	)			—		—		—		—		—
Straight-line rent adjustment		—			—			—			—		—				—		—		—		—		—
Provision for decline in real estate, net of tax and minority interest		—			—			(2,793	)		—		(2,793	)			—		—		—		—		—
Provision for decline recorded on equity method, net of tax		(2,793	)		—			2,793			—		—				—		—		—		—		—
Gain (loss) on disposition of rental properties and other investments, net of tax		—			—			—			—		—				—		—		—		—		—
Loss on disposition reported on equity method, net of tax		—			—			—			—		—				—		—		—		—		—
Discontinued operations, net of tax and minority interest:
Depreciation and amortization — Real Estate Groups		—			—			—			—		—				—		—		—		—		—
Deferred taxes — Real Estate Groups		—			—			—			—		—				—		—		—		—		—
Straight-line rent adjustment		—			—			—			—		—				—		—		—		—		—
Net earnings		(10,602	)		—			—			—		(10,602	)			1,543		—		—		—		1,543
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Forest City Enterprises, Inc. and Subsidiaries
Supplemental Financial Information

Summary of Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) — Three Months Ended January 31, 2004 (in thousands)

	Corporate Activities 2003												Total 2003
						Plus													Plus
	Full			Less		Unconsolidated		Plus		Pro-Rata			Full			Less			Unconsolidated			Plus			Pro-Rata
	Consolidation			Minority		Investments at Pro-		Discontinued		Consolidation			Consolidation			Minority			Investments at			Discontinued			Consolidation
	(GAAP)			Interest		Rata		Operations		(Non-GAAP)			(GAAP)			Interest			Pro-Rata			Operations			(Non-GAAP)
Revenues from real estate operations		(10	)		—		—		—		(10	)		219,932			36,257			67,421			7,479			258,575
Exclude straight-line rent adjustment		—			—		—		—		—			(3,755	)		—			—			61			(3,694	)
Adjusted revenues		(10	)		—		—		—		(10	)		216,177			36,257			67,421			7,540			254,881
Operating expenses, including depreciation and amortization for non-Real Estate Groups		6,924			—		—		—		6,924			148,855			21,414			37,038			3,399			167,878
Exclude straight-line rent adjustment		—			—		—		—		—			(1,812	)		—			—			(7	)		(1,819	)
Adjusted operating expenses		6,924			—		—		—		6,924			147,043			21,414			37,038			3,392			166,059
Add interest income		142			—		—		—		142			4,192			(4	)		202			47			4,445
Add equity in earnings of unconsolidated entities		14			—		—		—		14			(1,352	)		—			3,378			—			2,026
Remove loss on disposition recorded on equity method		—			—		—		—		—			3,573			—			(3,573	)		—			—
Add back equity method depreciation and amortization expense		—			—		—		—		—			11,479			—			(10,080	)		—			1,399
Net operating income		(6,778	)		—		—		—		(6,778	)		87,026			14,839			20,310			4,195			96,692
Interest expense, including early extinguishment of debt		6,750			—		—		—		6,750			52,596			8,607			15,689			2,144			61,822
Provision for decline in real estate recorded on the equity method		—			—		—		—		—			(4,621	)		—			4,621			—			—
Income tax expense (benefit)		881			—		—		—		881			(4,258	)		—			—			(140	)		(4,398	)
Minority interest in earnings before depreciation and amortization		—			—		—		—		—			6,232			6,232			—			—			—
Add: EBDT from discontinued operations		—			—		—		—		—			3,734			—			—			(2,191	)		1,543
Earnings before depreciation, amortization and deferred taxes (EBDT)		(14,409	)		—		—		—		(14,409	)		40,811			—			—			—			40,811
Reconciliation to net earnings:
Earnings before depreciation, amortization and deferred taxes (EBDT)		(14,409	)		—		—		—		(14,409	)		40,811			—			—			—			40,811
Depreciation and amortization — Real Estate Groups		—			—		—		—		—			(40,013	)		—			—			(1,274	)		(41,287	)
Deferred taxes — Real Estate Group		24,035			—		—		—		24,035			(916	)		—			—			(169	)		(1,085	)
Straight-line rent adjustment		—			—		—		—		—			1,943			—			—			(68	)		1,875
Provision for decline in real estate, net of tax and minority interest		—			—		—		—		—			(216	)		—			(2,793	)		—			(3,009	)
Provision for decline recorded on equity method, net of tax		—			—		—		—		—			(2,793	)		—			2,793			—			—
Gain (loss) on disposition of rental properties and other investments, net of tax		(123	)		—		—		—		(123	)		157			—			(2,160	)		—			(2,003	)
Loss on disposition reported on equity method, net of tax		—			—		—		—		—			(2,160	)		—			2,160			—			—
Discontinued operations, net of tax and minority interest:
Depreciation and amortization — Real Estate Groups		—			—		—		—		—			(1,274	)		—			—			1,274			—
Deferred taxes — Real Estate Groups		—			—		—		—		—			(169	)		—			—			169			—
Straight-line rent adjustment		—			—		—		—		—			(68	)		—			—			68			—
Net earnings		9,503			—		—		—		9,503			(4,698	)		—			—			—			(4,698	)