Quarterly report pursuant to Section 13 or 15(d)

Real Estate and Other, Net

v3.7.0.1
Real Estate and Other, Net
6 Months Ended
Jul. 29, 2017
Real Estate and Other, Net [Abstract]  
Real Estate and Other, Net
Real Estate and Other, Net
Real estate and other consists of ongoing operating income from our real estate subsidiaries. Real estate and other also includes net gains from the sale of facilities and equipment that are no longer used in operations, asset impairments, accruals for certain litigation and other non-operating charges and credits. In addition, during the first quarter of 2014, we entered into a joint venture in which we contributed approximately 220 acres of excess property adjacent to our home office facility in Plano, Texas (Home Office Land Joint Venture). The joint venture was formed to develop the contributed property and our proportional share of the joint venture's activities is recorded in Real estate and other, net.

The composition of Real estate and other, net was as follows:
 
Three Months Ended
 
Six Months Ended
($ in millions)
July 29,
2017
 
July 30,
2016
 
July 29,
2017
 
July 30,
2016
Net gain from sale of non-operating assets
$

 
$

 
$

 
$
(5
)
Investment income from Home Office Land Joint Venture
(19
)
 
(5
)
 
(20
)
 
(29
)
Net gain from sale of operating assets
(1
)
 
(2
)
 
(118
)
 
(10
)
Other
1

 
(2
)
 
1

 
(3
)
Total expense/(income)
$
(19
)
 
$
(9
)
 
$
(137
)
 
$
(47
)


Investment Income from Joint Ventures
During the second quarter and first six months of 2017, the Company had income of $19 million and $20 million, respectively, related to its proportional share of the net income in the Home Office Land Joint Venture and received aggregate cash distributions of $20 million and $28 million, respectively. During the second quarter and first six months of 2016, the Company had income of $5 million and $29 million, respectively, related to its proportional share of the net income in the Home Office Land Joint Venture and received aggregate cash distributions of $6 million and $44 million, respectively.

Net Gain from Sale of Operating Assets
During the first quarter of 2017, we completed the sale of our Buena Park, California distribution facility for a net sale price of
$131 million and recorded a net gain of $111 million.