12.  Real Estate and Other, Net

  

Real estate and other consists of ongoing operating income from our real estate subsidiaries whose investments are in REITs, as well as investments in 13 joint ventures that own regional mall properties.  Real estate and other also includes net gains from the sale of facilities and equipment that are no longer used in operations, asset impairments and other non-operating charges and credits. 

                                                               

For the three months ended July 28, 2012 and July 30, 2011, we received dividend income from our REITs totaling $2 million and $2 million, respectively, and we recorded investment income for our proportional share of earnings from our joint ventures totaling $3 million and $4 million, respectively.  For the six months ended July 28, 2012 and July 30, 2011, we received dividend income from our REITs totaling $5 million and $4 million, respectively, and we recorded investment income for our proportional share of earnings from our joint ventures totaling $6 million and $7 million, respectively.  During the three months ended July 28, 2012, we recorded a gain of $202 million in connection with the redemption of 2 million of our SPG REIT units (see Note 6).