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June 9, 2006
Retail Leads Forest City’s Income Gain
GlobeSt.com
By Ian Ritter
For those of you who are following the financial health of the Forest City parent company in Cleveland, to which a lion's share of the profit from Bruce Ratner's developments flow:
CLEVELAND-Forest City’s retail portfolio continues to perform the best in the company’s diverse portfolio, said Charles Ratner, the president and chief executive officer of the firm, at the NAREIT conference in New York City. “That has been the case for several years now,” he says.
During the company’s first quarter, retail led all property types at Forest City with a 7% jump year-over-year in net operating income. Retail occupancy rates also increased, from 93.9%, to 94.3%. However, Forest City’s rental-residential occupancies made the greatest leap, from 93% to 94.8%.
Posted by lumi at June 9, 2006 9:11 AM