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December 10, 2007
Forest City posts mixed results
Crain's Cleveland Business
Charles Ratner explains the company's disappointing third-quarter performance:
Forest City said the primary reason for the decrease in 2007 results was the larger gains on disposition of properties that occurred in 2006 compared with 2007.
Mr. Ratner said the real estate business “is in the midst of fundamental changes driven by a variety of factors, including the meltdown in single-family home sales, tightening of credit markets, declining consumer confidence, and the beginnings of a slowdown in retail sales.”
“While we face short-term challenges, notably in our land business, we continue to maintain a robust development pipeline and a near-record level of liquidity,” Mr. Ratner stated.
NoLandGrab: Could "our land business" euphemistically refer to the "land grab business" and Cousin Bruce's hemorrhaging of cash in the Brooklyn Atlantic Yards/NJ Nets scheme? Atlantic Yards and the team's operating expenses likely account for a serious chunk of the corporation's losses.
Posted by lumi at December 10, 2007 5:43 AM