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December 7, 2007
Forest City Reports Third-Quarter and Year-to-Date Financial Results
Press release, via Reuters
The fiscal third-quarter net loss was $10.8 million, or $0.11 per share, compared with net earnings of $45.9 million, or $0.45 per share, in the prior year. Net earnings for the nine months were $39.8 million, or $0.38 per share, compared with $106.6 million, or $1.05 per share, in 2006. The primary reason for the decrease in 2007 net earnings for the quarter and year-to-date was the larger gains on disposition of properties that occurred in 2006 compared with 2007.
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At the end of the third quarter, Forest City had 15 projects under development, representing approximately $2.0 billion of cost at the Company's pro-rata share and on a full consolidation basis. Among the projects under development and scheduled to begin construction during the next year are 13 projects totaling more than $1.5 billion of cost at the Company's pro-rata share and on a full consolidation basis.
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At Atlantic Yards in Brooklyn, Forest City now controls more than 85 percent of the land necessary for the project, which includes up to 6.5 million square feet of developable land on the 22-acre site. Forest City expects to begin construction in 2008 on the Frank Gehry-designed Barclays Center arena, which will become the planned home of the Nets basketball team, in which Forest City has an ownership interest. The first phase of the project will also include commercial and residential development, including an affordable housing component.
Posted by lumi at December 7, 2007 3:55 AM