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March 30, 2009
Forest City Reports Fiscal 2008 Full-Year and Fourth-Quarter Results
Forest City Enterprises reported their 4th-Quarter and Full-Year earnings today, via a press release. It's a long document, which you can read by clicking the link below.
Bottom line, the company lost $112.2 million in 2008, versus a gain of $52.4 million in 2007. Forty percent of the losses occurred in the 4th quarter. The Nets continue to lose lots of money, and FCE is having to cover losses for certain "non-funding partners," as well.
But fear not, basketball fans. Despite companywide retrenchment, they haven't put everything on hold this year:
In 2009, we do not anticipate commencing construction on any new projects, with the exception of the arena at our Atlantic Yards project in Brooklyn, and a fee-based development project in Las Vegas.
NoLandGrab: In other New York-related plans, Forest City still says that the Beekman Tower "will have approximately 900 market-rate apartments," though they acknowledge that they have "initiated a study of costs and timing for Beekman to identify possible options to achieve savings on completion of the project."
Posted by eric at March 30, 2009 12:03 PM