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September 9, 2010
Forest City Enterprises: sale of Nets was crucial to company's bottom line
Atlantic Yards Report
In a press release issued yesterday, Forest City Enterprises reported that:
- earnings were up
- earnings per share were down, given share dilution
- revenues were down slightly
- crucial to the bottom line was the sale of the Nets
- more than half of forecast contractually obligated income (e.g., sponsorships) for the arena is under contract
- office space at Atlantic Yards, a main driver of expected new tax revenues, was not even mentioned in the project description
Posted by eric at September 9, 2010 11:10 AM