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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

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Posted by eric at September 9, 2010 11:10 AM