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September 9, 2010
Forest City Swings To 2Q Profit On Rental Properties Gains
Dow Jones Newswires via The Wall Street Journal
by John Kell
Forest City Enterprises Inc. (FCEA, FCEB) swung to a fiscal second-quarter profit on a rental properties sale gain as the real-estate company also reported higher residential and office occupancies.
The company, which owns commercial and residential properties, has seen its results improve recently because of fewer write-downs and tax credits. The real-estate bubble popped just as Forest City was embarking on a contentious $4.3 billion revamp of downtown Brooklyn, N.Y., known as the Atlantic Yards development.
...For the quarter ended July 31, Forest City posted a profit of $122.8 million, or 61 cents a share, compared with a year-earlier loss of $1.8 million, or a penny a share. The company's earnings before depreciation, amortization and taxes grew 11% to $105.6 million.
Revenue slid 1.4% to $309.2 million.
Posted by eric at September 9, 2010 10:59 AM