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December 8, 2010

Forest City Enterprises reports third-quarter results; sale of Nets, smaller share of team losses help boost bottom line

Atlantic Yards Report

Forest City Enterprises announced, in a press release, Forest City Reports Fiscal 2010 Third-Quarter and Year-to-Date Results, results for the third-quarter that ended October 31, 2010.

This is the only reference to Atlantic Yards:

Work continues at the Barclays Center arena at Atlantic Yards in Brooklyn, where vertical steel erection began in mid-November. Since the beginning of the third quarter, the Company, together with its partners, has continued to add to a growing list of premier corporate sponsors and further increase the level of contracted revenue for the arena.

For the third quarter, the "Nets provided a pre-tax EBDT increase of $10.4 million, compared with the same period in 2009, due to the decrease in Forest City's allocated share of team losses."

For the year to date, the increased EBDT was $31.4 million, "from the gain on disposition of a partial interest in the Nets."


NoLandGrab: In other words, the Nets are Proko's problem now.

Posted by eric at December 8, 2010 10:39 PM