May 27, 2012
Forecasted contractually obligated revenues for the arena: from 64% to how much? (Also, 15% of office leases for FCE from City of NY/U.S. government)
In late March, Forest City Enterprises, parent of Forest City Ratner reported that some "64 percent of forecasted contractually obligated revenues for the [Barclays Center] arena are currently under contract."
So we should keep watch for the next report, which will come with the FY 2012 First Quarter conference call. Last year it was held in early June.
Meanwhile, the documents embedded below show how FCE describes the Atlantic Yards project, among many others, to investors. Note that, even through early March, they were using the now-outdated 56 percent mark.
Also note, in last year's Third Quarter Supplemental Package, the document immediately below, one page pulls out a list of "significant office tenants as of October 31, 2011."
The largest, with 9.38% of total office square feet, is the city of New York. The third largest, with 5.82%, is the U.S. Government. Note that the latter is surely spread over several cities. And Forest City would say that it competed to bid for at least some of those leases.
But it's still notable how more than 15% of office leases come from governmental clients.
Posted by eric at May 27, 2012 8:43 AM