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June 7, 2012

Forest City Enterprises: contractually obligated arena revenues at 70%, up from 64%, but still far from target, four months out

Atlantic Yards Report

Forest City Enterprises, the parent of Forest City Ratner, announced first-quarter operating results today, with lower net earnings than during the comparable last year.

For Atlantic Yards watchers, note that there was no mention of any tower being built:

Construction is nearing completion at the Barclays Center arena at Atlantic Yards in Brooklyn, in preparation for the grand opening in September 2012. Approximately 70 percent of forecasted contractually obligated revenues for the arena are currently under contract. Response to recently announced events at the arena has been enthusiastic, and event ticket sales are on pace with the company's expectations.

That 70 percent statistic--which likely reflects the Calvin Klein deal-- represents a rise from 64 percent three months ago, which itself represented a not insignificant rise from the 56 percent reported in December 2011, the developer has admitted that the 100% mark will not be met by the arena opening.

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Posted by eric at June 7, 2012 7:04 PM