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June 9, 2012

Forest City executives: "we expect to break ground" this year on first tower; arena revenues should stabilize in two years

Atlantic Yards Report

In a conference call yesterday with investment analysts, executives from Forest City Enterprises followed up on the June 7 press release regarding first quarter earnings, which indicated that "[a]pproximately 70 percent of forecasted contractually obligated revenues for the arena are currently under contract."

That represents a rise from 64 percent three months earlier, 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.

Yesterday, CEO David LaRue suggested progress has "re-accelerated" after a slowdown thanks to the NBA labor dispute. Still, his colleagues agreed that income from the arena is not expected to stabilize for some two years after the September 2012 opening.

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Posted by steve at June 9, 2012 7:19 PM