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