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Forest City Keeps Busy

CLEVELAND-Forest City is riding the retail expansion wave, with a number of projects in the pipeline.

By Dees Stribling | Updated on December 10, 2004

CLEVELAND-It’s been a busy third quarter (and year) for developer and owner Forest City Enterprises, and the company has earnings and revenue gains to show for it. According to Forest City, net earnings for its fiscal Q3 2004 third quarter, ended Oct. 31, were $37.3 million, or $0.73 per share, compared with $26.0 million, or $0.51 per share, in Q3 2003. Third-quarter consolidated revenues increased 8.5% to $256.1 million, compared with $236.0 million in the prior year’s third quarter. The company’s retail portfolio’s comparable NOI was flat for third quarter, but increased 1.7% year-to-date. Retail occupancies were 92.3%, compared with 90.5% for the third quarter last year.

“The growth was primarily driven by our 13 project openings and acquisitions completed in fiscal 2003, and eight project openings during the first three quarters of fiscal 2004,” said Charles A. Ratner, president and CEO of Forest City.

In the retail realm—the company also has major stakes in office, residential and hotel properties—Forest City held two grand openings during 3Q 2004: the 1.3-million-sf Victoria Gardens, a $183 million open-air lifestyle center billed as a pedestrian-friendly “new downtown” for Rancho Cucamonga, CA; and Quartermaster Plaza, a $70 million retail project in Philadelphia.

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