The 1.2 million-sf Ridge Hill is expected to open in late 2009. Tenant commitments include a 12-screen National Amusements theater, Whole Foods Market, and L.L.Bean, the last the company's first store in metropolitan New York. The 796,000-sf Shops at White Oak Village will include Sam's Club, Target, JCPenney, Lowe's, Ukrop's Super Markets and Circuit City. Plans call for a third quarter 2008 opening.

Under construction and scheduled to open within the next 24 months are four other retail centers: Orchard Town Center (968,000 sf, opening in the first quarter of 2008) in Westminster, CO; Shops at Wiregrass (646,000 sf, to open in the third quarter of 2008) in Tampa; and East River Plaza (514,000 sf, opening in the first quarter of 2008) in Manhattan, New York.

Further out, Forest City also entered into a partnership with General Growth Properties to develop a mixed-use project on 400 acres in Frisco, TX, a Dallas suburb.

The company's much-discussed $4 billion Atlantic Yards project in Brooklyn, which includes a Frank Gehry-designed arena for the New Jersey Nets basketball team, residential, office, hotel and retail space, remains tied up in the courts.

"We control the vast majority of the land and have received approvals," but the approvals are being challenged, said Robert G. O'Brien, executive vp-strategy and investment management. "We are targeting resolution for the first quarter of fiscal 2008."

For the second quarter, net earnings were $67.8 million, compared with $7.5 million in the prior year. Much of the increase derived from the gain on disposition of properties. Consolidated revenues were $287.6 million compared with $250.8 million last year. Comparable retail occupancies were 94.7% through the first six months of 2007 compared with 94.4% in the same period a year ago.