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Forest City Maintains Strong Retail Pipeline

CLEVELAND-The REIT breaks ground on three centers during the first half of the fiscal year.

By Debra Hazel | Updated on September 12, 2007

CLEVELAND—Despite “facing a time of concern and uncertainty,” and a declining stock price, Forest City Enterprises’ retail centers and development pipeline remain strong, executives said in its second quarter conference call.

With the exception of Northfield at Stapleton, new retail projects are performing well, and tenant demand remains high for the company’s new projects, said Charles A. Ratner, president and CEO. The retail portfolio averages $465 per sf, and average net operating income rose 3.1%. However, those results come in the face of declining consumer confidence and the mortgage crisis. At the close of business Monday, Forest City’s stock price was $54, down from an all-time high of $70.

“The whole industry has been hit, but it’s still about creating shareholder value,” Ratner said. “Our fundamentals are good.”

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