Regional mall sales last year were $468 per sf, but comparable sales declined 1.8% in 2007, indicating weakness. With all sectors slowing, and anticipating a weak financing environment for the rest of the year, the company has delayed projects that would have exceeded $1 billion (including a retail project in the Northeast), and each project in the pipeline is being examined.

"We know over the long term that real estate development is important," said Charles A. Ratner, president and CEO. "[But] given the challenging economic environment we face, we'll continue to be more selective on the projects and the pace at which we develop."

Even so, the company ended 2007 with $2.2 billion of projects (all sectors) under construction and expects to begin work on an additional $1.5 billion in projects in 2008. Orchard Town Center in Westminster, CO, opens next week and The Shops at Wiregrass remains on track for a 2008 opening, with approximately 75% of space committed. White Oak Village in Richmond, VA, is on schedule for a third-quarter opening. Ground has been broken on Village at Gulfstream in Hallandale, FL, and Ridge Hill in Yonkers, NY. Forest City has begun preliminary site work on Atlantic Yards in Brooklyn, NY, and Waterfront in Washington, D.C.