CLEVELAND-Forest City Enterprises Inc., a $10.5 billion company based here, reported a loss in both the fourth quarter and for the full year of 2011. However, the firm said the loss can be explained by impairment charges of about $155 million in the fourth quarter that mostly include residential land development projects that the company has decided to sell off.

Rather, company officials said during a fourth quarter conference call Friday that the firm has had a respectable year, with solid performance from multifamily, retail and office properties. David LaRue, president and CEO, said during the call that the company has three objectives for 2012: Focus on core markets and rental properties, reduce debt and improve existing holdings, including the activation of existing entitlement sites.

LaRue also provided updates on various properties held by the firm, designated as a real estate operating company. The 899-unit Eight Spruce Street apartment complex in Manhattan is leasing strong, and is at 73% occupied, he said. A number of new tenants have been signed at Westchester’s Ridge Hill in Yonkers, NY, with a Lord & Taylor set to open in mid-April for its 80,000-square-foot store. Also, he said construction of Barclays Center arena at Atlantic Yards in Brooklyn is on schedule to open in September. “The transition of these three properties, which together represent $1.6 billion of cost of our pro rata share into the portfolio, will significantly improve our risk profile,” LaRue said. “Our goal going forward is to have our total development and under construction pipeline represent no more than 15% of our balance sheet.”