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Forest City Finalizes New Four-Year Focus

CLEVELAND-The real estate operating company reports a $105.4 million expected loss in the fourth quarter, but says it will concentrate on core CRE markets and properties through 2016.

By Robert Carr | Updated on April 01, 2012

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.

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