Work continues at the Barclays Center arena at Atlantic Yards in Brooklyn, where vertical steel erection began in mid-November. Since the beginning of the third quarter, the Company, together with its partners, has continued to add to a growing list of premier corporate sponsors and further increase the level of contracted revenue for the arena.Earnings details
Thrd-quarter EBDT (earnings before depreciation, amortization and deferred taxes) was up 5.9 percent over 2009 and year-to-date EBDT up 19.8 percent.
However, are down (to $0.46 from $0.52 and $1.37 from $1.59, respectively ) when the dilutive effect of new stock the "if-converted" effect of convertible debt and convertible preferred stock issued in 2009 and 2010.
The third-quarter net loss attributable to Forest City Enterprises, Inc. was $46.8 million compared with a net loss of $4.4 million in the third quarter of 2009, while the net earnings over nine months was $60.5 million compared with a net loss of $36.9 million for the same period in 2009.
Such impairment charges involve the Simi Valley Town Center, a California mall which is worth less than the loan and Central Station in Chicago, an 80-acre mixed-use project where condo prices have dropped.
For the third quarter, the "Nets provided a pre-tax EBDT increase of $10.4 million, compared with the same period in 2009, due to the decrease in Forest City's allocated share of team losses."