Forecasted contractually obligated revenues for the arena: from 64% to how much? (Also, 15% of office leases for FCE from City of NY/U.S. government)
While that's a not insignificant rise from the 56 percent reported in December 2011, the developer has admitted that the 100% mark will not be met by the arena opening.
So we should keep watch for the next report, which will come with the FY 2012 First Quarter conference call. Last year it was held in early June.
Meanwhile, the documents embedded below show how FCE describes the Atlantic Yards project, among many others, to investors. Note that, even through early March, they were using the now-outdated 56 percent mark.
Also note, in last year's Third Quarter Supplemental Package, the document immediately below, one page (above right) pulls out a list of "significant office tenants as of October 31, 2011."
The largest, with 9.38% of total office square feet, is the city of New York. The third largest, with 5.82%, is the U.S. Government. Note that the latter is surely spread over several cities. And Forest City would say that it competed to bid for at least some of those leases.
But it's still notable how more than 15% of office leases come from governmental clients.
Forest City Supplemental Package Q3 2011 (1)
Forest City Enterprises Citi 2012 Global Property CEO Conference
Forest City Enterprises Q2-11 Investor Deck NAREIT REITWorld