Forest City Enterprises reports third-quarter results; sale of Nets, smaller share of team losses help boost bottom line
Forest City Enterprises announced, in a press release, Forest City Reports Fiscal 2010 Third-Quarter and Year-to-Date Results, results for the third-quarter that ended October 31, 2010.
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."
This is the only reference to Atlantic Yards:
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.
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.
The role of the Nets
"The positive year-to-date net earnings variance was primarily driven by gains on dispositions of rental properties and The Nets, offset by increased impairment charges," the company stated.
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."
For the year to date, the increased EBDT was $31.4 million, "from the gain on disposition of a partial interest in the Nets."
Comments
Post a Comment