Forest City Enterprises: contractually obligated arena revenues at 70%, up from 64%, but still far from target, four months out

Forest City Enterprises, the parent of Forest City Ratner, announced first-quarter operating results today, with lower net earnings than during the comparable last year.

For Atlantic Yards watchers, note that there was no mention of any tower being built:

Construction is nearing completion at the Barclays Center arena at Atlantic Yards in Brooklyn, in preparation for the grand opening in September 2012. Approximately 70 percent of forecasted contractually obligated revenues for the arena are currently under contract. Response to recently announced events at the arena has been enthusiastic, and event ticket sales are on pace with the company's expectations.

That 70 percent statistic--which likely reflects the Calvin Klein deal-- represents a rise from 64 percent three months ago, which itself represented 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.

Net earnings down

From the press release:

FFO
As previously announced, Forest City is initiating reporting of FFO (funds from operations) and FFO per share, non-GAAP measures commonly used by publicly traded real estate investment trusts. The company intends to report both FFO measures, along with its historical EBDT measures through the 2012 fiscal year and transition to FFO and FFO per share as the primary measures thereafter...
First-quarter FFO was $89.2 million, compared with $97.6 million in the first quarter of 2011. On a fully diluted, per-share basis, first-quarter 2012 FFO was $0.42, compared with 2011 first quarter FFO of $0.48.
EBDT
First-quarter EBDT (earnings before depreciation, amortization and deferred taxes) was $102.4 million, compared with 2011 first-quarter EBDT of $127.4 million. On a fully diluted, per-share basis, first-quarter 2012 EBDT was $0.48, compared with 2011 first quarter EBDT of $0.63.
Net Earnings
First-quarter net earnings attributable to Forest City Enterprises, Inc. were $22.8 million, compared with $46.3 million in the first quarter of 2011. After preferred dividends, net earnings attributable to Forest City Enterprises, Inc. common shareholders were $18.9 million, or $0.11 per share, for the quarter ended April 30, 2012, compared with $42.5 million, or $0.23 per share, in the first quarter of 2011. All per share amounts are on a fully diluted basis. The year-over-year variance in net earnings is primarily attributable to decreased gains on property sales and joint ventures in 2012, compared with the prior year, as well as the factors impacting FFO and EBDT.