"We remain confident in our ability to deliver solid full-year 2017 results and achieve meaningful progress towards our long-term strategic goals," CEO David LaRue stated, predicing improved results and an increased dividend.
"We continuously monitor the changing market dynamics we face in the real estate investment marketplace," he said. "We also recognize that we have been, and continue to be, in an extended economic cycle and must continue to exercise prudent and disciplined capital allocation to new development. Given current conditions, we intend to reduce the upper limit of our development ratio from 10 percent to approximately 7.5 percent of total assets."
38 Sixth Avenue, a 303-unit, all-affordable apartment community with 6,000 square feet of street-level retail at Pacific Park Brooklyn that is part of the company's strategic partnership with Greenland USA, is expected to begin phased opening in the third quarter of 2017.That means by September. I have my doubts. After all, in a press release this past May regarding first-quarter results, Forest City said the building was expected to begin phased opening in the second quarter of 2017.
|From investor presentation (download)|