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Last $22.85 USD
Change Today -0.32 / -1.38%
Volume 2.8M
FCE/A On Other Exchanges
Symbol
Exchange
New York
Berlin
New York
As of 4:15 PM 05/6/15 All times are local (Market data is delayed by at least 15 minutes).

forest city enterprises-cl a (FCE/A) Key Developments

Forest City Enterprises Inc. to Report Q1, 2015 Results on May 05, 2015

Forest City Enterprises Inc. announced that they will report Q1, 2015 results at 9:05 PM, GMT Standard Time on May 05, 2015

Forest City Enterprises Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015

Forest City Enterprises Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenues of $237.082 million compared to $249.537 million a year ago. Adjusted revenues were $351.402 million compared to $367.609 million a year ago. Net operating income was $142.806 million compared to $145.256 million a year ago. Loss before income taxes was $65.602 million compared to $27.521 million a year ago. Net loss attributable to company was $54.209 million compared to net earnings attributable to company of $15.520 million a year ago. FFO was $20.571 million or $0.10 per diluted share compared to $55.329 million or $0.25 per diluted share a year ago. Operating FFO per share data was $64.544 million or $0.27 per diluted share compared to $55.556 million or $0.24 per diluted share a year ago. Operating FFO was $58.358 million compared to $48.493 million a year ago. Non-GAAP net operating income was $130.028 million compared to $137.357 million a year ago. Non-GAAP loss before income taxes was $54.097 million compared to non-GAAP earnings before income taxes of $31.497 million a year ago. Positive factors impacting first-quarter 2015 Operating FFO, compared with the first quarter of 2014, included increased net operating income (NOI) from the mature portfolio of $6.8 million, lower interest expense, both corporate and in the mature portfolio, of $4.4 million, and increased capitalized interest to active development projects of $2.6 million as the company has activated entitled development opportunities.  These positive factors were partially offset by lower quarter-over-quarter land sales at Stapleton of $3.6 million and reduced Operating FFO from properties sold of $2.3 million. Total capital expenditures were $16.095 million compared to $12.118 million a year ago. FFO results were negatively impacted by increased loss on extinguishment of debt of $35.1 million or $0.15 per share related to the privately negotiated exchange transactions they executed in the first quarter. Operating results from their portfolio for the quarter were strong with total comparable property net operating income or comp NOI of 5.3% with increases of 6.4% in retail, 5.5% in apartments and 4.4% in office.

Forest City Enterprises Seeks Acquisitions

Forest City Enterprises Inc. (NYSE:FCE.A) is seeking acquisitions. Forest City Enterprises Inc. has filed a Follow-on Equity Offering, the net proceeds of which will be used for general corporate purposes. These purposes may include, but are not limited to, repayment of debt, additions to working capital, development of new properties, capital expenditures and acquisitions.

Forest City Enterprises Inc., Q1 2015 Earnings Call, May 05, 2015

Forest City Enterprises Inc., Q1 2015 Earnings Call, May 05, 2015

Forest City Enterprises Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Impairment Charges for the Fourth Quarter Ended December 31, 2014

Forest City Enterprises Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company’s operating FFO was $78.1 million, a 52% increase compared with $51.5 million for the three months ended December 31, 2013. Positive factors impacting fourth-quarter 2014 Operating FFO, compared with the fourth quarter of 2013, included increased NOI from the mature portfolio of $9.9 million, proceeds from a 2014 legal settlement of $7.0 million, other increased Operating FFO of $5.0 million (primarily related to lower expensed overhead due to increased capitalization to active development projects), increased land sales at Stapleton of $4.3 million, and lower interest expense, both corporate and in the mature portfolio, of $3.7 million. These positive factors were partially offset by reduced Operating FFO from properties sold of $3.3 million. Total FFO was $220.2 million, or $0.95 per share, compared with an FFO loss of $164.0 million, or $0.83 per share, for the three months ended December 31, 2013. In addition to the factors listed above related to Operating FFO, fourth-quarter 2014 FFO results were positively impacted by net gains on change in control of interests of approximately $227.9 million ($139.5 million net of tax), or $0.59 per share, primarily related to two properties, Bayside Village, an apartment community in San Francisco, and Boulevard Mall in Amherst, New York. For the three months ended December 31, 2014, the company had net earnings attributable to common shareholders of $69.2 million, or $0.31 per share, compared with a net loss of $207.7 million, or $1.05 per share, for the fourth quarter of 2013. Consolidated revenues were $252.1 million, compared with $257.9 million for the fourth quarter of 2013. Operating FFO per share was $0.36 against $0.25 a year ago. Adjusted revenues were $370.537 million against $370.537 million a year ago. Net operating income was $153.942 million against $122.386 million a year ago. Earnings before income taxes were $86.314 million against loss of $381.460 million a year ago. Negatively impacting earnings was a pretax impairment in the fourth quarter related to B2 Brooklyn project and the modular factory of $146 million of which $38.7 million represented the write-off of the factory. For the year ended December 31, 2014, Operating FFO was $248.4 million, compared with $164.2 million for the year ended December 31, 2013. Total FFO was $394.6 million, compared with $34.0 million for the full year ended December 31, 2013. For the full year of 2014, the company had a net loss attributable to common shareholders of $7.6 million, or $0.04 per share, compared with net loss of $20.5 million, or $0.10 per share, consolidated revenues were $966.1 million compared with $1.1 billion for the full year ended December 31, 2013. The year-over-year variance was primarily related to the company's 2013 regional mall joint venture with QIC, which resulted in the change from full consolidation accounting to equity method accounting for seven of the malls included in the joint venture. Operating FFO per share was $1.17 against $0.82 a year ago. Adjusted revenues were $1,440.655 million against $1,525.450 million a year ago. Net operating income was $606.337 million against $553.612 million a year ago. Loss before income taxes was $138.136 million against loss of $169.931 million a year ago. For the quarter, the company reported impairment of depreciable rental properties of $56.638 million against $33.864 million a year ago.

 

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