Key Developments: Forest City Enterprises Inc (FCEa.N)
19.79USD
23 May 2013
$-0.05 (-0.25%)
$19.84
$19.67
$19.82
$19.38
186,525
276,184
$20.41
$12.92
Latest Key Developments (Source: Significant Developments)
Forest City Enterprises Inc Announces Completion Of Acquisition Of 100% Interest In Mall At Robinson
Forest City Enterprises Inc announced that it has completed a transaction with its partner in two Pittsburgh-area retail centers in which it acquired 100% interest in the Mall at Robinson, a regional enclosed mall, and sold its interest in the Plaza at Robinson Town Center, an adjacent specialty/strip center. Prior to the transaction, Forest City had approximately 72% interest in the mall and 50% interest in the strip center. The transaction resulted in net cash proceeds to Forest City of $7.75 million. Full Article
Forest City Enterprises Inc Completes Disposition Of Detroit Apartment Community
Forest City Enterprises Inc announced that it has closed the sale of Millender Center, a 339-unit apartment community in Detroit, Michigan, to RCA VG, LLC. The gross selling price reflected a cap rate of 4.3% based on the property's 2012 net operating income, and the transaction generated net cash proceeds to Forest City of approximately $15 million. Full Article
Forest City Enterprises Inc Completes Two Asset Dispositions In Non Core Markets
Forest City Enterprises Inc announced that it recently completed the disposition of two assets in non-core markets. In Florida , the Company closed the sale of Emerald Palms , a 505-unit apartment community in the Kendall/South Dade submarket in southwest Miami , to Grand Peaks Properties for approximately $70.5 million , reflecting a cap rate of approximately 5.0% based on estimated 2012 net operating income. The disposition generated net cash proceeds to Forest City of approximately $45.2 million . Full Article
Forest City Enterprises Inc Announces Share Repurchase Program
Forest City Enterprises Inc announced that its Board of Directors has approved a new $100 million common share repurchase program to replace its prior program. Full Article
Forest City Enterprises, Inc. Closes Offering Of $125 Million Of Senior Notes
Forest City Enterprises, Inc announced the closing of its offering of $125 million aggregate principal amount of 7.375% Senior Notes Due 2034 (the Notes). Forest City has also granted the underwriters a 30-day option to purchase up to an additional $18.75 million principal amount of the Notes to cover overallotments. The Notes were offered as additional notes under an indenture pursuant to which the Company issued $100 million aggregate principal amount of 7.375% Senior Notes Due 2034 on February 10, 2004. The Notes offered and those previously issued will be treated as a single series of debt securities under the indenture. The terms of the Notes, other than their issue date and public offering price, are identical to the previously issued notes and will trade interchangeably with the previously issued notes. Forest City received net proceeds from this offering of approximately $115.9 million (and expects to receive approximately $133.4 million if the underwriters' option is exercised in full), after deducting estimated offering expenses and the underwriters' discount. Forest City intends to use the net proceeds from this offering to redeem a portion of its outstanding 7.625% Senior Notes Due June 1, 2015. Pending application of the net proceeds, the net proceeds will be held in an escrow account and invested in short-term, investment grade, interest-bearing securities. Full Article
Forest City Enterprises, Inc. Announces Pricing Of $125 Million Of Senior Notes
Forest City Enterprises, Inc. announced pricing of its offering of $125 million aggregate principal amount of 7.375% Senior Notes Due 2034. The offering price of the Notes will be $24.1078, including accrued interest from May 1, 2012. Forest City has also granted the underwriters a 30-day option to purchase up to an additional $18.75 million principal amount of the Notes to cover overallotments. The Notes are being offered as additional notes under an indenture pursuant to which the Company issued $100 million aggregate principal amount of 7.375% Senior Notes Due 2034 on February 10, 2004. The Notes being offered and those previously issued will be treated as a single series of debt securities under the indenture. The Notes may be redeemed by Forest City at any time at a redemption price equal to the principal amount plus accrued and unpaid interest. The Notes will be general senior unsecured obligations of Forest City Enterprises, Inc. Forest City estimates that the net proceeds from this offering will be approximately $115.9 million, after deducting offering expenses and the underwriters' discount. Forest City intends to use the net proceeds from this offering to redeem a portion of its outstanding 7.625% Senior Notes Due June 1, 2015. Pending application of the net proceeds, the net proceeds will be held in an escrow account and invested in short-term, investment grade, interest-bearing securities. Full Article
Forest City Enterprises, Inc. To Offer Senior Notes
Forest City Enterprises, Inc. announced its intention to offer, subject to market and other conditions, 7.375% Senior Notes Due 2034 (the Notes). The Notes are being offered as additional notes under an indenture pursuant to which the Company issued $100 million aggregate principal amount of 7.375% Senior Notes Due 2034 on February 10, 2004. The Notes being offered and those previously issued will be treated as a single series of debt securities under the indenture. The terms of the Notes, other than their issue date and public offering price, will be identical to the previously issued notes and will trade interchangeably with the previously issued notes. The Notes may be redeemed by Forest City at any time at a redemption price equal to the principal amount plus any accrued and unpaid interest. The Notes will be general senior unsecured obligations of Forest City Enterprises, Inc. Forest City expects to grant the underwriters a 30-day option to purchase additional Notes to cover overallotments. Forest City intends to use the net proceeds from this offering to redeem a portion of its outstanding 7.625% Senior Notes Due June 1, 2015. Pending application of the net proceeds, the net proceeds will be held in an escrow account and invested in short-term, investment grade, interest-bearing Full Article
Forest City Enterprises, Inc. Announces Sale Of Quebec Square Retail Center In Denver
Forest City Enterprises, Inc. announced the closing of the sale of Quebec Square, a retail power center in Denver, to Quebec Square, CMH, LLC. The sale price of $34.25 million. Quebec Square is located at the corner of Quebec Street and Smith Road in Denver, adjacent to Stapleton, Forest City's mixed-use redevelopment community. The center has a total of 739,000 square feet of space, with gross leaseable area (GLA) of approximately 217,000 square feet, including current tenants Famous Footwear, Ross Dress for Less, Big 5 Sporting Goods, Office Depot and PetSmart. Full Article
Car Charging Group Inc Announces Partnership With Forest City Enterprises, Inc.
Car Charging Group Inc announced that it has entered into an agreement with Forest City Enterprises, Inc., a national real estate company, to provide EV charging services at the Forest City properties located throughout the United States. Car Charging Group will install its EV charging stations at various Forest City properties and will offer charging services to EV drivers. Ownership of the EV charging stations will remain with Car Charging Group, but Forest City will share in the proceeds generated by the charging services provided at their properties. Full Article
Forest City Enterprises, Inc. To Sell The Ritz-Carlton Cleveland Hotel
Forest City Enterprises, Inc. announced that it has agreed to sell the 206-room Ritz-Carlton Cleveland hotel at Tower City Center to a subsidiary of Rock Ohio Caesars, LLC, for a total of $36.5 million, including a $2.5 million option payment by Rock pursuant to an option agreement between the two companies. The hotel will remain a Ritz-Carlton under a long-term management contract. The transaction is expected to close December 15, 2011. Full Article
Fitch Initiates 'BB-' IDR on Forest City; Outlook Stable
(The following statement was released by the rating agency) NEW YORK, March 26 (Fitch) Fitch Ratings has assigned initial credit ratings to Forest City Enterprises, Inc. (NYSE: FCEA/FCEB, collectively FCE) as follows: --Issuer Default Rating (IDR) 'BB-'; --Bank revolving credit facility 'BB-'; --Senior unsecured notes 'BB-'; --Convertible senior unsecured notes 'BB-'. The Rating Outlook is Stable. KEY RATING DRIVERS The 'BB-' IDR centers on FCE's high leverage and lack of unencumbered assets.
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