Profile: Forest City Enterprises Inc (FCEa.N)
9 Dec 2013
Forest City Enterprises, Inc. (Forest City), incorporated on March 26, 1960, is engaged in the ownership, development, management and acquisition of commercial and residential real estate and land in 26 states and the District of Columbia. The Company operates in six segments: Commercial Group, Residential Group, Land Development Group, The Brooklyn Nets (The Nets), Arena and Corporate Activities. The Company’s core markets include Boston, Chicago, Dallas, Denver, Los Angeles, New York City, Philadelphia, the Greater San Francisco metropolitan area and the Greater Washington D.C. metropolitan area. In January 2013, the Company disposed two assets in non-core markets. In March 2013, the Company announced that it has closed the sale of Millender Center, a 339-unit apartment community in Detroit, Michigan, to RCA VG, LLC. In April 2013, Forest City Enterprises Inc acquired the remaining 28% stake in The Mall at Robinson. Concurrently, Forest acquired the remaining 50% interest, which it did not already own, in Robinson Towne Center. In August 2013, Forest City Enterprises Inc completed the disposition of the Higbee Building, an 815,000-square-foot office building in downtown Cleveland. In August 2013, Forest City Enterprises Inc completed the sale of the Liberty Center complex in Pittsburgh to a subsidiary of Starwood Capital Group.
The Company has developed and/or acquired retail projects for more than 60 years and office and mixed-use projects for more than 40 years. The Commercial Group’s diverse portfolio is in both urban and suburban locations in 15 states and the District of Columbia. As of January 31, 2013, the Commercial Group owned interests in 93 completed properties, including 47 office properties (13.0 million gross leasable square feet); 17 regional malls (gross leasable area (GLA) of 9.3 million square feet); 27 specialty retail centers (GLA of 5.9 million square feet), and two hotels (1,015 rooms). The Company has developed regional malls and specialty retail centers. The specialty retail centers include urban retail centers, entertainment-based centers, community centers and power centers (collectively, specialty retail centers).
The Company’s Residential Group owns, develops, acquires, leases and manages residential rental properties in 23 states and the District of Columbia. The Company has been engaged in apartment community development. Its residential portfolio includes middle-market apartments, upscale urban properties and adaptive re-use developments. The Residential Group develops for-sale condominium projects and also owns, develops and manages military family housing.
At January 31, 2013, the Residential Group’s diverse operating portfolio consisted of 32,564 apartment units in 115 properties, and 14,104 military housing units under management in various stages of operations and/or redevelopment. In addition, the Residential Group has seven projects under construction which includes: Continental Building, Aster Northfield, Stratford Avenue, Brooklyn Atlantic Yards - B2 BKLYN, 120 Kingston, The Yards - Twelve12 and West Village.
Land Development Group
The Land Development Group acquires and sells raw land and sells fully entitled developed lots to residential, commercial and industrial customers. The Land Development Group also owns and develops raw land into master-planned communities, mixed use projects. The Stapleton project represents urban redevelopments and is a true mixed-use project with substantial future entitlements, including apartments, retail and office space as well as single family neighborhoods, where the Company sells residential lots to home builders. As of January 31, 2013, the Company owns 289 acres of undeveloped land (including 132 saleable acres) and a purchase option for 1,142 acres at Stapleton over the next 6 years.
The Company’s ownership of The Nets is through Nets Sports and Entertainment LLC (NS&E). NS&E also owns Brooklyn Arena, LLC (Arena), an entity that through its subsidiaries is overseeing the construction of and has a long-term lease in the Barclays Center arena, the future home of The Nets.
Forest City Enterprises Inc
Suite 1100 Terminal Tower
50 Public Square
CLEVELAND OH 44113