Revenues for the previous were $1.29 billion, which is a 0.3% increase compared to 2007. Q4 consolidated revenues were $323.0 million, down from Q4 2007's revenues of $404.4 million last year. "The revenue variance in the fourth quarter of fiscal 2008 compared with the fourth quarter of the prior year is primarily attributable to decreased land sales," company executives say.

During the earnings call Tuesday morning, Charles Ratner, president and CEO, says Forest City's major focus now is "preserving liquidity and managing our maturities." By the end of January, Forest City had more than $500 million in cash and credit, which includes $181.6 million in cash and $318.6 million of borrowings on the Company's revolving line of credit.

"During the year, we addressed all of our approximately $842 million of 2008 loan maturities, with the exception of $13 million in loans still in negotiation with lenders," Ratner says. "In addition, we have already made progress on addressing 2009 maturities."

Forest City executives still have plans to move forward with a number of large development projects. Construction will likely start this year on the Atlantic Yards project, once the last pending material lawsuit is completed.

The East River project just signed Costco to 110,000 square feet. A majority of the retailers will open in November, with total construction expected to complete after the new year. Target is expected to open on the site at the beginning of the year as well.