"The shopping-center industry experienced a very good year in 2005," says Charles Ratner, Forest City's president and chief executive officer, during a conference call reporting financial results of the company's fiscal year, which ended Jan. 31. For the year, the company's revenues were $1.2 billion, up 21.8% from 2004, while earnings hit $28.2 million, up from $5.8 million.
Among the centers scheduled to open this year are San Francisco (CA) Centre, a 1-million-sf downtown center, anchored by Bloomingdale's and Nordstrom, that the company is redeveloping with the Westfield Group. Portions of the 2 million sf of retail at the company's Stapleton planned-community project in Denver are also opening at a cost of $142.5 million.
Next year Forest City will open Promenade Bolingbrook (IL), a 731,000-sf, $117.7-million project in that Chicago suburb. Further off are the 510,000-sf East River Plaza in New York City and the 1.2 million-sf Ridge Hill mixed-use project in Yonkers, NY.
Forest City owns 41 regional malls and specialty centers across the country. The assets have a combined sales per-sf average of $434.
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