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CLEVELAND-It’s been a busy third quarter (and year) for developer and owner Forest City Enterprises, and the company has earnings and revenue gains to show for it. According to Forest City, net earnings for its fiscal Q3 2004 third quarter, ended Oct. 31, were $37.3 million, or $0.73 per share, compared with $26.0 million, or $0.51 per share, in Q3 2003. Third-quarter consolidated revenues increased 8.5% to $256.1 million, compared with $236.0 million in the prior year’s third quarter. The company’s retail portfolio’s comparable NOI was flat for third quarter, but increased 1.7% year-to-date. Retail occupancies were 92.3%, compared with 90.5% for the third quarter last year.

“The growth was primarily driven by our 13 project openings and acquisitions completed in fiscal 2003, and eight project openings during the first three quarters of fiscal 2004,” said Charles A. Ratner, president and CEO of Forest City.

In the retail realm—the company also has major stakes in office, residential and hotel properties—Forest City held two grand openings during 3Q 2004: the 1.3-million-sf Victoria Gardens, a $183 million open-air lifestyle center billed as a pedestrian-friendly “new downtown” for Rancho Cucamonga, CA; and Quartermaster Plaza, a $70 million retail project in Philadelphia.

Victoria Gardens, anchored by Macy’s, JC Penney and Robinsons-May, includes more than 120 other stores and 20 eateries, such as Coach, Pottery Barn, Brighton Collectibles, Williams-Sonoma, Strasburg Children, Yard House and California Pizza Kitchen. In partnership with Forest City, the City of Rancho Cucamonga is building a nearby community facility, slated to open in 2006, that will include a library, performing arts center and meeting facilities.

The 540,000-sf Quatermaster Plaza, not as upscale as the California property, is only partially opened, but already includes Home Depot, Staples, BJ’s Wholesale Club, PetSmart and A.J. Wright; early in 2005, Walgreens, Foot Locker, Old Country Buffet, Chili’s and Cold Stone Creamery, among others, will open. The site represents the redevelopment of a former military supply depot, hence the name.

At the end of the third quarter, Forest City’s development pipeline included 18 projects. These include six retail projects under way, such as Ridge Hill Village Center, 1.3-million-sf project in Yonkers, NY (which also includes a residential component, about 360 apartments); East River Plaza, 532,000 sf in Manhattan; a 1-million-sf project in Bolingbrook, IL, southwest of Chicago, and adjacent to the Ikea under way there; and Westminster Mall, 912,000-sf in Westminster, CO. Forest City is also beginning the redevelopment of the former Waterside mall in Washington, DC. The project, called Waterfront, will include 2.1 million sf of office space, residential units, retail and restaurants.

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