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News Breaks
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February 2, 2012
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| 16:21 EDT |  | FCE |
| theflyonthewall.com: | Forest City Enterprises announces strategic actions and enhanced disclosure | | Forest City Enterprises announced actions that further position the company to launch its new, four-year strategic plan, and further enhance the company's disclosure to investors. A primary driver of the company's strategic plan is greater focus on core rental products – apartments, office and retail – in core markets – New York, Washington, D.C., Boston, Dallas, Los Angeles, San Francisco and Denver. Forest City will strategically reposition or divest portions of its land business and is actively reviewing alternatives to do so. The land business buys and sells raw land, develops subdivisions and sells lots to homebuilders. The land portfolio consists of approximately 35 active projects primarily located in the Southwestern U.S., Texas, the Carolinas and Ohio. As a result of this decision, Forest City expects to recognize a non-cash impairment charge of approximately $150M-$165M, pre-tax, in the quarter ended Jan. 31, 2012. Anticipated cash proceeds from executing the repositioning will be used to both pay down debt and selectively activate new development. The company intends to use proceeds from land sales and asset dispositions to both pay down debt and selectively activate new development, primarily in core markets and with existing entitlements. The company also announced that it is introducing a schedule of net asset value, or NAV, components as part of its quarterly and annual supplemental packages. :theflyonthewall.com |
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