Forest City Reports 10.2% Growth in Third Quarter EBDT; Extends Quarterly Record for EBDT Growth.Business Editors CLEVELAND--(BUSINESS WIRE)--Dec. 8, 2000 Forest City Enterprises, Inc. (NYSE NYSE See: New York Stock Exchange :FCEA FCEA Federal Contested Elections Act ) and (NYSE:FCEB FCEB Fingal County Enterprise Board (Ireland) ) announced today record financial results for the third quarter ended October October: see month. 31, 2000. Third quarter Earnings Before Depreciation, Amortization and Deferred Taxes (EBDT) increased to $39.5 million, or $1.30 per share, a 10.2 percent increase on a per share basis when compared with last year's EBDT of $35.6 million, or $1.18 per share. EBDT for the nine months ended October 31, 2000 improved 10.5 percent to $101.8 million or $3.36 per share, on a comparable basis, from last year's $91.7 million, or $3.04 per share. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by A. Ratner, President and Chief Executive Officer of Forest City Enterprises, commented, "Forest City continued to grow the business during the third quarter and increased its EBDT as a direct result of project openings in 1999 and 2000 and the earnings generated from our existing portfolio." Mr. Ratner continued, "During the first nine months, we opened or acquired 14 projects, totaling $399 million, at our share -- ten project openings at $246 million and four acquisitions at $153 million. Three acquisitions and three development projects opened during the third quarter. We now have a total of 15 projects under construction, totaling $600 million at cost when completed, $106 million of which will be accounted for under the equity method." Real Estate revenues were up 22.5 percent for the third quarter of 2000 compared to the prior year, while consolidated revenues increased 21 percent to $227.7 million compared with $188.2 million in the same period last year. Real Estate revenues for the first nine months of 2000 increased 15.7 percent, while consolidated revenues increased 8.2 percent to $615.5 million, compared with last year's $568.8 million. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before , net of tax, increased to $11.7 million for the third quarter of 2000 compared to $10.1 million in the third quarter of 1999. For the first nine months of 2000, operating earnings were $28.3 million compared to $20.1 million in the first nine months of 1999. Not included in EBDT for the third quarter and first nine months of 2000 was $2.1 million and $7.3 million, respectively, from the straight-lining of rents, which is included in operating earnings. The gain on disposition of properties and other investments was $1.4 million, after tax, for the third quarter of 2000, which resulted from the sale of securities held for investment. The gain on disposition of properties and other investments was $59.9 million, after tax, for the first nine months of 2000, the majority of which included proceeds from the dispositions of Tucson Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. Place shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , Studio Colony and
Highlands apartment communities and securities held for investment, as
reported in the first and second quarters.Net earnings were $13.1 million, or $0.43 per share, for the third quarter of 2000 compared to $7.0 million, or $0.23 per share, in the third quarter of 1999. Net earnings for the nine months ended October 31, 2000 were $87.5 million, or $2.89 per share, compared to $17.3 million, or $0.57 per share, for the first nine months of 1999. Recent Activities University Park at MIT University Park at MIT is a mixed-use urban renewal project in Cambridge, Massachusetts, United States, occupying land near Central Square between the Massachusetts Institute of Technology (MIT) campus and the primarily residential neighborhood of Cambridgeport. Development continued during the third quarter at Forest City's mixed-use mixed-use adj. Containing or zoned for commercial and residential facilities or development: a 40-story mixed-use tower; a mixed-use parcel of land. project at University Park at MIT, a high-technology/biomedical office park in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. . The Company signed leases for 667,000 square feet of new office space, 468,000 square feet of which is under construction with the balance commencing in 9 months. Construction is also underway on a 135-unit apartment community and a 1,100-car parking garage. These projects will total $270 million at cost when completed and will increase office and research space at University Park to 1.3 million square feet and increase Forest City's residential portfolio at the Park to 277 units. University Park also contains 75,000 square feet of retail space and a 210-room hotel. In August, Forest City signed a lease with Millennium Pharmaceuticals Millennium Pharmaceuticals NASDAQ: MLNM is a biotechnology company based in the Cambridge, Massachusetts area of the United States of America. Founded in 1993, the company conducts research in various scientific areas, currently focusing on inflammation and oncology. , Inc. totaling approximately 400,000 square feet in two new buildings. The first building, with 201,000 square feet, is currently under construction, with occupancy planned for the summer of 2002. The second building will be completed a year later with occupancy slated for the third quarter of 2003. Construction is continuing on a 122,000-square-foot research facility fully leased to the Partners HealthCare Partners HealthCare is a non-profit organization that owns several hospitals in Massachusetts, primarily in the Boston area. Massachusetts General Hospital and Brigham and Women's Hospital founded the organization in 1994. System scheduled for occupancy in the third quarter of 2001. Adjacent to this building will be a 1,128-space parking garage that is currently underway. In October, Forest City executed a lease with Alkermes Al`ker´mes n. 1. (Old Pharmacy) A compound cordial, in the form of a confection, deriving its name from the kermes insect, its principal ingredient. , Inc. for a new 145,000-square-foot corporate headquarters and biotechnology research facility. Construction has recently begun with occupancy scheduled for the second quarter of 2002. Alkermes will also retain 50,000 square feet it currently occupies in an adjacent building. Both Millennium and Alkermes are existing tenants in the Park and their expansion is representative of their continuing confidence and commitment to the project. Construction commenced on the 135-unit luxury apartment building at 91 Sidney Sidney, city (1990 pop. 18,710), seat of Shelby co., W central Ohio, on the Great Miami River, in a farm area; founded 1811, inc. 1834. Refrigerator parts and machinery are among the items produced there. Street during the third quarter. The project will be completed in the spring of 2002, with full occupancy anticipated by September September: see month. 2002. Openings/Acquisitions - Supported-Living Housing Program Forest City has been responding to the growing, aging population's need for new supported-living communities for decades and is one of the largest HUD-financed developers of senior communities in the country. Forest City has made a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. commitment to this business because it meets the Company's strategic requirements of being located in high growth areas of the country with strong demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. and high barriers to entry. Forest City has also expanded its portfolio of supported-housing based on its excellent historical financial performance. During the third quarter, Forest City doubled the size of its supported-living portfolio by opening or acquiring 939 units -- 388 units resulting from two recently opened projects and interests in 551 units resulting from three acquisitions. Two projects are currently under construction representing 169 units. The Company has grown its portfolio from interests in three projects, representing 868 units, to interests in 1,807 units year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. . In August, Forest City acquired interests in 551 units in three supported-living projects for a combined purchase price of $71 million - one in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and and two in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Forest Trace is a 100%-owned, 324-unit community in Lauderhill, Florida Lauderhill is a city in Broward County, Florida, United States. As of 2006, the population estimated by the U.S. Census Bureau is 59,621. It is part of the South Florida metropolitan area, which is home to 5,463,857 people. . The Company has 45% interests in Mayfair May·fair A fashionable district in the West End of London, England. It was named after an annual fair held in the district until 1708. Great Neck (148 units) and Mayfair of Glen Cove Glen Cove, city (1990 pop. 24,149), Nassau co., SE N.Y., on the north shore of Long Island, at the entrance to Hempstead Harbor; settled 1668, inc. as a city 1918. (79 units), both on Long Island. A grand opening took place in late-September at the recently completed, 309-unit supported-living facility in Yonkers, New York Yonkers is the fourth largest city in the State of New York (it falls behind New York City, Buffalo, and Rochester), and the largest city in Westchester County, with a population of 196,086 (according to the 2000 census). . This is Forest City's third joint venture with Classic Residence by Hyatt Hyatt is an international brand of hotels within the Global Hyatt Corporation that operates numerous properties. Hyatt is a part of the Marmon Group which is owned by Chicago's Pritzker Family. Mark S. Hoplamazian is the current President and CEO of Global Hyatt Corporation. -- the other two facilities are located in Teaneck, New Jersey Teaneck (pronounced /ˈtiːˌnɛk/) is a township in Bergen County, New Jersey, and is a suburb of New York City. As of the United States 2000 Census, the township population was 39,260. (221 units) and Chevy Chase, Maryland Chevy Chase is the name of both a town and an unincorporated Census-Designated Place (CDP) in Montgomery County, Maryland. In addition, a number of villages in the same area of Montgomery County include "Chevy Chase" in their names. (339 units). In September, the first project of the Forest City Daly joint venture was opened, Chestnut chestnut, name for any species of the genus Castanea, deciduous trees of the family Fagaceae (beech or oak family) widely distributed in the Northern Hemisphere. They are characterized by thin-shelled, sweet, edible nuts borne in a bristly bur. Grove on Long Island, a 79-unit supported-living development in Plainview, New York Plainview is a hamlet (and census-designated place) located in the town of Oyster Bay, Nassau County, New York, USA. The population was 25,637 at the 2000 census. Plainview and its neighboring hamlet, Old Bethpage, share a school system, library, fire department and water . Two additional projects are currently under construction in the New York market - 85 units in Bayshore Bayshore may refer to: Communities:
Conventional Housing Opening During the third quarter, Forest City opened the Grand Lowry Lofts in Denver Colorado. Originally an Air Force officers barracks bar·rack 1 tr.v. bar·racked, bar·rack·ing, bar·racks To house (soldiers, for example) in quarters. n. 1. A building or group of buildings used to house military personnel. during World War II and a former vacation spot for President Eisenhower; the Grand Lofts is now a 261-unit apartment community, carefully preserved to maintain its historical integrity. Complementing this residential presence in Denver is the Company's massive Stapleton project to the east of downtown, further evidencing Forest City's commitment to this major market. Madame Tussauds “Tussauds” redirects here. For other uses, see Two Swords. Madame Tussauds is a famous wax museum in London with branches in a number of major cities. It was set up by wax sculptor Marie Tussaud. Opens on 42nd Street Madame Tussauds Wax Museum wax museum n. A place where life-size wax figures, usually of famous people, are exhibited. opened during the third quarter in Forest City's mixed-use entertainment/retail project on 42nd Street in New York. The grand opening of the 60,000-square-foot world-renowned wax museum took place in November, bringing the physical occupancy of the project to 95 percent. 42nd Street consists of 305,000 square feet of retail/entertainment venues and the 444-room Hilton Times Square, which opened in June of this year. Denver Stapleton Update In July, the Denver City Council
v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. the former airport's 4,700 acres. The design for the final site plans and schematic A graphical representation of a system. It often refers to electronic circuits on a printed circuit board or in an integrated circuit (chip). See logic gate and HDL. elevations for the regional retail center and neighborhood town center, central features of Forest City's first phase of development, is about to receive final approval from the City of Denver
Central Station Update Central Station, a major land holding in Chicago being developed by Forest City, continued the sale of land to be developed for housing and commercial use. Forest City also entered into contracts for the development of more than 500 housing units, which are currently under construction. Contracts under negotiation represent another 515 housing units. Design for a mixed-use building is currently underway which will include 300,000 square feet of retail, office and residential space. Financing Summary During the first nine months of 2000, Forest City completed $588.2 million in nonrecourse Nonrecourse In the case of default, the lender has no ability to claim assets over and above what the limited partners contributed. mortgage financings at the Company's ownership share, including $227.9 million in refinancings, $32.1 million in extensions, $127.0 million in acquisitions and $201.2 million for new development projects. Additionally, the company reduced total debt by $117.6 million as a result of sales transactions. In the largest transaction of the year, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , NA acted as sole arranger of $200 million of project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. for Forest City's two newly opened hotels in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. which were completed this past summer. Located in downtown and midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan respectively, the Embassy Suites New York City has 463 rooms and the Hilton Times Square has 444 rooms. At October 31, 2000, the Company's weighted average cost of mortgage debt increased to 7.56% from 7.10% at October 31, 1999, primarily due to the general rise in variable interest rates. The variable rate mortgage debt, which represented 25% of the Company's total nonrecourse mortgage debt, increased from 6.45% at October 31, 1999 to 8.06% at October 31, 2000. Fixed rate mortgage debt increased from 7.31% at October 31, 1999 to 7.40% at October 31, 2000. In order to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. exposure to interest rate fluctuations and
protect its total debt portfolio, Forest City continues to purchase and
own LIBOR LIBORSee: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). Caps and Treasury Options. The Company owns approximately $716 million of LIBOR Caps for the fiscal year 2000 and $618 million for fiscal year 2001 at 6.63% and 6.84%, respectively. Approximately $400 million of 7.75% LIBOR Caps have also been purchased for fiscal year 2002. Forest City owns approximately $388 million of three-year LIBOR Caps at rates of 7.45% to 8% with start dates from July 2000 to February 2003. Additionally, the Company owns approximately $300 million of 10-year and more than $22 million of five-year Treasury Options at strike rates ranging from 6.50% to 7% with exercise dates ranging from February 2001 to September 2002. Corporate Description Forest City Enterprises, Inc. is a $4 billion NYSE-listed real estate company headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company's portfolio of property investments includes interests in 15.7 million square feet of leasable space in 41 retail centers, more than 33,000 residential units in 108 apartment communities, 7.2 million square feet in 24 office buildings and 3,000 rooms in nine hotels. This diversified diversified (di·verˑ·s portfolio is operated by regional offices in New York, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Boston, Tucson, Denver, Washington DC and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Language Statements made in this news release that state the company or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . It is important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to the company's substantial leverage and the ability to service debt, guarantees under the company's credit facility, changes in interest rates, continued availability of tax-exempt government financing, the sustainability of substantial operations at the subsidiary level, real estate development and investment risks, significant geographic concentration, illiquidity of real estate investments, dependence on rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time from real property, reliance on major tenants, conflicts of interest, competition, potential liability from syndicated properties, effects of uninsured loss, environmental liabilities, partnership risks, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risks and other risk factors as disclosed from time-to-time in the company's SEC filings, including but not limited to the company's report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended January 31, 2000. Copies of this document may be obtained by contacting the company or the SEC.
Forest City Enterprises, Inc. and Subsidiaries
Financial Highlights
For the Periods Ended October 31, 2000 and 1999
(dollars in thousands, except per share data)
Three Months Ended
October 31, Increase (Decrease)
------------------- -------------------
2000 1999 Amount Percent
------------------- -------------------
Revenues:
Forest City
Enterprises, Inc. $ 43,966 $ 38,138 $ 5,828 15.3
Forest City Rental
Properties
Corporation 183,770 150,029 33,741 22.5
----------------------- --------
Total Revenues $ 227,736 $ 188,167 $39,569 21.0
----------------------- --------
----------------------- --------
Earnings before
depreciation,
amortization and
deferred taxes (a) $ 39,501 $ 35,603 $ 3,898 10.9
----------------------- --------
----------------------- --------
Operating earnings,
net of tax $ 11,654 $ 10,093 $ 1,561
Provision for decline
in real estate and
other, net of tax - (3,060) 3,060
Gain on disposition of
properties and other
investments, net of tax 1,425 - 1,425
----------------------- --------
Net earnings before
extraordinary gain 13,079 7,033 6,046
Extraordinary gain,
net of tax - - -
----------------------- --------
Net earnings $ 13,079 $ 7,033 $ 6,046
----------------------- --------
----------------------- --------
Per common share - diluted
Earnings before
depreciation,
amortization
and deferred taxes (a) $ 1.30 $ 1.18 $ 0.12 10.2
----------------------- --------
----------------------- --------
Operating earnings,
net of tax $ 0.38 $ 0.33 $ 0.05
Provision for decline
in real estate and
other, net of tax - (0.10) 0.10
Gain on disposition of
properties and other
investments, net of tax 0.05 - 0.05
----------------------- --------
Net earnings before
extraordinary gain 0.43 0.23 0.20
----------------------- --------
Extraordinary gain, net
of tax - - -
----------------------- --------
Net earnings $ 0.43 $ 0.23 $ 0.20
----------------------- --------
----------------------- --------
Weighted average
diluted shares
outstanding 30,361,723 30,104,622 257,101
----------------------- --------
----------------------- --------
Nine Months Ended
October 31, Increase (Decrease)
------------------ -------------------
2000 1999 Amount Percent
------------------ -------------------
Revenues:
Forest City
Enterprises, Inc. $ 114,562 $ 135,947 $(21,385) (15.7)
Forest City Rental
Properties
Corporation 500,933 432,865 68,068 15.7
----------------------- --------
Total Revenues $ 615,495 $ 568,812 $46,683 8.2
----------------------- --------
----------------------- --------
Earnings before
depreciation,
amortization and
deferred taxes (a) $ 101,827 $ 91,712 $10,115 11.0
----------------------- --------
----------------------- --------
Operating earnings,
net of tax $ 28,291 $ 20,127 $ 8,164
Provision for decline
in real estate and
other, net of tax (744) (3,060) 2,316
Gain on disposition of
properties and other
investments, net of tax 59,914 - 59,914
----------------------- --------
Net earnings before
extraordinary gain 87,461 17,067 70,394
Extraordinary gain,
net of tax - 214 (214)
----------------------- --------
Net earnings $ 87,461 $ 17,281 $70,180
----------------------- --------
----------------------- --------
Per common share - diluted
Earnings before
depreciation,
amortization
and deferred taxes (a) $ 3.36 $ 3.04 $ 0.32 10.5
----------------------- --------
----------------------- --------
Operating earnings,
net of tax $ 0.93 $ 0.66 $ 0.27
Provision for decline
in real estate and other,
net of tax (0.02) (0.10) 0.08
Gain on disposition of
properties and other
investments, net of tax 1.98 - 1.98
----------------------- --------
Net earnings before
extraordinary gain 2.89 0.56 2.33
Extraordinary gain,
net of tax - 0.01 (0.01)
----------------------- --------
Net earnings $ 2.89 $ 0.57 $ 2.32
----------------------- --------
----------------------- --------
Weighted average
diluted shares
outstanding 30,297,104 30,149,508 147,596
----------------------- --------
----------------------- --------
(a) Earnings before depreciation, amortization and deferred taxes
consists of net earnings before extraordinary gain, excluding the
following items: i) provision for decline in real estate and
other; ii) gain (loss) on disposition of properties; iii)
beginning in 2000, the adjustment to recognize rental revenues
using the straight-line method; and iv) noncash charges from
Forest City Rental Properties Corporation for depreciation,
amortization and deferred income taxes.
OCTOBER 31, 2000
2000 Openings/Acquisitions (14)
Total Cost FCE Share Squ ft./
Opening at 100% of Cost No. of
Property/Location Date (in mil.) (in mil.) Units
----------------------------------------------------------------------
Shopping Centers:
Battery Park City/
Manhattan, NY Q2-00 41.3 28.9 166,000
Court Street/
Brooklyn, NY Q2-00 28.4 19.9 103,000
Forest Avenue/
Staten Island, NY Q2-00 11.7 8.2 68,000
Eastchester/
Bronx, NY Q2-00 13.6 9.5 63,000
-------------------------------
95.0 66.5 400,000
-------------------------------
-----------
Hotels:
Times Square Hilton/
Manhattan, NY Q2-00 117.3 65.7 444 rooms
Embassy Suites Hotel/
Manhattan, NY Q2-00 128.1 64.6 463 rooms
-------------------------------
245.4 130.3 907 rooms
-------------------------------
-----------
Residential:
Philip Morris/
Richmond, VA Q1-00 27.2 0.0 171
Mount Vernon/
Alexandria, VA Q2-00 82.0 82.0 1,387
Forest Trace/
Lauderhill, FL Q3-00 46.0 46.0 324
Mayfair Great Neck/
Great Neck, NY Q3-00 38.0 17.1 148
Mayfair of Glen Cove/
Long Island, NY Q3-00 17.6 7.9 79
Classic Res. By Hyatt/
Yonkers, NY Q3-00 73.6 36.8 309
Chestnut Grove/
Plainview, NY Q3-00 15.2 12.2 79
Grand Lowry Lofts/
Denver, CO Q3-00 30.0 0.0 261
-------------------------------
329.6 202.0 2,758
-------------------------------
-----------
Total Projects Opened $670.0 $398.8
------------------
------------------
OCTOBER 31, 2000
Projects Under Construction/Acquired (15)
Total Cost FCE Share Squ ft./
Anticipated at 100% of Cost No. of
Property/Location Opening (in mil.) (in mil.) Units
----------------------------------------------------------------------
Shopping Centers:
Queens Place/
Queens, NY Q3-01 71.4 50.0 455,000
Mall @ Robinson/
Pittsburgh, PA Q4-01 120.2 68.1 796,000
Mall @ Stonecrest/
Atlanta, GA Q4-01 120.5 80.7 1,203,000
-------------------------------
312.1 198.8 2,454,000
-------------------------------
-----------
Office:
Emerald Corp. Park/
Cleveland, OH Q4-00 11.1 5.6 87,400
University Park @ MIT (65/80)
Cambridge, MA Q3-01 58.3 58.3 122,400
University Park @ MIT (35)
Cambridge, MA 2002 59.4 59.4 201,000
University Park @ MIT (88)
Cambridge, MA 2002 48.3 48.3 145,000
-------------------------------
177.1 171.6 555,800
-------------------------------
-----------
Residential:
101 San Fernando/
San Jose, CA Q4-00 66.1 0.5 323
Heritage/
San Diego, CA Q1-01 37.0 37.0 230
Forest Hills/
Forest Hills, NY Q2-01 24.9 13.9 84
Bayshore/
Bayshore, NY Q3-01 17.3 13.8 85
Bell Building/
Philadelphia, PA Q4-01 40.0 0.8 193
Settler's Landing at Greentree/
Streetsboro, OH 2001 31.2 15.6 408
Parkwood Village/
Brunswick, OH 2001 13.0 6.5 204
University Park @ MIT (91)/
Cambridge, MA 2002 36.8 36.8 135
-------------------------------
266.3 124.9 1,662
-------------------------------
Total Projects
Under Construction/Acquired $755.5 $495.3
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