FCE/A

Forest City Enterprises Inc

Finance/Real Estate


Presented:06/04/2015
Price:$23.09
Cap:N/A
Current Price:$25.34
Cap:$6.87B

Presented

Date06/04/2015
Price$23.09
Market CapN/A
Ent Value$10.96B
P/E RatioN/A
Book Value$9.25
Div YieldN/A
Shares O/S249.82M
Ave Daily Vol1,430,000
Short Int1.99%

Current

Price$25.34
Market Cap$6.87B
Forest City Enterprises, Inc. acquires, owns, develops, and manages commercial and residential real estate and land in the United States. The company’s Commercial group acquires, owns, develops, and operates regional malls, specialty/urban retail centers, office and life science buildings, and mixed-use projects, as well as operates Barclays Center, a sports and entertainment arena located in Brooklyn, New York. Its Residential group acquires, owns, develops, and operates residential rental properties, including upscale and middle-market apartments and adaptive re-use developments, as well as develops and manages military family housing. The company’s Land Development group acquires and sells land and developed lots to residential, commercial, and industrial customers. Forest City Enterprises, Inc. was founded in 1920 and is headquartered in Cleveland, Ohio.

Publicly traded companies mentioned herein: Forest City Enterprises Inc (FCE/A)

Highlights

The presenter is long shares of Forest City Enterprises (FCE/A), and said, “What used to be a complicated real estate story is getting simpler by the day”. He sees a reasonably clear path for Forest City to become a simple REIT, and “simple is good in the REIT world”. Although risks remain (i.e., the sale of its stake in the Nets and Barclays Center are still pending, and leverage is an issue), the owner, operator and developer of a variety of urban real estate properties is exposed to good markets and the Atlantic Yards project appears to be back on track. In addition, a recent equity raise and the announcement of its intent to convert to a REIT effective January 1, 2016 are bullish.

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