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Forest City Statement on Victory for Atlantic Yards Project in Federal Eminent Domain Case

Posted on: Friday, 1 February 2008, 15:00 CST

Bruce Ratner, CEO and chairman of Forest City Ratner Companies, LLC, a subsidiary of Forest City Enterprises, Inc. (NYSE: FCEA)(NYSE: FCEB), today applauded the United States Court of Appeals, Second Circuit, affirmation of the District Court's decision in a case brought by opponents of the Atlantic Yards project in Brooklyn on the grounds that the use of eminent domain violates the Public Use Clause of the Fifth Amendment. The District Court had decided against the plaintiffs in the case.

"Today's decision is more than another victory for Atlantic Yards," Ratner said. "It is a victory for public good and the importance of investing in diverse communities throughout the City. Atlantic Yards will bring thousands of needed jobs and affordable homes to Brooklyn. We believe, and the courts have repeatedly affirmed, that these are real benefits that will have a significant positive impact on the borough and the City."

Two weeks ago, opponents suffered another defeat when the State Supreme Court ruled against them in a case involving environmental review procedures.

About Forest City

Forest City Ratner Companies, LLC, a wholly owned subsidiary of Forest City Enterprises, Inc., owns and operates 32 properties in the New York metropolitan area. Forest City Enterprises, Inc. is a $10 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.

Safe Harbor Language

Statements made in this news release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Real estate development risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the inability to secure sufficient financing on favorable terms, construction risks, increases in commodity costs, the inability to obtain required governmental permits and authorizations, the inability to secure tenants or anchors for the project, the withdrawal of a prospective anchor or project partner, opposition from third parties, competition in the target market, economic conditions in the target market, the adverse impact of environmental matters, softening of the housing market, and other risk factors as disclosed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.

Source: Business Wire

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