Forest City Enterprises Inc. (FCEA, FCEB) reported that its first-quarter Funds from operations or FFO was $89.2 million, down from $97.6 million in the first quarter of 2011. FFO per share for the quarter was $0.42, compared with 2011 first quarter FFO of $0.48 per share.
Net earnings attributable to common shareholders were $18.9 million, or $0.11 per share, compared with $42.5 million or $0.23 per share, in the first quarter of 2011. The year-over-year variance in net earnings is primarily attributable to decreased gains on property sales and joint ventures in 2012.
First-quarter 2012 consolidated revenues from real estate operations were $296.7 million, compared with $304.2 million last year.
"We continue to be encouraged by the strong performance of our rental properties portfolio and by real estate fundamentals in our core products and core markets. We are confident in our ability to drive value creation, from within the mature portfolio, by stabilizing newly opened projects and by activating existing entitlement, particularly at our large, mixed-use projects in core markets. We also continue to make further improvement to our balance sheet a high priority," said David LaRue, Forest City president and chief executive officer.
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