NEW YORK and CLEVELAND, June 23 /PRNewswire-FirstCall/ -- Bruce C. Ratner, chairman and chief executive officer of Forest City Ratner Companies, the New York-based subsidiary of Forest City Enterprises, Inc. , today applauded the United States Supreme Court decision not to hear an eminent domain appeal brought by opponents of the Company's Atlantic Yards project.
"We believe, and the courts have repeatedly agreed, that Atlantic Yards provides significant public benefits including thousands of affordable homes and much-needed jobs for Brooklyn," Ratner said. "We are gratified that the Supreme Court has decided to put an end to this lawsuit. The opponents have lost a total of 20 court decisions relating to Atlantic Yards and we are now one step closer to making these benefits a reality for the borough and the City."
In declining to hear the case, the Supreme Court affirmed the State of New York's right to use eminent domain relating to Atlantic Yards. Today's development follows prior defeats for project opponents on the use of eminent domain at both the District Court and Court of Appeals levels.
About Forest City Enterprises, Inc.
Forest City Enterprises, Inc. is a $10.5 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. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, general real estate development and investment risks including lack of satisfactory financing, construction and lease-up delays and cost overruns, dependence on rental income from real property, reliance on major tenants, the effect of economic and market conditions on a nationwide basis as well as in our primary markets, vacancies in our properties, downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, department store consolidations, international activities, the impact of terrorist acts, risks associated with an investment in and operation of a professional sports team, conflicts of interests, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, the continued availability of tax-exempt government financing, effects of uninsured or underinsured losses, environmental liabilities, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, changes in market conditions, 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 annual and quarterly reports.
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