Forest City Enterprises Inc.

Established in 1985, Forest City Ratner Companies has been New York City’s largest developer over the last decade, and is currently the most active retail developer in the five boroughs. Since the late 1980’s, FCRC has been the only developer to create major public projects for New York City at an average rate of nearly one million square feet of new construction each year. These projects have been of such scope as to require FCRC’s coordination of intensive public approval processes and negotiations with City, State, and Federal authorities, as well as local community boards and private sector entities. Over the past decade, FCRC has developed 6 million square feet of commercial and retail space, which is now in operation and has an additional 2.7 million square feet under development. Of the 2.7 million square feet under development, 1.2 million square feet is currently under construction. Projects are located throughout the five boroughs of New York City; Philadelphia, Pennsylvania; North Bergen, New Jersey; Stamford, Connecticut and Providence, Rhode Island. 33 Projects in last 13 years.

FCRC’s portfolio is comprised of approximately 6 million square feet of GLA in operation, 1.2 million square feet under construction and another 1.5 million under development. The Retail and Commercial Portfolios are as follows:

Commercial Portfolio
¨ 3.1 million square feet in operation
¨ 1.4 million square feet under construction
¨ 1.5 million square feet in development

Retail Portfolio
¨ 3.1 million square feet in operation
¨ 524,000 square feet under construction
¨ 1.9 million square feet in development

Residential Portfolio
¨ 907 hotel rooms in operation
¨ 329 Residential Apartments in operation

FCRC is an affiliate of Forest City Enterprises (“FCE”) which was established in 1921, and is currently the nation’s largest publicly traded commercial real estate development company. However, while traded on the New York Stock Exchange, FCE remains family controlled, ensuring a strong commitment to the creation and maintenance of long-term value in all of its properties. FCE’s relationships with national retail tenants, together with its track record as a long-term property manager, ensure its ongoing commitment to this project.

Forest City Enterprises’ portfolio is comprised of properties in over 20 states. Listed below is a breakdown of the FCE portfolio, which includes FCRC’s properties.

¨ Retail/Entertainment - 14.6 million square feet
¨ Office - 7.3 million square feet
¨ Hotel - 2,939 rooms
¨ Residential - 34,907 apartments