CLEVELAND, Nov. 24 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) issued the following statement from President and Chief Executive Officer Charles A. Ratner in response to today's favorable New York State Court of Appeals ruling in a lawsuit related to the Company's Atlantic Yards development project in Brooklyn.

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The suit challenged the State's use of eminent domain related to the project. The court rejected the challenge in a 6-1 ruling.

"We're gratified that today's ruling has once again affirmed the significant public benefit of the Atlantic Yards project," Ratner said. "Brooklyn and the entire City of New York will benefit from the substantial job creation, tax revenues and revitalization that this project will generate.

"This is an important day for Atlantic Yards," he added. "While the economic outlook remains challenging and there are still hurdles to overcome, we are moving ahead with confidence and are fully committed to this great project."

About Forest City

Forest City Enterprises, Inc., is an $11.7 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. For more information, visit www.forestcity.net.

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, the impact of current market conditions on our liquidity, ability to finance or refinance projects and repay our debt, general real estate investment and development risks, vacancies in our properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, our substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by our credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, volatility in the market price of our publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.

SOURCE Forest City Enterprises, Inc.

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