CLEVELAND--(BUSINESS WIRE)--Dec. 8, 2000--Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB) today announced that the Board of Directors declared a quarterly cash dividend of $0.06 per share (annual rate of $0.24 per share) on the outstanding shares of both Class A and Class B Common Stock, payable on March 15, 2001, to shareholders of record at the close of business on March 1, 2001.

Forest City Enterprises, Inc. is a $4 billion NYSE-listed real estate company headquartered in Cleveland, Ohio principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The company's portfolio of property investments includes interests in

7.2 million square feet in 24 office buildings and 3,000 rooms in nine hotels. This diversified portfolio is operated by regional offices in New York, Los Angeles, Boston, Tucson, Denver, Washington DC and San Francisco.