CLEVELAND, Ohio and BROOKLYN, New York, Oct. 24, 2012 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that the New York Islanders have signed a 25-year lease agreement to relocate to the company's Barclays Center arena in Brooklyn. The relocation, which is subject to approval by the National Hockey League Board of Governors, is expected to commence with the 2015-16 season.
(Logo: http://photos.prnewswire.com/prnh/20080515/FRSTCTYLOGO )
"The Islanders are a major addition to the range of premiere sports and top-tier entertainment choosing to come to Barclays Center," said David J. LaRue, president and chief executive officer of Forest City Enterprises. "This agreement also spotlights the value created through the development of Barclays Center, which is now even stronger as a two-team arena, as well as the future value-creation potential of the Atlantic Yards project."
"We are thrilled to welcome the Islanders to Brooklyn and to bring NHL hockey to the borough for the first time," said Bruce C. Ratner, chairman and chief executive officer of Forest City Ratner Companies, the company's New York-based subsidiary. "Islanders fans are going to love Barclays Center for its intimacy, sightlines, customer service and easy access by mass transit."
The New York Islanders name and logo are expected to remain unchanged when the team relocates to Brooklyn.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.7 billion in total assets. 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 lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, the strategic decision to reposition or divest portions of the company's land business, 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, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its 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, effects of a downgrade or failure of its insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, cybersecurity risks and cyber incidents, 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.
Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060; Jeff Linton, Senior Vice President - Corporate Communication, 216-621-6060