CLEVELAND--(BUSINESS WIRE)--Sept. 10, 2003--Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) announced today that the Board of Directors declared a quarterly cash dividend of $0.09 per share (annual rate of $0.36 per share) on the outstanding shares of both Class A and Class B Common Stock, payable on December 15, 2003, to shareholders of record at the close of business on December 1, 2003.

Forest City Enterprises, Inc. is a $5.3 billion NYSE-listed real estate company headquartered in Cleveland, Ohio. The Company is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The Company's portfolio includes interests in retail centers, apartment communities, office buildings and hotels in 21 states and the District of Columbia.

CONTACT:
Forest City Enterprises, Inc.
Thomas G. Smith or Thomas T. Kmiecik, 216-621-6060
or

On the Web: www.forestcity.net

SOURCE: Forest City Enterprises, Inc.