Forest City Enterprises, Inc. today announced that it has received the final cash installment payment of $34 million related to its previously announced $85 million land and air rights sale to Rock Ohio Caesars Cleveland LLC, for development of a casino in downtown Cleveland. The company expects to recognize a gain on the sale of the land and air rights of approximately $36.4 million, which will be reflected in EBDT results for the fiscal first quarter ending April 30, 2012.
The transaction involved approximately 16 acres of land and related air rights adjacent to Forest City's Tower City Center mixed-use complex. The company received $11 million in cash at closing and additional installment payments totaling approximately $40 million during 2011.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.5 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.