Forest City Enterprises, Inc. (FCE.A)
Q4 2011 Earnings Call
March 30, 2012 11:00 am ET
David J. LaRue – President and Chief Executive Officer
Robert G. O'Brien – Chief Financial Officer
Matthew L. Messinger – Executive Vice President of Investment Management – New York
Sheila K. McGrath – Keefe, Bruyette & Woods, Inc.
Wes Golladay – RBC Capital Markets
Welcome to the Forest City Enterprises, fourth quarter and year-end 2011 earnings conference call. The Company would like to remind you that today's remarks include forward-looking comments that are covered under Federal Safe Harbor provisions. Actual results could differ materially from those expressed or implied in such forward-looking statements due to the various risks, uncertainties and other factors.
Please refer to the risk factors outlined in Forest City’s annual and quarterly reports filed with the SEC for a discussion of factors that could cause results to differ. This call is being recorded and a replay will be available beginning at 2.00 pm Eastern Time today, both the telephone replay and the webcast will be available until April 30, 2012, at 11.59 pm Eastern Time.
The company would like to remind listeners that it will be using non-GAAP terminology, such as EBDT, comparable property net operation income or comp NOI and prorate share in its discussion today. Please refer to Forest City’s supplemental package for an explanation of these terms and why the company uses them, as well as reconciliations to their comparable financial measures in accordance with General Accepted Accounting Principles.