8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________

Form 8-K

_____________________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 4, 2015

_____________________________________________________________

Forest City Enterprises, Inc.

(Exact name of registrant as specified in its charter)

_____________________________________________________________

Ohio (State or other jurisdiction of incorporation or organization)	1-4372 (Commission File Number)	34-0863886 (I.R.S. Employer Identification No.)
Terminal Tower, 50 Public Square Suite 1100, Cleveland, Ohio		44113
(Address of principal executive offices)		(Zip Code)
Registrant's telephone number, including area code: 216-621-6060
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

_____________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On May 4, 2015, Forest City Enterprises, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of 2015. This press release refers to the Company’s supplemental package which is available on its website. The supplemental package and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 7.01. Regulation FD Disclosure.

On May 4, 2015, Forest City Enterprises, Inc. (the “Company”) issued a press release announcing that, subject to market and other conditions, it intends to offer 32,500,000 shares of its Class A Common Stock, par value $0.33 1/3 per share (“Class A Common Stock”) in an underwritten public offering (the “Offering”). The Company also announced that it expects to grant the underwriters a 30-day option to purchase up to an additional 4,875,000 shares of Class A Common Stock. The joint book-running managers for the offering are BofA Merrill Lynch, Goldman, Sachs & Co. and Citigroup.

A copy of the press release is furnished as Exhibit 99.3 to this report and is incorporated into this Item 7.01 by reference.

The information contained in Items 2.02 and 7.01 of this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or incorporated by reference in any filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished herewith.

Exhibit Number		Description
99.1	—	Forest City Enterprises, Inc. Supplemental Package for the quarter ended March 31, 2015.
99.2	—	Press Release dated May 4, 2015, announcing the Company’s financial results for the first quarter of 2015.
99.3	—	Press Release dated May 4, 2015, announcing the Company’s intention to offer shares of Class A Common Stock in a public offering.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		FOREST CITY ENTERPRISES, INC.
		By:	/s/ ROBERT G. O'BRIEN
		Name:	Robert G. O’Brien
		Title:	Executive Vice President and Chief Financial Officer
Date:	May 4, 2015

EXHIBIT INDEX

Exhibit Number		Description
99.1	—	Forest City Enterprises, Inc. Supplemental Package for the quarter ended March 31, 2015.
99.2	—	Press Release dated May 4, 2015, announcing the Company’s financial results for the first quarter of 2015.
99.3	—	Press Release dated May 4, 2015, announcing the Company’s intention to offer shares of Class A Common Stock in a public offering.

EX-99.1

Exhibit 99.1

Supplemental Package

For the Quarter Ended March 31, 2015

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Package

First Quarter 2015

NYSE: FCEA, FCEB

Index

Corporate Description	2
Selected Financial Information
Consolidated Balance Sheets	5
Consolidated Statements of Operations	9
Net Asset Value Components	11
Supplemental Operating Information
Occupancy Data	13
Retail Sales Data	14
Leasing Summary	15
Comparable Net Operating Income (NOI)	17
NOI Detail	18
NOI by Product Type	19
NOI by Core Market	20
Reconciliation of NOI to Earnings (Loss) Before Income Taxes	21
Segment Operating Results	23
Reconciliation of Net Earnings (Loss) to FFO	27
Reconciliation of FFO to Operating FFO	28
Operating FFO Bridge	29
Historical Trends	31
Development Pipeline	33
Supplemental Financial Information
Common Stock Data/Financial Covenants	38
Nonrecourse Debt Maturities Table	39
Summary of FFO by Segment	41

This supplemental package, together with other statements and information publicly disseminated by us, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect management’s current views with respect to financial results related to future events and are based on assumptions and expectations that may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial or otherwise, may differ, perhaps materially, from the results discussed in the forward-looking statements. Risk factors discussed in Item 1A of our Form 10-Q for the quarter ended March 31, 2015 and Item 1A of our Form 10-K for the year ended December 31, 2014 and other factors that might cause differences, some of which could be material, include, but are not limited to, the company's conversion to REIT status, its ability to qualify or to remain qualified as a REIT, realizing the anticipated benefits to shareholders if it successfully elects REIT status, the impact of complying with REIT qualification requirements, the amount and timing of any future distributions including those that it would be required to make as a REIT, the impact of issuing equity, debt or both to satisfy its E&P Distribution and other REIT conversion costs, the impact of covenants that could prevent it from satisfying REIT distribution requirements, its lack of experience operating as a REIT if it successfully converts, the impact of current lending and capital market conditions on its liquidity, its ability to finance or refinance projects or repay its debt, the impact of the slow economic recovery on its ownership, development and management of its commercial real estate portfolio, general real estate investment and development risks, using modular construction as a new construction methodology and owning a factory to produce modular units, vacancies in its properties, risks associated with developing and managing properties in partnership with others, 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 and other armed conflicts, risks of owning and operating an arena, risks associated with an investment in a professional sports team, the ability to sell all or a portion of its ownership interests in a professional sports team and arena, 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, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, changes in federal, state or local tax laws, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, cybersecurity risks, cyber incidents, its ability to achieve its strategic goals are based on significant assumptions, the completion of its acquisition of Health Care REIT, Inc.’s equity interest in the MIT Assets, the effect on the market price of its common stock following its E&P Distribution and its conversion to REIT status, its ability to obtain the shareholder approval necessary for it to convert to REIT Status, its ability to complete non-core asset sales, the impact to its deferred tax liability balance upon conversion to REIT status, and its ability to obtain requisite consents needed to complete the conversion to REIT status 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. We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

1

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial and Operating Information

Corporate Description

We principally engage in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. We have $8.8 billion of consolidated assets in 24 states and the District of Columbia at March 31, 2015. Our core markets include Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia and the greater metropolitan areas of New York City, San Francisco and Washington D.C. We have offices in Albuquerque, Boston, Dallas, Denver, Los Angeles, New York City, San Francisco, Washington, D.C. and our corporate headquarters in Cleveland, Ohio.

We operate through three strategic business units, which represent four reportable operating segments (collectively, the "Real Estate Groups"):

• Commercial Group, our largest strategic business unit, owns, develops, acquires and operates regional malls, specialty/urban retail centers, office and life science buildings and mixed-use projects. Additionally, it operates Barclays Center, a sports and entertainment arena located in Brooklyn, New York, which is reported as a separate operating segment ("Arena").

• Residential Group owns, develops, acquires and operates residential rental properties, including upscale and middle-market apartments, adaptive re-use developments and subsidized senior housing. Additionally, it owns interests in entities that develop and manage military family housing.

• Land Development Group acquires and sells both land and developed lots to residential, commercial and industrial customers at its Stapleton project in Denver, Colorado.

Corporate Activities is the other reportable operating segment, which includes our equity method investment in the Brooklyn Nets (the "Nets"), a member of the National Basketball Association ("NBA").

REIT Conversion

On January 13, 2015, we announced our Board of Directors approved a plan to pursue conversion to Real Estate Investment Trust ("REIT") status. We expect to elect REIT status for our taxable year beginning January 1, 2016, subject to business conditions, the completion of related preparatory work and obtaining necessary third-party consents.

Supplemental Financial and Operating Information

We recommend this supplemental package be read in conjunction with our Form 10-Q for the three months ended March 31, 2015. This supplemental package contains information prepared in accordance with generally accepted accounting principles ("GAAP") under the full consolidation accounting method and information prepared under the pro-rata consolidation method, a non-GAAP measure. We present certain financial amounts under the pro-rata consolidation method because we believe this information is useful to investors as this method reflects the manner in which we operate our business. We believe the non-GAAP financial and operating information presented under the pro-rata consolidation method, net operating income ("NOI"), comparable NOI, Funds From Operations ("FFO") and Operating FFO are necessary to understand our business and operating results, along with net earnings and other GAAP measures. Our investors can use these non-GAAP measures as supplementary information to evaluate our business. Our non-GAAP measures are not intended to be performance measures that should be regarded as alternatives to, or more meaningful than, our GAAP measures.

Consolidation Methods

In line with industry practice, we have a number of investments in which our economic ownership is less than 100% as a means of procuring opportunities and sharing risk. Under GAAP, the full consolidation method is used to report assets and liabilities at 100% if deemed to be under our control or if we are deemed to be the primary beneficiary of the variable interest entity ("VIE"), even if our ownership is not 100%. Under the pro-rata consolidation method, we generally present our investments proportionate to our economic share of ownership. We provide reconciliations from the full consolidation method to the pro-rata consolidation method throughout this supplemental package.

FFO

The majority of our peers in the publicly traded real estate industry are REITs and report operations using FFO as defined by the National Association of Real Estate Investment Trusts ("NAREIT"). Although we are not a REIT, we believe it is important to publish this measure to allow for easier comparison of our performance to our peers. The major difference between us and our REIT peers is that we are a taxable entity and any taxable income we generate could result in payment of federal or state income taxes. Our REIT peers typically do not pay federal or state income taxes on their qualified REIT investments, but distribute a significant portion of their taxable income to shareholders. Due to our effective tax management policies, we have not historically been a significant payer of income taxes. This has allowed us to retain our internally generated cash flows but has also resulted in large non-cash expenses for deferred taxes as required by GAAP.

2

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial and Operating Information

FFO is defined by NAREIT as net earnings excluding the following items at our proportionate share: i) gain (loss) on disposition of rental properties, divisions and other investments (net of tax); ii) non-cash charges for real estate depreciation and amortization; iii) impairment of depreciable real estate (net of tax); and iv) cumulative or retrospective effect of change in accounting principle (net of tax).

Operating FFO

In addition to reporting FFO, we report Operating FFO as an additional measure of our operating performance. We believe it is appropriate to adjust FFO for significant items driven by transactional activity and factors relating to the financial and real estate markets, rather than factors specific to the on-going operating performance of our properties. We use Operating FFO as an indicator of continuing operating results in planning and executing our business strategy. Operating FFO should not be considered to be an alternative to net earnings computed under GAAP as an indicator of our operating performance and may not be directly comparable to similarly-titled measures reported by other companies.

We define Operating FFO as FFO adjusted to exclude: i) impairment of non-depreciable real estate; ii) write-offs of abandoned development projects; iii) income recognized on state and federal historic and other tax credits; iv) gains or losses from extinguishment of debt; v) change in fair market value of nondesignated hedges; vi) gains or losses on change in control of interests; vii) the adjustment to recognize rental revenues and rental expense using the straight-line method; viii) participation payments to ground lessors on refinancing of our properties; ix) other transactional items; x) the Nets pre-tax FFO; and xi) income taxes on FFO.

NOI

NOI, a non-GAAP measure, is defined as revenues (excluding straight-line rent adjustments) less operating expenses (including depreciation and amortization for non-real estate groups) plus interest income, equity in earnings (loss) of unconsolidated entities (excluding gain (loss) on disposition, impairment, interest expense, gain (loss) on extinguishment of debt and depreciation and amortization of unconsolidated entities). We believe NOI provides additional information about our core operations and, along with earnings, is necessary to understand our business and operating results. NOI may not be directly comparable to similarly-titled measures reported by other companies.

Comparable NOI

In addition to NOI, we use comparable NOI as a metric to evaluate the performance of our multi-family, office and retail properties. This measure provides a same-store comparison of operating results of all stabilized properties that are open and operating in all periods presented. Write-offs of abandoned development projects, non-capitalizable development costs and unallocated management and service company overhead, net of tax credit income, are not directly attributable to an operating property and are considered non-comparable NOI. In addition, certain income and expense items at the property level, such as lease termination income, real estate tax assessments or rebates and participation payments as a result of refinancing transactions and NOI impacts of changes in ownership percentages, are excluded from comparable NOI and are included in non-comparable NOI. Retained properties that are considered non-comparable are disclosed in the Segment Operating Results of this supplemental package. Other properties and activities such as Arena, hotels, subsidized senior housing, military housing, corporate activities and land sales are not evaluated on a comparable basis and the NOI from these properties and activities is considered non-comparable NOI.

Comparable NOI is an operating statistic defined as NOI from stabilized properties opened and operated in all periods presented, net of noncontrolling interests. Comparable NOI is useful because it measures the performance of the same properties on a period-to-period basis and is used to assess operating performance and resource allocation of the operating properties within our strategic business units. While property dispositions, acquisitions or other factors impact net earnings in the short term, we believe comparable NOI presents a more consistent view of the overall performance of our operating portfolio from period to period. A reconciliation of NOI to earnings (loss) before income taxes, the most comparable financial measure calculated in accordance with GAAP, a reconciliation of NOI to earnings (loss) before income taxes for each strategic business unit and a reconciliation from NOI to comparable NOI are included in this supplemental package.

Supplemental Operating Information

The operating information contained in this document includes: occupancy data, retail sales data, leasing summaries, comparable NOI, NOI by product type and core market, reconciliation of NOI to earnings (loss) before income taxes, segment operating results discussion, reconciliation of net earnings (loss) to FFO, reconciliation of FFO to Operating FFO, Operating FFO bridge, historical trends and our development pipeline. We believe this information gives interested parties a better understanding and more information about our operating performance. The term “comparable,” which is used throughout this document, is generally defined as including stabilized properties open and operated in both the three months ended March 31, 2015 and 2014. We believe occupancy data, retail sales data, leasing spreads on retail and office properties, and other rental rate information on multi-family properties represent meaningful operating statistics about us.

3

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial and Operating Information

Corporate Headquarters

Forest City Enterprises, Inc.

Terminal Tower

50 Public Square, Suite 1100

Cleveland, Ohio 44113

Annual Report on Form 10-K

A copy of the Annual Report on Form 10-K as filed with the Securities and Exchange Commission for the year ended December 31, 2014, can be found on our website under SEC Filings or may be obtained without charge upon written request to:

Jeffrey B. Linton

Senior Vice President - Corporate Communication

JeffLinton@forestcity.net

Website

www.forestcity.net

The information contained on this website is not incorporated herein by reference and does not constitute a part of this supplemental package.

Investor Relations

Jeffrey M. Frericks

Vice President - Capital Markets

JeffreyFrericks@forestcity.net

Investor Presentations

Please note we periodically post updated investor presentations on the Investors page of our website at www.forestcity.net. It is possible the periodic updates may include information deemed to be material. Therefore, we encourage investors, the media, and other interested parties to review the Investors page of our website at www.forestcity.net for the most recent investor presentation.

Transfer Agent and Registrar

Wells Fargo

Shareowner Services

P.O. Box 64854

St. Paul, MN 55164-9440

(800) 468-9716

www.shareowneronline.com

NYSE Listings

FCEA - Class A Common Stock ($.33 1/3 par value)

FCEB - Class B Common Stock ($.33 1/3 par value)

Dividend Reinvestment and Stock Purchase Plan

We offer our shareholders the opportunity to purchase additional shares of common stock through the Forest City Enterprises, Inc. Dividend Reinvestment and Stock Purchase Plan (the “Plan”). You may obtain a copy of the Plan prospectus and an enrollment card by contacting Wells Fargo Shareowner Services at (800) 468-9716 or by visiting www.shareowneronline.com.

4

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Consolidated Balance Sheet – March 31, 2015 (Unaudited)

	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Assets
Real Estate
Completed rental properties
Residential	$	2,529,375		$	369,422		$	1,062,818		$	3,222,771
Commercial
Retail centers	1,747,768			—			1,656,652			3,404,420
Office buildings	2,593,456			108,698			262,845			2,747,603
Arena	941,937			580,639			—			361,298
Corporate and other equipment	10,345			—			—			10,345
Total completed rental properties	7,822,881			1,058,759			2,982,315			9,746,437
Projects under construction
Residential	230,037			130,225			13,344			113,156
Commercial
Retail centers	—			—			—			—
Office buildings	12,428			—			49,438			61,866
Total projects under construction	242,465			130,225			62,782			175,022
Projects under development
Operating properties	30,746			—			14,655			45,401
Residential	132,443			23,592			260,813			369,664
Commercial
Retail centers	36,095			—			3,937			40,032
Office buildings	95,217			8,794			3,387			89,810
Total projects under development	294,501			32,386			282,792			544,907
Total projects under construction and development	536,966			162,611			345,574			719,929
Land inventory	96,675			5,275			9,964			101,364
Total Real Estate	8,456,522			1,226,645			3,337,853			10,567,730
Less accumulated depreciation	(1,606,124		)	(114,350		)	(697,804		)	(2,189,578		)
Real Estate, net	6,850,398			1,112,295			2,640,049			8,378,152
Cash and equivalents	190,905			45,388			80,744			226,261
Restricted cash	250,557			31,136			126,843			346,264
Notes and accounts receivable, net	436,599			31,152			62,347			467,794
Investments in and advances to unconsolidated entities	669,605			(101,121		)	(652,494		)	118,232
Lease and mortgage procurement costs, net	171,443			24,743			83,080			229,780
Prepaid expenses and other deferred costs, net	106,236			14,482			15,451			107,205
Intangible assets, net	119,648			16,762			16,135			119,021
Total Assets	$	8,795,391		$	1,174,837		$	2,372,155		$	9,992,709

5

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Consolidated Balance Sheet – March 31, 2015 (Unaudited)

	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Liabilities and Equity
Liabilities
Mortgage debt and notes payable, nonrecourse
Completed rental properties
Residential	$	1,412,952		$	203,093		$	744,340		$	1,954,199
Commercial
Retail centers	638,148			—			1,249,564			1,887,712
Office buildings	1,568,397			72,021			246,888			1,743,264
Arena	457,837			310,735			—			147,102
Total completed rental properties	4,077,334			585,849			2,240,792			5,732,277
Projects under construction
Residential	63,547			5,607			1,925			59,865
Commercial
Retail centers	—			—			—			—
Office buildings	29,077			—			29,247			58,324
Total projects under construction	92,624			5,607			31,172			118,189
Projects under development
Operating properties	—			—			—			—
Residential	32,482			—			106,423			138,905
Commercial
Retail centers	—			—			—			—
Office buildings	—			—			—			—
Total projects under development	32,482			—			106,423			138,905
Total projects under construction and development	125,106			5,607			137,595			257,094
Land inventory	—			—			8,580			8,580
Total mortgage debt and notes payable, nonrecourse	4,202,440			591,456			2,386,967			5,997,951
Revolving credit facility	59,950			—			—			59,950
Convertible senior debt	411,194			—			—			411,194
Construction payables	120,643			44,137			25,952			102,458
Operating accounts payable and accrued expenses	612,462			86,154			163,858			690,166
Accrued derivative liability	99,208			—			8,678			107,886
Total Accounts payable, accrued expenses and other liabilities	832,313			130,291			198,488			900,510
Cash distributions and losses in excess of investments in unconsolidated entities	211,255			(21,235		)	(213,300		)	19,190
Deferred income taxes	486,101			—			—			486,101
Total Liabilities	6,203,253			700,512			2,372,155			7,874,896
Redeemable Noncontrolling Interest	178,050			178,050			—			—
Equity
Shareholders’ Equity
Shareholders’ equity before accumulated other comprehensive loss	2,023,523			—			—			2,023,523
Accumulated other comprehensive loss	(57,372		)	—			—			(57,372		)
Total Shareholders’ Equity	1,966,151			—			—			1,966,151
Noncontrolling interest	447,937			296,275			—			151,662
Total Equity	2,414,088			296,275			—			2,117,813
Total Liabilities and Equity	$	8,795,391		$	1,174,837		$	2,372,155		$	9,992,709

6

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Consolidated Balance Sheet – December 31, 2014 (Unaudited)

	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Assets
Real Estate
Completed rental properties
Residential	$	2,470,813		$	370,855		$	1,060,830		$	3,160,788
Commercial
Retail centers	1,747,127			—			1,654,140			3,401,267
Office buildings	2,584,854			107,656			262,524			2,739,722
Arena	940,029			579,518			—			360,511
Corporate and other equipment	10,738			—			—			10,738
Total completed rental properties	7,753,561			1,058,029			2,977,494			9,673,026
Projects under construction
Residential	176,148			96,567			9,262			88,843
Commercial
Retail centers	—			—			—			—
Office buildings	8,940			—			42,923			51,863
Total projects under construction	185,088			96,567			52,185			140,706
Projects under development
Operating properties	29,187			—			12,589			41,776
Residential	139,923			22,769			214,084			331,238
Commercial
Retail centers	33,807			—			4,014			37,821
Office buildings	89,952			8,791			3,180			84,341
Total projects under development	292,869			31,560			233,867			495,176
Total projects under construction and development	477,957			128,127			286,052			635,882
Land inventory	97,469			5,351			8,537			100,655
Total Real Estate	8,328,987			1,191,507			3,272,083			10,409,563
Less accumulated depreciation	(1,555,965		)	(106,096		)	(680,584		)	(2,130,453		)
Real Estate, net	6,773,022			1,085,411			2,591,499			8,279,110
Cash and equivalents	326,518			41,062			79,716			365,172
Restricted cash and escrowed funds	266,530			30,484			125,680			361,726
Notes and accounts receivable, net	419,038			26,052			59,786			452,772
Investments in and advances to unconsolidated entities	620,466			(105,718		)	(605,009		)	121,175
Lease and mortgage procurement costs, net	173,104			24,061			81,617			230,660
Prepaid expenses and other deferred costs, net	112,484			12,635			14,702			114,551
Intangible assets, net	123,778			17,554			16,436			122,660
Total Assets	$	8,814,940		$	1,131,541		$	2,364,427		$	10,047,826

7

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Consolidated Balance Sheet – December 31, 2014 (Unaudited)

	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Liabilities and Equity
Liabilities
Mortgage debt and notes payable, nonrecourse
Completed rental properties
Residential	$	1,376,329		$	202,112		$	740,668		$	1,914,885
Commercial
Retail centers	638,310			—			1,252,645			1,890,955
Office buildings	1,642,913			72,277			247,424			1,818,060
Arena	457,055			310,381			—			146,674
Total completed rental properties	4,114,607			584,770			2,240,737			5,770,574
Projects under construction
Residential	61,905			4,266			1,293			58,932
Commercial
Retail centers	—			—			—			—
Office buildings	29,422			—			23,370			52,792
Total projects under construction	91,327			4,266			24,663			111,724
Projects under development
Operating properties	—			—			—			—
Residential	32,267			—			97,467			129,734
Commercial
Retail centers	—			—			—			—
Office buildings	—			—			—			—
Total projects under development	32,267			—			97,467			129,734
Total projects under construction and development	123,594			4,266			122,130			241,458
Land inventory	—			—			8,580			8,580
Total mortgage debt and notes payable, nonrecourse	4,238,201			589,036			2,371,447			6,020,612
Revolving credit facility	—			—			—			—
Convertible senior debt	700,000			—			—			700,000
Construction payables	110,108			26,866			34,557			117,799
Operating accounts payable and accrued expenses	634,541			71,262			162,154			725,433
Accrued derivative liability	102,362			—			7,755			110,117
Total Accounts payable, accrued expenses and other liabilities	847,011			98,128			204,466			953,349
Cash distributions and losses in excess of investments in unconsolidated entities	211,493			(21,775		)	(211,486		)	21,782
Deferred income taxes	482,474			—			—			482,474
Total Liabilities	6,479,179			665,389			2,364,427			8,178,217
Redeemable Noncontrolling Interest	183,038			183,038			—			—
Equity
Shareholders’ Equity
Shareholders’ equity before accumulated other comprehensive loss	1,776,793			—			—			1,776,793
Accumulated other comprehensive loss	(58,846		)	—			—			(58,846		)
Total Shareholders’ Equity	1,717,947			—			—			1,717,947
Noncontrolling interest	434,776			283,114			—			151,662
Total Equity	2,152,723			283,114			—			1,869,609
Total Liabilities and Equity	$	8,814,940		$	1,131,541		$	2,364,427		$	10,047,826

8

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Consolidated Statement of Operations – Three Months Ended March 31, 2015 (Unaudited)

	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Revenues
Rental	$	141,106		$	11,013		$	64,601		$	194,694
Tenant recoveries	30,725			1,644			18,286			47,367
Service and management fees	9,620			35			1,714			11,299
Parking and other	11,876			569			5,347			16,654
Arena	28,820			13,001			—			15,819
Land sales	8,663			864			960			8,759
Subsidized Senior Housing	—			—			11,879			11,879
Military Housing	6,272			—			1,369			7,641
Total revenues	237,082			27,126			104,156			314,112
Expenses
Property operating and management	93,018			3,971			26,457			115,504
Real estate taxes	20,788			1,493			8,918			28,213
Ground rent	2,628			88			3,098			5,638
Arena operating	19,958			8,967			—			10,991
Cost of land sales	2,311			217			—			2,094
Subsidized Senior Housing operating	—			—			8,080			8,080
Military Housing operating	2,225			5			714			2,934
Corporate general and administrative	13,503			—			—			13,503
REIT conversion and reorganization costs	6,212			—			—			6,212
	160,643			14,741			47,267			193,169
Depreciation and amortization	61,814			7,561			21,669			75,922
Total expenses	222,457			22,302			68,936			269,091
Operating income	14,625			4,824			35,220			45,021
Interest and other income	9,704			410			283			9,577
Interest expense	(52,576		)	(7,913		)	(25,854		)	(70,517		)
Amortization of mortgage procurement costs	(2,101		)	(99		)	(797		)	(2,799		)
Loss on extinguishment of debt	(35,154		)	—			(225		)	(35,379		)
Earnings (loss) before income taxes	(65,502		)	(2,778		)	8,627			(54,097		)
Income tax expense (benefit)
Current	(1,744		)	—			—			(1,744		)
Deferred	2,559			—			—			2,559
	815			—			—			815
Earnings (loss) from unconsolidated entities, gross of tax	9,313			(17		)	(8,627		)	703
Net loss	(57,004		)	(2,795		)	—			(54,209		)
Noncontrolling interests
Loss attributable to noncontrolling interests, gross of tax	2,795			2,795			—			—
Net loss attributable to Forest City Enterprises, Inc.	$	(54,209	)	$	—		$	—		$	(54,209	)

9

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Consolidated Statement of Operations – Three Months Ended March 31, 2014 (Unaudited)

	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Plus Discontinued Operations			Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Revenues
Rental	$	127,921		$	3,719		$	71,468		$	3,879		$	199,549
Tenant recoveries	33,522			1,898			17,996			1,474			51,094
Service and management fees	12,987			50			1,447			—			14,384
Parking and other	12,148			263			5,603			36			17,524
Arena	35,357			15,950			—			—			19,407
Land sales	16,707			1,671			870			1,601			17,507
Subsidized Senior Housing	—			—			11,661			—			11,661
Military Housing	10,895			1,389			1,413			—			10,919
Total revenues	249,537			24,940			110,458			6,990			342,045
Expenses
Property operating and management	101,091			1,814			28,662			2,358			130,297
Real estate taxes	20,206			857			8,797			1,263			29,409
Ground rent	1,880			88			4,147			—			5,939
Arena operating	23,476			10,503			—			—			12,973
Cost of land sales	6,365			603			5			1,142			6,909
Subsidized Senior Housing operating	—			—			8,128			—			8,128
Military Housing operating	6,524			1,335			775			—			5,964
Corporate general and administrative	11,561			—			—			—			11,561
	171,103			15,200			50,514			4,763			211,180
Depreciation and amortization	55,009			4,615			20,803			986			72,183
Total expenses	226,112			19,815			71,317			5,749			283,363
Operating income	23,425			5,125			39,141			1,241			58,682
Interest and other income	11,503			466			568			—			11,605
Net gain (loss) on disposition of full or partial interests in rental properties	(467		)	—			24,796			26,766			51,095
Net gain on change in control of interests	2,759			—			—			—			2,759
Interest expense	(62,452		)	(6,528		)	(28,000		)	(5,483		)	(89,407		)
Amortization of mortgage procurement costs	(2,125		)	(163		)	(801		)	(41		)	(2,804		)
Loss on extinguishment of debt	(164		)	—			(252		)	(17		)	(433		)
Earnings (loss) before income taxes	(27,521		)	(1,100		)	35,452			22,466			31,497
Income tax expense (benefit)
Current	35,934			—			—			1,747			37,681
Deferred	(32,003		)	—			—			8,897			(23,106		)
	3,931			—			—			10,644			14,575
Earnings (loss) from unconsolidated entities, gross of tax	34,029			(21		)	(35,452		)	—			(1,402		)
Earnings (loss) from continuing operations	2,577			(1,121		)	—			11,822			15,520
Discontinued operations, net of tax
Operating loss from rental properties	(2,641		)	(8		)	—			2,633			—
Gain on disposition of rental properties	14,513			58			—			(14,455		)	—
	11,872			50			—			(11,822		)	—
Net earnings (loss)	14,449			(1,071		)	—			—			15,520
Noncontrolling interests
Loss from continuing operations attributable to noncontrolling interests, gross of tax	1,121			1,121			—			—			—
Earnings from discontinued operations attributable to noncontrolling interests	(50		)	(50		)	—			—			—
	1,071			1,071			—			—			—
Net earnings attributable to Forest City Enterprises, Inc.	$	15,520		$	—		$	—		$	—		$	15,520

10

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Net Asset Value Components – March 31, 2015

The following represents components of our business relevant to calculate Net Asset Value (“NAV”), a non-GAAP measure. There is no directly comparable GAAP financial measure to NAV. We consider NAV to be a useful supplemental measure which assists both management and investors to estimate the fair value of our Company. The calculation of NAV involves significant estimates and can be calculated using various methods. Each individual investor must determine the specific methodology, assumptions and estimates to use to arrive at an estimated NAV of the Company.

The components of NAV do not consider the potential changes in rental and fee income streams or development platform. The components include non-GAAP financial measures, such as NOI and information related to our rental properties business prepared using the pro-rata consolidation method. Although these measures are not presented in accordance with GAAP, investors can use these non-GAAP measures as supplementary information to evaluate our business. The non-GAAP measures presented are not intended to be performance measures that should be regarded as alternatives to, or more meaningful than, our GAAP measures.

Net Asset Value Components - March 31, 2015
Completed Rental Properties
	Q1 2015			Net Stabilized			Stabilized			Annualized			Nonrecourse
(Dollars in millions at pro-rata)	NOI (1)			Adjustments (2)			NOI			Stabilized NOI (3)			Debt (4)
Commercial Real Estate	A			B			=A+B
Retail
Regional Malls	$	30.9		$	5.2		$	36.1		$	144.4		$	(1,364.8	)
Specialty Retail Centers	13.4			—			13.4			53.6			(522.9		)
Subtotal Retail	$	44.3		$	5.2		$	49.5		$	198.0		$	(1,887.7	)
Office
Life Science	$	13.3		$	1.7		$	15.0		$	60.0		$	(383.8	)
New York	36.2			(1.1		)	35.1			140.4			(1,196.8		)
Central Business District	4.4			—			4.4			17.6			(57.8		)
Suburban/Other	4.1			(0.3		)	3.8			15.2			(104.9		)
Subtotal Office	$	58.0		$	0.3		$	58.3		$	233.2		$	(1,743.3	)
Arena	$	4.8		$	2.8		$	7.6		$	30.3		$	(147.1	)
Residential Real Estate
Apartments, Core Markets	$	30.4		$	2.4		$	32.8		$	131.2		$	(1,362.4	)
Apartments, Non-Core Markets	8.8			2.5			11.3			45.2			(430.8		)
Subsidized Senior Housing	3.8			0.3			4.1			16.4			(132.3		)
Military Housing	5.4			(1.1		)	4.3			17.0			(28.7		)
Subtotal Rental Properties	$	155.5		$	12.4		$	167.9		$	671.3		$	(5,732.3	)
Other	(14.5		)	5.7			(8.8		)	(35.0		)	—
Total Rental Properties	$	141.0		$	18.1		$	159.1		$	636.3		$	(5,732.3	)
Development Pipeline										Book Value (4)
Projects under construction										$	175.0		$	(118.2	)
Projects under development										$	544.9		$	(138.9	)
Land inventory										$	101.4		$	(8.6	)
Other Tangible Assets
Cash and equivalents										$	226.3
Restricted cash and escrowed funds										$	346.3
Notes and accounts receivable, net (5)										$	467.8
Net investments and advances to unconsolidated entities										$	99.0
Prepaid expenses and other deferred costs, net										$	107.2
Recourse Debt and Other Liabilities
Revolving credit facility										$	(60.0	)
Convertible senior debt										$	(411.2	)
Less: convertible debt										$	411.2
Construction payables										$	(102.5	)
Operating accounts payable and accrued expenses (6)										$	(690.2	)
Weighted Average Shares Outstanding - Diluted
Number of shares for the three months ended March 31, 2015 (in millions)										236.8

11

Forest City Enterprises, Inc. and Subsidiaries

Selected Financial Information

Net Asset Value Components – March 31, 2015(continued)

(1) Q1 2015 NOI is reconciled to NOI at full consolidation by Product Group for the three months ended March 31, 2015 in the Supplemental Operating Information section of this supplemental package.

(2) The net stabilized adjustments column represents net adjustments assumed to arrive at an estimated annualized stabilized NOI for properties currently in initial lease-up periods, net of the removal of partial period NOI for recently sold properties. The following properties are currently in their initial lease-up periods:

Property	Cost at Full Consolidation (GAAP)		Cost at FCE Pro-Rata Share (Non-GAAP)		Lease Commitment % as of April 28, 2015
	(in millions)
Apartments:
Radian	$	0.0	$	65.0	93%; Retail: 100%
The Yards - Twelve12	$	119.5	$	119.5	95%; Retail: 96%
3700M	$	0.0	$	22.7	64%
2175 Market Street	$	42.3	$	10.6	96%; Retail: 100%
Winchester Lofts (Non-Core Market)	$	62.8	$	62.8	40%
Regional Mall:
Westchester's Ridge Hill	$	891.1	$	891.1	70%/80%

a) NOI for the apartments in the above tableis reflected at 5% of the pro-rata cost. This assumption does not reflect Forest City’s anticipated NOI, but rather is used in order to establish a hypothetical basis for an estimated valuation of leased-up properties.

b) NOI for Westchester's Ridge Hill is reflected at 4% of the pro-rata cost disclosed in the above table. This assumption does not reflect Forest City’s anticipated NOI, but rather is used in order to establish a hypothetical basis for an estimated valuation of this leased-up property. The lease commitment percentage above represents 70% of leases that have been signed of the total 1,336,000 square feet after construction is complete. The leased percentage excluding Parcel L is 80%. Parcel L is a self contained pad site at the southern end of the center and has been assumed to be leased in the future predominantly to a single retail tenant in its own phase. Given its location on the end of the site, the lease commitment percentage has been presented both with and without the anticipated square footage for Parcel L in the denominator of Gross Leasable Area.

c) Annual NOI for the Arena is expected to stabilize at approximately $55 million at full consolidation in the 2016 calendar year. Based on the partnership agreement, we expect to receive 55% of the NOI allocation until certain member loans are repaid. Therefore, we have included a stabilization adjustment to the Q1 2015 NOI to arrive at an annual stabilized NOI of $30.3 million.

In addition, we include stabilization adjustments to the Q1 2015 NOI as follows:

d) Due to temporary declines in occupancy at 88 Sidney Street (Life Science) and One Pierrepont Plaza (New York Office), we have included stabilization adjustments to the Q1 2015 NOI to arrive at our estimate of stabilized NOI.

e) Due to planned renovations at Ballston Common (Regional Mall), we have included stabilization adjustments to the Q1 2015 NOI to arrive at our estimate of stabilized NOI.

f) Due to quarterly fluctuations of NOI as a result of distribution restrictions from our limited-distribution subsidized senior housing properties, we have included a stabilization adjustment to the Q1 2015 NOI to arrive at our estimate of stabilized NOI.

g) At the conclusion of the initial development period at each of our military housing communities, we estimate the ongoing property and asset management fees, net of operating expenses, to be $17.0 million.

h) Other excludes write-offs of abandoned development projects and demolition costs, tax credit income and certain variable development and operating overhead.

The net stabilized adjustments are not comparable to any GAAP measure and therefore do not have a reconciliation to the nearest comparable GAAP measure.

(3) Pro-rata annualized stabilized NOI is calculated by taking the Q1 2015 stabilized NOI times a multiple of four.

(4) Amounts are derived from the respective pro-rata balance sheet line item as of March 31, 2015 and are reconciled to their GAAP equivalents in the Selected Financial Information section of this supplemental package.

(5) Includes $165.3 million of straight-line rent receivable (net of $8.6 million of allowance for doubtful accounts).

(6) Includes $35.3 million of straight-line rent payable.

12

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Occupancy Data

Retail and office occupancy data represents leased occupancy at the end of the quarter. Leased occupancy percentage is calculated by dividing the sum of the total tenant occupied space under the lease and vacant space under lease by gross leasable area ("GLA"). Occupancy data includes leases with original terms of one year or less.

	Leased Occupancy
	As of March 31,
Retail	2015	2014
Comparable	93.2%	91.6%
Total	93.1%	91.8%
Office
Comparable	95.5%	94.3%
Total	95.0%	92.5%

Residential occupancy data represents economic occupancy, which is calculated by dividing the period-to-date gross potential rent less vacancy by gross potential rent. Residential occupancy data excludes military and limited-distribution subsidized senior housing units.

	Economic Occupancy
	Three Months Ended March 31,
Residential	2015	2014
Comparable	94.9%	94.1%
Total	92.5%	91.9%

The graph below provides comparable leased and economic occupancy data as reported in previous quarters. Prior period amounts may differ from above since the properties qualifying as comparable change from period to period.

Comparable Occupancy Percentage Trend

13

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Retail Sales Data

The following provides retail sales data for small shop inline tenants at our regional malls. We believe this data allows investors to better understand the productivity of our small shop inline tenants.

The graph below represents regional mall sales for tenants that were open and operating for the duration of each rolling 12-month period presented. Those tenants that have begun and/or ceased operations in the rolling 12-month periods shown are not included.

FCE Regional Mall Sales per Square Foot ^{(1) (2)} 

Rolling 12-month basis for periods presented

(1) All sales data is derived from schedules provided by our tenants and is not subject to the same internal control and verification procedures applied to other data supplied in this supplemental package.

(2) The increase for the rolling 12-months ended September 30, 2014 over the prior period is partially due to the inclusion of sales data at Westchester’s Ridge Hill. With a comparable inclusion of Westchester’s Ridge Hill sales data, sales per square foot for the rolling 12-months ended March 31, 2014 and June 30, 2014 would have been $512 and $520, respectively.

14

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Leasing Summary

Retail Centers

The following tables represent those new leases and GLA signed and rent per square foot ("SF") on the same space in which there was a former tenant and existing tenant renewals.

Regional Malls

Quarter	Number of Leases Signed	GLA Signed	Contractual Rent Per SF (1)		Expired Rent  Per SF (1)		Cash Basis % Change over Prior Rent
Q2 2014	60	152,130	$	82.45	$	63.13	30.6	%
Q3 2014	45	128,871	$	50.33	$	41.58	21.0	%
Q4 2014	31	115,496	$	59.57	$	47.42	25.6	%
Q1 2015	34	169,951	$	46.51	$	36.92	26.0	%
Total	170	566,448	$	60.19	$	47.28	27.3	%

Specialty Retail Centers

Quarter	Number of Leases Signed	GLA Signed	Contractual Rent Per SF (1)		Expired Rent  Per SF (1)		Cash Basis % Change over Prior Rent
Q2 2014	18	120,433	$	50.68	$	44.01	15.2	%
Q3 2014	4	9,169	$	32.40	$	30.36	6.7	%
Q4 2014	3	23,198	$	52.55	$	50.48	4.1	%
Q1 2015	11	40,421	$	34.55	$	35.41	(2.4	)%
Total	36	193,221	$	46.74	$	42.45	10.1	%

Office Buildings

The following table represents those new leases and GLA signed on the same space in which there was a former tenant and existing tenant renewals along with all other new leases signed within the rolling 12-month period.

	Same-Space Leases								Other New Leases
Quarter	Number of Leases Signed	GLA Signed	Contractual Rent Per SF (1)		Expired  Rent Per SF (1)		Cash Basis  % Change over Prior Rent		Number of Leases Signed	GLA Signed	Contractual Rent Per SF (1)		Total GLA Signed
Q2 2014	20	189,441	$	26.64	$	23.89	11.5	%	5	40,891	$	24.94	230,332
Q3 2014	14	136,474	$	55.11	$	55.63	(0.9	)%	3	21,513	$	21.18	157,987
Q4 2014	38	450,848	$	40.31	$	38.36	5.1	%	5	44,432	$	36.26	495,280
Q1 2015	18	75,460	$	22.49	$	21.40	5.1	%	2	8,196	$	21.94	83,656
Total	90	852,223	$	38.36	$	36.65	4.7	%	15	115,032	$	28.39	967,255

(1) Retail and Office contractual rent per square foot includes base rent and fixed additional charges for common area maintenance and real estate taxes as of rental commencement. Retail contractual rent per square foot also includes fixed additional marketing/promotional charges. For all expiring leases, contractual rent per square foot includes any applicable escalations.

15

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Apartment Communities

The following tables present leasing information of our apartment communities. Prior period amounts may differ from data as reported in previous quarters since the properties that qualify as comparable change from period to period.

Quarterly Comparison

		Monthly Average Residential Rental Rates (2)						Economic Residential Occupancy
Comparable Apartment	Leasable Units	Three Months Ended March 31,						Three Months Ended March 31,
Communities (1)	at Pro-Rata % (3)	2015		2014		% Change		2015		2014		% Change
Core Markets	7,967	$	1,879	$	1,829	2.7	%	95.4	%	95.0	%	0.4	%
Non-Core Markets	8,052	$	877	$	858	2.2	%	93.9	%	92.2	%	1.7	%
Total Comparable Apartments	16,019	$	1,375	$	1,341	2.5	%	94.9	%	94.1	%	0.8	%

Sequential Comparison

		Monthly Average Residential Rental Rates (2)						Economic Residential Occupancy
		Three Months Ended						Three Months Ended
Comparable Apartment	Leasable Units	March 31,		December 31,				March 31,		December 31,
Communities (1)	at Pro-Rata % (3)	2015		2014		% Change		2015		2014		% Change
Core Markets	8,170	$	1,865	$	1,861	0.2	%	95.3	%	95.4	%	(0.1	)%
Non-Core Markets	8,180	$	887	$	885	0.2	%	94.0	%	94.2	%	(0.2	)%
Total Comparable Apartments	16,350	$	1,376	$	1,373	0.2	%	94.9	%	95.0	%	(0.1	)%

(1) Includes stabilized apartment communities completely opened and operated in the periods presented. These apartment communities include units leased at affordable apartment rates which provide a discount from average market rental rates. For the three months ended March 31, 2015, 18.2% of leasable units in core markets and 3.9% of leasable units in non-core markets were affordable housing units. Excludes all military and limited-distribution subsidized senior housing units.

(2) Represents gross potential rent less concessions.

(3) Leasable units at pro-rata represent our share of comparable leasable units at the apartment community.

16

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Comparable NOI - Pro-Rata

	Three Months Ended
	March 31, 2015
Retail	6.4	%
Office	4.4	%
Apartments	5.5	%
Total	5.3	%

The tables below provide the percentage change of Comparable NOI as reported in previous quarters. GAAP reconciliations for previous periods can be found in prior supplemental packages furnished with the Securities and Exchange Commission and are available on our website at www.forestcity.net.

Quarterly Historical Trends											Annual Historical Trends
	Three Months Ended											Year Ended		11 Months Ended		Year Ended
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014			December 31, 2014		December 31, 2013		January 31, 2013
Retail	6.4	%	10.5	%	6.5	%	2.3	%	(2.7	)%	Retail	2.6	%	3.6	%	2.1	%
Office	4.4	%	9.2	%	4.7	%	7.1	%	1.6	%	Office	6.6	%	(6.4	)%	2.1	%
Apartments	5.5	%	2.8	%	3.4	%	4.6	%	5.5	%	Apartments	4.3	%	4.7	%	7.3	%
Total	5.3	%	7.7	%	4.8	%	5.0	%	1.5	%	Total	4.8	%	(0.2	)%	3.2	%

17

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

	Net Operating Income(in thousands)
	Three Months Ended March 31, 2015									Three Months Ended March 31, 2014												% Change
	Full Consolidation (1)			Less Noncontrolling Interest			Pro-Rata Consolidation (Non-GAAP)			Full Consolidation (1)			Less Noncontrolling Interest			Plus Discontinued Operations			Pro-Rata Consolidation (Non-GAAP)			Full Consolidation (1)		Pro-Rata Consolidation (Non-GAAP)
Retail
Comparable
Adjusted revenues	$	75,282		$	—		$	75,282		$	73,387		$	—		$	—		$	73,387		2.6	%	2.6	%
Adjusted operating expenses	34,687			—			34,687			35,229			—			—			35,229			(1.5	)%	(1.5	)%
Comparable NOI	40,595			—			40,595			38,158			—			—			38,158			6.4	%	6.4	%
Non-Comparable NOI	3,756			—			3,756			2,993			—			1,870			4,863
Total	44,351			—			44,351			41,151			—			1,870			43,021
Office Buildings
Comparable
Adjusted revenues	103,457			4,652			98,805			100,658			4,711			—			95,947			2.8	%	3.0	%
Adjusted operating expenses	45,135			2,304			42,831			44,680			2,329			—			42,351			1.0	%	1.1	%
Comparable NOI	58,322			2,348			55,974			55,978			2,382			—			53,596			4.2	%	4.4	%
Non-Comparable NOI	2,162			174			1,988			(861		)	147			(43		)	(1,051		)
Total	60,484			2,522			57,962			55,117			2,529			(43		)	52,545
Apartments
Comparable
Adjusted revenues	72,454			4,253			68,201			69,900			3,920			—			65,980			3.7	%	3.4	%
Adjusted operating expenses	31,484			1,542			29,942			31,280			1,571			—			29,709			0.7	%	0.8	%
Comparable NOI	40,970			2,711			38,259			38,620			2,349			—			36,271			6.1	%	5.5	%
Non-Comparable NOI	4,536			3,606			930			703			(1,513		)	—			2,216
Total	45,506			6,317			39,189			39,323			836			—			38,487
Arena	8,834			4,034			4,800			11,864			5,447			—			6,417
Subsidized Senior Housing	3,819			—			3,819			3,564			—			—			3,564
Military Housing	5,361			(5		)	5,366			4,979			53			—			4,926
Land sales	—			—			—			—			—			459			459
Other (2)	(15,531		)	(1,008		)	(14,523		)	(10,201		)	48			—			(10,249		)
Total Rental Properties
Comparable
Adjusted revenues	251,193			8,905			242,288			243,945			8,631			—			235,314			3.0	%	3.0	%
Adjusted operating expenses	111,306			3,846			107,460			111,189			3,900			—			107,289			0.1	%	0.2	%
Comparable NOI	139,887			5,059			134,828			132,756			4,731			—			128,025			5.4	%	5.3	%
Non-Comparable NOI	12,937			6,801			6,136			13,041			4,182			2,286			11,145
Total	152,824			11,860			140,964			145,797			8,913			2,286			139,170
Land Development Group	11,172			918			10,254			12,880			1,272			—			11,608
Corporate Activities	(14,978		)	—			(14,978		)	(13,421		)	—			—			(13,421		)
Corporate Activities - REIT conversion and reorganization costs	(6,212		)	—			(6,212		)	—			—			—			—
Grand Total	$	142,806		$	12,778		$	130,028		$	145,256		$	10,185		$	2,286		$	137,357

(1) Includes the Company's pro-rata share of NOI from unconsolidated subsidiaries accounted for under the equity method of accounting.

(2) Includes non-capitalizable development costs and unallocated management and service company overhead, net of tax credit income and a 2014 legal settlement at Heritage, an apartment community in San Diego, California.

18

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Net Operating Income by Product Type

Pro-Rata Consolidation (dollars in thousands)

Three Months Ended March 31, 2015 Three Months Ended March 31, 2014

NOI by Product Type	$	160,941		NOI by Product Type	$	154,610
Arena	4,800			Arena	6,417
Corporate Activities	(14,978		)	Corporate Activities	(13,421		)
Corporate Activities - REIT conversion and reorganization costs	(6,212		)	Corporate Activities - REIT conversion and reorganization costs	—
Other (3)	(14,523		)	Other (3)	(10,249		)
Grand Total NOI	$	130,028		Grand Total NOI	$	137,357

(1) Includes commercial and residential outlot land sales.

(2) Includes limited-distribution subsidized senior housing.

(3) Includes non-capitalizable development costs and unallocated management and service company overhead, net of tax credit income and a 2014 legal settlement at Heritage.

19

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Net Operating Income by Core Market

Pro-Rata Consolidation (dollars in thousands)

Three Months Ended March 31, 2015 Three Months Ended March 31, 2014

NOI by Market	$	155,575		NOI by Market	$	149,684
Arena	4,800			Arena	6,417
Military Housing	5,366			Military Housing	4,926
Corporate Activities	(14,978		)	Corporate Activities	(13,421		)
Corporate Activities - REIT conversion and reorganization costs	(6,212		)	Corporate Activities - REIT conversion and reorganization costs	—
Other (3)	(14,523		)	Other (3)	(10,249		)
Grand Total NOI	$	130,028		Grand Total NOI	$	137,357

(1) Includes Richmond, Virginia.

(2) Represents Regional Malls located in Non-Core Markets. Regional Malls located in Core Markets are included in their applicable Core Markets.

(3) Includes non-capitalizable development costs and unallocated management and service company overhead, net of tax credit income and a 2014 legal settlement at Heritage.

20

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Reconciliation of Net Operating Income (non-GAAP) to Earnings (Loss) Before Income Taxes (GAAP)(in thousands)

	Three Months Ended March 31, 2015												Three Months Ended March 31, 2014
	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)			Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Plus Discontinued Operations			Pro-Rata Consolidation (Non-GAAP)
Total revenues	$	237,082		$	27,126		$	104,156		$	314,112		$	249,537		$	24,940		$	110,458		$	6,990		$	342,045
Exclude straight-line adjustment	(509		)	—			—			(509		)	(3,034		)	—			—			59			(2,975		)
Add interest and other income	9,704			410			283			9,577			11,503			466			568			—			11,605
Equity in earnings (loss) of unconsolidated entities	9,313			(17		)	(8,627		)	703			34,029			(21		)	(35,452		)	—			(1,402		)
Exclude operating expenses of unconsolidated entities	47,267			—			(47,267		)	—			50,514			—			(50,514		)	—			—
Exclude gain on disposition of unconsolidated entities	—			—			—			—			(24,796		)	—			24,796			—			—
Exclude depreciation and amortization of unconsolidated entities	22,466			—			(22,466		)	—			21,604			—			(21,604		)	—			—
Exclude interest expense of unconsolidated entities	25,854			—			(25,854		)	—			28,000			—			(28,000		)	—			—
Exclude loss on extinguishment of debt of unconsolidated entities	225			—			(225		)	—			252			—			(252		)	—			—
Adjusted revenues	351,402			27,519			—			323,883			367,609			25,385			—			7,049			349,273
Operating expenses	160,643			14,741			47,267			193,169			171,103			15,200			50,514			4,763			211,180
Operating expenses of unconsolidated entities	47,267			—			(47,267		)	—			50,514			—			(50,514		)	—			—
Non-Real Estate depreciation and amortization	1,142			—			—			1,142			1,177			—			—			—			1,177
Exclude straight-line rent adjustment	(456		)	—			—			(456		)	(441		)	—			—			—			(441		)
Adjusted operating expenses	208,596			14,741			—			193,855			222,353			15,200			—			4,763			211,916
Net operating income	$	142,806		$	12,778		$	—		$	130,028		$	145,256		$	10,185		$	—		$	2,286		$	137,357
Interest expense	(52,576		)	(7,913		)	(25,854		)	(70,517		)	(62,452		)	(6,528		)	(28,000		)	(5,483		)	(89,407		)
Interest expense of unconsolidated entities	(25,854		)	—			25,854			—			(28,000		)	—			28,000			—			—
Loss on extinguishment of debt	(35,154		)	—			(225		)	(35,379		)	(164		)	—			(252		)	(17		)	(433		)
Loss on extinguishment of debt of unconsolidated entities	(225		)	—			225			—			(252		)	—			252			—			—
Equity in (earnings) loss of unconsolidated entities	(9,313		)	17			8,627			(703		)	(34,029		)	21			35,452			—			1,402
Net gain (loss) on disposition of full or partial interests in rental properties	—			—			—			—			(467		)	—			24,796			26,766			51,095
Gain on disposition of unconsolidated entities	—			—			—			—			24,796			—			(24,796		)	—			—
Net gain on change in control of interests	—			—			—			—			2,759			—			—			—			2,759
Depreciation and amortization—Real Estate Groups (a)	(60,672		)	(7,561		)	(21,669		)	(74,780		)	(53,832		)	(4,615		)	(20,803		)	(986		)	(71,006		)
Amortization of mortgage procurement costs	(2,101		)	(99		)	(797		)	(2,799		)	(2,125		)	(163		)	(801		)	(41		)	(2,804		)
Depreciation and amortization of unconsolidated entities	(22,466		)	—			22,466			—			(21,604		)	—			21,604			—			—
Straight-line rent adjustment	53			—			—			53			2,593			—			—			(59		)	2,534
Earnings (loss) before income taxes	$	(65,502	)	$	(2,778	)	$	8,627		$	(54,097	)	$	(27,521	)	$	(1,100	)	$	35,452		$	22,466		$	31,497
(a) Depreciation and amortization—Real Estate Groups	$	60,672		$	7,561		$	21,669		$	74,780		$	53,832		$	4,615		$	20,803		$	986		$	71,006
Depreciation and amortization—Non-Real Estate	1,142			—			—			1,142			1,177			—			—			—			1,177
Total depreciation and amortization	$	61,814		$	7,561		$	21,669		$	75,922		$	55,009		$	4,615		$	20,803		$	986		$	72,183

21

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22

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Segment Operating Results

The following tables present revenues, operating expenses and interest expense by segment on a pro-rata basis for the three months ended March 31, 2015 compared with the three months ended March 31, 2014.

	Commercial Group			Residential Group			Arena			Land Development Group			Total
Revenues for the three months ended March 31, 2014	$	201,219		$	103,892		$	19,407		$	17,527		$	342,045
Increase (decrease) due to:
Comparable portfolio	2,476			2,600			—			—			5,076
Non-comparable properties (1)	16			6,027			(3,588		)	—			2,455
Properties in which partners' interest recently acquired	1,894			—			—			—			1,894
Recently disposed properties	(9,773		)	(4,944		)	—			—			(14,717		)
Properties in which partial interest was recently disposed	—			(3,683		)	—			—			(3,683		)
Land sales	(1,600		)	—			—			(7,148		)	(8,748		)
Military housing	—			(3,278		)	—			—			(3,278		)
Subsidized senior housing	—			218			—			—			218
Other	(4,904		)	(2,245		)	—			(1		)	(7,150		)
Revenues for the three months ended March 31, 2015	$	189,328		$	98,587		$	15,819		$	10,378		$	314,112

	Corporate Activities		Commercial Group			Residential Group			Arena			Land Development Group			Total
Operating expenses for the three months ended March 31, 2014	$	11,561	$	112,430		$	65,539		$	12,973		$	8,677		$	211,180
Increase (decrease) due to:
Comparable portfolio	—		(2,273		)	(170		)	—			—			(2,443		)
Non-comparable properties (1)	—		(306		)	2,383			(1,982		)	—			95
Properties in which partners' interest recently acquired	—		829			—			—			—			829
Recently disposed properties	—		(5,879		)	(2,928		)	—			—			(8,807		)
Properties in which partial interest was recently disposed	—		—			(1,614		)	—			—			(1,614		)
Land cost of sales	—		(1,142		)	(5		)	—			(3,668		)	(4,815		)
Military housing	—		—			(3,030		)	—			—			(3,030		)
Subsidized senior housing	—		—			(48		)	—			—			(48		)
REIT conversion and reorganization costs	6,212		—			—			—			—			6,212
Development, management, corporate and other expenses	1,942		(7,146		)	1,163			—			(349		)	(4,390		)
Operating expenses for the three months ended March 31, 2015	$	19,715	$	96,513		$	61,290		$	10,991		$	4,660		$	193,169

	Corporate Activities			Commercial Group			Residential Group			Arena		Land Development Group			Total
Interest expense for the three months ended March 31, 2014	$	9,282		$	58,887		$	16,553		$	4,708	$	(23	)	$	89,407
Increase (decrease) due to:
Comparable portfolio	—			(2,601		)	(541		)	—		—			(3,142		)
Non-comparable properties (1)	—			2			2,308			96		—			2,406
Properties in which partners' interest recently acquired	—			22			—			—		—			22
Recently disposed properties	—			(6,481		)	(834		)	—		—			(7,315		)
Properties in which partial interest was recently disposed	—			—			(2,123		)	—		—			(2,123		)
Capitalized interest	—			(313		)	(2,365		)	—		91			(2,587		)
Mark-to-market adjustments on non-designated swaps	(26		)	(31		)	(3,357		)	—		(351		)	(3,765		)
Corporate borrowings	(1,110		)	—			—			—		—			(1,110		)
Other	—			(1,830		)	620			—		(66		)	(1,276		)
Interest expense for the three months ended March 31, 2015	$	8,146		$	47,655		$	10,261		$	4,804	$	(349	)	$	70,517

23

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

(1) The following table presents the increases (decreases) in revenues, operating expenses and interest expense for Commercial and Residential properties in lease-up and other non-comparable properties:

		Three Months Ended March 31, 2015 vs. 2014
Property	Quarter Opened	Revenues			Operating Expenses			Interest Expense
Commercial:
Property in lease-up:
The Yards - Lumbershed	Q3-13	$	(3	)	$	(25	)	$	24
Non-comparable property:
Ballston Common		19			(281		)	(22		)
Total Commercial		$	16		$	(306	)	$	2
Residential:
Properties in lease-up:
1111 Stratford	Q3-13/Q1-14	$	441		$	(41	)	$	20
2175 Market Street	Q4-14	122			65			31
3700M	Q3-14	257			271			130
Aster Conservatory Green	Q3-13/14	961			180			233
Radian	Q2-14	707			410			507
The Continental	Q1-13	170			34			20
The Yards - Twelve12	Q2-14	1,719			640			527
Winchester Lofts	Q4-14	74			302			639
Non-comparable properties:
Heritage		1,041			463			(43		)
500 Sterling Place		535			59			244
Total Residential		$	6,027		$	2,383		$	2,308

Commercial Group:

The increases in revenues, operating expenses and interest expense related to partners' interest recently acquired are related to Boulevard Mall, a regional mall in Amherst, New York (Q4-2014). The decreases in revenues, operating expenses and interest expense related to recent disposals are due our ongoing strategy to sell operating assets in non-core markets. The decreases in revenues and operating expenses for other are primarily due to a decrease in tenant reimbursable expenses. The decrease in interest expense for the comparable portfolio is primarily due to the paydown of several nonrecourse mortgage notes.

Ballston Common, a regional mall in Arlington, Virginia, is classified as a non-comparable property due to its upcoming planned renovation project.

Residential Group:

The decreases in revenues, operating expenses and interest expense related to partial interest recently disposed are related to the contribution of two operating apartment communities into our strategic capital partnership with Arizona State Retirement System in the prior year.

Heritage is classified as a non-comparable property due to its recently completed renovation project resulting in a significant number of units being off-line.

500 Sterling Place, an apartment community in Brooklyn, New York, was acquired (Q1-2015) and is classified as a non-comparable property.

Corporate Activities:

The decrease in interest expense is due to the privately negotiated exchanges of a portion of our Senior Notes due 2016, 2018 and 2020 for Class A common stock in the first quarter of 2015.

24

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Net Earnings (Loss) Attributable to Forest City Enterprises, Inc. – Net loss attributable to Forest City Enterprises, Inc. for the three months ended March 31, 2015 was $(54,209,000) versus net earnings of $15,520,000 for the three months ended March 31, 2014. Although we have substantial recurring revenue sources, significant transactions often create substantial variances in operating results between periods. The variance to the prior year period is primarily attributable to the following fluctuations, which are pre-tax and net of noncontrolling interests:

Asset Dispositions - $(53,116,000)

• $(51,095,000) related to 2014 gains on disposition of full or partial interest in rental properties and unconsolidated investments;

• $(3,480,000) related to decreased Land Development Group sales in 2015 compared with 2014, primarily at our Stapleton project; and

• $1,459,000 related to a combined fluctuation in revenues, operating expenses and interest expense at properties in which we disposed of our full or partial interest during 2014.

Financing Transactions - $(27,484,000)

• $(34,946,000) related to increased losses on extinguishment of debt in 2015 compared with 2014 primarily due to the conversions of a portion of Senior Notes due 2016, 2018 and 2020;

• $3,765,000 related to the change in fair market value of certain derivatives not qualifying for hedge accounting between the comparable periods, which was marked to market through interest expense;

• $2,587,000 related to a decrease in interest expense in 2015 compared with 2014 due to increased capitalized interest on projects under construction and development as we increased our construction pipeline; and

• $1,110,000 related to a decrease in interest expense on corporate debt due to the conversions of certain Senior Notes due 2016, 2018 and 2020.

Non-Cash Transactions - $(6,498,000)

• $(3,739,000) related to an increase in depreciation and amortization expense in 2015 compared with 2014 primarily due to recently opened properties and the change from equity method of accounting to full consolidation method upon the acquisition of our partners’ interest in one apartment community and one regional mall in Q4 2014. These increases were partially offset by the disposition of full or partial interests in several properties during 2014; and

• $(2,759,000) related to the net gain on change in control of interest related to the adjustment to fair value of the assets and liabilities of 91 Sidney,an apartment community in Cambridge, Massachusetts,in 2014.

Operations - $719,000

• $10,661,000 related to a combined fluctuation in revenues, operating expenses and interest expense in our comparable portfolio in 2015 compared with 2014;

• $(6,212,000) related to REIT conversion and reorganization costs incurred in 2015;

• $(2,028,000) in interest and other income primarily related to income recognized by a legal settlement at Heritage in 2014, which did not recur, and a decrease in the income recognition on the allocation of state and federal historic preservation tax credits and new market tax credits in 2015 compared with 2014; and

• $(1,702,000) related to a combined fluctuation in revenues, operating expenses and interest expense at Barclays Center in 2015 compared with 2014.

Income Taxes

• $13,760,000 due to decreased income tax expense attributable to both continuing and discontinued operations primarily related to the fluctuations in pre-tax earnings, including gains included in discontinued operations. These fluctuations are primarily due to the various transactions discussed herein.

25

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Capital Expenditures for our Operating Portfolio – Our diversified real estate portfolio requires capital expenditures, including tenant improvements, to maintain and improve its operating performance. The following table represents our capital expenditures by segment:

	Three Months Ended March 31, 2015				Three Months Ended March 31, 2014
	Full Consolidation (GAAP)		Pro-Rata Consolidation (Non-GAAP)		Full Consolidation (GAAP)		Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Operating properties:
Commercial Group	$	4,082	$	6,831	$	5,312	$	9,963
Residential Group	1,867		3,557		2,844		5,101
Arena	683		232		1,002		341
Other	15		15		16		16
Total operating properties	6,647		10,635		9,174		15,421
Tenant improvements
Commercial Group	9,448		11,041		2,944		4,215
Total capital expenditures	$	16,095	$	21,676	$	12,118	$	19,636

26

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Reconciliation of Net Earnings (Loss) to FFO

The table below reconciles net earnings (loss), the most comparable GAAP measure, to FFO, a non-GAAP measure.

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	(54,209	)	$	15,520
Depreciation and Amortization—Real Estate Groups	74,780			71,006
Gain on disposition of full or partial interests in rental properties	—			(51,095		)
Income tax expense adjustment — current and deferred (2):
Gain on disposition of full or partial interests in rental properties	—			19,898
FFO	$	20,571		$	55,329
FFO Per Share - Diluted
Numerator(in thousands):
FFO	$	20,571		$	55,329
If-Converted Method (adjustments for interest, net of tax):
5.000% Notes due 2016	—			382
4.250% Notes due 2018	—			2,277
3.625% Notes due 2020	—			1,664
FFO for per share data	$	20,571		$	59,652
Denominator:
Weighted average shares outstanding—Basic	202,963,083			197,739,076
Effect of stock options, restricted stock and performance shares	2,768,251			1,926,005
Effect of convertible debt	—			32,138,215
Effect of convertible Class A Common Units	2,973,190			3,646,755
Weighted average shares outstanding - Diluted (1)	208,704,524			235,450,051
FFO Per Share	$	0.10		$	0.25

(1) For the three months ended March 31, 2015, weighted-average shares issuable upon the conversion of convertible debt of 28,087,047 were not included in the computation of diluted FFO per share because their effect is anti-dilutive under the if-converted method. As a result, an adjustment to FFO for interest expense of $3,787,000 related to these securities is not required.

(2) The following table provides detail of income tax expense (benefit):

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Income tax expense (benefit) on FFO
Operating Earnings:
Current taxes	$	(1,744	)	$	8,633
Deferred taxes	2,559			(13,956		)
Total income tax expense (benefit) on FFO	815			(5,323		)
Income tax expense (benefit) on non-FFO
Disposition of full or partial interests in rental properties:
Current taxes	$	—		$	29,048
Deferred taxes	—			(9,150		)
Total income tax expense (benefit) on non-FFO	—			19,898
Grand Total	$	815		$	14,575

27

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Reconciliation of FFO to Operating FFO - Pro-Rata Consolidation

	Three Months Ended March 31,
	2015			2014			% Change
	(in thousands)
FFO	$	20,571		$	55,329
Tax credit income	(3,255		)	(3,947		)
(Gain) loss on extinguishment of debt	35,379			433
Change in fair market value of nondesignated hedges	(2,113		)	4,672
Net gain on change in control of interests	—			(2,759		)
Straight-line rent adjustments	(53		)	(2,534		)
Participation payments	—			1,469
REIT conversion and reorganization costs	6,212			—
Nets Pre-tax FFO	802			1,153
Income tax expense (benefit) on FFO	815			(5,323		)
Operating FFO	$	58,358		$	48,493		20.3%
Operating FFO Per Share - Diluted
Numerator(in thousands):
Operating FFO	$	58,358		$	48,493
If-Converted Method (adjustments for interest, pre-tax):
5.000% Notes due 2016	507			625
4.250% Notes due 2018	3,322			3,719
3.625% Notes due 2020	2,357			2,719
Operating FFO for per share data	$	64,544		$	55,556
Denominator:
Weighted average shares outstanding - Diluted (1)	236,791,571			235,450,051
Operating FFO Per Share	$	0.27		$	0.24

(1) Includes dilutive securities of 28,087,047 for the three months ended March 31, 2015, for the computation of Operating FFO per share because their effect is dilutive under the if-converted method. These securities were not included in the computation of diluted FFO per share because their effect was anti-dilutive.

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Operating FFO by segment:
Commercial Group	$	44,682		$	31,275
Residential Group	25,750			25,493
Arena	(4		)	1,649
Land Group	10,252			11,626
Corporate Group	(22,322		)	(21,550		)
Operating FFO	$	58,358		$	48,493

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Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

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30

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Historical Trends

Through the implementation of our strategic plan, we approach our business by:

• Focusing on core markets and products as we develop, own and operate a high-quality portfolio

• Driving operational excellence through all aspects of our company

• Building a strong, sustaining capital structure, improved balance sheet and debt metrics

The tables below illustrate our progress as we continue to implement our strategic plan. The financial and operating data presented is as reported in previous year-end supplemental packages. GAAP reconciliations for previous years can be found in prior supplemental packages furnished with the Securities and Exchange Commission ("SEC") and are available on our website at www.forestcity.net.

Development ratio is calculated in accordance with our financial covenants contained in our revolving credit facility. Total debt includes outstanding borrowings on our revolving credit facility, convertible senior debt, nonrecourse mortgages and notes payable. Net debt to NOI is defined as total debt, less cash and equivalents, divided by NOI, excluding write-offs of abandoned development projects and demolition costs. All metrics are reflected at our pro-rata share.

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Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Historical Trends (continued)

* Represents data for the year ended December 31, 2013, which is consistent with our new calendar year-end. As such, data for the year ended December 31, 2013 includes results for the month ended January 31, 2013, which has previously been included in the financial results for the year ended January 31, 2013 included in our supplemental package furnished with the SEC on March 27, 2013.

32

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Development Pipeline

Property Acquisition and Projects Under Construction

March 31, 2015

	Location	Date Acquired/ Anticipated Opening	FCE Legal Ownership % (a)			Pro-Rata FCE % (a) (1)			Cost at Full Consolidation (GAAP) (b)		Total Cost at 100% (2)		Cost at FCE Pro-Rata Share (Non-GAAP) (c) (1) X (2)			Sq. ft./ No. of Units	Gross Leasable Area	Lease Commitment % (d)
									(in millions)
2015 Property Acquisition
Residential:
500 Sterling Place	Brooklyn, NY	Q1-15	100	%		100	%		$	48.1	$	48.1	$	48.1		77	—	96%
Projects Under Construction
Residential:
Arizona State Retirement System JV:
The Yards - Arris	Washington, D.C.	Q1-16	25	%		25	%		$	142.7	$	142.7	$	35.7		327	19,000
Blossom Plaza	Los Angeles, CA	Q2-16	25	%		25	%		104.9		104.9		26.2			237	19,000
1001 4th Street, SW	Washington, D.C.	Q4-16	25	%		25	%		143.3		143.3		35.8			365	5,000
Museum Towers II	Philadelphia, PA	Q4-16	25	%		25	%		114.1		114.1		28.5			286	—
									505.0		505.0		126.2			1,215	43,000
Aster Town Center II	Denver, CO	Q3/Q4-15	90	%		90	%		23.4		23.4		21.1			135	—
B2 BKLYN	Brooklyn, NY	Q3-16	100	%		100	%		162.1		162.1		162.1			363	4,000
535 Carlton	Brooklyn, NY	Q3-16	30	%	(e)	30	%		0.0		165.6		49.7			298	—
Pacific Park - Parking (f)	Brooklyn, NY	Q3-16/18	30	%	(e)	30	%		0.0		90.6		27.2			—	—
									$	690.5	$	946.7	$	386.3		2,011	47,000
Office:
300 Massachusetts Ave	Cambridge, MA	Q1-16	50	%	(e)	50	%		$	0.0	$	175.3	$	87.7		246,000	246,000	94%
1812 Ashland Ave	Baltimore, MD	Q3-16	85	%		100	%		60.7		60.7		60.7			164,000	164,000	70%
									$	60.7	$	236.0	$	148.4		410,000	410,000
Retail Expansions:
Galleria at Sunset	Henderson, NV	Q2-15	51	%	(e)	51	%		$	0.0	$	24.9	$	12.7		32,000	32,000	84%
Boulevard Mall	Buffalo, NY	Q4-15	100	%		100	%		10.9		10.9		10.9			46,000	46,000	100%
									$	10.9	$	35.8	$	23.6		78,000	78,000
Total Projects Under Construction									$	762.1	$	1,218.5	$	558.3
Estimated Initial Yield on Cost													5.5% - 6.0%		(g)
Other
Kapolei Lofts	Kapolei, HI	Q3-15/Q1-17	100	%		0	%	(h)	$	154.8	$	154.8	$	0.0		499	—

See footnotes on the following page.

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Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

FOOTNOTES

(a) The Company invests in certain real estate projects through joint ventures and, at times, may provide funding at percentages that differ from the Company's legal ownership.

(b) Amounts represent estimated project costs to achieve stabilization and are presented on the full consolidation method of accounting, a GAAP measure. Under full consolidation, costs are reported as consolidated at 100% if we are deemed to have control or to be the primary beneficiary of our investments in the Company's VIE. Upon completion, our completed rental properties recorded on the consolidated balance sheet may include costs, in addition to costs above, not allocated to our partners, such as corporate capitalized interest.

(c) Project cost at pro-rata share represents the Company's share of project cost, based on the Company's pro-rata ownership of each property (a non-GAAP measure). Under the pro-rata consolidation method of accounting, the Company determines its pro-rata share by multiplying its pro-rata ownership by the total project cost of the applicable property.

(d) Lease commitments as of April 28, 2015.

(e) Reported under the equity method of accounting. This method represents a GAAP measure for investments in which the Company is not deemed to have control or to be the primary beneficiary of our investments in a VIE.

(f) Expected to include 950 parking spaces.

(g) Range of estimated initial yield on cost is calculated using estimated pro-rata initial stabilized NOI divided by FCE pro-rata share of project cost per above, net of anticipated subsidies and other cost adjustments.

(h) Kapolei Lofts is a residential project currently under construction on land leased by the Company. The land lessor is entitled to a preferred return that currently exceeds anticipated operating cash flow of the project, and therefore, this project is reflected at 0% for pro-rata purposes.  In accordance with the waterfall provisions of the distribution Agreement, the Company expects to share in the net proceeds upon a sale of the project.

34

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Development Pipeline

Projects Under Development

March 31, 2015

Below is a summary of our active large scale development projects which are crucial to our long-term growth. While we cannot make any assurances on the timing or delivery of these projects, our track record speaks to our ability to bring large, complex projects to fruition when there is demand and available construction financing. The projects listed below represent pro-rata costs of $350.4 million ($132.8 million at full consolidation) of Projects Under Development on our balance sheet and pro-rata mortgage debt of $118.1 million ($11.7 million at full consolidation).

1) Pacific Park Brooklyn- Brooklyn, NY

Pacific Park Brooklyn, a 22-acre mixed-use project, is located adjacent to the state-of-the-art arena, Barclays Center. At full build-out, Pacific ParkBrooklyn is expected to feature more than 6,400 units of housing, including 2,250 affordable units, approximately 250,000 square feet of retail space, and more than 8 acres of landscaped open space. Projects currently under construction include B2 BKLYN, a 50% market-rate and 50% affordable rental building with 363 residential units, and 535 Carlton, a 100% affordable rental building with 298 residential units. In Q2 2015, construction is expected to commence on a 278-unit condominium building and a 301-unit, 100% affordable rental building.

2) The Yards - Washington, D.C.

The Yards is a 42-acre mixed-use project, located in the neighborhood of the Washington Nationals baseball park in the Capitol Riverfront District. At full build-out, the project is expected to include up to 2,800 residential units, 1.8 million square feet of office space and approximately 300,000 square feet of retail and dining space. The Yards features a 5.5-acre publicly funded public park that is a gathering place and recreational focus for the community. Current completed projects include a 170-unit residential building, Foundry Lofts;two retail centers: Boilermaker Shops and Lumber Shed, with 40,000 and 31,000 square feet, respectively; and Twelve12, a mixed-use property, with 218 residential units and 88,000 square feet of retail space. Arris, a mixed-use project, is currently under construction and is expected to feature 327 residential units and 19,000 square feet of retail space.

3) The Science + Technology Park at Johns Hopkins - Baltimore, MD

The Science + Technology Park at Johns Hopkins is a 31-acre center for collaborative research directly adjacent to the world-renowned Johns Hopkins medical and research complex. Plans call for 1.1 million square feet in five buildings, with future phases able to support additional expansion. Current completed projects include the 279,000 square-foot 855 North Wolfe Street,a 492,000 square-foot parking garage for Johns Hopkins and a 234,000 square-foot commercial building developed on a fee basis which is fully leased by the Department of Health & Mental Hygiene. Currently under construction is a 164,000 square-foot office building, 1812 Ashland Ave.

4) Waterfront Station - Washington, D.C.

Located in Southwest Washington, D.C., Waterfront Station is adjacent to the Waterfront/Southeastern University MetroRail station. Waterfront Station is expected to include 660,000 square feet of office space, 365 residential units and 40,000 square feet of retail stores and restaurants. Currently under construction is a 365-unit residential building, 1001 4th Street, SW.

5) Pier 70 - San Francisco, CA

Pier 70 is a former shipyard on San Francisco's eastern waterfront. The Forest City master development area of 28 acres is a mixed-use project, which is expected to include 3.8 million total square feet, consisting of 900,000 to 1.8 million square feet of office space, approximately 260,000 square feet of traditional retail, local production, and cultural/community uses, 1,000 to 2,000 residential units, approximately 2,000 parking spaces and 7 acres of waterfront parks.

6) 5th & Mission - San Francisco, CA

5th & Mission is a mixed-use project on approximately 4 acres in downtown San Francisco. 5th & Mission is expected to include approximately 825,000 square feet of commercial and 820,000 square feet of residential uses. The project will retain an existing historic building as well as the iconic San Francisco Chronicle building and would create significant new open spaces for the neighborhood. The project is designed to house a dynamic ground-floor mix of arts/cultural/community uses, as well as local retail, entrepreneurship and business incubation for a total of approximately 1.7 million square feet of development.

35

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Operating Information

Development Pipeline

Land Inventory

Land inventory represents undeveloped land parcels we currently do not intend to hold for future vertical development. A summary of our land inventory follows:

	March 31, 2015				December 31, 2014
	Full Consolidation (GAAP)		Pro-Rata Consolidation (Non-GAAP)		Full Consolidation (GAAP)		Pro-Rata Consolidation (Non-GAAP)
	(in thousands)
Stapleton	$	50,796	$	45,850	$	51,604	$	46,583
Commercial outlots	45,879		55,514		45,865		54,072
Total Land Inventory (1)	$	96,675	$	101,364	$	97,469	$	100,655

(1) A full reconciliation of pro-rata consolidation (non-GAAP) to their GAAP equivalents can be found in the Selected Financial Information section of this supplemental package.

Stapleton

Stapleton represents one of the nation's largest urban redevelopments. At full build-out of 4,700 acres or 7.5 square miles, Stapleton is planned for more than 12,000 homes and apartments, 3 million square feet of retail and 10 million square feet of office/research and development/industrial space. Located 10 minutes east of Downtown Denver and 20 minutes from Denver International Airport, Stapleton is expected to be home to 30,000 residents and 35,000 workers when complete. As of March 31, 2015, we own 248 gross acres, of which 113 acres are saleable. We also have an option to purchase an additional 849 gross acres at Stapleton.

Commercial Outlots

Commercial outlots are primarily undeveloped parcels of land adjacent to our retail assets throughout the United States. These parcels are sold to third party operators that benefit from being in close proximity to the existing retail asset. Typically, these outlots have zoning and entitlements consistent with our retail asset. Also included in commercial outlots is Las Vegas Land, a 13.5 acre parcel of undeveloped land located in downtown Las Vegas, NV adjacent to the City Hall.

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37

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Common Stock Data (NYSE: FCE A and FCE B)

The following summarizes information related to the Company’s Class A and Class B common stock based on information reported by the New York Stock Exchange:

	Quarter Ended
	March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Class A Common Stock
Closing Price, end of period	$	25.52	$	21.30	$	19.56	$	19.87	$	19.10
High Closing Price	$	25.79	$	21.67	$	21.30	$	20.09	$	19.58
Low Closing Price	$	21.00	$	19.20	$	19.17	$	18.46	$	17.71
Average Closing Price	$	24.53	$	20.79	$	19.99	$	19.10	$	18.88
Total Volume	69,096,438		70,389,527		47,200,607		40,112,884		48,844,589
Average Volume	1,132,728		1,099,836		737,509		636,712		800,731
Common shares outstanding, end of period	193,501,911		179,763,952		179,695,113		179,662,635		178,207,223
Class B Common Stock
Closing Price, end of period	$	25.50	$	21.34	$	19.83	$	19.89	$	19.02
High Closing Price	$	25.75	$	21.70	$	21.30	$	20.05	$	19.64
Low Closing Price	$	21.05	$	19.24	$	19.13	$	18.48	$	17.69
Average Closing Price	$	24.63	$	20.70	$	20.03	$	19.08	$	18.90
Total Volume	37,129		59,140		121,763		46,127		62,624
Average Volume	609		924		1,903		732		1,027
Common shares outstanding, end of period	18,942,503		19,208,517		19,220,506		19,227,650		19,548,552
Common Equity Market Capitalization	$	5,421,202,595	$	4,238,881,931	$	3,895,979,044	$	3,952,334,516	$	3,775,571,418
Quarterly dividends declared per common share Class A and Class B	$	—	$	—	$	—	$	—	$	—

Financial Covenants

The Company’s revolving credit facility contains certain restrictive financial covenants. A summary of the key financial covenants as defined in the agreement, all of which the Company is compliant with at March 31, 2015, follows:

	Requirement Per  Agreement		As of March 31, 2015			As of December 31, 2014			As of September 30, 2014			As of June 30, 2014
	(dollars in thousands)
Credit Facility Financial Covenants
Debt Service Coverage Ratio	1.45x		1.88		x	1.81		x	1.72		x	1.65		x
Debt Yield Ratio	>9.50%		11.88		%	12.11		%	11.80		%	11.55		%
Cash Flow Coverage Ratio	3.00x		7.40		x	6.91		x	6.36		x	5.05		x
Total Development Ratio	<17%		6.33		%	5.70		%	7.18		%	6.40		%
Minimum Consolidated Shareholders’ Equity, as defined	$	2,320,175	$	4,155,729		$	3,848,400		$	3,755,092		$	3,675,042

38

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Nonrecourse Debt Maturities Table(dollars in thousands)

As of March 31, 2015

	Year Ending December 31, 2015												Year Ending December 31, 2016
	Full Consolidation			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation			Full Consolidation			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation
Fixed:
Fixed-rate debt	$	231,473		$	74,658		$	38,615		$	195,430		$	73,038		$	1,655		$	216,816		$	288,199
Weighted average rate	6.79		%	8.99		%	5.73		%	5.74		%	5.56		%	3.95		%	6.22		%	6.06		%
Variable:
Variable-rate debt	62,163			4,148			32,480			90,495			70,850			—			11,741			82,591
Weighted average rate	2.95		%	2.92		%	2.53		%	2.80		%	2.56		%	—		%	2.07		%	2.49		%
Tax-Exempt	135,800			—			546			136,346			—			—			—			—
Weighted average rate	2.43		%	—		%	1.39		%	2.42		%	—		%	—		%	—		%	—		%
Total variable-rate debt	197,963			4,148			33,026			226,841			70,850			—			11,741			82,591
Total Nonrecourse Debt	$	429,436		$	78,806		$	71,641		$	422,271		$	143,888		$	1,655		$	228,557		$	370,790
Weighted Average Rate	4.86		%	8.67		%	4.24		%	4.04		%	4.08		%	3.95		%	6.00		%	5.27		%
	Year Ending December 31, 2017												Year Ending December 31, 2018
	Full Consolidation			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation			Full Consolidation			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation
Fixed:
Fixed-rate debt	$	204,455		$	10,954		$	390,407		$	583,908		$	174,897		$	4,300		$	272,323		$	442,920
Weighted average rate	6.08		%	5.99		%	5.61		%	5.77		%	4.72		%	4.01		%	4.85		%	4.81		%
Variable:
Variable-rate debt	977,387			—			63,220			1,040,607			22,482			—			9,459			31,941
Weighted average rate	5.80		%	—		%	1.56		%	5.54		%	3.93		%	—		%	1.99		%	3.35		%
Tax-Exempt	—			—			25,338			25,338			78,560			1,616			53,040			129,984
Weighted average rate	—		%	—		%	0.92		%	0.92		%	0.99		%	0.84		%	2.03		%	1.41		%
Total variable-rate debt	977,387			—			88,558			1,065,945			101,042			1,616			62,499			161,925
Total Nonrecourse Debt	$	1,181,842		$	10,954		$	478,965		$	1,649,853		$	275,939		$	5,916		$	334,822		$	604,845
Weighted Average Rate	5.85		%	5.99		%	4.83		%	5.55		%	3.59		%	3.14		%	4.32		%	4.00		%

39

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Scheduled Maturities Table: Nonrecourse Debt(dollars in thousands) (continued)

As of March 31, 2015

	Year Ending December 31, 2019												Thereafter
	Full Consolidation			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation			Full Consolidation			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation
Fixed:
Fixed-rate debt	$	113,329		$	3,885		$	42,088		$	151,532		$	1,456,409		$	332,404		$	1,002,255		$	2,126,260
Weighted average rate	3.94		%	4.80		%	5.69		%	4.40		%	5.49		%	7.34		%	4.36		%	4.66		%
Variable:
Variable-rate debt	178,572			53,293			138,653			263,932			38,978			—			3,141			42,119
Weighted average rate	1.73		%	1.24		%	3.97		%	3.00		%	3.53		%	—		%	1.13		%	3.35		%
Tax-Exempt	8,500			—			20,000			28,500			375,547			104,543			66,845			337,849
Weighted average rate	2.99		%	—		%	0.84		%	1.48		%	1.14		%	1.23		%	0.97		%	1.08		%
Total variable-rate debt	187,072			53,293			158,653			292,432			414,525			104,543			69,986			379,968
Total Nonrecourse Debt	$	300,401		$	57,178		$	200,741		$	443,964		$	1,870,934		$	436,947		$	1,072,241		$	2,506,228
Weighted Average Rate	2.60		%	1.48		%	4.02		%	3.38		%	4.57		%	5.88		%	4.14		%	4.16		%
	Total
	Full Consolidation			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation
Fixed:
Fixed-rate debt	$	2,253,601		$	427,856		$	1,962,504		$	3,788,249
Weighted average rate	5.54		%	7.52		%	4.94		%	5.00		%
Variable:
Variable-rate debt	1,350,432			57,441			258,694			1,551,685
Weighted average rate	4.86		%	1.36		%	3.01		%	4.68		%
Tax-Exempt	598,407			106,159			165,769			658,017
Weighted average rate	1.44		%	1.22		%	1.29		%	1.43		%
Total variable-rate debt	1,948,839			163,600			424,463			2,209,702
Total Nonrecourse Debt	$	4,202,440		$	591,456		$	2,386,967		$	5,997,951
Weighted Average Rate	4.74		%	5.79		%	4.47		%	4.53		%

40

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Summary of FFO by Segment - Three Months Ended March 31, 2015 (in thousands)

	Three Months Ended March 31, 2015
	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
Commercial Group
Total revenues	$	128,545		$	4,762		$	65,545		$	189,328
Exclude straight-line rent adjustment	(310		)	—			—			(310		)
Add interest and other income	2,633			6			34			2,661
Equity in earnings (loss) of unconsolidated entities	6,727			—			(6,727		)	—
Exclude operating expenses of unconsolidated entities	25,992			—			(25,992		)	—
Exclude depreciation and amortization of unconsolidated entities	14,391			—			(14,391		)	—
Exclude interest expense of unconsolidated entities	18,461			—			(18,461		)	—
Exclude loss on extinguishment of debt of unconsolidated entities	8			—			(8		)	—
Adjusted revenues	196,447			4,768			—			191,679
Operating expenses	73,090			2,569			25,992			96,513
Operating expenses of unconsolidated entities	25,992			—			(25,992		)	—
Non-Real Estate depreciation and amortization	220			—			—			220
Exclude straight-line rent adjustment	(436		)	—			—			(436		)
Adjusted operating expenses	98,866			2,569			—			96,297
Net operating income	97,581			2,199			—			95,382
Interest expense	(30,322		)	(1,128		)	(18,461		)	(47,655		)
Interest expense of unconsolidated entities	(18,461		)	—			18,461			—
Loss on extinguishment of debt	(12		)	—			(8		)	(20		)
Loss on extinguishment of debt of unconsolidated entities	(8		)	—			8			—
Amortization of mortgage procurement costs - Real Estate Groups	(1,964		)	—			—			(1,964		)
Straight-line rent adjustment	(126		)	—			—			(126		)
Noncontrolling interest in FFO	(1,071		)	(1,071		)	—			—
Income tax benefit (expense) on FFO	—			—			—			—
FFO	$	45,617		$	—		$	—		$	45,617
Depreciation and amortization - Real Estate Groups	(45,684		)	—			—			(45,684		)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	(67	)	$	—		$	—		$	(67	)

41

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Summary of FFO by Segment - Three Months Ended March 31, 2015 (in thousands) (continued)

	Three Months Ended March 31, 2015
	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
Residential Group
Total revenues	$	69,660		$	8,368		$	37,295		$	98,587
Exclude straight-line rent adjustment	(188		)	—			—			(188		)
Add interest and other income	2,996			3			248			3,241
Equity in earnings (loss) of unconsolidated entities	1,710			(17		)	(1,167		)	560
Exclude operating expenses of unconsolidated entities	20,778			—			(20,778		)	—
Exclude depreciation and amortization of unconsolidated entities	8,065			—			(8,065		)	—
Exclude interest expense of unconsolidated entities	7,316			—			(7,316		)	—
Exclude loss on extinguishment of debt of unconsolidated entities	217			—			(217		)	—
Adjusted revenues	110,554			8,354			—			102,200
Operating expenses	43,239			2,727			20,778			61,290
Operating expenses of unconsolidated entities	20,778			—			(20,778		)	—
Non-Real Estate depreciation and amortization	148			—			—			148
Exclude straight-line rent adjustment	(20		)	—			—			(20		)
Adjusted operating expenses	64,145			2,727			—			61,418
Net operating income	46,409			5,627			—			40,782
Interest expense	(4,465		)	(1,520		)	(7,316		)	(10,261		)
Interest expense of unconsolidated entities	(7,316		)	—			7,316			—
Loss on extinguishment of debt	—			—			(217		)	(217		)
Loss on extinguishment of debt of unconsolidated entities	(217		)	—			217			—
Amortization of mortgage procurement costs - Real Estate Groups	(835		)	—			—			(835		)
Straight-line rent adjustment	168			—			—			168
Noncontrolling interest in FFO	(4,107		)	(4,107		)	—			—
Income tax benefit (expense) on FFO	—			—			—			—
FFO	$	29,637		$	—		$	—		$	29,637
Depreciation and amortization - Real Estate Groups	(24,000		)	—			—			(24,000		)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	5,637		$	—		$	—		$	5,637

42

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Summary of FFO by Segment - Three Months Ended March 31, 2015 (in thousands) (continued)

	Three Months Ended March 31, 2015
	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata		Pro-Rata Consolidation (Non-GAAP)
Arena
Total revenues	$	28,820		$	13,001		$	—	$	15,819
Exclude straight-line rent adjustment	(11		)	—			—		(11		)
Add interest and other income	—			—			—		—
Equity in earnings (loss) of unconsolidated entities	—			—			—		—
Exclude operating expenses of unconsolidated entities	—			—			—		—
Exclude depreciation and amortization of unconsolidated entities	—			—			—		—
Exclude interest expense of unconsolidated entities	—			—			—		—
Exclude loss on extinguishment of debt of unconsolidated entities	—			—			—		—
Adjusted revenues	28,809			13,001			—		15,808
Operating expenses	19,958			8,967			—		10,991
Operating expenses of unconsolidated entities	—			—			—		—
Non-Real Estate depreciation and amortization	17			—			—		17
Exclude straight-line rent adjustment	—			—			—		—
Adjusted operating expenses	19,975			8,967			—		11,008
Net operating income	8,834			4,034			—		4,800
Interest expense	(10,108		)	(5,304		)	—		(4,804		)
Interest expense of unconsolidated entities	—			—			—		—
Loss on extinguishment of debt	—			—			—		—
Loss on extinguishment of debt of unconsolidated entities	—			—			—		—
Amortization of mortgage procurement costs - Real Estate Groups	—			—			—		—
Straight-line rent adjustment	11			—			—		11
Noncontrolling interest in FFO	1,270			1,270			—		—
Income tax benefit (expense) on FFO	—			—			—		—
FFO	$	7		$	—		$	—	$	7
Depreciation and amortization - Real Estate Groups	(5,055		)	—			—		(5,055		)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	(5,048	)	$	—		$	—	$	(5,048	)

43

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Summary of FFO by Segment - Three Months Ended March 31, 2015 (in thousands) (continued)

	Three Months Ended March 31, 2015
	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
Land Group
Total revenues	$	10,057		$	995		$	1,316		$	10,378
Exclude straight-line rent adjustment	—			—			—			—
Add interest and other income	4,040			401			1			3,640
Equity in earnings (loss) of unconsolidated entities	1,678			—			(733		)	945
Exclude operating expenses of unconsolidated entities	497			—			(497		)	—
Exclude depreciation and amortization of unconsolidated entities	10			—			(10		)	—
Exclude interest expense of unconsolidated entities	77			—			(77		)	—
Exclude loss on extinguishment of debt of unconsolidated entities	—			—			—			—
Adjusted revenues	16,359			1,396			—			14,963
Operating expenses	4,641			478			497			4,660
Operating expenses of unconsolidated entities	497			—			(497		)	—
Non-Real Estate depreciation and amortization	49			—			—			49
Exclude straight-line rent adjustment	—			—			—			—
Adjusted operating expenses	5,187			478			—			4,709
Net operating income	11,172			918			—			10,254
Interest expense	465			39			(77		)	349
Interest expense of unconsolidated entities	(77		)	—			77			—
Loss on extinguishment of debt	—			—			—			—
Loss on extinguishment of debt of unconsolidated entities	—			—			—			—
Amortization of mortgage procurement costs - Real Estate Groups	—			—			—			—
Straight-line rent adjustment	—			—			—			—
Noncontrolling interest in FFO	(957		)	(957		)	—			—
Income tax benefit (expense) on FFO	—			—			—			—
FFO	$	10,603		$	—		$	—		$	10,603
Depreciation and amortization - Real Estate Groups	(41		)	—			—			(41		)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	10,562		$	—		$	—		$	10,562

44

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Summary of FFO by Segment - Three Months Ended March 31, 2015 (in thousands) (continued)

	Three Months Ended March 31, 2015
	Full Consolidation (GAAP)			Less Noncontrolling Interest		Plus Unconsolidated Investments at Pro-Rata		Pro-Rata Consolidation (Non-GAAP)
Corporate Group
Total revenues	$	—		$	—	$	—	$	—
Exclude straight-line rent adjustment	—			—		—		—
Add interest and other income	35			—		—		35
Equity in earnings (loss) of unconsolidated entities	(802		)	—		—		(802		)
Exclude operating expenses of unconsolidated entities	—			—		—		—
Exclude depreciation and amortization of unconsolidated entities	—			—		—		—
Exclude interest expense of unconsolidated entities	—			—		—		—
Exclude loss on extinguishment of debt of unconsolidated entities	—			—		—		—
Adjusted revenues	(767		)	—		—		(767		)
Operating expenses	19,715			—		—		19,715
Operating expenses of unconsolidated entities	—			—		—		—
Non-Real Estate depreciation and amortization	708			—		—		708
Exclude straight-line rent adjustment	—			—		—		—
Adjusted operating expenses	20,423			—		—		20,423
Net operating income	(21,190		)	—		—		(21,190		)
Interest expense	(8,146		)	—		—		(8,146		)
Interest expense of unconsolidated entities	—			—		—		—
Loss on extinguishment of debt	(35,142		)	—		—		(35,142		)
Loss on extinguishment of debt of unconsolidated entities	—			—		—		—
Amortization of mortgage procurement costs - Real Estate Groups	—			—		—		—
Straight-line rent adjustment	—			—		—		—
Noncontrolling interest in FFO	—			—		—		—
Income tax benefit (expense) on FFO	(815		)	—		—		(815		)
FFO	$	(65,293	)	$	—	$	—	$	(65,293	)
Depreciation and amortization - Real Estate Groups	—			—		—		—
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	(65,293	)	$	—	$	—	$	(65,293	)

45

Forest City Enterprises, Inc. and Subsidiaries

Supplemental Financial Information

Summary of FFO by Segment - Three Months Ended March 31, 2015 (in thousands) (continued)

	Three Months Ended March 31, 2015
	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)
Total
Total revenues	$	237,082		$	27,126		$	104,156		$	314,112
Exclude straight-line rent adjustment	(509		)	—			—			(509		)
Add interest and other income	9,704			410			283			9,577
Equity in earnings (loss) of unconsolidated entities	9,313			(17		)	(8,627		)	703
Exclude operating expenses of unconsolidated entities	47,267			—			(47,267		)	—
Exclude depreciation and amortization of unconsolidated entities	22,466			—			(22,466		)	—
Exclude interest expense of unconsolidated entities	25,854			—			(25,854		)	—
Exclude loss on extinguishment of debt of unconsolidated entities	225			—			(225		)	—
Adjusted revenues	351,402			27,519			—			323,883
Operating expenses	160,643			14,741			47,267			193,169
Operating expenses of unconsolidated entities	47,267			—			(47,267		)	—
Non-Real Estate depreciation and amortization	1,142			—			—			1,142
Exclude straight-line rent adjustment	(456		)	—			—			(456		)
Adjusted operating expenses	208,596			14,741			—			193,855
Net operating income	142,806			12,778			—			130,028
Interest expense	(52,576		)	(7,913		)	(25,854		)	(70,517		)
Interest expense of unconsolidated entities	(25,854		)	—			25,854			—
Loss on extinguishment of debt	(35,154		)	—			(225		)	(35,379		)
Loss on extinguishment of debt of unconsolidated entities	(225		)	—			225			—
Amortization of mortgage procurement costs - Real Estate Groups	(2,799		)	—			—			(2,799		)
Straight-line rent adjustment	53			—			—			53
Noncontrolling interest in FFO	(4,865		)	(4,865		)	—			—
Income tax benefit (expense) on FFO	(815		)	—			—			(815		)
FFO	$	20,571		$	—		$	—		$	20,571
Depreciation and amortization - Real Estate Groups	(74,780		)	—			—			(74,780		)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	(54,209	)	$	—		$	—		$	(54,209	)

46

EX-99.2

Exhibit 99.2

AT THE COMPANY	ON THE WEB
Jeff Frericks	www.forestcity.net
Vice President – Capital Markets
216-621-6060
Jeff Linton
Senior Vice President – Corporate Communication
216-621-6060

FOR IMMEDIATE RELEASE

Forest City Reports 2015 First-Quarter Results

• Operating FFO up 20% over first quarter 2014

• Overall Comp NOI up 5.3%, led by retail and apartments

• Strength in regional malls: comp sales hit $550 psf; new, same-space leases up 27%

• FFO negatively impacted by loss on extinguishment of debt, REIT conversion costs

• Arena annual stabilized NOI estimate revised downward to $55 million

CLEVELAND, Ohio - May 4, 2015 - Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced Operating FFO, FFO, net earnings/loss and revenues for the three months ended March 31, 2015.

Operating FFO

Operating FFO for the three months ended March 31, 2015 was $58.4 million, a 20 percent increase, compared with $48.5 million for the three months ended March 31, 2014.

Positive factors impacting first-quarter 2015 Operating FFO, compared with the first quarter of 2014, included increased net operating income (NOI) from the mature portfolio of $6.8 million, lower interest expense, both corporate and in the mature portfolio, of $4.4 million, and increased capitalized interest to active development projects of $2.6 million as the company has activated entitled development opportunities. These positive factors were partially offset by lower quarter-over-quarter land sales at Stapleton of $3.6 million and reduced Operating FFO from properties sold of $2.3 million.

Factors impacting Operating FFO for the quarter are illustrated in a bridge diagram included in the company's supplemental package for the quarter ended March 31, 2015, furnished to the Securities and Exchange Commission (SEC) and available on the company's website, www.forestcity.net.

Operating FFO is a non-GAAP measure derived from FFO. The company believes Operating FFO provides investors with additional information about its core operations. Included with this press release is a table reconciling FFO to Operating FFO.

1

FFO

Total FFO for the three months ended March 31, 2015 was $20.6 million, or $0.10 per share, compared with $55.3 million, or $0.25 per share for the three months ended March 31, 2014. Per-share amounts are on a fully diluted basis.

In addition to the factors listed above related to Operating FFO, first-quarter 2015 FFO results were negatively impacted primarily by increased loss on extinguishment of debt of $35.1 million, or $0.15 per share, related to privately negotiated exchange transactions in the first quarter through which $288.8 million of convertible Senior Notes were exchanged for Class A common stock and cash. In addition, the company had costs related to its planned 2016 real estate investment trust (REIT) conversion of $6.2 million ($3.8 million, net of tax), or $0.02 per share, in the quarter.

FFO and FFO per share are non-GAAP measures commonly used by publicly traded real estate companies. Included with this press release is a table reconciling net earnings/loss, the most comparable GAAP measure, to FFO.

Net Earnings/Loss

For the three months ended March 31, 2015, the company had a net loss of $54.2 million, or $0.27 per share, compared with net earnings of $15.5 million, or $0.08 per share, for the three months ended March 31, 2014. In addition to the factors listed above related to Operating FFO and FFO, the net earnings/loss variance between the comparable quarters in 2014 and 2015 was impacted primarily by 2014 gains on disposition of full or partial interest in rental properties of $31.2 million, net of tax, with no offsetting transactions in the first quarter of 2015. Per share amounts are on a fully diluted basis.

Additional explanations of factors impacting FFO, Operating FFO and net earnings/loss for the three months ended March 31, 2015, are included in the company's supplemental package for the quarter ended March 31, 2015, furnished to the SEC and available on the company's website, www.forestcity.net.

Revenues

Consolidated revenues for the three months ended March 31, 2015, were $237.1 million, compared with $249.5 million for the three months ended March 31, 2014.

Commentary

"Our first-quarter results reflect the positive impact of our strategies of growing NOI from our mature portfolio and deleveraging at the corporate and property levels,” said David J. LaRue, Forest City president and chief executive officer. "Operating FFO was up significantly for the quarter, primarily driven by increased NOI from the mature portfolio and lower interest expense. FFO was negatively impacted primarily by loss on extinguishment of debt from our first-quarter exchange transactions that resulted in $288.8 million of Senior Notes being converted to Class A common stock.

"Operating results from our portfolio continued to show significant strength in the quarter, led by retail and apartment.Total comparable property net operating income (comp NOI) in the quarter was up 5.3 percent, with increases of 6.4 percent in retail, 5.5 percent in apartments and 4.4 percent in office.

"Our retail results continue to reflect the strength of our focused portfolio and the impact of growth at Westchester's Ridge Hill, together with our program of renovations, expansions and re-merchandising at a number of our regional malls. In addition, we continue to see strong momentum in retail leasing with rents on new, same-space leases at our regional malls up approximately 27 percent at the end of the first quarter, on a rolling 12-month basis.

2

"Our apartment portfolio continues to perform well, with comp NOI up 5.5 percent, compared with the same period in 2014. Comparable economic occupancy also rose, as did comparable monthly average residential rents, both overall and in our core markets.

"Growth in office comp NOI continues to reflect the lease-up of vacancies at One Pierrepont Plaza in Brooklyn, partially offset by vacancies at 88 Sidney Street at University Park at MIT in Cambridge. The majority of the vacancy at 88 Sidney Street has now been re-leased. The office segment continues to show positive momentum, with rents for new, same-space leases up 4.7 percent on a rolling 12-month basis.

"Results for Stapleton in Denver were down somewhat, compared with the same period in 2014, a reflection of both the timing of lot sales to builders and a very strong first quarter last year. Full-year lot sales in 2014 were the third highest in the project's history, and while we expect continued solid performance in 2015, we do not expect residential lot sales to surpass 2014 levels.

"Results for the Barclays Center arena were down in the first quarter, compared with the same period in 2014, a function of the number and mix of events in the comparable quarters. Based on the ramp-up of the property and its performance to date, we are revising downward our estimate of annual arena NOI at full stabilization to $55 million ($30.3 million at our pro-rata share), from $65 million. While this is disappointing, Barclays Center continues to be a venue leader in ticket sales and revenues in the country, a vital anchor for our Pacific Park Brooklyn project, and an important economic driver for all of Brooklyn.

"During the first quarter, we added two new projects to our under-construction pipeline: Museum Towers II, a 286-unit project in Philadelphia that is part of our residential development fund with the Arizona State Retirement System (ASRS), and an expansion at Boulevard Mall in Buffalo, New York.

"Including these two new project starts in the first quarter, we anticipate starting a total of eight projects in 2015 with total costs of approximately $1.1 billion (at 100 percent), or $426 million at our pro-rata share. The majority of these new projects are expected to be undertaken through our strategic partnerships with Greenland and ASRS, reflecting our strategy of activating core entitled opportunities on our balance sheet primarily with our strategic partners, in order to maximize return on our equity and to balance risk."

NOI, Occupancies and Rent

Overall comparable NOI increased 5.3 percent for the three months ended March 31, 2015, compared with the same period in 2014, with increases of 6.4 percent in retail, 5.5 percent in apartments and 4.4 percent in office.

Comparable office occupancies increased to 95.5 percent at March 31, 2015, compared with 94.3 percent at March 31, 2014. For the rolling 12-month period ended March 31, 2015, rent per square foot in new office same-space leases increased 4.7 percent over prior rents.

In the retail portfolio, comparable retail occupancies at the end of the first quarter increased to 93.2 percent, up from 91.6 percent at March 31, 2014. Sales in the company's regional malls averaged $550 per square foot on a rolling 12-month basis, up from $537 per square foot at December 31, 2014, and from $509 per square foot at March 31, 2014. For the rolling 12-month period ended March 31, 2015, new, same-space leases in the company's regional malls increased 27.3 percent over prior rents.

3

In the residential portfolio, average monthly rents for the company's total comparable apartments rose to $1,375 for the three months ended March 31, 2015, a 2.5 percent increase compared with $1,341 for the three months ended March 31, 2014. Comparable average rents in the company's core markets were $1,879, a 2.7 percent increase from $1,829 for the comparable period in 2014. Comparable economic occupancies for the three months ended March 31, 2015, were 94.9 percent, up from 94.1 percent for the same period in 2014.

Comparable NOI, defined as NOI from stabilized properties operated in the three months ended March 31, 2015 and 2014, is a non-GAAP financial measure and is based on the pro-rata consolidation method, also a non-GAAP financial measure. Included in this release is a schedule that presents comparable NOI on the full-consolidation method and a reconciliation of NOI to earnings/loss before income taxes.

Projects Under Construction

At March 31, 2015, Forest City had 11 projects under construction at a total cost at full consolidation of $762.1 million, or $558.3 million at the company's pro-rata share. These include:

RETAIL EXPANSIONS:

• Galleria at Sunset, a regional mall in Henderson, Nevada, near Las Vegas, is undergoing a 32,000-square-foot restaurant-driven expansion following the completion of a renovation of the mall. The expansion is expected to be completed in the second quarter of 2015.

• Boulevard Mall, a regional mall in Buffalo, New York, is undergoing a 46,000-square-foot expansion that will include the addition of a new Dick's Sporting Goods store as well as interior and customer amenity upgrades. The expansion is expected to be completed in the fourth quarter of 2015.

RESIDENTIAL:

• Arris, a 327-unit apartment community with 19,000 square feet of street-level retail, at The Yards in Washington, D.C., is expected to be completed in the first quarter of 2016.

• Blossom Plaza, a 237-unit apartment community with 19,000 square feet of street-level retail, in the Chinatown neighborhood of Los Angeles. The project is expected to open in the second quarter of 2016.

• 1001 4th Street, SW, a 365-unit apartment community with 5,000 square feet of retail space at the company's Waterfront Station mixed-use project in Washington, D.C. The property is expected to open in the fourth quarter of 2016.

• Museum Towers II, a 286-unit apartment community in Philadelphia. The project is part of the company's ASRS residential development fund. The project is expected to be completed in the fourth quarter of 2016.

Arris, Blossom Plaza, 1001 4th Street, SW and Museum Towers II, are all part of the company's ASRS residential development fund. Other recently opened or mature properties included in the fund are 2175 Market Street in San Francisco, the Uptown in Oakland and Museum Towers in Philadelphia.

4

Other residential projects currently under construction include:

• B2 BKLYN, a 363-unit apartment community at Pacific Park Brooklyn that is being built using modular construction methods. B2 is expected to be completed in the third quarter of 2016.

• 535 Carlton, a 298-unit, all-affordable apartment community at Pacific Park Brooklyn. The project is part of Forest City's strategic partnership with Greenland. 535 Carlton is expected to be completed in the third quarter of 2016.

• Aster Town Center II, a 135-unit apartment community at Stapleton in Denver. It is expected to open in phases with completion by the end of 2015.

OFFICE:

• 1812 Ashland Avenue, a 164,000-square-foot office building at the company's Science + Technology Park at Johns Hopkins in Baltimore. The building is 70 percent pre-leased and is expected to be completed in the third quarter of 2016.

• 300 Massachusetts Avenue, a 246,000-square-foot, fully leased office building at University Park at MIT in Cambridge, is being developed in partnership with MIT and is expected to be completed in the first quarter of 2016.

Outlook

"Our first-quarter results reflect solid momentum as we drive growth from our mature portfolio, further de-lever our balance sheet, and activate entitled new development opportunities," said LaRue. "As we continue to transform Forest City, including through conversion to REIT status, we are focused on creating value for all stakeholders, including our associates and the communities where we are active. By doing so, we move closer to achieving our vision of being a real estate leader and partner of choice that is focused on transformational real estate in core urban markets."

REIT Conversion

On January 13, 2015, the company announced that its Board of Directors approved a plan to pursue conversion to REIT status. The company expects to elect REIT status for its taxable year beginning January 1, 2016, subject to business conditions, the completion of related preparatory work and obtaining necessary third-party consents.

Corporate Description

Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $8.8 billion in consolidated 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.

Supplemental Package

Please refer to the Investor Relations section of the company's website at www.forestcity.net for a supplemental package, which the company will furnish to the SEC on Form 8-K. The supplemental package includes operating and financial information for the quarter ended March 31, 2015, with reconciliations of non-GAAP financial measures, such as Operating FFO, FFO, NOI, comparable NOI and results prepared using the pro-rata consolidation method, to their most directly comparable GAAP financial measures.

5

Investor Presentations

Please note the company periodically posts updated investor presentations on the Investors page of its website at www.forestcity.net. It is possible the periodic updates may include information deemed to be material. Therefore, the company encourages investors, the media, and other interested parties to review the Investors page of its website at www.forestcity.net for the most recent investor presentation.

FFO

The company uses FFO, along with net earnings/loss to report its operating results. The majority of the company's peers in the publicly traded real estate industry are REITs and report operations using FFO as defined by the National Association of Real Estate Investment Trusts (NAREIT). FFO provides supplemental information about the company's operations. Although FFO is not presented in accordance with GAAP, the company believes it is necessary to understand its business and operating results, along with net earnings, the most comparable GAAP measure.

FFO is defined by NAREIT as net earnings/loss excluding the following items, at the company's proportionate share: i) gain/loss on disposition of rental properties, divisions and other investments (net of tax); ii) non-cash charges for real estate depreciation and amortization; iii) impairment of depreciable real estate (net of tax); and iv) cumulative or retrospective effect of change in accounting principle (net of tax). Net earnings/loss, the most comparable financial measure calculated in accordance with GAAP, is reconciled to FFO in the table titled Reconciliation of Net Earnings (Loss) to FFO below and in the company's supplemental package, which the company will furnish to the SEC on Form 8-K.

Operating FFO

The company defines Operating FFO as FFO adjusted to exclude: i) impairment of non-depreciable real estate; ii) write-offs of abandoned development projects; iii) income recognized on state and federal historic and other tax credits; iv) gains or losses from extinguishment of debt; v) change in fair market value of nondesignated hedges; vi) gains or losses on change in control of interests; vii) the adjustment to recognize rental revenues and rental expense using the straight-line method; viii) participation payments to ground lessors on refinancing of our properties; ix) other transactional items; x) the Nets pre-tax FFO; and xi) income taxes on FFO. The company believes its presentation of FFO and Operating FFO provides important supplemental information to its investors. Operating FFO should not be considered to be an alternative to net earnings computed under GAAP as an indicator of our operating performance and

may not be directly comparable to similarly titled measures reported by other companies.

Pro-Rata Consolidation Method

This press release contains certain financial measures prepared in accordance with GAAP under the full consolidation accounting method and certain financial measures prepared in accordance with the pro-rata consolidation method (non-GAAP). The company presents certain financial amounts under the pro-rata method because it believes this information is useful to investors as this method reflects the manner in which the company operates its business. In line with industry practice, the company has made a large number of investments in which its economic ownership is less than 100 percent as a means of procuring opportunities and sharing risk. Under the pro-rata consolidation method, the company presents its investments proportionate to its economic share of ownership. Under GAAP, the full consolidation method is used to report partnership assets and liabilities consolidated at 100 percent if deemed to be under its control or if the company is deemed to be the primary beneficiary of the variable interest entities (VIE), even if its ownership is not 100 percent. The company provides reconciliations from the full

6

consolidation method to the pro-rata consolidation method below and throughout its supplemental package, which the company will furnish to the SEC on Form 8-K.

NOI

NOI, a non-GAAP measure, is defined as revenues (excluding straight-line rent adjustments) less operating expenses (including depreciation and amortization for non-real estate groups) plus interest income, equity in earnings/loss of unconsolidated entities (excluding gain/loss on disposition, impairment, interest expense, gain/loss on extinguishment of debt and depreciation and amortization of unconsolidated entities). The company believes NOI provides additional information about the company's core operations and, along with earnings, is necessary to understand the business and operating results. NOI may not be directly comparable to similarly-titled measures reported by other companies.

Comparable NOI

In addition to NOI, the company uses comparable NOI as a metric to evaluate the performance of its multi-family, office and retail properties. This measure provides a same-store comparison of operating results of all stabilized properties that are open and operating in all periods presented. Write-offs of abandoned development projects, non-capitalizable development costs and unallocated management and service company overhead, net of tax credit income, are not directly attributable to an operating property and are considered non-comparable NOI. In addition, certain income and expense items at the property level, such as lease termination income, real estate tax assessments or rebates and participation payments as a result of refinancing transactions and NOI impacts of changes in ownership percentages, are excluded from comparable NOI and are included in non-comparable NOI. Retained properties that are considered non-comparable are disclosed in the company's supplemental package, which the company will furnish to the SEC on Form 8-K. Other properties and activities such as Arena, hotels, subsidized senior housing, military housing, corporate activities and land sales are not evaluated on a comparable basis and the NOI from these properties and activities is considered non-comparable NOI.

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 company's conversion to REIT status, its ability to qualify or to remain qualified as a REIT, realizing the anticipated benefits to shareholders if it successfully elects REIT status, the impact of complying with REIT qualification requirements, the amount and timing of any future distributions including those that it would be required to make as a REIT, the impact of issuing equity, debt or both to satisfy its E&P Distribution and other REIT conversion costs, the impact of covenants that could prevent it from satisfying REIT distribution requirements, its lack of experience operating as a REIT if it successfully converts, the impact of current lending and capital market conditions on its liquidity, its ability to finance or refinance projects or repay its debt, the impact of the slow economic recovery on its ownership, development and management of its commercial real estate portfolio, general real estate investment and development risks, using modular construction as a new construction methodology and owning a factory to produce modular units, vacancies in its properties, risks associated with developing and managing properties in partnership with others, 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 and other armed conflicts, risks of owning and operating an arena, risks associated with an investment in a professional sports team, the ability to sell all or a portion of its ownership interests in a professional sports team and arena, its substantial debt leverage and the ability to obtain and service debt,

7

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, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, changes in federal, state or local tax laws, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, cybersecurity risks, cyber incidents, its ability to achieve its strategic goals are based on significant assumptions, the completion of its acquisition of Health Care REIT, Inc.’s equity interest in the MIT Assets, the effect on the market price of its common stock following its E&P Distribution and its conversion to REIT status, its ability to obtain the shareholder approval necessary for it to convert to REIT Status, its ability to complete non-core asset sales, the impact to its deferred tax liability balance upon conversion to REIT status, and its ability to obtain requisite consents needed to complete the conversion to REIT status 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.

8

Reconciliation of Net Earnings (Loss) to FFO

The table below reconciles net earnings (loss), the most comparable GAAP measure, to FFO, a non-GAAP measure.

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Net earnings (loss) attributable to Forest City Enterprises, Inc.	$	(54,209	)	$	15,520
Depreciation and Amortization—Real Estate Groups	74,780			71,006
Gain on disposition of full or partial interests in rental properties	—			(51,095		)
Income tax expense adjustment — current and deferred (2):
Gain on disposition of full or partial interests in rental properties	—			19,898
FFO	$	20,571		$	55,329
FFO Per Share - Diluted
Numerator(in thousands):
FFO	$	20,571		$	55,329
If-Converted Method (adjustments for interest, net of tax):
5.000% Notes due 2016	—			382
4.250% Notes due 2018	—			2,277
3.625% Notes due 2020	—			1,664
FFO for per share data	$	20,571		$	59,652
Denominator:
Weighted average shares outstanding—Basic	202,963,083			197,739,076
Effect of stock options, restricted stock and performance shares	2,768,251			1,926,005
Effect of convertible debt	—			32,138,215
Effect of convertible Class A Common Units	2,973,190			3,646,755
Weighted average shares outstanding - Diluted (1)	208,704,524			235,450,051
FFO Per Share	$	0.10		$	0.25

(1) For the three months ended March 31, 2015, weighted-average shares issuable upon the conversion of convertible debt of 28,087,047 were not included in the computation of diluted FFO per share because their effect is anti-dilutive under the if-converted method. As a result, an adjustment to FFO for interest expense of $3,787,000 related to these securities is not required.

(2) The following table provides detail of income tax expense (benefit):

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Income tax expense (benefit) on FFO
Operating Earnings:
Current taxes	$	(1,744	)	$	8,633
Deferred taxes	2,559			(13,956		)
Total income tax expense (benefit) on FFO	815			(5,323		)
Income tax expense (benefit) on non-FFO
Disposition of full or partial interests in rental properties:
Current taxes	$	—		$	29,048
Deferred taxes	—			(9,150		)
Total income tax expense (benefit) on non-FFO	—			19,898
Grand Total	$	815		$	14,575

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Reconciliation of FFO to Operating FFO - Pro-Rata Consolidation

	Three Months Ended March 31,
	2015			2014			% Change
	(in thousands)
FFO	$	20,571		$	55,329
Tax credit income	(3,255		)	(3,947		)
(Gain) loss on extinguishment of debt	35,379			433
Change in fair market value of nondesignated hedges	(2,113		)	4,672
Net gain on change in control of interests	—			(2,759		)
Straight-line rent adjustments	(53		)	(2,534		)
Participation payments	—			1,469
REIT conversion and reorganization costs	6,212			—
Nets Pre-tax FFO	802			1,153
Income tax expense (benefit) on FFO	815			(5,323		)
Operating FFO	$	58,358		$	48,493		20.3%
Operating FFO Per Share - Diluted
Numerator(in thousands):
Operating FFO	$	58,358		$	48,493
If-Converted Method (adjustments for interest, pre-tax):
5.000% Notes due 2016	507			625
4.250% Notes due 2018	3,322			3,719
3.625% Notes due 2020	2,357			2,719
Operating FFO for per share data	$	64,544		$	55,556
Denominator:
Weighted average shares outstanding - Diluted (1)	236,791,571			235,450,051
Operating FFO Per Share	$	0.27		$	0.24

(1) Includes dilutive securities of 28,087,047 for the three months ended March 31, 2015, for the computation of Operating FFO per share because their effect is dilutive under the if-converted method. These securities were not included in the computation of diluted FFO per share because their effect was anti-dilutive.

	Three Months Ended March 31,
	2015			2014
	(in thousands)
Operating FFO by segment:
Commercial Group	$	44,682		$	31,275
Residential Group	25,750			25,493
Arena	(4		)	1,649
Land Group	10,252			11,626
Corporate Group	(22,322		)	(21,550		)
Operating FFO	$	58,358		$	48,493

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Reconciliation of Net Operating Income (non-GAAP) to Earnings (Loss) Before Income Taxes (GAAP)(in thousands)

	Three Months Ended March 31, 2015												Three Months Ended March 31, 2014
	Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Pro-Rata Consolidation (Non-GAAP)			Full Consolidation (GAAP)			Less Noncontrolling Interest			Plus Unconsolidated Investments at Pro-Rata			Plus Discontinued Operations			Pro-Rata Consolidation (Non-GAAP)
Total revenues	$	237,082		$	27,126		$	104,156		$	314,112		$	249,537		$	24,940		$	110,458		$	6,990		$	342,045
Exclude straight-line adjustment	(509		)	—			—			(509		)	(3,034		)	—			—			59			(2,975		)
Add interest and other income	9,704			410			283			9,577			11,503			466			568			—			11,605
Equity in earnings (loss) of unconsolidated entities	9,313			(17		)	(8,627		)	703			34,029			(21		)	(35,452		)	—			(1,402		)
Exclude operating expenses of unconsolidated entities	47,267			—			(47,267		)	—			50,514			—			(50,514		)	—			—
Exclude gain on disposition of unconsolidated entities	—			—			—			—			(24,796		)	—			24,796			—			—
Exclude depreciation and amortization of unconsolidated entities	22,466			—			(22,466		)	—			21,604			—			(21,604		)	—			—
Exclude interest expense of unconsolidated entities	25,854			—			(25,854		)	—			28,000			—			(28,000		)	—			—
Exclude loss on extinguishment of debt of unconsolidated entities	225			—			(225		)	—			252			—			(252		)	—			—
Adjusted revenues	351,402			27,519			—			323,883			367,609			25,385			—			7,049			349,273
Operating expenses	160,643			14,741			47,267			193,169			171,103			15,200			50,514			4,763			211,180
Operating expenses of unconsolidated entities	47,267			—			(47,267		)	—			50,514			—			(50,514		)	—			—
Non-Real Estate depreciation and amortization	1,142			—			—			1,142			1,177			—			—			—			1,177
Exclude straight-line rent adjustment	(456		)	—			—			(456		)	(441		)	—			—			—			(441		)
Adjusted operating expenses	208,596			14,741			—			193,855			222,353			15,200			—			4,763			211,916
Net operating income	$	142,806		$	12,778		$	—		$	130,028		$	145,256		$	10,185		$	—		$	2,286		$	137,357
Interest expense	(52,576		)	(7,913		)	(25,854		)	(70,517		)	(62,452		)	(6,528		)	(28,000		)	(5,483		)	(89,407		)
Interest expense of unconsolidated entities	(25,854		)	—			25,854			—			(28,000		)	—			28,000			—			—
Loss on extinguishment of debt	(35,154		)	—			(225		)	(35,379		)	(164		)	—			(252		)	(17		)	(433		)
Loss on extinguishment of debt of unconsolidated entities	(225		)	—			225			—			(252		)	—			252			—			—
Equity in (earnings) loss of unconsolidated entities	(9,313		)	17			8,627			(703		)	(34,029		)	21			35,452			—			1,402
Net gain (loss) on disposition of full or partial interests in rental properties	—			—			—			—			(467		)	—			24,796			26,766			51,095
Gain on disposition of unconsolidated entities	—			—			—			—			24,796			—			(24,796		)	—			—
Net gain on change in control of interests	—			—			—			—			2,759			—			—			—			2,759
Depreciation and amortization—Real Estate Groups (a)	(60,672		)	(7,561		)	(21,669		)	(74,780		)	(53,832		)	(4,615		)	(20,803		)	(986		)	(71,006		)
Amortization of mortgage procurement costs	(2,101		)	(99		)	(797		)	(2,799		)	(2,125		)	(163		)	(801		)	(41		)	(2,804		)
Depreciation and amortization of unconsolidated entities	(22,466		)	—			22,466			—			(21,604		)	—			21,604			—			—
Straight-line rent adjustment	53			—			—			53			2,593			—			—			(59		)	2,534
Earnings (loss) before income taxes	$	(65,502	)	$	(2,778	)	$	8,627		$	(54,097	)	$	(27,521	)	$	(1,100	)	$	35,452		$	22,466		$	31,497
(a) Depreciation and amortization—Real Estate Groups	$	60,672		$	7,561		$	21,669		$	74,780		$	53,832		$	4,615		$	20,803		$	986		$	71,006
Depreciation and amortization—Non-Real Estate	1,142			—			—			1,142			1,177			—			—			—			1,177
Total depreciation and amortization	$	61,814		$	7,561		$	21,669		$	75,922		$	55,009		$	4,615		$	20,803		$	986		$	72,183

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	Net Operating Income(in thousands)
	Three Months Ended March 31, 2015									Three Months Ended March 31, 2014												% Change
	Full Consolidation (1)			Less Noncontrolling Interest			Pro-Rata Consolidation (Non-GAAP)			Full Consolidation (1)			Less Noncontrolling Interest			Plus Discontinued Operations			Pro-Rata Consolidation (Non-GAAP)			Full Consolidation (1)		Pro-Rata Consolidation (Non-GAAP)
Retail
Comparable
Adjusted revenues	$	75,282		$	—		$	75,282		$	73,387		$	—		$	—		$	73,387		2.6	%	2.6	%
Adjusted operating expenses	34,687			—			34,687			35,229			—			—			35,229			(1.5	)%	(1.5	)%
Comparable NOI	40,595			—			40,595			38,158			—			—			38,158			6.4	%	6.4	%
Non-Comparable NOI	3,756			—			3,756			2,993			—			1,870			4,863
Total	44,351			—			44,351			41,151			—			1,870			43,021
Office Buildings
Comparable
Adjusted revenues	103,457			4,652			98,805			100,658			4,711			—			95,947			2.8	%	3.0	%
Adjusted operating expenses	45,135			2,304			42,831			44,680			2,329			—			42,351			1.0	%	1.1	%
Comparable NOI	58,322			2,348			55,974			55,978			2,382			—			53,596			4.2	%	4.4	%
Non-Comparable NOI	2,162			174			1,988			(861		)	147			(43		)	(1,051		)
Total	60,484			2,522			57,962			55,117			2,529			(43		)	52,545
Apartments
Comparable
Adjusted revenues	72,454			4,253			68,201			69,900			3,920			—			65,980			3.7	%	3.4	%
Adjusted operating expenses	31,484			1,542			29,942			31,280			1,571			—			29,709			0.7	%	0.8	%
Comparable NOI	40,970			2,711			38,259			38,620			2,349			—			36,271			6.1	%	5.5	%
Non-Comparable NOI	4,536			3,606			930			703			(1,513		)	—			2,216
Total	45,506			6,317			39,189			39,323			836			—			38,487
Arena	8,834			4,034			4,800			11,864			5,447			—			6,417
Subsidized Senior Housing	3,819			—			3,819			3,564			—			—			3,564
Military Housing	5,361			(5		)	5,366			4,979			53			—			4,926
Land sales	—			—			—			—			—			459			459
Other (2)	(15,531		)	(1,008		)	(14,523		)	(10,201		)	48			—			(10,249		)
Total Rental Properties
Comparable
Adjusted revenues	251,193			8,905			242,288			243,945			8,631			—			235,314			3.0	%	3.0	%
Adjusted operating expenses	111,306			3,846			107,460			111,189			3,900			—			107,289			0.1	%	0.2	%
Comparable NOI	139,887			5,059			134,828			132,756			4,731			—			128,025			5.4	%	5.3	%
Non-Comparable NOI	12,937			6,801			6,136			13,041			4,182			2,286			11,145
Total	152,824			11,860			140,964			145,797			8,913			2,286			139,170
Land Development Group	11,172			918			10,254			12,880			1,272			—			11,608
Corporate Activities	(14,978		)	—			(14,978		)	(13,421		)	—			—			(13,421		)
Corporate Activities - REIT conversion and reorganization costs	(6,212		)	—			(6,212		)	—			—			—			—
Grand Total	$	142,806		$	12,778		$	130,028		$	145,256		$	10,185		$	2,286		$	137,357

(1) Includes the Company's pro-rata share of NOI from unconsolidated subsidiaries accounted for under the equity method of accounting.

(2) Includes non-capitalizable development costs and unallocated management and service company overhead, net of tax credit income and a 2014 legal settlement at Heritage, an apartment community in San Diego, California.

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EX-99.3

Exhibit 99.3

AT THE COMPANY	ON THE WEB
Jeff Frericks	www.forestcity.net
Vice President – Capital Markets
216-621-6060
Jeff Linton
Senior Vice President – Corporate Communication
216-621-6060

FOR IMMEDIATE RELEASE

Forest City Enterprises, Inc. Announces Offering of

32.5 Million Shares of Class A Common Stock

CLEVELAND, Ohio - May 4, 2015 - Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that, subject to market and other conditions, it plans to offer 32.5 million newly issued shares of Class A common stock in an underwritten public offering, pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC) (File No. 333-200825). The company also announced that it expects to grant the underwriters a 30-day option to purchase up to an additional 4.875 million shares.

The joint book-running managers for this offering will be BofA Merrill Lynch, Goldman, Sachs & Co. and Citigroup.

The company intends to use up to $400 million of the net proceeds to finance its previously announced acquisition of the 49 percent equity interest of Health Care REIT, Inc. (NYSE: HCN) in seven life-science office buildings and two parking facilities at University Park at MIT in Cambridge, Massachusetts. It further intends to use remaining net proceeds to pay off or otherwise reduce debt and for general corporate purposes.

A preliminary prospectus supplement to the prospectus contained in the shelf registration statement related to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Printed copies of the preliminary prospectus supplement relating to this offering, when available, and the accompanying prospectus may also be obtained by requesting copies from BofA Merrill Lynch, Goldman, Sachs & Co., or Citigroup, by contacting BofA Merrill Lynch at 222 Broadway, New York, NY 10038, Attention: Prospectus Department or e-mailing at dg.prospectus_requests@baml.com; calling Goldman, Sachs & Co. toll free at 1-866-471-2526 or by emailing prospectus-ny@ny.email.gs.com; or by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or calling toll free at 1-800-831-9146.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

1

Corporate Description

Forest City Enterprises, Inc. is an NYSE-listed national real estate company engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States.

Safe Harbor Language

Statements made in this press release regarding the proposed offering of shares of Class A common stock are forward-looking statements. The company may be unable to sell any shares of Class A common stock. Risks and other factors that could cause the offering not to be completed, or to be completed with different terms, include market conditions and volatility in the market price of the company’s publicly traded securities, as well as other risks listed from time to time in the company’s filings with the SEC, including but not limited to, the company’s annual and quarterly reports. The company has no obligation to revise or update any forward-looking statements, other than imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

2