SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SMITH THOMAS G

(Last)

(First)

(Middle)

50 PUBLIC SQUARE, SUITE 1100

(Street)

CLEVELAND

44113

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
FOREST CITY ENTERPRISES INC [ FCEA/FCEB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Financial Off, Exec VP

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock								536.4667	I	401(k) Plan⁽¹⁾
Class A Common Stock								3,000	D⁽²⁾
Class A Common	12/11/2006		M		2,500	A	$7.46	2,500	D⁽³⁾
Class A Common	12/11/2006		M		15,150	A	$15.5	15,150	D
Class A Common	12/11/2006		S		3,100	D	$57.5	12,050	D
Class A Common	12/11/2006		S		500	D	$57.51	11,550	D
Class A Common	12/11/2006		S		300	D	$57.52	11,250	D
Class A Common	12/11/2006		S		1,300	D	$57.56	9,950	D
Class A Common	12/11/2006		S		900	D	$57.6	9,050	D
Class A Common	12/11/2006		S		100	D	$57.61	8,950	D
Class A Common	12/11/2006		S		100	D	$57.62	8,850	D
Class A Common	12/11/2006		S		100	D	$57.65	8,750	D
Class A Common	12/11/2006		S		300	D	$57.66	8,450	D
Class A Common	12/11/2006		S		200	D	$57.71	8,250	D
Class A Common	12/11/2006		S		100	D	$57.72	8,150	D
Class A Common	12/11/2006		S		200	D	$57.84	7,950	D
Class A Common	12/11/2006		S		100	D	$57.85	7,850	D
Class A Common	12/11/2006		S		200	D	$57.87	7,650	D
Class A Common	12/11/2006		S		1,000	D	$57.89	6,650	D
Class A Common	12/11/2006		S		400	D	$57.91	6,250	D
Class A Common	12/11/2006		S		100	D	$57.93	6,150	D
Class A Common	12/11/2006		S		200	D	$57.96	5,950	D
Class A Common	12/11/2006		S		500	D	$57.97	5,450	D
Class A Common	12/11/2006		S		1,500	D	$57.99	3,950	D
Class A Common	12/11/2006		S		600	D	$58	3,350	D
Class A Common	12/11/2006		S		200	D	$58.02	3,150	D
Class A Common	12/11/2006		S		1,000	D	$58.03	2,150	D
Class A Common	12/11/2006		S		900	D	$58.06	1,250	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common - Convertible	$0⁽⁵⁾							08/08/1988⁽⁶⁾	08/08/1988⁽⁶⁾	Common Stock	1,524.712		1,524.712	I	401k⁽⁴⁾
1999 Stock Option Grant	$7.46	12/11/2006		M			2,500	04/07/2001⁽⁷⁾	04/07/2009	Class A Common Stock	6,806	$0	4,306	D⁽⁷⁾
2001 Stock Option Grant	$14.27							03/08/2003⁽⁸⁾	03/08/2011	Class A Common Stock	14,016		14,016	D⁽⁸⁾
2003 Stock Option Grant	$15.5	12/11/2006		M			15,150	03/17/2005⁽⁹⁾	03/17/2013	Class A Common Stock	43,200	$0	28,050	D⁽⁹⁾
2005 Stock Option Grant (right to buy)	$31.75							04/06/2007⁽¹⁰⁾	04/06/2015	Class A Common	25,200		25,200	D⁽¹⁰⁾
2006 Stock Option Grant (right to buy)	$46.37							04/04/2008⁽¹¹⁾	04/04/2016	Class A Common	25,200		25,200	D⁽¹¹⁾

Explanation of Responses:

1. Class A Common Stock - 401k Plan Holdings

2. 2006 Restricted Stock Grant - 25% vest on 4/04/2008; 25% vest on 4/04/2009; and 50% vest on 4/04/2010.

3. Held directly in Mr. Smith's name with an account at McDonald Investments.

4. Class B Common Stock - 401(k) Plan Holdings.

5. Stocks are convertible from Class B to Class A on a 1-for-1 basis.

6. Immediate - stocks are convertible at any time, there is no fixed exercisable date or expiration date.

7. 1999 Stock Option Grant - 25% exercisable 4/07/2001; 25% exercisable 4/07/2002; and 50% exercisable 4/07/2003.

8. 2001 Stock Option Grant - 25% exercisable 3/8/03; 25% exercisable 3/8/2004; and 50% exercisable 3/8/2005. Cashless exercise of 18,384 shares.

9. 2003 Stock Option Grant - 25% exercisable 3/17/2005; 25% exercisable 3/17/2006; and 50% exercisable 3/17/2007.

10. 2005 Stock Option Grant - 25% exercisable 4/06/2007; 25% exercisable 4/06/2008; and 50% exersicable 4/06/2009.

11. 2006 Stock Option Grant - 25% exercisable on 4/04/2008; 25% exercisable on 4/04/2009; and 50% exersicable on 4/04/2010.

Remarks:

Filing 1 of 2 reporting transactions that took place on December 11, 2006.

	Geralyn M. Presti Attorney-In-Fact for Thomas G. Smith	12/13/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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