SEC FORM 5

SEC Form 5

FORM 5

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

ANNUAL 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).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

RATNERSALZBERG DEBORAH

(Last)

(First)

(Middle)

5803 NICHOLSON LANE

(Street)

N. BETHESDA

20852

(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)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
03/15/2005

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 at end of Issuer's Fiscal Year (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)	3. Transaction Code (Instr. 8)	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	12/31/2004		J⁽¹⁾	75,690	D	$0	0	I	See footnote⁽¹⁾
Class A Common Stock	02/10/2004		G	460	D	$0	352,616	I	See footnote⁽¹⁾
Class A Common Stock	04/29/2004		G	250	D	$0	352,366	I	See footnote⁽¹⁾
Class A Common Stock	12/13/2004		J⁽²⁶⁾	15,000	D	$0	337,336	I	See footnote⁽¹⁾
Class A Common Stock	12/31/2004		J⁽¹⁾	75,690	A	$0	413,056	I	See footnote⁽¹⁾
Class A Common Stock							1,750	I	See footnote⁽²⁾
Class A Common Stock	11/08/2004		G	406	A	$0	28,117	I	See footnote⁽³⁾
Class A Common Stock							9,825	I	See footnote⁽⁴⁾
Class A Common Stock	11/08/2004		G	406	A	$0	1,596	I	See footnote⁽⁵⁾
Class A Common Stock							416,130	I	See footnote⁽⁶⁾
Class A Common							45,000	I	See footnote⁽⁷⁾
Class A Common	11/08/2004		G	203	A	$0	8,003	D
Class A Common	12/13/2004		J⁽²⁶⁾	15,000	A	$0	23,003	D
Class A Common	12/13/2004		G	10,400	D	$0	12,603	D
Class A Common	12/13/2004		G	4,600	D	$0	8,003	D
Class A Common	12/17/2004		G	25	D	$0	7,978	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)	4. Transaction Code (Instr. 8)	(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⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	450		450	D⁽⁸⁾⁽²²⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	188,464		188,464	I	See footnote⁽⁹⁾
Class B Common - Convertible	$0⁽²⁵⁾	11/02/2004		G	427.65		08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	137,098.4	$0	137,526	I	See footnote⁽¹⁰⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	46,994		46,994	I	See footnote⁽¹¹⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	74,400		74,400	I	See footnote⁽¹²⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	3,201		3,201	I	See footnote⁽¹³⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	70,200		70,200	I	See footnote⁽¹⁴⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	2,520		2,520	I	See footnote⁽¹⁵⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	40,970		40,970	I	See footnote⁽¹⁶⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	29,196		29,196	I	See footnote⁽¹⁷⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	40,968		40,968	I	See footnote⁽¹⁸⁾
Class B Common - Convertible	$0⁽²⁵⁾	11/02/2004		G	427.65		08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	15,639	$0	16,067	I	See footnote⁽¹⁹⁾
Class B Common - Convertible	$0⁽²⁵⁾	11/02/2004		G	427.65		08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	60,842	$0	61,270	I	See footnote⁽²⁰⁾
Class B Common - Convertible	$0⁽²⁵⁾						08/08/1988⁽²⁵⁾	08/08/1988⁽²⁵⁾	Common Stock	185,260		185,260	I	See footnote⁽²¹⁾
1998 Stock Option Grant (right to buy)	$19						03/18/2000⁽²²⁾	03/18/2008	Class A Common	10,800		10,800	D
2001 Stock Option Grant (right to buy)	$28.533						03/08/2003⁽²³⁾	03/08/2011	Class A Common	15,600		15,600	D
2003 Stock Option Grant (right to buy)	$31						03/17/2005⁽²⁴⁾	03/17/2013	Class A Common	15,600		15,600	D

Explanation of Responses:

1. U/A Deborah Ratner-Salzberg Trust dated 2/09/1987 - shares from the Faye Ratner Trust merged into this trust 12/31/04.

2. Deborah Ratner Salzberg 2001 Trust - 875 shares for the benefit of Anna Salzberg (daughter) and 875 shares for the benefit of Eric Salzberg (son).

3. Michael Salzberg (spouse) held in street account at McDonald Investments.

4. Michael Salzberg (spouse) shares held directly.

5. Albert B. Ratner 1989 Grandchildrens Trust - 798 shares for the benefit of Anna Salzberg (daughter), and 798 shares for the benefit of Eric Salzberg (son). Gift was 203 shares to Anna Salzberg and 203 shares to Eric Salzberg. Deborah Ratner disclaims any beneficial interest.

6. Albert Ratner Remainder Interest Trust - 208,065 shares for the benefit of Anna Salzberg (daughter), and 208, 065 shares for the benefit of Eric Salzberg (son). Deborah Ratner disclaims any beneficial interest.

7. Deborah Ratner-Salzberg Family Trust dated 12/29/1986 - 22, 500 shares for the benefit of Anna Salzberg (daughter) and 22,500 shares for the benefit of Eric Salzberg (son). Deborah Ratner dsiclaims any beneficial interest.

8. General Partnership interest in RMS, Ltd. an Ohio limited partnershjp.

9. U/A Deborah Ratner-Salzberg Trust dated 2/09/1987 - limited partnership interest in RMS, Ltd. limited partnership. Shares from the Faye Ratner Trust were merged into this trust 12/31/04.

10. U/A Deborah Ratner-Salzberg Trust dated 2/09/1987 - FCE Management, L.P. limited partnership interest in RMS, Ltd. limited partnership.

11. Deborah Ratner Salzberg 2001 Trust. - FCE Management, L.P. limited partnership interest.

12. Albert B. Ratner 1986 Grandchildrens Trust - for the benefit of Anna Salzberg (daughter). Deborah Ratner disclaims any beneficial interest.

13. Deborah Ratner 1986 Family Trust - as limited partner in RMS, Ltd., for the benefit of Anna Salzberg (daughter) 1,600 and Eric Salzberg (son) 1,601. Deborah Ratner disclaims any beneficial interest.

14. Deborah Ratner 1989 Irrevocable Trust - 35,100 shares for the benefit of Anna Salzberg (daughter), and 35,100 shares for the benefit of Eric Salzberg (son). Deborah Ratner disclaims any beneficial interest.

15. Anna Salzberg (daughter) shares held in street account at McDonald Investments as limited partner in RMS, Ltd.

16. Albert B. Ratner 1989 Grandchildrens Trust - as limited partner in RMS, Ltd., for the benefit of Anna Salzberg (daughter). Deborah Ratner disclaims any beneficial interest. Change in shares due to re-alocation of partnership interest, Trust essentially owns the same number of shares.

17. Albert B. Ratner 1987 Family Trust - as limited partner in FCE Management, L.P. limited partnership interest in RMS, Ltd., for the benefit of Eric Salzberg (son). Deborah Ratner disclaims any beneficial interest.

18. Albert B. Ratner 1989 Grandchildrens Trust - as limited partner in RMS, Ltd., for the benefit of Eric Salzberg (son). Deborah Ratner disclaims any beneficial interest. Change in shares due to re-alocation of partnership interest, Trust essentially owns the same number of shares.

19. Albert B. Ratner 1989 Grandchildrens Trust - limited partnership interest in FCE Management, L.P. limited partner of RMS, Ltd., for the benefit of Anna Salzberg (daughter). Deborah Ratner disclaims any benefical interest. Change in shares due to re-alocation of partnership interest, Trust essentially owns the same number of shares.

20. Albert B. Ratner 1989 Grandchildrens Trust - limited partnership interest in FCE Management, L.P. limited partner of RMS, Ltd., for the benefit of Eric Salzberg (son). Deborah Ratner disclaims any beneficial interest. Change in shares due to re-alocation of partnership interest, Trust essentially owns the same number of shares.

21. Albert B. Ratner 1999 Revocable Trust- limited partnership interest in FCE Management, L.P. limited partner of RMS, Ltd.; 92,630 shares for the benefit of Anna Salzberg (daughter), and 92,630 shares for the benefit of Eric Salzberg (son). Deborah Ratner disclaims any benefical interest.

22. 1998 Stock Option Grant - 25% exercisable 3/18/2000; 33% exercisable 3/18/2001; and 42% exercisable 3/18/2002.

23. 2001 Stock Option Grant - 25% exercisable 3/08/2003; 25% exercisable 3/08/2004; and 50% exercisable 3//08/2005.

24. 2003 Stock Option Grant - 25% exercisable 3/17/2005; 25% exercisable 3/17/2006; and 50% exercisable 3/17/2007.

25. Class B Common Stock is convertible to Class A Common Stock on a share -for -share basis; stock are convertible at any time - there is no fixed exercise date or expiration date. Class B Common shares are being moved to Table II since they are convertible at fixed price and thus treated as derivative securities.

26. Transferred 15,000 shares from U/A Deborah Ratner-Salzberg Trust dated 2/09/1987 to personal account.

Remarks:

	Geralyn M. Presti, Attorney-in-Fact for Deborah Ratner-Salzberg	03/17/2005
	** Signature of Reporting Person	Date
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