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	OMB APPROVAL OMB Number: 3235-0362 Estimated average burden hours per response: 1.0
	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 MD 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) 03/15/2004
	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)
				Amount	(A) or (D)	Price
Class A Common Stock							450	D	(1)
Class A Common Stock	08/05/2003		G	1,500	D	$0	359,331	I	See footnote(2)
Class A Common Stock	11/25/2003		G	245	A	$0	359,576	I	See footnote(2)
Class A Common Stock	12/10/2003		G	6,500	D	$0	353,076	I	See footnote(2)
Class A Common Stock							1,750	I	See footnote(3)
Class A Common Stock							75,690	I	See footnote(4)
Class A Common	08/05/2003		G	1,500	A	$0	27,221	I	See footnote
Class A Common Stock	11/25/2003		G	490	A	$0	27,711	I	See footnote(5)
Class A Common Stock							9,825	I	See footnote(6)
Class B Common Stock							75,690	I	See footnote(7)
Class B Common Stock							112,774	I	See footnote(8)
Class B Common Stock	11/17/2003		G	510.4	A	$0	137,098.4	I	See footnote(9)
Class B Common Stock	12/31/2002		G	46,993.99	A	$0	46,994	I	See footnote(10)
Class A Common Stock	11/25/2003		G	490	A	$0	1,190	I	See footnote(11)
Class A Common Stock							416,130	I	See footnote(12)
Class A Common							45,000	I	See footnote(13)
Class B Common Stock							74,400	I	See footnote(14)
Class B Common Stock							1,600	I	See footnote(15)
Class B Common Stock							1,601	I	See footnote(16)
Class B Common Stock							70,200	I	See footnote(17)
Class B Common Stock							2,520	I	See footnote(18)
Class B Common Stock							40,970	I	See footnote(19)
Class B Common							29,196	I	See footnote(20)
Class B Common Stock							40,968	I	See footnote(21)
Class B Common Stock	11/17/2003		G	510.4	A	$0	15,639	I	See footnote(22)
Class B Common Stock	11/17/2003		G	510.4	A	$0	60,842	I	See footnote(23)
Class B Common Stock							185,260	I	See footnote(24)

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)
					(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
1996 Stock Option Grant (right to buy)	$9.583						09/10/1998(25)	09/10/2006	Class A Common	5,400		5,400	D
1998 Stock Option Grant (right to buy)	$19						03/18/2000(26)	03/18/2008	Class A Common	10,800		10,800	D
1999 Stock Option Grant (right to buy)	$14.917						04/08/2001(27)	04/08/2009	Class A Common	10,800		10,800	D
2001 Stock Option Grant (right to buy)	$28.533						03/08/2003(28)	03/08/2011	Class A Common	15,600		15,600	D
2003 Stock Option Grant (right to buy)	$31						03/17/2005(29)	03/17/2013	Class A Common	15,600		15,600	D

Explanation of Responses:

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

2. U/A Deborah Ratner-Salzberg Trust dated 2/09/1987

3. Deborah Ratner Salzberg 2001 Trust.

4. Faye Ratner Trust dated 1/01/79 - for the benefi of Debrorah Ratner.

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

6. Michael Salzberg (spouse) shares held directly.

7. Faye Ratner Trust - for the benefit of Deborah, shares are the limited limited partnership interest in RMS, Ltd.

8. U/A Deborah Ratner-Salzberg Trust dated 2/09/1987 - limited partnership interest in RMS, Ltd. limited partnership.

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

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

11. Albert B. Ratner 1989 Grandchildrens Trust - 595 shares for the benefit of Anna Salzberg (daughter), and 595 shares for the benefit of Eric Salzberg (son). Gift was 245 shares to Anna Salzberg and 245 shares to Eric Salzberg. Deborah Ratner disclaims any beneficial interest.

12. 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.

13. 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.

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

15. Deborah Ratner 1986 Family Trust - as a limited partner in FCE Management, L.P., limited partnership interest in RMS, Ltd., for the benefit of Anna Salzberg (daughter). Deborah Ratner disclaims any beneficial interest.

16. Deborah Ratner 1986 Family Trust - as a 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.

17. 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.

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

19. 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.

20. 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.

21. 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.

22. 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.

23. 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.

24. 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.

25. 1996 Stock Option Grant - 25% exercisable 9/10/1998; 25% exercisable 9/10/1999; and 50% exercisable 9/10/2000.

26. 1998 Stock Option Grant - 25% exercisable 3/18/2000; 33% exercisable 3/18/2001; and 42% exercisable 3/18/2002.

27. 1999 Stock Option Grant - 25% exercisable 4/08/2001; 25% exercisable 4/08/2002; and 50% exercisable 4/08/2003.

28. 2001 Stock Option Grant - 25% exercisable 3/08/2003; 25% exercisable 3/08/2004; and 50% exercisable 3//08/2005.

29. 2003 Stock Option Grant - 25% exercisable 3/17/2005; 25% exercisable 3/17/2006; and 50% exercisable 3/17/2007.

Remarks:

	Geralyn M. Presti, Attorney-in-Fact for Deborah Ratner-Salzberg	03/15/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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