Russell 1000 Component (FCE.A)
|Industry||Real estate investment trust|
|Founders||Charles, Leonard, Max, and Fannye Ratner|
James A. Ratner, Chairman|
David J. LaRue, CEO
Robert G. O’Brien, CFO
|Revenue||$0.911 billion (2017)|
|$0.215 billion (2017)|
|Total assets||$8.063 billion (2017)|
|Total equity||$3.844 billion (2017)|
Number of employees
Footnotes / references|
Forest City Realty Trust, Inc. is real estate investment trust that invests in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company is organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes.
Beginning in the 1930s, the company invested in residential garages, apartments, retail strip centers. During World War II, the company manufactured and prefabricated governmental housing.
In 1960, Forest City became a publicly traded company.
In 2011, the company sold a 49% stake in a retail portfolio in New York for $172.3 million.
In 2013, the company acquired a 100% interest in a mall in Pittsburgh. The company also sold a Sheraton hotel in Station Square in Pittsburgh for $61 million. It also announced plans to redevelop Ballston Common Mall. The company acquired a key parcel from Macy's for $13.4 million.
In 2016, for tax purposes, the company converted into a real estate investment trust. The company also sold its stake in the Brooklyn Nets and the Barclay's Center to Mikhail Prokhorov, sold its military housing division to Hunt Companies for $208.8 million, sold Terminal Tower to K&D Group for $38.5 million, and sold 7.7 acres and 8 buildings in Cleveland to an investor group for $3.5 million.
In June 2017, Forest City shareholders voted to eliminate the dual share structure that had enabled the founding Ratner family to control the company. The City of New York also filed a lawsuit against the company in conjunction with the rent due pursuant to a ground lease.
In August 2017, the company sold 25 acres in Cleveland.
Notable projects owned by the company are:
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