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Real estate management and development company From Wikipedia, the free encyclopedia
Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested 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 was 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.[1] On December 7, 2018, the company was acquired by Brookfield Asset Management.
| |
| Industry | Real estate investment trust |
|---|---|
| Founded | 1920 |
| Founders | Charles, Leonard, Max, and Fannye Ratner |
| Defunct | December 7, 2018 |
| Fate | Acquired by Brookfield Asset Management |
| Headquarters | |
Key people | James A. Ratner, Chairman David J. LaRue, CEO Robert G. O’Brien, CFO |
| Products | Office buildings Shopping centers Apartments |
| Revenue |  $0.911 billion (2017) |
 $0.215 billion (2017) | |
| Total assets | $8.063 billion (2017) |
| Total equity | $3.844 billion (2017) |
Number of employees | 1,548 (2017) |
| Website | www |
| Footnotes / references [1] | |
In 1920, Forest City was founded as a family-owned lumber and household hardware business by siblings Charles, Leonard, Max and Fannye Ratner, immigrants from Poland.[2] 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.[2]
In 1960, Forest City became a publicly-traded company.[2] In 1987, the company sold its retail lumber business to Handy Andy Home Improvement Center.[3]
In 2011, the company sold a 49% stake in a retail portfolio in New York for $172.3 million.[4] In 2013, the company acquired a 100% interest in a mall in Pittsburgh.[5] The company also sold a Sheraton hotel in Station Square in Pittsburgh for $61 million.[6] It also announced plans to redevelop Ballston Common Mall.[7] The company acquired a key parcel from Macy's for $13.4 million.[8]
In 2016, for tax purposes, the company converted into a real estate investment trust.[9] The company also sold its stake in the Brooklyn Nets and the Barclays Center to Mikhail Prokhorov,[10] sold its military housing division to Hunt Companies for $208.8 million,[11] sold Terminal Tower to K&D Group for $38.5 million,[12] and sold 7.7 acres and 8 buildings in Cleveland to an investor group for $3.5 million.[13]
In June, 2017 Forest City shareholders voted to eliminate the dual share structure that had enabled the founding Ratner family to control the company.[14] The City of New York also filed a lawsuit against the company in conjunction with the rent due pursuant to a ground lease.[15]
In August, 2017 the company sold 25 acres in Cleveland.[16] In October, 2017 the company sold its interests in 10 malls to Queensland Investment Corporation for $1.55 billion.[17]
On December 7, 2018, the company was acquired by Brookfield Asset Management.[18][19]
Notable projects that were owned by the company are:
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