Forest City Enterprises (FCE-A) to Review Options to Retail Portfolio
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Forest City Realty Trust, Inc. (NYSE: FCE-A)(NYSE: FCE-B) announced that its Board of Directors has authorized a process to review strategic alternatives for the company's retail portfolio, which consists of ownership interest in 14 regional malls in markets around the country, and 19 specialty retail centers, which are located primarily in New York City.
"Over the past five years, we have made tremendous progress transforming Forest City by focusing on core urban markets and products, reducing complexity, paying down debt, driving operational excellence and converting to REIT status," said David J. LaRue, Forest City president and chief executive officer. "As part of this ongoing transformation, and after careful consideration, we have made the decision to explore strategic alternatives for our retail portfolio. We intend to look at a range of options and expect the review process to be concluded by the first quarter of 2017. Assuming we identify and transact on a chosen alternative, or alternatives, our intent would be to redeploy the value from our retail portfolio into apartment and office assets that align with our focus on core markets and urban, mixed-use placemaking projects.
"While this process is ongoing, we remain fully committed to our retail properties and tenants, and to the customers and communities they serve, as well as to our associates who work at our retail centers and support our retail portfolio," said LaRue.
The company intends to retain its ownership interest in Ballston Quarter (formerly Ballston Common Mall) in Arlington, Virginia, which is being redeveloped into an urban mixed-use project to include office, multifamily, and retail uses.
There can be no assurance that this review process will result in any transaction being announced or consummated. Forest City does not intend to disclose further developments during this process until its Board of Directors has approved a specific course of action or the company has otherwise determined that further disclosure is appropriate.
The company will hold a conference call with investors to discuss this announcement on Tuesday, August 23, 2016, at 10 a.m., ET. Details on accessing the call will follow in a separate press release. The call will be webcast through the company's website, www.forestcity.net, and an archived replay will also be available.
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