Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* RATNER RONALD A	2. Issuer Name and Ticker or Trading Symbol Forest City Realty Trust, Inc. [ FCEA/FCEB ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __ X __ Director __ X __ 10% Owner __ X __ Officer (give title below) _____ Other (specify below) Executive Vice President
(Last) (First) (Middle) 50 PUBLIC SQUARE, SUIT 1100	3. Date of Earliest Transaction (MM/DD/YYYY) 3/23/2017
(Street) CLEVELAND, OH 44113 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (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. Trans. Date	2A. Deemed Execution Date, if any	Code	V	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								44787	I	See footnote ⁽¹⁾
Class A Common Stock								161296	I	See footnote ⁽²⁾
Class A Common Stock								187500	I	See footnote ⁽³⁾
Class A Common Stock								4696	I	See footnote ⁽⁴⁾
Class A Common Stock								78408	I	See footnote ⁽⁵⁾
Class A Common Stock	3/26/2017		F		1129	D	$21.83	6770	D ⁽⁶⁾
Class A Common Stock	3/23/2017		F		996	D	$21.69	8954	D ⁽⁷⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common - Convertible	$0 ⁽²⁵⁾							8/8/1988 ⁽²⁵⁾	8/8/1988 ⁽²⁵⁾	Common Stock	784		784	I	See footnote ⁽¹⁾
Class B Common - Convertible	$0 ⁽²⁵⁾							8/8/1988 ⁽²⁵⁾	8/8/1988 ⁽²⁵⁾	Common Stock	728401		728401	I	See footnote ⁽¹⁾
Class B Common - Convertible	$0 ⁽²⁵⁾							8/8/1988 ⁽²⁵⁾	8/8/1988 ⁽²⁵⁾	Common Stock	150000		150000	I	See footnote ⁽¹⁾
Class B Common - Convertible	$0 ⁽²⁵⁾							8/8/1988 ⁽²⁵⁾	8/8/1988 ⁽²⁵⁾	Common Stock	900		900	I	See footnote ⁽⁸⁾
Class B Common - Convertible	$0 ⁽²⁵⁾							8/8/1988 ⁽²⁵⁾	8/8/1988 ⁽²⁵⁾	Common Stock	195510		195510	I	See footnote ⁽⁹⁾
Class B Common - Convertible	$0 ⁽²⁵⁾							8/8/1988 ⁽²⁵⁾	8/8/1988 ⁽²⁵⁾	Common Stock	370350		370350	I	See footnote ⁽¹⁰⁾
Class B Common - Convertible	$0 ⁽²⁵⁾							8/8/1988 ⁽²⁵⁾	8/8/1988 ⁽²⁵⁾	Common Stock	468444		468444	I	See footnote ⁽¹¹⁾
2007 Stock Option Grant (right to buy)	$65.35							3/29/2009	3/29/2017	Class A Common	25200		25200	D ⁽¹²⁾
2008 Stock Option Grant (right to buy)	$36.38							6/18/2010 ⁽¹³⁾	6/18/2018	Class A Common	17721		17721	D ⁽¹³⁾
2009 Stock Option Grant (right to buy)	$7.80							4/21/2011 ⁽¹⁴⁾	4/21/2019	Class A Common	21797		21797	D ⁽¹⁴⁾
2010 Stock Option Grant (right to buy)	$15.89							4/14/2012 ⁽¹⁵⁾	4/14/2020	Class A Common	36635		36635	D ⁽¹⁵⁾
2011 Stock Option Grant (right to buy)	$17.72							4/13/2013 ⁽¹⁶⁾	4/13/2021	Class A Common	24103		24103	D ⁽¹⁶⁾
2012 Stock Option Grant (right to buy)	$14.74							4/11/2014 ⁽¹⁷⁾	4/11/2022	Class A Common	32477		32477	D ⁽¹⁷⁾
2013 Stock Option Grant (right to buy)	$17.60							4/8/2015 ⁽¹⁸⁾	4/8/2023	Class A Common	30384		30384	D ⁽¹⁸⁾
2014 Stock Option Grant (right to buy)	$18.73							3/28/2016 ⁽¹⁹⁾	3/28/2024	Class A Common	28745		28745	D ⁽¹⁹⁾
2013 Performance Shares	$0							12/31/2016	8/8/1988 ⁽²⁰⁾	Class A Common	17940		17940	D ⁽²⁰⁾
2014 Performance Shares	$0							12/31/2017	8/8/1988 ⁽²¹⁾	Class A Common	17796		17796	D ⁽²¹⁾
2015 Performance Shares	$0							12/31/2017	8/8/1988 ⁽²²⁾	Class A Common	13539		13539	D ⁽²²⁾
2016 Performance Shares	$0							12/31/2018	8/8/1988 ⁽²³⁾	Class A Common	17908		17908	D ⁽²³⁾
2015 Out Performance Shares	$0							12/31/2017	8/8/1988 ⁽²⁴⁾	Class A Common	20000		20000	D ⁽²⁴⁾

Explanation of Responses:
( 1)	The Ronald Ratner 1986 Trust Agreement, as modified (Ronald is Trustee). - trust holds 44,787 Class A Common shares; Class B Common shares - 784 shares are held as a direct limited partner of RMS, Ltd; 728,401 shares are held as a limited partnersip interest in FCE Management, LP (a limited partner of RMS, Ltd.) and remaining 150,000 shares are held directly by the trust. 2,984 restricted shares vested on 3/23/2017, of those 996 shares were returned to the Company to cover taxes, the balance of the shares were moved to this account. 3,385 restricted shares vested on 3/26/2017, of those 1,129 shares were returned to the Company to cover taxes, the balance of the shares were moved to this account.
( 2)	Deborah B. Ratner Trust - individually trust of spouse, shares held in street account.
( 3)	Deborah Ratner 2012 Irrev Trust - Ronald Ratner is trustee.
( 4)	Deborah B. Ratner, Trustee of the Irene Meldon 1998 Irrevocable dated 12/04/1998 - 2,348 shares for benefit of Matthew (son), and 2,348 shares for benefit of Sarah (daughter) - Ronald Ratner disclaims any beneficial interest.
( 5)	Max Ratner Grandchildren's Trust dated 12/21/1988 - 18,939 sharesfor the benefit of Sarah (daughter) and 59,469 shares for Matthew (son), Ron Ratner serves as a trust advisor. Ronald Ratner disclaims any beneficial interest.
( 6)	2015 Restricted Stock Grant - 25% vest on 3/26/2016; 25% vest on 3/26/2017; and 50% vest on 3/26/2018. 3,384 shares vested on 3/26/2016 and were transferred to account referenced in footnote #1.
( 7)	2016 Restricted Stock Grant - 25% vest on 3/23/2017; 25% vest on 3/23/2018; and 50% vest on 3/23/2019.
( 8)	General Partnership interest in RMS, Ltd. partnership a 10% sharelholder.
( 9)	Max Ratner Grandchildren's Trust dated 12/21/1988 - shares are for the benefit of Matthew (son) of the total number of shares in the trust, 31,058 are held by RMS, Ltd. as a limited partnership interest. The remaining 164,452 are directly held by the trust. Ron Ratner serves as a trust advisor. Ronald Ratner disclaims any beneficial interest.
( 10)	Max Ratner Grandchildren's Trust dated 12/21/1988 - shares are for the benefit of Sarah (daughter) of the total number of shares in the trust, 55,898 are held by RMS, Ltd. as a limited partnership interest. The remaining 314,452 are directly held by the trust. Ron Ratner serves as a trust advisor. Ronald Ratner disclaims any beneficial interest.
( 11)	Max Ratner Family 1999 Revocable Trust - 278,540 shares for the benefit of Sarah Ratner (daughter) and 189,904 shares for the benefit of Matthew (son). Ron Ratner serves as a trust advisor. Ronald Ratner disclaims any beneficial interest.
( 12)	2007 Stock Option Grant - 25% exercisable 3/29/2009; 25% exercisable 3/29/2010; and 50% exercisable 3/29/2011.
( 13)	2008 Stock Option Grant - 25% exercisable 6/18/2010; 25% exercisable 6/18/2011; and 50% exercisable 6/18/2012.
( 14)	2009 Stock Option Grant - 25% exercisable 4/21/2011; 25% exercisable 4/21/2012; and 50% exercisable 4/21/2013.
( 15)	2010 Stock Option Grant - 25% exercisable 4/14/2012; 25% exercisable 4/14/2013; and 50% exercisable 4/14/2014.
( 16)	2011 Stock Option Grant - 25% exercisable 4/13/2013; 25% exercisable 4/13/2014; and 50% exercisable 4/13/2015.
( 17)	2012 Stock Option Grant - 25% exercisable 4/11/2014; 25% exercisable 4/11/2015; and 50% exercisable 4/11/2016.
( 18)	2013 Stock Option Grant - 25% exercisable 4/08/2015; 25% exercisable 4/08/2016; and 50% exercisable 4/08/2017.
( 19)	2014 Stock Option Grant - 0% exercisable 3/28/2015; 25% exercisable 3/28/2016; 25% exercisable 3/28/2017; and 50% exercisable 3/28/2018.
( 20)	Performance Shares Award - granted 4/08/2013 - performance period is from February 1, 2013 to December 31, 2016. Awards will be available to the grantee at the end of the performance period provided that certain performance criteria are met. The actual number of shares earned could range from 0 to 200% of the number of Performance Shares granted. Fair market value on date of grant is $17.60 per share. There is no fixed expiration date.
( 21)	Performance Shares Award - granted 3/28/2014 - performance period is from January 1, 2014 to December 31, 2017. Awards will be available to the grantee at the end of the performance period provided that certain performance criteria are met. The actual number of shares earned could range from 0 to 200% of the number of Performance Shares granted. Fair market value on date of grant is $18.73 per share. There is no fixed expiration date.
( 22)	Performance Shares Award - granted 3/26/2015 - performance period is from January 1, 2015 to December 31, 2017. Awards will be available to the grantee at the end of the performance period provided that certain performance criteria are met. The actual number of shares earned could range from 0 to 200% of the number of Performance Shares granted. Fair market value on date of grant is $24.62 per share. There is no fixed expiration date.
( 23)	Performance Shares Award - granted 3/23/2016 - performance period is from January 1, 2016 to December 31, 2018. Awards will be available to the grantee at the end of the performance period provided that certain performance criteria are met. The actual number of shares earned could range from 0 to 200% of the number of Performance Shares granted. Fair market value on date of grant is $20.94 per share. There is no fixed expiration date.
( 24)	Out Performance Shares Award - granted 3/27/2015 - performance period is from January 1, 2015 to December 31, 2017. Awards will be available to the grantee at the end of the performance period provided that certain performance criteria are met. The actual number of shares earned could range from 0 to 300% of the number of Performance Shares granted. Fair market value on date of grant is $25.31 per share. There is no fixed expiration date.
( 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.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
RATNER RONALD A 50 PUBLIC SQUARE, SUIT 1100 CLEVELAND, OH 44113	X	X	Executive Vice President

Signatures
J. Matthew Shady, Attorney-in-Fact for Ronald A. Ratner		3/27/2017
^** Signature of Reporting Person		Date

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