CLEVELAND, Sept. 11, 2017 /PRNewswire/ -- Forest City
Realty Trust, Inc. (NYSE: FCEA) ("Forest City" or the "Company")
today announced that its Board of Directors, together with
management and in consultation with financial and legal advisors,
has commenced a process to consider a broad range of alternatives
to enhance stockholder value, including, but not limited to, an
accelerated and enhanced operating plan, structural alternatives
for the Company's assets, and potential merger, acquisition or sale
transactions.
"The Board believes thoroughly evaluating all alternatives,
while simultaneously continuing to execute on our current
strategies and supporting our associates in doing so, are the
appropriate steps to assess how best to unlock stockholder value,"
said James A. Ratner, non-executive
chairman of the Board. "Over the last several years, we have made
substantial progress transforming Forest City by focusing on core
urban markets and products, reducing complexity, paying down debt,
driving operational excellence and enhancing our corporate
governance structure."
"In addition to the progress to date, we are dedicated to
pursuing the right course of action for our Company and all
stockholders, and are open to potential additional changes that
could further maximize stockholder value. During this time, the
entire Forest City team remains focused on the Company's operations
and committed to closing the gap between our share trading price
and net asset value."
There can be no assurance that this review will result in a
strategic change or any transaction being announced or agreed upon.
Although the Board of Directors expects to proceed in a timely
manner, there is no timetable for completion of the review process,
and Forest City does not intend to comment further on the progress
or status of the review unless the Company determines that further
disclosure is appropriate or required by law.
Lazard will serve as financial advisors to the Company in the
evaluation process. Goldman, Sachs & Co., LLC will also serve
as financial advisors to the Company. Sullivan & Cromwell LLP
has been retained as legal counsel.
About Forest City
Forest City Realty Trust, Inc. is an NYSE-listed national real
estate company with $8.2 billion in
consolidated assets. The Company is principally engaged in the
ownership, development, management and acquisition of commercial,
residential and mixed-use real estate in key urban markets in
the United States. For more
information, visit www.forestcity.net.
Forward-Looking Statements
This press release contains forward-looking statements. Such
forward-looking statements relate to future, not past, events and
often address the Company's expected future actions and
performance. Forward-looking statements may be identified by the
use of words such as "expect," "intend," "plan," and similar words
and phrases. These forward-looking statements are not guarantees of
future events and involve risks, uncertainties and assumptions that
are difficult to predict. All statements regarding the
Board's review of operating, strategic, financial and structural
alternatives and expected associated costs and benefits, including
whether operating, strategic, financial and structural alternatives
could unlock value, are forward-looking. Actual developments and
business decisions may differ materially from those expressed or
implied by such forward-looking statements. Important factors,
among others, that could cause the Company's actual results and
future actions to differ materially from those described in
forward-looking statements include the uncertain outcome, impact,
effects and results of the Board's review of operating, strategic,
financial and structural alternatives, and the risks discussed in
the Company's documents filed with the SEC, including the Company's
Annual Report on Form 10-K for the year ended December 31, 2016, quarterly reports on Form 10-Q
and Current Reports on Form 8-K. The Company expressly disclaims
any obligation to update any forward-looking statement contained in
this press release to reflect events or circumstances that may
arise after the date hereof, all of which are expressly qualified
by the foregoing, other than as required by applicable law.
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SOURCE Forest City Realty Trust, Inc.