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As of 8:04 PM 01/27/15 All times are local (Market data is delayed by at least 15 minutes).

forest city enterprises-cl a (FCE/A) Key Developments

Forest City Enterprises Approves REIT Conversion

Forest City Enterprises reported said its board approved a plan to convert to a real estate investment trust (REIT). The company expects to gain REIT status for its taxable year starting Jan. 1, 2016, subject to several conditions.

Forest City Enterprises Inc. - Special Call

To discuss the plan for the company to pursue conversion to real estate investment trust (REIT) status

Forest City Announces Three Additional Project Investments from its $400 Million Residential Development Fund

Forest City Enterprises Inc. announced the closing of three additional investment allocations in Washington, D.C., Philadelphia, and Oakland, Calif. as part of its $400 million residential real estate development fund with the Arizona State Retirement System (ASRS). All three of the closings were completed before yearend 2014. In Washington, D.C., the fund closed an investment in 1001 4th Street, SW, the first Forest City-developed residential component of Waterfront Station, the mixed-use redevelopment of the former Waterside Mall site in Southwest D.C. 1001 4th Street, SW, which is expected to break ground in early January, will feature 365 market-rate apartments, underground parking, a rooftop pool, clubhouse and landscaped courtyard. Completion is expected in mid-2016. In Philadelphia, the fund closed an investment in Museum Towers, an existing 286-unit apartment community in Center City, in which Forest City had been the 100% equity owner. The fund's investment in Museum Towers facilitates development of Museum Towers II, an adjacent 286-unit apartment project and 400-space parking garage, in which the fund is also planning to invest. The additional investment by the fund in Museum Towers II is expected to close in the first quarter of 2015 with commencement of construction soon thereafter. In Oakland, the fund invested in The Uptown, Forest City's existing 665-unit apartment community in the city's arts and entertainment district. LEED Silver certified apartment community, The Uptown includes a public park and was constructed on an underutilized, four-city block brownfield location in partnership with the City of Oakland. Prior to the fund's investment, Forest City had been the 100% equity owner of The Uptown.

Forest City Mulls Acquisitions

Forest City Enterprises Inc. (NYSE:FCE.A) intends to offer senior debt securities, senior subordinated debt securities, junior subordinated debt securities, Class A common stock, preferred stock, depositary shares, warrants or units. The net proceeds from the sale of securities may be used for general corporate purposes, including repayment of debt, additions to working capital, development of new properties, capital expenditures and acquisitions. Forest City may temporarily use proceeds to make short-term investments or to reduce short-term debt.

Forest City To Reportedly Buy Brooklyn’s Barclays Center

Anschutz Entertainment Group, Inc. has held early stage talks to buy Brooklyn’s Barclays Center, The Post has learned. Anschutz Entertainment held talks with Forest City Enterprises Inc., which owns 55% of arena in November, sources said. Forest City Enterprises is expected to make a decision on whether to proceed with talks or walk away before December 31, 2014, sources said. Anschutz Entertainment is said to be willing to spend up to $500 million on the arena. However, Forest City is said to be seeking a lot more than $500 million. Still, “AEG will not overspend,” the source said. “If Forest City Enterprises is rational a deal could happen.”


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