Forest City Realty Trust, Inc. (delisted) (FCE.A) Quote

Owner of downtown Dallas' Wilson Building sues Headington over project next door (7/08/15)

By ROBERT WILONSKY

Forest City Enterprises, owners of several landmark downtown buildings, is suing developer Tim Headington over plans to build a luxury retailer next to the Wilson Building.

The suit, filed Wednesday in Dallas County, says Headington Realty & Capital’s proposed new home for Forty Five Ten on Main Street will “block almost entirely the air, light and view” in at least eight west-facing units in the Wilson Building, making them worthless to would-be tenants.

Forest City, which also converted the vacant Mercantile Bank Building into apartments, wants Headington to keep Forty Five Ten at least 20 feet from the Wilson Building. The structure has been on the National Register of Historic Places since 1979.

In May, Headington unveiled plans to the city’s Urban Design Peer Review Panel. The panel didn’t find fault with the proposed new home of Forty Five Ten, which will replace two century-old buildings along Main Street razed by Headington in September. But no one on the panel asked about its proximity to or impact on the Wilson Building. That quickly became an issue after the meeting.

City officials have been working for weeks with Forest City and Headington representatives to work out a compromise. Last month, Karl Zavitkovsky, head of the city’s Office of Economic Development, said a meeting had been called by council member Philip Kingston.

Zavitkovsky said Wednesday that he thought a resolution was being worked out and was surprised to hear about the lawsuit.

“The city is not taking sides,” he said. “They’re both big boys. They’ll figure it out.”

Headington’s attorney, William A. Brewer III, said in a statement that “the lawsuit grossly mischaracterizes the facts related to this project.”

“The project, which has enjoyed widespread support from many city leaders and community stakeholders, brings a significant new business to the downtown district,” he said in the statement.

Brewer said Headington’s attempts to work with Forest City had been rebuffed.

“We believe the release by Forest City of a professional video in conjunction with the filing of the lawsuit should be viewed as what it is — a desperate attempt to disparage Headington and to extract value to which Forest City is not entitled,” he said.

Forest City senior vice president Jim Truitt said a few weeks ago that talks had taken place and officials believed a deal had been reached. Under the plan, Headington would agree to lease the units for 10 years.

“Our response was all that does is kick the can down the road,” he said. Truitt said they also discussed Headington paying for a redo of the eight affected units so that each living room would at least have a view.

But those talks fell apart, and Truitt said last month a lawsuit was an option.

Wilson Building



Proposed Forty Five Ten on Main Street



http://www.dallasnews.com/news/metro/20150708-wilson-building-owner-files-suit-against-main-street-neighbor-to-be.ece

FCE Announces Partial Redemption of 7.625 Percent Senior Notes Due 2015 (7/18/12)

CLEVELAND, July 18, 2012 /PRNewswire via COMTEX/ -- Forest City Enterprises, Inc., today announced that it has provided notice to the indenture trustee, The Bank of New York Mellon Trust Company, N.A., of Forest City's intention to redeem an aggregate principal amount of $125 million of its 7.625 percent Senior Notes due 2015 (the "Notes") outstanding on August 20, 2012 (the "Redemption Date"), pursuant to the terms of the Notes. The redemption price will be 100 percent of the principal amount of the Notes redeemed, plus any accrued and unpaid interest up to, but not including, the Redemption Date. Following the redemption, approximately $53.3 million of the Notes will remain outstanding.

"This transaction is another example of our ongoing focus on strengthening our balance sheet and building a strong, sustaining capital structure," said David J. LaRue, Forest City president and chief executive officer. "We are committed to continuing to improve our debt metrics, while also using capital to selectively invest in new development opportunities, primarily through existing entitlement in our core markets."

Funding for the redemption comes primarily from the company's previously announced offering of $125 million aggregate principal amount of 7.375 percent Senior Notes due 2034, which closed on July 3, 2012.

About Forest CityForest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.5 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net .

Safe Harbor Language

Statements made in this news release that state the company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of our insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, as well as other risks listed from time to time in the company's SEC filings, including but not limited to, the company's annual and quarterly reports.

SOURCE Forest City Enterprises, Inc.

Copyright (C) 2012 PR Newswire. All rights reserved

http://www.marketwatch.com/story/forest-city-announces-partial-redemption-of-7625-percent-senior-notes-due-2015-2012-07-18

FCE Announces Sale of Quebec Square Retail Center in Denver (3/01/12)

CLEVELAND, March 1, 2012 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced the closing of the sale of Quebec Square, a retail "power" center in Denver, to Quebec Square, CMH, LLC. The sale price of $34.25 million generated net proceeds of approximately $8 million, representing an effective cap rate of 6.4 percent based on 2011 net operating income.

"We're pleased to complete this sale," said David J. LaRue, Forest City president and chief executive officer. "The disposition of this center is part of our retail strategy to focus on our regional malls and anchored lifestyle centers around the country, as well as urban retail in our New York core market."

The company plans to use proceeds from this and future dispositions to pay down debt, reinvest in its portfolio, and selectively activate new development with a focus on existing entitlement. Forest City will continue to manage Quebec Square on behalf of the new owner.

Quebec Square is located at the corner of Quebec Street and Smith Road in Denver, adjacent to Stapleton, Forest City's mixed-use redevelopment community. The center has a total of 739,000 square feet of space, with gross leaseable area (GLA) of approximately 217,000 square feet, including current tenants Famous Footwear, Ross Dress for Less, Big 5 Sporting Goods, Office Depot and PetSmart. Anchors (not included in the GLA) are WalMart, Home Depot and Sam's Club.

About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.5 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.

Safe Harbor Language
Statements made in this news release that state the company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of our insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, as well as other risks listed from time to time in the company's SEC filings, including but not limited to, the company's annual and quarterly reports.

SOURCE Forest City Enterprises, Inc.

Robert O'Brien, Executive Vice President - Chief Financial Officer, +1-216-621-6060; Jeff Linton, Senior Vice President - Corporate Communication, +1-216-621-6060

http://ir.forestcity.net/phoenix.zhtml?c=88464&p=irol-newsArticle&ID=1668351

FCE Closes $300 Million in Property-level Financings (1/30/12)

CLEVELAND, Jan. 30, 2012 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today announced more than $300 million in property-level financings completed in the quarter ending January 31, 2012.

These completed loans illustrate two important opportunities in the current lending environment that benefit Forest City," said David J. LaRue, president and chief executive officer. "First, we're able to lock-in attractive, long-term rates that reduce interest expense and thereby improve cash flow at the property level. Second, we are able to selectively pay down loans in exchange for even more favorable rates, giving us an attractive return on the incremental capital invested and advancing our strategy of improving our balance sheet and overall debt metrics."

The financings include:

• Queens Place, New York City. The company closed a 10-year, $87 million loan on this 455,000-square-foot, five-level retail center in the heart of the Borough of Queens.

• Nine MetroTech, New York City. The company purchased the existing $75 million loan at a 2.5 percent discount and then closed a new 10-year, $63 million loan. Nine MetroTech is a 317,000 square-foot office building in the MetroTech Center office campus in downtown Brooklyn.

• The Drake Tower, Philadelphia. The company closed a $28 million, 10-year loan. The Drake Tower, formerly a luxury hotel, has 284 apartments and luxury penthouses in center-city Philadelphia.

• The Mall at Robinson, Pittsburgh. Forest City secured a $79 million, six-year financing on this 880,000-square-foot, two-level, enclosed regional retail center.

• Post Office Plaza (formerly the M.K. Ferguson Building), Cleveland. The company closed a $15.5 million, 10-year loan on this 476,000-square-foot, adaptive-reuse office building at the company's Tower City Center development in downtown Cleveland.

In total through these and other transactions in the fourth quarter, the Company refinanced $303.5 million in mortgage debt and reduced the weighted average interest rate on the in-place financings from 6.32 percent to 4.44 percent. The company's pro-rata share of the debt decreased modestly from $245.5 million to $239.1 million, and the weighted average interest rate decreased from 6.46 percent to 4.42 percent at pro rata.

About Forest City

Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.5 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit http://www.forestcity.net.

http://www.prnewswire.com/news-releases/forest-city-closes-300-million-in-property-level-financings-138315764.html

Cohen & Steers, Inc files 13G/A.

Beneficially owns 13,618,094 shares or 10.04 percent.

http://sec.gov/Archives/edgar/data/38067/000128481210000131/fcea13gbody-043010.txt

Cohen & Steers, Inc files 13G.

Beneficially owns 8,935,514 shares or 6.38 percent.

http://sec.gov/Archives/edgar/data/38067/000128481210000114/fcea13gbody-123109.txt

Morgan Stanley files 13G/A.

Beneficially owns 11,490,892 shares or 8.6 percent.

http://sec.gov/Archives/edgar/data/38067/000089542110000356/forestcity3.txt

This down from 8,739,453 shares or 10.8 percent.

Wellington Management Co LLP files 13G/A.

Beneficially owns 17,797,433 shares or 13.3 percent.

http://sec.gov/Archives/edgar/data/38067/000090221910000636/sec_filing.htm

This is down from 17,660,582 shares or 13.99 percent.

Owl Creek Asset Management owns 5,381,858 shares.

http://www.sec.gov/Archives/edgar/data/1313756/0001172661-09-001397.txt

FCY sold on 10/14/09 at $18.50.

FCE's New York subsidiary to unload NBA's Nets.

http://www.crainscleveland.com/article/20090923/FREE/909239957

Bruce C. Ratner is Executive Vice President and Director, Forest City Enterprises, Inc. and Chairman and CEO, Forest City Ratner Companies.

FCY purchased on 9/02/09 at $14.27.

Third Avenue Value Fund purchases 2,415,458 million shares.

The cost was $6.60 per share in that company’s common stock offering. The offering raised $330 million from the issuance of 52.3 million shares, including the full exercise of the over-allotment by the underwriters. The proceeds, which were intended to repay outstanding borrowings under Forest City’s revolving credit facility, further strengthened the company’s balance sheet, which is primarily funded with non-recourse borrowings. Following this offering, Forest City Senior Unsecureds appreciated in price and the Fund has not been able to add to its $85.6 million (face) position at attractive prices.

http://thirdave.com/ta/documents/sl/shareholderletters-09Q3.pdf#TAVFX

http://sec.gov/Archives/edgar/data/38067/000129993309002243/exhibit2.htm

Third Avenue Management owns 20.67 percent or 27,644,299 shares.

http://sec.gov/Archives/edgar/data/38067/000109928109000062/forestcitya05312009.htm

FCY is potential "bond as a business".

Buffett believes that bonds should be viewed from a businessperson's perspective. However, most fixed-income contracts (or interest rates) are set below investment returns a business person would demand.

FCY generates $1.84375 in income per year. At $16.03 (9/10/09), was selling at about 64 cents on the dollar. The current yield was 11.5 percent.

The long term average ROE of an American business is 12 percent. When bond investments yield 12 percent, Buffett would say the bond investment was a "businesslike" purchase.

[Robert G. Hagstrom, Jr, "The Warren Buffett Way" (New York: John Wiley & Sons, 1994), 160]

I purchased FCY at $14.27 on 9/02/09. It generates a 12.9 percent return.

Forest City Reports 2009 2Q and YTD Results.

http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STORY=/www/story/09-08-2009/0005089956&EDATE=