|FOREST CITY REALTY TRUST, INC. filed this Form DEFA14A on 10/04/2018|
Property associate email Property staffing decision
Im writing today to share news that reflects both the strength of our portfolio and you, our on-site teams, who bring our properties to life and directly serve our residents, tenants, customers and communities.
As an update to our transition process, Brookfield continues to meet regularly with our teams across all areas of the business to finalize a transition plan and to facilitate its smooth implementation following the closing of the proposed acquisition of Forest City. This is a complex transaction, and all parties are committed to undertaking a thorough and thoughtful planning process. Know that your patience and continued focus on providing exceptional service has been noticed and sincerely appreciated.
It is in that spirit that we can share that as the first of many related decisions to be made as part of this process, Brookfield has informed us that once the transaction has closed, it intends to retain all on-site, property-level associates (in the absence of serious performance concerns).
As it relates to this announcement, we wanted to remind you that Brookfield has committed to, for at least one year following the closing of the merger, providing continuing associates with salary no less favorable than their current salary, and health and welfare benefits substantially similar to those currently provided. Also, our current 3+3 enhanced severance program will follow eligible associates for up to two years following the close.
We have also previously shared that the transition planning process will progress more quickly for some parts of the business than others, and today is an example of that. We know the decision regarding property-level associates may spur questions from others in management and support areas about their own roles. This is the first of many decisions to be made as part of this process. It is important to remember that the extensive transition planning work continues daily and that many other aspects of the transition plans will be finalized and communicated in the coming weeks and months.
Also of note is the fact that Forest City and Brookfield continue to be separate businesses, and no structural or employment-related actions in the transition will occur prior to the anticipated stockholder vote and closing, which is expected in the fourth quarter.
Thank you for your continued focus on delivering exceptional service and results. We will continue to work closely with Brookfield and will communicate updates to you as soon as we have them.
You can visit our MainStreet resource page to submit a question or view everything weve shared to date, including our initial FAQs (effective July 31) and supplemental FAQs (added September 13).