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SEC Filings

FOREST CITY REALTY TRUST, INC. filed this Form DEFA14A on 11/05/2018
Entire Document

The table immediately following the fourth full paragraph on page 66 of the Proxy Statement is deleted in its entirety and replaced in its entirety by the following:



NTM Trading

Price / FFO


NTM Trading

Price / AFFO




of Company

Segment to

2018E NOI


Alexandria Real Estate Equities, Inc.

     18.1x        22.1x     

Boston Properties, Inc.

     18.6x        26.9x     

SL Green Realty Corp.

     14.6x        21.3x           


     18.1x        22.1x        50



AvalonBay Communities, Inc.

     18.8x        20.0x     

Camden Property Trust

     18.4x        21.6x     

Equity Residential

     19.3x        22.1x     

UDR, Inc.

     18.5x        20.4x           


     18.7x        21.0x        33



CBL & Associates Properties, Inc.

     3.1x        4.4x     

GGP Inc.

     13.8x        17.9x     

The Macerich Company

     13.9x        16.8x     

Simon Property Group, Inc.

     13.7x        15.1x     

Taubman Centers, Inc.

     15.7x        20.7x           


     13.8x        16.8x        13

Shopping Center


Acadia Realty Trust

     18.4x        23.6x     

Federal Realty Investment Trust

     18.9x        23.4x           


     18.7x        23.5x        4

Weighted Average

     17.7x        21.1x           

The second full paragraph on page 72 of the Proxy Statement is deleted in its entirety and replaced in its entirety by the following:

In addition, Goldman Sachs calculated the implied enterprise value for the Company by multiplying the $25.35 per share by 274.8 million, the total number of fully diluted shares of common stock outstanding as provided by management of the Company, and adding to the result the amount of the Company’s net debt (the outstanding principal amount of $4,480.0 million, less cash and cash equivalents, referred to as “Net Debt”) as of June 30, 2018.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this communication, including, without limitation, statements regarding the proposed acquisition of Forest City by an entity affiliated with a Brookfield Asset Management Inc. real estate investment fund (the “proposed transaction”), plans and objectives, and management’s beliefs, expectations or opinions, may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and often address expected future actions and expected future business and financial performance. Forward-looking statements may be identified by the use of words such as “potential,” “expect,” “intend,” “plan,” “may,” “subject to,” “continues,” “if” 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.

Actual results, developments and business decisions may differ materially from those expressed or implied in forward-looking statements as a result of factors, risks and uncertainties over many of which Forest City has