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The full text of the letter follows:
Dear Fellow Stockholders,
Thank you for your support of our efforts to enhance Forest City's corporate governance at the pivotal 2017 Annual Meeting of Stockholders. With the successful collapse of the dual-class share structure, our directors are elected by all shareholders on a one-share, one-vote basis. Moreover, an independent Board and ongoing Board refreshment are top priorities for the company.
As we enter a new era for the company, we are committed to further strengthening communication with our stockholders and providing greater insight into our plans. This commitment includes providing greater details on the key elements of our strategy, capital allocation and performance as well as increased disclosure about financial, structural and tax-related topics. The company will be providing more information to investors in the upcoming weeks.
The Board and management team recognize that we need to address the substantial undervaluation of our stock. Accordingly, we will closely oversee the execution and refinement of the company's long-term plan, including comparing it to all available options to create value. We also remain focused in the near-term on the execution of our strategic priorities including the successful disposition of our retail portfolio.
Positive change continues at Forest City with a focused commitment to unlocking the value of our business.
The Forest City Board of Directors
About Forest City
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, any delays with respect to, or the failure to complete, the reclassification, the company's ability to carry out future transactions and strategic investments, as well as the acquisition related costs, unanticipated difficulties realizing expected benefits expected when entering into a transaction, the company's ability to qualify or to remain qualified as a REIT, its ability to satisfy REIT distribution requirements, the impact of issuing equity, debt or both, and selling assets to satisfy its future distributions required as a REIT or to fund capital expenditures, future growth and expansion initiatives, the impact of the amount and timing of any future distributions, the impact from complying with REIT qualification requirements limiting its flexibility or causing it to forego otherwise attractive opportunities beyond rental real estate operations, the impact of complying with the REIT requirements related to hedging, its lack of experience operating as a REIT, legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/forest-city-issues-letter-to-stockholders-300471847.html
At the Company: Mike Lonsway, Executive Vice President - Planning, 216-416-3325 or Jeff Linton, Senior Vice President - Corporate Communication, 216-416-3558