"We're pleased to execute this agreement, which reflects our continued strategic emphasis on core retail, office and apartment asset classes, and on major urban markets," said
"Forty years ago, Forest City began the development of an extraordinary portfolio of affordable housing that they have maintained with care ever since," said
Because of the involvement of multiple partners, lenders and housing authorities across the federally assisted housing portfolio, the individual communities are expected to close separately, beginning in the second quarter, with all closings expected to be completed by the fourth quarter.
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. 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 inability of the company to complete the disposition of its ownership interest in a portfolio of 47 federally assisted housing apartment communities on agreed terms and on an agreed timeline, or at all, failure of either party to the master purchase and sale agreement with Jonathan Rose Companies to obtain any required third-party or regulatory consents or approvals or otherwise to satisfy any conditions to closing, unexpected market or economic conditions, and the possibility that the anticipated benefits of the disposition will not be realized, as well as other risks listed from time to time in the company's
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Jeff Frericks, Vice President - Capital Markets, 216-621-6060, Jeff Linton, Senior Vice President - Corporate Communication, 216-621-6060