Forest City Enterprises
 |
|
| Public | |
| Traded as | : FCE.A : FCE.B |
| Industry | Property Management |
| Founded | 1920 |
| Founders | Charles, Leonard, Max and Fannye Ratner |
| Headquarters | Cleveland, Ohio , United States |
| Revenue |
 US$978 million(FY 2015)
|
|
US$614.8 million(FY 2015)
|
|
| Total assets |
US$9.9 billion(FY 2015)
|
|
Number of employees
|
2,695 |
| Divisions | The Commercial Group The Residential Group The Land Development Group |
| Website | www |
Forest City Realty Trust (: FCEA, : FCEB) is an American diversified real estate management and development company based in Cleveland, Ohio, United States. Its portfolio includes interests in retail centers, apartment communities, office buildings and mixed-use projects in the U.S. The company has recently expanded into military housing communities.
Forest City was founded as a family-owned lumber and hardware business in the 1920 by Charles, Leonard, Max and Fannye Ratner. In the 1930s, the company made its first foray into real estate, purchasing lots for commercial development and its first apartment building.
During World War II, the company made pre-fabricated houses for government housing and began building strip malls. In 1955, Forest City began converting its lumberyards, Forest City Lumber, into do-it yourself home stores.
In 1960, Forest City became a publicly traded company. In the 1980s, the company began divesting of its non-core real estate holdings. The company sold its retail lumber business to Handy Andy Home Improvement Center in 1987. They are the second largest holder of real estate in Downtown Cleveland after Optima Ventures, a Miami-based real estate investment firm led by Chaim Schochet and 2/3rd owned by the Privat Group, one of Ukraine's largest business and banking groups.
In a special shareholder meeting on October 15, 2015, Forest City shareholders voted to convert the company from a "C" corporation to an REIT, real estate investment trust, mainly for tax related purposes. The newly reorganized company will maintain its corporate headquarters in Tower City in downtown Cleveland, but the corporate home will be in Maryland, a state whose laws are very complimentary to REITS.
...
Wikipedia