CLEVELAND, April 4, 2016 /PRNewswire/ -- Forest City Realty Trust, Inc., (NYSE: FCEA and FCEB) today announced the completion of the second of three previously announced regional mall joint ventures with QIC, one of the largest institutional investment managers in Australia. Under the newest joint venture, QIC has acquired 49 percent equity interest in Ballston Quarter (formerly Ballston Common Mall), a 578,000-square foot retail mall in Arlington, Virginia, that is currently being redeveloped and will include a multifamily residential component.
A third joint venture for the Shops at Wiregrass, a regional mall near Tampa, Florida, is expected to close by mid-year. Together, the Ballston and Wiregrass joint ventures are expected to generate net proceeds to Forest City of approximately $60 million.
In February, 2016, the company announced the creation of a joint venture for Westchester's Ridge Hill, a regional mall developed in Yonkers, New York, that generated proceeds of approximately $90 million.
In addition to Ridge Hill and Ballston, Forest City currently has joint ventures with QIC at eight other regional malls: Victoria Gardens in Rancho Cucamonga, California; Charleston Town Center in Charleston, West Virginia; Mall at Robinson near Pittsburgh, Pennsylvania; Promenade in Temecula, California; Galleria at Sunset in Henderson, Nevada; Antelope Valley Mall in Palmdale, California; Short Pump Town Center in Richmond, Virginia; and South Bay Galleria in Redondo Beach, California.
About Forest City
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $10.0 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.
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, its ability to remain qualified as a REIT, the possibility that the anticipated benefits of qualifying as a REIT will not be realized, or will not be realized within the expected time period, its inability to meet expectations regarding the accounting and tax treatments of qualifying as a REIT, the impact of issuing equity, debt or both to satisfy its E&P Distribution and any other future distributions it is required to make as a REIT, the impact of the amount and timing of any future distributions, the impact of covenants that would prevent it from satisfying REIT distribution requirements, its lack of experience operating as a REIT, legislative, administrative, regulatory or other actions affecting real estate investment trusts, including positions taken by the Internal Revenue Service, the effect on the market price of its common stock following its conversion to REIT status and the E&P Distribution, the impact to its deferred tax liability balance upon conversion to REIT status, the impact of current lending and capital market conditions on its liquidity, its ability to finance or refinance projects or repay its debt, the impact of the slow economic recovery on its ownership, development and management of its commercial real estate portfolio, general real estate investment and development risks, using modular construction as a new construction methodology and owning a factory to produce modular units, vacancies in its properties, risks associated with developing and managing properties in partnership with others, downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts and other armed conflicts, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, effects of a downgrade or failure of its insurance carriers, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, changes in federal, state or local tax laws, volatility in the market price of its publicly traded securities, inflation risks, litigation risks, cybersecurity risks, cyber incidents, its ability to achieve its strategic goals are based on significant assumptions, and its ability to complete non-core asset sales, as well as other risks listed from time to time in the company's SEC filings, including but not limited to, the company's annual and quarterly reports.
SOURCE Forest City Realty Trust, Inc.