Forest City Enterprises, Inc., (NYSE: FCEA) said Jan. 13 that its Board of Directors has approved a plan for the company to operate as a REIT beginning in 2016.
Publicly traded since 1960, Forest City currently has C-Corp status and is considered a real estate operating company (REOC). The company’s portfolio is focused on urban real estate assets in the office, retail and apartment sectors.
The announcement boosted the price of Forest City stock. After closing Jan. 13 at $ 22.21, Forest City shares closed at $ 24.72 on Jan. 14.