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Forest City Announces Joint Venture with Health Care REIT for University Park Life Science Properties
Date:2/22/2010

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Under the terms of the joint venture, Health Care REIT will acquire a 49 percent interest in the seven University Park life science properties owned solely by Forest City.  For its share of the joint venture, Heath Care REIT will invest $170 million in cash and the joint venture will assume $320 million of secured debt on the seven buildings.  Subsidiaries of Forest City will retain 51 percent ownership in the properties and will serve as asset and property manager for the joint venture.  The first-stage closing, announced today, includes six of the buildings, valued at $610 million.  Closing on the seventh building, valued at $58 million, is expected during the second quarter of 2010, subject to third-party consents.  All seven buildings are currently 100 percent leased. The transaction's implied valuation represents a 7.6 percent cap rate on projected 2010 net operating income for the properties.

"We're thrilled to launch this new venture with Health Care REIT," said Charles A. Ratner, Forest City president and chief executive officer.  "Today's announcement demonstrates both our ability to create liquidity by monetizing elements of our portfolio, and the intrinsic value
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SOURCE Forest City Enterprises, Inc.
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