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Forest City's strategic review to end before March 21

Forest City Realty Trust Inc. said that its strategic review, launched in September 2017, will conclude before March 21, the date to which it has extended the window to nominate a director candidate.

The diversified real estate investment trust said it does not intend to comment further on the strategic review unless it is appropriate or required by law. It has not announced the date for its 2018 annual stockholder meeting.

The REIT initiated a review after Jonathan Litt, the founder and chief investment officer of activist shareholder Land & Buildings Investment Management LLC, attributed Forest City's underperforming net asset value of $27 per share to the company's board. He said the current 13-member Forest City board, which in his view displayed a tangled web of nepotism with four members of the founding family, needed a special committee to produce interest from multiple credible buyers in hopes of getting Forest City's shares to at least the midpoint of its net asset value.

Forest City said it September it would consider an accelerated and enhanced operating plan; structural alternatives for the company's assets; and a potential merger, acquisition or sale.