Forest City Realty Trust Inc.'s stockholders approved a proposal to create a single class of stock, eliminating the company's dual-class share structure, and elected two new independent directors to the board.

The election of Z. Jamie Behar and Craig Macnab to the board increases the number of independent directors to eight.

In a letter addressed to stockholders, the board and management team acknowledged the "significant undervaluation" of the company's stock and said the team will oversee the implementation and improvement of the company's long-term plan to create value.

In addition to other priorities, the sale of the retail portfolio was cited as one of the board's short-term strategic goals.