Forest City Enterprises (FCE.A)(FCE.B) is still a company in transition. It is hard to say that the transition has gone unrewarded, as the stock is up more than 70% from its October 2012 lows and up almost five times from its early 2009 trough. Even so, the company's move from operating as a highly-leveraged property developer to a more focused and income-oriented REIT-type company seems to have more value yet to give.
Forest City has a lot of positives going for it. The company is well-diversified, with a third of its net operating income coming from its office properties, another third from retail, and about one-quarter from multi-family residential (apartments). The company is also geographically...
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