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Welcome to Built On Purpose: Reinforcing Our Foundation, To increase accountability, we improved our sustainability To minimize our impact on the environment and
our 2014 Corporate Social Responsibility (CSR) report. governance structure by forming a Corporate Social maximize the benefits we deliver to our stakeholders and
Responsibility Advisory Council. The council, which is communities, our corporate and property management
At Forest City, our shared commitment to corporate comprised of leaders representing various business units teams achieved significant reductions in both energy
responsibility is rooted in our core values and brought enterprise-wide, informed our CSR report content, current consumption (8.9 percent) and greenhouse gas emissions
to life by our talented associates, who work every day strategy, future roadmap and resulting communications, (10.5 percent) across the company’s comparable portfolio.
to serve our residents, guests, tenants, partners and and approved the process for conducting a materiality
communities. Their innovative and consistent efforts to assessment in 2015. You can learn about these achievements and more – all
create shared value and stronger relationships with all of made possible by our talented associates – by reading
our stakeholders drive our success as an organization. To continue fostering diversity and inclusion and our full CSR report, available on this site. If you have any
empowering our associates, we launched two new questions, ideas or feedback, please contact us.
As an owner, developer and manager of exceptional real resource groups for our associates – United Way Young
estate, we have the tremendous privilege of creating the Leaders, a skills-based volunteering group, and Unidos, a
places and spaces where people experience their lives. Hispanic associate group. We also supported Gay Games
With that privilege comes the responsibility to ensure 9, an international sporting and cultural event, through
that our apartments, retail centers, office buildings and direct financial support, associate volunteering and in-kind
mixed-used communities create shared value for local donations as a platinum sponsor.
communities.
To drive the adoption of more sustainable practices in our
In 2014, we challenged ourselves to further demonstrate industry and throughout our value chain, we built upon our
our commitment to corporate responsibility by increasing supplier diversity program, setting and achieving ambitious
accountability, empowering associates, driving sustainable goals, while also implementing a new procurement policy
practices and maximizing the benefits we deliver to our that more formally aligns with our core values.
stakeholders and communities.
“At Forest City, our goal is to have a real and positive impact in our communities, not only through transformational
real estate, but also through corporate philanthropy, skills-based volunteering and in-kind contributions. We’re
committed to getting involved, giving back and being a force for good in the communities we serve.”
Jill Ziegler, Director of Sustainability and Corporate Responsibility
EXPERTISE
development and well-being of our associates.
URBAN INFILL COMMUNITY We support and promote both corporate and individual civic
INVOLVEMENT involvement in our communities through our investment
ADAPTIVE REUSE
of capital, spirit and personal effort for the benefit of our
residents and our associates.
Our core values are the foundation of our identity as a responsible TEAMWORK We place the highest priority on the collective interests of
organization. They guide our daily business decisions, reinforce the enterprise with the understanding that this can only be
achieved through effective cross-functional communication,
our relationships with stakeholders and build upon the elements collaboration and decision making.
that create a thriving culture at Forest City.r
ECONOMIC PERFORMANCE
STRONG
growth FIVE one
We invest in projects with
high NEW
Portfolio
potential
Performance in
Regional Mall
multifamily
apartments
Total
Year Ended Year Ended Year Ended
12.31.14
* In 2013, Forest City transitioned our fiscal year-end to December 31 from January 31. As a result, 2013
12.31.13 1.31.13
Revenues $966M $998M $1.48M
revenue represents the 11 months ended December 31, 2013.
from
Real Estate Operations
On January 13, 2015, we announced that our Board of Directors approved a plan to
pursue conversion to REIT status, with the goal of electing the status for the taxable
year beginning January 1, 2016. Benefits of the transformation include greater
alignment with the majority of our publicly traded peers, exposure to an expanded
universe of investors, opportunities for inclusion in major industry indices and
improved accessibility to capital markets. Forest City’s core values and commitment
to corporate social responsibility remain steadfast during this monumental transition
in our organization’s history.
$41.7 million
our Integrative Design Services (IDS) and expectations for supplier conduct,
group is collaborating with procurement including criteria for sustainable sourcing,
to incorporate the purchasing of more environmental regulation, and labor and
sustainable materials into our buildings, human rights.
including LEED compliant vendors for with diverse suppliers in 2014
our goal
with diverse suppliers in 2015
is a 1% increase
KEEPING OUR ASSOCIATES,
TENANTS AND DATA SAFE
AND SECURE
To ensure the safety of our tenants, we
meet or exceed compliance with all
local codes and have created robust
design and operations standards. For-
est City has internal safety and security
manuals accessible to associates at
all times for guidance on the proper
day-to-day operation protocols for our
business and properties.
PHILANTHROPY
Forest City emphasizes philanthropic efforts that support local neighborhoods in our headquarter city of Cleveland,
in our core markets, as well as in the communities surrounding our properties.
Charitable giving
We support our associates’ contributions
of time and talent to strengthen our
communities. Our goal is to fund
37%
in our communities. Areas of philanthropic
focus include civic, culture and art,
24%
education, economic development, health
6 | FOREST CITY CSR REPORT: EXECUTIVE SUMMARY
9% 16%
and welfare and diversity.
9%
9%
5% of charitable donations
supported diversity initiatives
across areas of giving.
Civic Culture Education Economic Health Discretionary
$250,000
+ Art Development + Welfare
Founded by two associates in 2004, Jeans Day for Charity allows associates raised
over
to wear jeans to work on Fridays for a $5 donation, which benefits non-profit
organizations. Forest City’s Cleveland associates have been empowered
to raise more than a quarter million dollars for over 130 national and local
organizations since the inception of the program.
supporting 130+ Organizations
The Gay Games
In August 2014, Cleveland, Ohio,
made history as the fourth U.S. city
to host the international Gay Games.
The Gay Games invite participation
from all athletes, regardless of sexual
orientation, race, gender identity,
sex, religion, nationality, ethnic origin,
political beliefs, athletic or artistic
ability, age, physical challenge or
health status.
50 169
associate competency
volunteers participants
COMMUNITY DAY
Community Day has inspired
meaningful relationships between
Forest City associates and community
organizations year-round. This
year, more than 1,000 Forest City
associates nationwide participated in
the company’s 11th annual Community
Day on May 9, a paid day of service
benefitting non-profit organizations
at nearly 70 locations across the
country. More than 60 associates
nationwide serve as site organizers to
connect Forest City volunteers with
agencies whose missions reinforce
our core values, and to coordinate
specific projects that provide essential
community services.
8 | FOREST CITY CSR REPORT: EXECUTIVE SUMMARY
over
1,000
associates
at nearly 70 locations
Strength in Partnerships
TENANT ENGAGEMENT
Minority
33%
In 2014, Forest City managed
the construction and third-party
inspections of the Tingey Street
Diversion Sewer with the District of Business Enterprise
5%
Columbia Water and Sewer Authority.
Woman-owned
The Clean Rivers Project was
designed to reduce sewer overflow
Business Enterprise
into the Anacostia and Potomac Rivers
and Rock Creek. The system has an
expected lifespan of 100 years and contractor participation
includes a 1,200-foot-long, 72-inch
diameter tunnel that runs directly
under The Yards, one of our mixed-use
developments along the Anacostia
River. The Diversion Sewer improves
existing water and sewer infrastructure
by providing additional containment
capacity, preventing untreated sewage
10 | FOREST CITY CSR REPORT: EXECUTIVE SUMMARY
OUR ASSOCIATES
Our Culture
Forest City’s culture of empowerment is
fundamental to attracting and retaining
skilled associates, who drive innovation,
process improvement, business continuity
and enduring success for our organization.
Associate Diversity Wellness
and Inclusion Forest City’s wellness program, HealthyRoads, was established in 2013 with the goal of making healthy living a
Diversity and Inclusion is one of our component of our culture and empowering associates to manage their personal health and wellbeing.
core values, and one that empowers our
associates to generate positive change In 2014, we strengthened our HealthyRoads program by increasing overall participation incentives and awarding
in our communities and workplace. prizes for two annual wellness challenges. Approximately 400 associates completed personal health assessments
A diversified workforce reinforces in 2014, which is consistent with 2013 engagement levels. Participation in biometric screenings increased 44
our foundation by strengthening our percent in 2014, which provided 245 associates with information to better understand and manage current and
capabilities for understanding our potential health concerns.
various stakeholders and delivering on
their distinct needs. We aspire to be
2014
industry leaders in our capacity to recruit Participation in
biometric screenings
and retain associates with different
! ! INCREASED 44%
participation
perspectives who will help us perform in a ! in 2014
High Obesity
more effective, competitive and thoughtful Blood High
Cholesterol
manner.
Approximately 400 associates
completed personal health
Engagement and Culture assessments in 2014,
12 | FOREST CITY CSR REPORT: EXECUTIVE SUMMARY
#11
TOP WORKPLACE
LIFECYCLE
Our teams are working toward managing the entire lifecycle of
our properties, from development and construction through,
OF A BUILDING
center-led processes and tools that ensure our design and
construction and operational strategies are implemented.
Sustainability is embedded in our corporate Together, the following teams comprise
strategy of creating purposeful, mixed-use our building design and facility operations
developments in dense urban markets, capabilities which enable Forest City to
DESIGN
and is reflected in our building design, increase institutional knowledge about
construction and ongoing operations. Forest our portfolio and strive for operational
#11
• Construction
OPERATIONS
GREENEST COMPANY
• Development
• Operations
Commercial Property
Executive magazine
Forest City debuted at number 11 out of 26 companies on Commercial Property Executive magazine’s list of Greenest Companies. The Greenest
Companies list was determined using a self-reporting survey in which companies were evaluated on their performance in categories including
operational practices, number of dedicated sustainability personnel, industry specialization and levels of current and planned LEED certifications.
Energy Star® Ensuring Green Building Accountability
We achieved the ENERGY STAR® label Across our portfolio, we use third-party certifications and reviews to increase
for five additional properties in 2014, accountability, validate our design and operations strategies and ensure we are
and are actively pursuing certification producing and managing best- in-class buildings in alignment with emerging
for others in 2015 and beyond. In 2014, technologies. We build to LEED specifications, pursue the ENERGY STAR® label
Forest City received an ENERGY STAR for our existing properties and seek BOMA 360 designation for sustainability
Certified Homes Market Leader Award accomplishments in building operations and management.
for Stapleton, a mixed-use develop-
ment in Denver, Colorado. Stapleton Leadership in Energy and Environmental Design (LEED)
built 503 ENERGY STAR certified With an increase in development activity in 2014, we continued our adoption
homes in 2014, which will collectively, of LEED criteria for new construction and required all new projects to use LEED
save buyers approximately $120,900 Silver certification as a design framework. All project teams incorporated best-
on utility bills each year. in-class green building practices and 95 percent of our current developments
are targeting LEED Certification. In addition to our 18 LEED certified projects, we
The environmental benefits of the currently have 13 developments targeting LEED certification upon completion and
ENERGY STAR certified homes are achieved LEED Gold certification at Radian apartments in 2014.
equivalent to reducing CO₂ emissions
by 850 metric tons, or Building Owners and Managers Association International
179
(BOMA) 360 Performance Program
16 | FOREST CITY CSR REPORT: EXECUTIVE SUMMARY
removing
BOMA 360 promotes standards of operational excellence in commercial
properties by validating and recognizing best practices in building operations
and management, life safety/security/risk management, training and education,
passenger vehicles from the road energy, environment/sustainability and tenant relations/community involvement.
avoiding growing
Forest City currently has 13 BOMA 360 designated buildings in its portfolio and
will be pursuing validation for additional properties in 2015.
1,976 21,629
barrels tree seedlings
of oil for 10 years
DESIGN AND CONSTRUCTION OPERATIONS
To ensure the high quality and optimal financial Our team of experts performs facility and systems
performance of our new project pipeline, IDS engineering for major renovations, creates and
leads and influences design decisions, introducing supports technology platforms and manages Energy & Sustainability
Standard Operating Procedures
TASK FORCE
innovation and lowering the overall cost of energy and utilities. In 2014, we formed a business
delivery by tracking trends and disseminating unit task force to develop Energy & Sustainability
institutional knowledge to project teams. Our Standard Operating Procedures. The task force is
strategy is realized through our Design Standards identifying and documenting company-wide best
for New Developments, which align with LEED practices for sustainable building operations and
standards and provide guidance on HVAC equipment maintenance, which will be shared
systems design, lighting densities, building company-wide.
materials selection, sustainable construction
practices and waste management.
Baseline 2013 Actual 2014 Actual vs. Baseline % Change vs. Baseline
ENERGY PERFORMANCE
REDUCED
Forest City set a goal to reduce energy
reduced greenhouse
8.9%
use by 2 percent per year from our
10.5%
2010 baseline. Through year-end 2014, energy
gas
we reduced our total energy portfolio EMISSIONS
consumption by 8.9 percent. consumption
WATER
3,621
Forest City began benchmarking
in tons
water use in 2013, establishing our
first clear data set. Based on the
results of this exercise, we prioritized
WASTE DIVERSION
and completed 38 water efficiency
projects in 2014. We are investigating
18.6%
additional strategies for reducing water
with the intent of setting formal water
conservation goals in 2015
RECYCLED WASTE
WASTE AND RECYCLING
Forest City is committed to reducing
waste generation during building
development and daily operations.
In 2013, we conducted a successful
pilot program in collaboration with our
national waste broker to maximize
the efficiency of waste collection
RENEWABLE ENERGY
Forest City has 12 major renewable
energy facilities constituting 22,000
MWH per year in production and $2.2
million net operating income.
CSR.FORESTCITY.NET
50 PUBLIC SQUARE
CLEVELAND, OHIO 44113
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