Forest City 2016 Corporate Responsibility Report

The Power of Place
Whether it’s a master-planned, mixed-use project like The Yards in Washington, D.C., or an iconic o ce tower
like the New York Times building in Manhattan, our projects and properties foster a distinctive sense of place
that connects people, empowers businesses and energizes communities.
That core capability and enduring purpose—to create sustainable value by envisioning, owning and
operating places where people, businesses and communities thrive—is what di erentiates Forest City. It is
what we mean by realizing the power of place, the theme of this report and a foundational element of our
Forest City brand.
Our company’s legacy of visionary placemaking is something we are proud to continue through our unique
development and exceptional property management capabilities, ensuring that our communities bring
people together and have the optimal mix of amenities, service and connectivity to the surrounding areas.
CR Integration & Performance

Our mission to create sustainable value by envisioning, owning and operating places where people,
businesses and communities thrive drives us to operate with the goals of our cities and stakeholders in mind
and maintain a constant focus on improving the environmental performance of our buildings.
To that end, we are currently developing a new greenhouse-gas reduction goal that will reduce the long-
term emissions of our entire portfolio. This new target will align with the long-term GHG goals of our core
markets, ensuring that our developments will help our cities achieve their goals of providing clean air to
future generations.
Our constant e orts to enhance our goal setting, tracking and reporting on CR issues aligns with the
increased investor demand we’ve seen for transparency and performance in the space. Our continual
stakeholder engagement and robust reporting of our progress re ects the integration of CR into our
business strategy, which we believe is a necessary element of attracting top talent and continuing our
successful relationships with our communities.
As we continue to build upon our CR progress, people are taking notice. In 2017, Forest City was named in
Equileap’s Gender Equality Global Report and Ranking (http://ir.forestcity.net/phoenix.zhtml?c=88464&p=irol-
newsArticle&ID=2290218) as one of the top-performing companies in the world for demonstrating progress
in gender equality. We were proud to be recognized for gender balance in leadership roles and programs
that promote gender equality and a commitment to women’s empowerment. We look forward to building
upon this success through our continued e orts in equal opportunity recruitment, our training and
development programs, exible work options and our Associate Resource Groups.
We invite you to read about our work and share our excitement as we continue to realize the power of place
and create sustainable value for all of our stakeholders.
Sincerely,
David LaRue
President and Chief Executive O cer
Focused Placemaking
Focused placemaking is our unique ability to create value in our core markets. We use our development and
operations capabilities to bring exceptional apartments, o ces and communities to life, consistent with our
vision to be the creative leader in realizing the power of place.
Our organizational alignment on the “what, how and where” of our business allows our talented associates to
focus on the “who”–the people who bring our communities to life and stand to bene t from the shared value
we seek to create. Because ultimately, “the power of place” isn’t a product on the shelf. It’s about people,
and the privilege we have as an organization of bringing them together every day. Our strategy and
principles help make it possible.
At Forest City, we develop, own and operate real estate that is highly integrated with surrounding
neighborhoods and fosters a compelling sense of place. We bring properties and mixed-use neighborhoods
to life that feature a strong balance of uses, including residential and o ce, and easily accessible amenities,
such as retail and green space. Our properties are connected with regional public transportation, resulting in
walkable, vibrant, inclusive places that bring people together.
To create places that enhance a community, we build strong, lasting relationships and public-private
partnerships. We understand that genuine, broad-based engagement with representation from the entire
community delivers a shared vision that one developer, city or government agency cannot achieve on its
own. Forest City is a long-term community stakeholder because we often own and manage our properties
for decades. We forge lasting partnerships with governments, nonpro t organizations and community
residents to create enduring bene t for communities for years to come.
Consistent with this approach, we focus on seven core urban markets where we operate and pursue growth
opportunities. At its heart, real estate is a local business, and strategically emphasizing these cities and
regions allows us to build stronger public-private partnerships and foster successful operating properties and
developments, all thanks to our talented and uniquely capable associates.
Livability*
Boston/Cambridge 64
Dallas 56
Denver 59
Los Angeles 53
New York 65
San Francisco 63
Washington, DC 61
*Average score of a representative set of Forest City residential properties located in the markets. Source: livabilityindex.aarp.org
(https://livabilityindex.aarp.org/)
2 0 1 6 C O R P O R AT E R E S P O N S I B I L I T Y R E P O R T
FOCUSED PLACEMAKING
Building Lifecycle: Sustainable Development

Forest City creates great places and experiences. We believe that successful placemaking requires us to be
di erent—to listen more, think harder, deliver better and foster stronger partnerships—with communities,
residents, civic leaders and partners. The result is a portfolio and pipeline of apartments, o ce buildings and
mixed-use neighborhoods in dynamic U.S. cities that are innovative, connected and authentic. Because we
are actively engaged in each project and property, we see unique opportunities, leverage our world-class
capabilities and provide superior service.
Forest City primarily develops buildings that we plan to manage long term. We align our lifecycle approach
with our core markets’ long-term sustainability and economic development goals to ensure our properties’
continued vitality. Through our thoughtful, integrated approach to building design and management, we
contribute to the resiliency of urban areas facing the impact of climate change and fewer natural resources.
Green Building Development

Forest City creates thriving, mixed-use developments that enhance the sustainability e orts of our core
markets. The decisions we make today in designing our properties help ensure sustainable value for Forest
City, as well as the communities where we do business. We support the sustainability goals of our core
markets through an active and thoughtful approach to each development project. This approach sets us
apart in creating shared value for Forest City and our communities.
We develop in dense, urban areas where the built environment contributes a large proportion of the GHG
emissions of major cities. In addition, there is signi cant demand within our core markets for greater access
to a ordable housing, public transportation, public green space and local and diverse employment
opportunities. Many of our core markets have stated public goals aimed at addressing these issues over the
next several years. For this reason, Forest City creates thriving urban centers and properties within our
markets that provide key amenities near the places where people live and work. In addition, through our
continued focus on green building standards such as LEED and ENERGY STAR, we help contribute to a
lower carbon footprint for our markets. Reinforcing Forest City’s commitment to sustainable development are
several signi cant goals:
Achieve a 35 percent baseline improvement for all new construction compared to the Energy Policy Acts
of 1991 and 2005 minimum ow and ush performance standards
Achieve water savings of 25 percent beyond accepted industry standards for our landscaping irrigation
systems
Divert 75 percent of construction and demolition waste and 100 percent of land clearing debris and
excavated soil from land lls (all Forest City contractors are required to develop waste management plans
and track their progress during each new construction development)
Design new properties to accommodate recycling glass, metal, plastic, paper and cardboard generated
during operation
Specify ENERGY STAR products in all new development and construction projects
Design new properties to comply with our internal Design Standards, which align with LEED Silver
certi cation, at a minimum
Highlights include:
Green Building Certi cations: In 2016, 11 buildings under development (totaling nearly four million square
feet) were targeting LEED certi cation, equivalent to more than 92 percent of total new construction
square footage. As an urban mixed-use developer, we maintain a strong focus on frameworks such as
LEED. We seek to strike a balance between ful lling our public partners’ needs, meeting our internal
sustainability targets and delivering a great experience for all users of the property. However, pursuing our
sustainability goals does not always require obtaining speci c green building certi cations.
Healthy Buildings: All of Forest City’s new properties require tenant health and safety design components.
These features can include air ltration systems, increased daylighting in tenant areas, tness centers and
easy access to green space. We enforce smoke-free policies throughout our buildings and work with
vendors to ensure our paint, janitorial supplies, pest control processes and other factors that a ect indoor
air quality comply with LEED standards.
Sustainable Design Standards: Our Development Design Standards are rooted in LEED speci cations, yet
customized to provide us with exibility to accommodate the unique nature of our mixed-use
developments, adaptive reuse projects and diverse property types. In 2016, our IDS team made signi cant
revisions, including the addition of new guidelines regarding construction materials and unit design that
support LEED certi cation.
Innovative Technologies: Integrating new and e cient technologies across our portfolio helps minimize
Forest City’s operating and maintenance costs and lowers our buildings’impacts on the surrounding
environment. In addition, many of the new building systems we incorporate enable residents and tenants
to have greater comfort and control within their spaces, including in-unit smart thermostats, Wi-Fi/cellular
integration and electric vehicle charging stations.
FOCUSED PLACEMAKING
A ordable Housing
Forest City embraces a ordable housing as an important component of our development approach that
provides direct social and economic value to the community. These bene ts includes stronger social
diversity and enhanced access to jobs and upward mobility for low-income families. Our continued
commitment to a ordable housing strengthens Forest City’s ties to cities and other public entities, many of
which have goals for expanding access to a ordable housing in their regions.
A ordable Housing Metrics (Multifamily Residential)
2015 2016
Total # of units 9,425 7,504
Total # of projects
120 115
(that include a ordable)
FOCUSED PLACEMAKING
Supplier Diversity
Forest City’s focus on a diverse supplier base helps us better execute our strategy and bene ts the
neighborhoods we serve. By embracing diversity in both our operating properties and new construction
projects, we are able to have a meaningful impact on the surrounding community and better respond to the
needs of our tenants and residents.
Whenever possible, Forest City aims to exceed local or regional supplier requirements during both the
construction and maintenance of our properties. For all new construction projects without a local
requirement, we set our own internal supplier diversity and hiring goals.
We increasingly use our procurement contracts and community bene t agreements as instruments to
achieve diversity and inclusion requirements in our projects. For example, in developing the Paci c Park
project in Brooklyn, New York, Forest City awarded 30 percent of our contracts to women- and minority-
owned businesses.
Our supplier diversity program aligns with national organizations such as the National Minority Supplier
Diversity Council and the Women’s Business Enterprise National Council. We set internal targets that support
the growth and success of minority- and women-owned businesses. In 2016, we set a goal of eight percent
for enterprisewide, Procurement-directed diversity spending. We are proud to have exceeded this goal,
attaining 10.25 percent diversity spend with minority, women and/or veteran business enterprises. We
achieved this diverse spending growth through our procurement initiatives, for example, we require at least
one diverse contractor to be included in the bidding process for all projects larger than $10,000. Forest City
also utilizes a supplier locator tool through CVM Solutions, which o ers a database of diverse vendors that
can be sorted by region to evaluate and select locally based suppliers for our projects.
Forest City Exceeds Diversity Targets at the Yards
The Yards is the largest public-private partnership in Washington, D.C., with a present-value local revenue impact of
more than $1 billion. An estimated 10,500 full-time, permanent jobs and approximately 1,000 full-time construction
jobs are expected to be created at The Yards, and we are pleased to see many of these jobs go to local residents
and businesses.
In developing The Yards, Forest City met its goal of ful lling 51 percent of all new jobs created through the First
Source Hiring Program, which connects economically disadvantaged individuals to available jobs. We also
continued our participation in the Certi ed Business Enterprise (CBE) Program, which provides contracting
preference for local businesses. In 2016, we exceeded our goal of achieving 35 percent CBE contract participation.
Forest City also facilitated a training program for D.C. residents to become quali ed applicants for a variety of retail
and service jobs o ered by tenants. This program helped retailers at The Yards meet their local employment goals.
For example, grocer Harris Teeter hired 300 local residents and exceeded their goal of retaining more than 70
percent of these new hires for more than six months.
FOCUSED PLACEMAKING
Political Activity
Forest City supports candidates and ballot issues at the local, state and federal level that align with our
strategic objectives and core values. We pursue a bipartisan strategy and provide support to members of
both major political parties - from the company and through our political action committee, Forest City United
for Sensible Government Political Action Committee (FOCUS PAC). We target our lobbying and political
spending to drive economic vitality in the markets we serve and to bene t initiatives that create value for our
stakeholders and communities. Candidates who receive political contributions from Forest City must
demonstrate alignment with our core values and a commitment to the communities where we operate.
We rigorously monitor all political activity to ensure we remain in full compliance with all relevant laws and
regulations. Our Legal Department reviews all political giving requests prior to approving any contributions.
In addition, the Corporate Governance and Nominating Committee of the board conducts an annual review
of all lobbying and political spending activities.
In 2016, the majority of our political contributions supported ballot initiatives for schools, housing and
education.
2016 Political Spending
Corporate FOCUS PAC
Political Parties $0 $10,000
Candidates $8,200 $21,600
Political Action Committees $25,600 $0
Ballot Issues $22,500 $5,000
Social Welfare Nonpro ts* $30,000 $0
*As de ned by Section 501(c)4 of the Internal Revenue Code.

Our community outreach programs before and during development include civic engagement, public
meetings, emails, door-to-door canvassing and community hotlines. These actions often go well beyond the
requirements outlined in our development agreements. We’ve demonstrated that this level of engagement
helps ensure the creation of long-standing, successful developments that are responsive to local needs and
complement and integrate with existing neighborhoods.
Community engagement doesn’t end when a new property opens. Forest City helps foster community ties
between our new and neighboring residents and tenants. We create neighborhood guides that direct people
to nearby amenities such as restaurants, grocery stores, entertainment venues and transportation. For
example, associates in New York City focused on enhancing transportation networks, including walking and
biking paths and ferry access, between the surrounding boroughs and our new Paci c Park property. Across
our portfolio, our building managers also host meet-and-greets with residents, tenants and visitors, and
organize events such as music festivals, rooftop movie nights, charity events, and farmers markets.
Volunteerism
Community Day 2016
Working to give back to our communities is an essential part of creating thriving, vibrant properties and
communities. Since 2004, Forest City has set aside an annual paid day of service for our associates to bene t local
organizations in need. This year, our associates came together once again to work on projects to help revitalize
their communities. Nearly 100 associates helped renovate the Gotham Professional Arts Academy in north central
Brooklyn. Associates joined with Rebuilding Together NYC to paint classrooms and o ces, make curtains for the
black box theater, assemble gym equipment and build an outdoor vegetable garden for students and educators. In
West Virginia, associates collected more than 250 children’s books to donate to a local daycare center and area
libraries a ected by recent ooding.
Hundreds of other Forest City associates throughout the country also worked with local nonpro ts to help on a
variety of projects. Below are some more organizations who bene tted from Community Day in 2016:
Dr. Theodore T. Alexander Jr. Science Center School in Los Angeles, California
Feline Conservation Center in Rosamund, California
Habitat for Humanity in West Portsmith, Ohio
Mary’s Center, a Federally Quali ed facility providing health care, family literacy and social services in
Washington, D.C.
Redondo Beach Public Library in Redondo Beach, California
Ronald McDonald House in Philadelphia, Pennsylvania
Stark County Park District in Stark County, Ohio
Urban Community School in Cleveland, Ohio
Western Reserve Hospice in Cleveland, Ohio
“Community Day is a special day at Forest City,” said MaryAnne Gilmartin, who leads the company’s New York o ce.
“It is when we come together, no matter what our role in the company, work hard and see the fruits of our labor in
one day. This is a wonderful opportunity and we are grateful to be a part of it.”
In addition to our volunteer e orts, Forest City creates signi cant and enduring social bene t through direct
corporate giving. Our four areas of focus include economic development, workforce preparedness, educational
attainment, and diversity and inclusion e orts in the communities where we operate. Several of our philanthropic
activities from 2016 are listed below.
More than 870 associates contributed 5,220 volunteer hours during our
13th annual Community Day
Better Together Program
Better Together is a companywide program established to give back to our local communities through volunteerism,
donation and raising awareness. The program is a way for us to celebrate everything that Forest City associates do
to enrich the lives of others.
Metro 417, a residential community in Los Angeles, is a perfect example of the bene ts of the Better Together
program. Metro 417 associates and residents have organized a charitable book club that meets monthly and is
available to all residents. For every resident that attends a book club meeting, Metro 417 makes a donation on their
behalf to the Los Angeles Public Library (LAPL) Adult Literacy Program. Residents are also encouraged to make their
own book and monetary donations. Due to the support of both Forest City associates and residents, Metro 417 has
plans to make a $1,000 donation to the LAPL.
Hispanic Heritage Scholarships
In September 2016, Forest City awarded three Hispanic college students in Cleveland, Ohio, with $1,000
scholarships. This donation is a result of our engagement with Esperanza, Inc., Ohio’s only nonpro t organization
dedicated to the promotion and advancement of Hispanic educational achievement. Esperanza selects scholarship
recipients based on academic achievement, demonstrated nancial need, volunteer and extracurricular involvement
and an in-person interview.
“Esperanza’s outreach stretches beyond Cleveland,” said Sara Gonzalez, executive administrative assistant and co-
chair of Unidos, Forest City’s Hispanic associate resource group. “Forest City’s core values of community
involvement and diversity and inclusion align with (Esperanza’s) e orts to lift communities to their highest potential
by investing in the future.”Since 2011, Forest City has supported Esperanza through both charitable donations and
volunteer e orts that support Esperanza’s vision of serving as a model of academic and community excellence. In
2016, Unidos members organized a school supply drive, resulting in the donation of more than 1,350 items.
Associates have also participated in Esperanza’s mentorship program and served on the organization’s scholarship
committee.
YWCA
The YWCA of Greater Cleveland’s mission is eliminating racism and empowering women. We provide
philanthropic support of the YWCA while also engaging associates in their intensive professional
development programs. In 2016, we selected two Forest City associates to participate in the following YWCA
leadership programs:
Quest is a program designed to increase leadership capacity, create intention toward career growth, and
enhance external networks with other professionals in the Northeast Ohio area. Each monthly session is
an opportunity to learn new strategies and skills, interact with peers and re ect on handling and solving
real-world workplace challenges.
Bootcamp is a program designed to help individual contributors overcome common workplace
challenges that women face as they climb the career ladder. The focus is on learning strategies to
capitalize on opportunities, increase con dence and enhance competence as a leader. Boot Camp is
uniquely structured to help build relationships, learn and test new ideas, and strengthen leadership
presence and capabilities.
Cleveland Leadership Center

Forest City provides philanthropic support to the Cleveland Leadership Center (CLC), and we endow an
annual college scholarship award for one student from CLC’s Look Up to Cleveland high school leadership
program. In addition, through our CLC partnership, we selected three Forest City associates to participate in
their leadership programs:
Bridge Builders is a program designed for mid-career professionals looking for ful lling and impactful
ways to advance the community. Cleveland Bridge Builders provides an environment that fosters
teamwork, growth and learning to create a transformative experience that prepares participants for a
greater role in the community.
Leadership Cleveland (LC) empowers recognized, senior-level leaders with knowledge, skills and
relationships to advance and deepen their community impact. Through LC, participants are deeply
immersed in community issues, develop collaborative leadership skills, establish a broader and more
diverse network of community-focused leaders and gain a deeper understanding of the complexities of
our civic system.
Onboard Cleveland is a leadership and civic development experience for early-career professionals who
have been with their employer and/or industry sector for ve years or less. The program enhances
communication skills, strengthens workplace presence and creates connections between the participants,
their employers and Northeast Ohio.
2016 Charitable Contributions by Category
Volunteer Activities of Associates at Forest City-Organized Events
2013* 2014** 2015*** 2016
Number of Associates 1,081 1,079 1,244 935
Total Number of Hours Volunteered 7,567 7,623 8,951 5,420
*2013 total includes Community Day only.

**2014 total includes Community Day and Young Leaders.
***2015 total includes Community Day, Young Leaders and Techie Club.
FOCUSED PLACEMAKING
Communications & Transparency

Because a signi cant majority of our new development projects involve public-private partnerships,
transparency and communication are essential to maintaining public support of our development projects. As
long-term owners and community members, we value open and honest relationships. We build trust through
frequent communication with our investors, community members, tenants, residents and associates. We seek
our stakeholders’ input and use their feedback to identify new opportunities that enhance our ability to
realize the power of place in our properties.
Tenant & Resident Communications

To strengthen the sense of community within our developments, we actively engage our tenants and
residents on a regular basis, particularly within our apartment communities. Each of our residential properties
utilizes several means of communication to organize and advertise community events and to promote new
amenities as they are made available. We encourage our residents to follow and engage with Forest City
properties on social media outlets, where our associates post news items and information on upcoming
events. Our social media accounts are also valuable resources for feedback on how to improve engagement
activities across our portfolio.
In addition to social media engagement, each Forest City apartment community utilizes a resident
communication system called Active Building, which allows our property management teams to connect with
all residents on a group or individual basis. Active Building messages can range from event reminders to
maintenance notices or serious safety alerts. Residents can also use Active Building to track package
deliveries, request repairs and other services, reserve building amenities and submit guest authorizations.
Some of our newer properties also display useful real-time data, such as current local tra c conditions,
arrival times of public transportation and weather reports.
Investors
We operate in an open and transparent manner to build and maintain trust with our existing and potential
shareholders. We provide increased transparency through our nancial disclosures and reporting to ensure
our investors better understand our focus on creating inspiring places to live and work. For example, we
have signi cantly expanded our annual Proxy Statement to include enhanced discussion of Diversity and
Inclusion, as well as a section dedicated to our CR activity.
Forest City also continues to enhance our stakeholder transparency through more detailed and robust CR
reporting. We began formally disclosing our CR activities in 2012 and progressed to a GRI G4 Core level CR
report in 2015. In 2016, we submitted our CR performance to the Global Real Estate Sustainability Benchmark
(GRESB) annual Real Estate Assessment for the second year in a row. We are pleased to report Forest City
received a Green Star rating from GRESB for performing in the top quartile among participants in our sector.
In 2017, we will submit our performance again to GRESB.
In 2016, Forest City received a Green Star rating from GRESB for
performing in the top quartile among participants in our sector.
Internal Communications
Our internal communications play a signi cant role in fostering positive morale in the workplace. We use
these channels to make sure associates are aware of and engaged with new and ongoing initiatives across
the company. Throughout 2016, executive leaders worked directly with the communications team to make
multiple announcements and host meetings and events related to the company’s organizational
transformation. Over the course of the year, Forest City held ve companywide Town Hall events, sent more
than 200 associate emails, and published nearly 100 news articles on MainStreet, our company intranet.
We also introduced a popular new communications tool in 2016 called the Team Meeting in Box. This
monthly resource is a part of our ongoing e orts to ensure we equip managers with the latest information
and resources needed to succeed in their roles. The meetings also provide a regular forum between Forest
City associate teams and their managers.
Forest City’s Change Sponsor program also continued to provide signi cant bene ts in its second year.
Under the program, we collected associate feedback and sentiment for Forest City’s change management
and communications activities. In 2016, associate scores increased across each of the survey’s dimensions
(Understanding & Communication, Leadership, and Behavior & Morale). The higher scores re ect our
associates' outlook about the state and direction of our company.
In 2017, we are excited to refresh the Forest City brand, complete with a new logo, website, mission, vision
and strategic principles. Moving forward, these elements will provide a robust platform for Forest City to
continue to engage associates and foster a thriving workplace culture.
Sustainable Growth
Sustainable Growth is our disciplined and strategic approach to making decisions, allocating capital and
managing future growth.
Our ability to bring exceptional o ce, apartments and mixed-use communities to life—and successfully own
and manage them for the long term—makes Forest City unique in our industry. Our work is focused in seven
core markets, where we have approximately 20 million square feet of entitled future development
opportunities. These markets are also home to an impressive operating portfolio, from which we generate
approximately 90 percent of our net operating income.
While we believe our future opportunities, properties currently under construction and operating portfolio set
us apart, we also know that our key to growth is strategically allocating capital to the highest and best uses
and continuing to strengthen our balance sheet by driving margin improvement and meeting our nancial
targets.
Our capital allocation plan follows a centralized process that utilizes a rigorous, data-driven approach,
analyzing opportunities in regard to our overall strategy, our nancial targets, expected return and market
conditions. This allows us to e ectively manage our entitled opportunities, maintain the high quality of our
operating portfolio and ensure that we realize our strategy of focusing on urban placemaking in our core
markets.
In alignment with our core value of integrity and openness, these e orts to create value are communicated
to shareholders with transparency and e ective governance top-of-mind. To maintain our stakeholders’
con dence in us, we cultivate diverse perspectives at the highest levels of governance of the company. We
implement protocols to protect our residents and tenants, our partners, and our own physical and virtual
security. We build strong programs for ethics and compliance so that our stakeholders understand that our
values are re ected in everything we do.
Overall, our principle of sustainable growth is our platform for maximizing our opportunities to create value,
empower our associates and have a positive impact on the people, businesses and communities we serve.
SUSTAINABLE GROWTH
Ethics & Anti-Corruption

Operating with Integrity and Openness—one of our core values—remains paramount to our business. Our
proactive approach to ethics and compliance strengthens Forest City’s relationship with our communities and
partners. Through the guiding principles of Forest City’s policies and programs, our associates uphold the
utmost integrity in their work every day.
Underscoring the importance of behaving in an ethical manner at all times, we require all associates and
board members to annually review and sign our Code of Legal and Ethical Conduct. Each year, our Legal and
Human Resources teams conduct and provide training sessions focused on key ethical behaviors and legal
requirements on topics such as insider trading, hedging and pledging, fair disclosures and records retention.
In addition, we conduct targeted training on important and relevant ethics and compliance issues. In 2016,
we reached our goal of 100 percent compliance with the Code of Conduct among all 2,078 Forest City
associates and board members.
In December 2016, Forest City entered into an agreement to eliminate the company's dual-class share
structure and also announced a number of other corporate governance enhancements and Board changes.
At the company's 2017 Annual Meeting, stockholders approved all matters before them, including the
proposal to reclassify the dual-class share structure and create a single class of stock with "one share, one
vote" rights.
Supporting Policies & Procedures

In addition to our Code of Legal and Ethical Conduct, we maintain several speci c policies and procedures
governing our approach to ethics and compliance, including policies and procedures governing insider
trading, related party transactions, con icts of interest, lobbying and political contributions, Regulation FD,
social media, anti-harassment and anti-discrimination, as well as other important topics. These policies,
among others, uphold our approach to accountability, legal compliance, ethical behavior and transparency at
the executive level. Also, complying with the Sarbanes-Oxley Act, all senior nancial o cers receive
additional training speci c to their roles and responsibilities. In addition, certain senior nancial o cers must
annually acknowledge receipt of and compliance with a separate Senior Financial O cer Code of Ethical
Conduct. Our Internal Audit department reviews our regulatory compliance on a quarterly basis and
conducts an annual assessment to ensure our approach and performance surrounding ethics and
compliance remains e ective. We take seriously any accusations of wrongdoing within our organization and
act quickly to take corrective measures.
Externally, we require each new supplier and all existing major suppliers to comply with our Supplier Code of
Conduct. Forest City actively manages and evaluates supplier performance against the terms of this policy,
and we evaluate our vendor agreements on a regular basis to con rm they remain mutually bene cial to
Forest City and our vendors. We have also adopted substantial enhancements to the Supplier Code of
Conduct, which now features additional standards related to health and human safety, and labor and human
rights, and enhanced provisions related to gifts and gratuities.
Ethics Hotline
We partner with Global Compliance as the third-party operator of our ethics hotline, which is available 24
hours a day, seven days a week, 365 days a year. The hotline serves as a venue for associates, partners,
customers and vendors to anonymously report concerns or behaviors of any kind that they feel may violate
Forest City’s policies or practices, or federal, state or local regulations. Each month, both the Legal
Department and the Audit Committee of the Board receive an anonymous summary report of all calls to the
hotline. We communicate all ethical or legal concerns shared on the hotline to Human Resources, Legal or
individual company o cers.
Our system allows hotline callers to receive updates on whether their matter has been resolved while
maintaining anonymity. Forest City has a strict non-retaliation policy for any reports of legal or ethical
concerns. In 2016, our overall call volume remained low, and the most common concerns raised on the
ethics hotline included allegations of workplace misconduct, such as favoritism and harassment. In
compliance with our Audit Committee-approved Investigation Policy, our General Counsel continues to
review each call and take appropriate action as needed.
2016 Ethics & Compliance Goals

Goal 1 Achieve 100 percent compliance with applicable Code of Legal and Ethical Conduct and other legal
policy acknowledgments
Goal 2 E ectively train associates on key components of Forest City’s ethical framework
SUSTAINABLE GROWTH
Cybersecurity
In an increasingly interconnected world, having insu cient cybersecurity can lead to severe legal and
nancial consequences. We have a responsibility to protect the security and privacy of data related to our
stakeholders, including our associates, residents, tenants and visitors. Our proactive approach to
cybersecurity takes into account not only our internal level of security, but also the security needs and
requirements of interacting entities.
We have implemented several measures to ensure an e ective balance between data security and data
accessibility. We require associates to complete cybersecurity training modules covering a range of threats
that can occur in the workplace. Our IT department conducts regular internal and external audits and risk
assessments, and monitors our network and infrastructure to identify and address potential issues before
they arise. Our cross-functional Cybersecurity Governance & Risk Council is comprised of IT professionals
and Forest City executives and managers. The committee assesses and prioritizes cyberrisks and meets
quarterly to evaluate Forest City’s performance toward reducing and managing these risks. The committee
also provides quarterly Cybersecurity updates to the Audit Committee of the Board of Directors.
The company requires 100 percent compliance with Forest City’s IT Security Policies among our associates.
We provide cybersecurity awareness training to all new hires during the onboarding process, and on a
regular basis to all associates throughout the year. Our goal is to ensure continual improvement in our
associates’ ability to deal with cyberthreats over time. We use periodic training modules to test associates’
cybersecurity awareness. Our IT department tracks the results and implements refresher training as needed.
Ongoing training ensures that our associates keep cybersecurity in mind at all times.
Forest City is an active member of the Northeast Ohio Cyber Consortium (NEOCC), a group comprised of
regional business leaders and IT professionals to address and mitigate cyberthreats across various
industries. The group meets monthly to report recent trends and share timely information on cyberattacks,
particularly at the local level. NEOCC members also discuss strategies to mitigate threats and identify best
practices and lessons learned.
SUSTAINABLE GROWTH
Board Diversity
An inclusive work environment fosters acceptance, respect, engagement and productivity. At Forest City, this
inclusive culture begins with our Board of Directors. Over the last 15 years, our directors have fostered a
world-class work culture that embraces diversity and inclusion. Two of the Board’s three standing committees
oversee Forest City’s diversity plan and progress.
Today, the Board remains committed to expanding the diversity of its membership. Diversity in gender, ethnic
background and geographic origin are primary attributes considered by our Corporate Governance and
Nominating Committee.
Eight out of 13 members, or 61.5 percent, of the Board qualify as independent under our governing
documents and the rules of the Securities and Exchange Commission and the New York Stock Exchange.
Our Board also has a non-executive chair, while 7.7 percent of members represent minority groups and 31
percent are women.
61.5% of our Board now quali es as independent and 31% of our directors
are women.
In December 2016, Forest City announced the retirement of Charles Ratner from the company and as
Executive Chairman of the Board, the resignation of Bruce C. Ratner from the Board, and the appointment
of James A. Ratner as Non-Executive Chairman of the Board. In April 2017, Z. Jamie Behar, CFA, was
appointed to the Board as an independent director to ll the vacancy created when Bruce C.
Ratner resigned from the Board. At the Company’s 2017 Annual Meeting of Stockholders, another
independent director, Craig Macnab, was elected to the Board to replace Stan Ross, who did not stand for
re-election. Z. Jamie Behar and Craig Macnab are two highly quali ed and accomplished real estate
executives with signi cant board experience.
SUSTAINABLE GROWTH
Corporate Responsibility Governance

O ce of the CEO, Board & Associates
In early 2016, Forest City completed conversion to a real estate investment trust (REIT), marking an important
milestone in the company’s ongoing transformation from a company known primarily as a real estate
developer to one with a balanced focus on owning, operating and developing high-quality properties in core
urban markets.
We believe the REIT structure supports our strategic direction as a company and enhances our ability to
create value for all stakeholders, including our residents, customers, partners, associates, investors and
communities. We are excited about this new chapter in Forest City’s history and look forward to leveraging
our strength in creating transformational real estate and dynamic, mixed-use communities.
In recent years, we have seen a marked increase in sustainability awareness among our stakeholders. Forest
City partners and investors are increasingly interested in our performance and management of key ESG
topics.
In response, we have strategically enhanced our internal and external approach to CR activities. As a result,
in 2015, Forest City’s executive leadership identi ed CR as a critical topic for the long-term success of the
company. One way in which we are improving our sustainability performance is through enhanced internal
transparency with Forest City executives and the Board of Directors.
Moving forward, our CR team will report their activities and progress directly to the O ce of the CEO. We
plan to expand the sustainability team’s interactions with the Board of Directors over the next few years.
These new internal processes will foster integrated CR strategies that contribute to reduced long-term risk
and improved top-line growth.
Corporate Responsibility Materiality Assessment
Stakeholder Engagement
Stakeholder
Engagement Type Engagement Frequency Engagement Objectives
Group
“FC Voices” associate survey Bi-annually
During on-boarding of
Orientation/onboarding program
new associates
Ongoing throughout the

Training and development programs
year
Performance Reviews Annually
To ensure that associates

Several times
Company-wide town hall meetings understand how their
throughout the year
individual contributions
Associates
improve our business and
Associate Resource Groups the lives of our residents,
year
tenants and communities.

Health and wellness program
year
Company-wide communications via Ongoing throughout the

email and MainStreet intranet portal year
Change Sponsor Program - survey to As needed during

collect associate feedback on Forest company reorganization
City internal communications and transition to REIT
Dedicated investor disclosures Quarterly
Quarterly earnings calls Quarterly
To build and maintain trust

Dedicated investor relations team with existing and potential
year
shareholders through
Investors increased transparency in
Annual Report and 10K Supplemental
Annually nancial disclosures as well
Package
as robust corporate
responsibility reporting.
Corporate Responsibility Report Annually
Annually or more
Investor meetings and events
frequently as needed
SUSTAINABLE GROWTH
Revenue
In 2016, we continued to pursue our strategy of driving operational excellence in our operating portfolio and
investing in entitled development opportunities in our core markets, while also divesting in non-core
properties and product types. Our approach strengthens our portfolio and balance sheet, and helps to
create sustainable value for our shareholders. We remain committed to investing in our core apartment,
o ce and mixed-use properties.
For a more detailed discussion of our 2016 nancial performance, please refer to our Annual Financial
Reports (http://ir.forestcity.net/phoenix.zhtml?c=88464&p=irol-reportsannual).
Total Revenues from Real Estate Operations (in thousands)
Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014
$929,483 $978,231 $849,357

Exceptional Performance
Exceptional Performance is our pursuit of best-in-class operations and processes that support a thriving
workplace culture, allowing our associates to achieve their full potential, deliver excellent customer service
and create value for all stakeholders.
These e orts are reinforced by our core value of Accountability and our commitment to high performance
standards and holding ourselves individually and collectively responsible for meeting our objectives.
It starts with our associates and our shared e orts to make Forest City an empowering, engaging, healthy
and welcoming place to work and grow a career. We do this through a strategic approach to talent
management focusing on the issues that associates value the most, including interactive training,
progressive bene ts, holistic well-being, commitment to diversity and more. Our investment in associate
engagement and development programs contributes to a mindset of leadership and continuous
improvement throughout our organization.
Empowering our people allows us to deliver results for our residents, tenants, visitors and communities. As a
real estate developer, owner and operator, it is essential that we create and deliver high-quality experiences
that bring people together and foster the power of place. We accomplish this through exceptional customer
service, e ective management of natural resources and reduction of environmental impact, the protection of
personal/con dential information, and the consideration of a property’s entire lifecycle in every decision
made.
Ultimately, we believe that focusing on the execution of our strategy and the shared success of our company,
our associates and our communities drives our nancial success and provides a platform for sustainable
growth.
Black/ His/ Haw/ Amer 2 or Not
Male Female White AA Latin Asian Pac In more specified
Administrative
44 2% 282 14% 201 58 37 13 1 16
Support Workers
Craft Workers 271 13% 4 0% 142 53 64 6 2 1 7
Operatives 5 0% 0 0% 2 2 1
Laborers & Helpers 215 10% 53 3% 50 88 120 7 3
Service Workers 121 6% 28 1% 32 86 26 3 2
Contracted Police,
Interns, 89 4% 9 0% 66 17 11 1 3
Temporary Workers
Total 1252 60.3% 826 39.7% 1240 387 310 76 5 2 54 4
Associate Resource Groups

We empower our associates to generate positive change in our communities and workplace by providing them
opportunities for both career and personal growth. Since 2012, our Associate Resource Groups (ARGs) have
supported this e ort by providing an inclusive network for associates to collaborate and empower each other.
The program continues to be a popular resource, with hundreds of Forest City associates participating in one or
more of the ARGs listed below. Some 2016 highlights of the ARG program include:
Young Leaders contributing 200 volunteer hours to local nonpro t organizations, leading to a total economic
impact of nearly $8,381. Their volunteer e orts included lling backpacks with nutritious food for kids at the
Greater Cleveland Food Bank and raising funds for cancer research through the Cleveland Clinic’s VeloSano
bike ride.
Unidos participating in a volunteer day at the Convención Hispana in Cleveland, hosted by the Hispanic
Roundtable. Members also organized Hispanic Heritage Month celebrations, including a reception at our
Cleveland o ce and a Washington Nationals baseball game in Washington, D.C.
WE LEAD hosting a Dress for Success philanthropic event in Boston, where members could shop for and/or
donate professional attire.
Unidos
Unidos, our Hispanic Associate Resource Group, brings associates together to share knowledge, drive
innovative solutions, and promote cultural awareness of the Hispanic community. Unidos creates educational
opportunities, works with the community and brings associates together with pride and purpose. The group
o ers translations, Hispanic market insight, focus groups and cultural competency, all of which bene t Forest
City’s culture and business.
WE LEAD
Forest City’s rst ARG, Women’s Excellence in Leadership, Education, Advancement and Development (WE
LEAD), has 329 total members representing women at all levels of the company. Our members connect with,
inspire and engage Forest City’s women with meaningful programming and networking opportunities. WE
LEAD’s main objectives are to:
develop and leverage the network of Forest City women to improve cross-business knowledge and sharing;
integrate their perspective and experiences to support, inform, and develop company initiatives; and
o er personal and professional development opportunities for women through education, training and
sponsorship.
Young Leaders
Established in 2014, the Forest City chapter of the United Way Young Leaders exempli es our core value of
community involvement. We foster personal and professional growth in our young associates. Young Leaders
help create lasting impact on the community through volunteerism, educational opportunities and networking
events.
AACCEL
African Americans Connecting and Creating Excellence and Leadership (AACCEL) has members across 12
states. Over the last four years, AACCEL has highlighted the accomplishments of its members as it promotes
networking and collaboration through meaningful programming and development experiences. AACCEL creates
opportunities for associates to gain additional skills and network with colleagues and senior leaders. We support
Forest City’s recruitment and retention e orts of African Americans and help facilitate connections with the
community through outreach and support programs.
EXCEPTIONAL PERFORMANCE
Health & Wellness

Associate Health & Wellness
We promote the health and well-being of our associates through our membership with the Health Action
Council, a nonpro t that serves as a resource and advocate for employers o ering health and wellness
bene ts to improve the quality, safety, e ciency and a ordability of healthcare. Through the Council’s
resources, we educate our associates while providing e ective plans for our workforce.
Healthyroads Program
Our Healthyroads wellness program lowers healthcare costs for the company and helps to educate our
associates about common health issues, lowering their risk of developing serious health conditions. The
program includes tness challenges sponsored by Forest City, lifestyle coaching sessions, online educational
resources and preventative medical visits. When participating associates complete various healthy activities,
they receive points that can be used for rewards.
More than 1,300 associates participated in our Healthyroads wellness program throughout the year. Our
voluntary wellness program is open to all associates, their spouse or partner and other adult dependents.
Forest City Recognized as Fit-Friendly Worksite by AHA
In 2016, the American Heart Association recognized Forest City as a Gold Fit-Friendly Worksite for our commitment
to the health and well-being of our associates. “Worksite wellness is gaining more support and popularity as an
important way to improve the well-being of the workforce, and your organization has taken great strides in this
movement,” American Heart Association CEO Nancy Brown wrote in a congratulatory letter.
Workplace Safety
Workplace safety is paramount at all of our properties. Onsite associates receive both onboarding and
refresher safety training tailored to the speci c risks associated with their roles. We strictly adhere to strong
OHSA requirements across our portfolio and at all construction sites, which includes conducting monthly self-
inspections that follow best practices and utilize OSHA-approved record keeping.
We conduct background checks and drug screening of all Forest City candidates prior to hiring and
onboarding, and on a routine basis for associates whose daily responsibilities include driving. This due
diligence extends to our residential properties, where we conduct background checks of all potential tenants
prior to approval of their lease or purchase.
Talent Management
Recruitment & Onboarding

2016 Forest City Associate Turnover by Associate Age
Age Grouping # of Associates % of Total
Under 30 years old 212 36.2
30-50 years old 277 47.4
Over 50 years old 96 16.4
Total 585 100
2016 Forest City Associate Turnover by Associate Gender
Gender # of Associates % of Total
Male 362 61.9
Female 223 38.1
Total 585 100
Associate Training & Development

Our ability to build and maintain a skilled workforce re ects Forest City’s continued success. We design
training programs that promote productivity, accountability and foster leadership qualities. Our in-depth
approach helps associates develop the cross-functional capabilities required to succeed in designing and
managing a dynamic property portfolio.
E ective succession planning is a critical aspect of talent management and Forest City’s talent strategy. We
continue to focus on improving our ability to recognize top talent. Over time, our HR sta tracks their
development to sustain a healthy pipeline of talent to ll future leadership positions. In 2017, we will begin
conducting talent reviews to identify high-performing associates throughout the organization.
Associate Bene ts
We o er a comprehensive bene ts package in which all full-time Forest City associates are eligible to
participate. Our bene ts package includes:
Medical/Prescription & Health Savings Account

Dental Coverage
Vision Coverage
Company-paid Short-Term Disability
Company-Paid Basic Life Insurance
Long-Term Disability
Optional Life Insurance
Dependent Term Life Insurance

Flexible Spending Accounts (Health Care & Dependent Care)
Voluntary Bene ts (Legal, Auto & Home, Pet)
Parental Bonding Leave
Commuter Accounts
401(k) Matching Program
Our short-term disability insurance is available to all associates, full and part-time. In 2016, we streamlined our
bene ts plan under a single program to better leverage our providers. We also updated our medical plan to
a Consumer Direct Health Plan, allowing our associates more autonomy when selecting their coverage,
updated our dental and vision plans, added voluntary bene ts and a Roth post-tax contribution option to our
401(k) plan.
On-Site Security
Disaster Response Plan

Safe Construction Materials
In all of our buildings, Forest City uses high-quality materials and safety equipment that exceed accepted
industry standards. We utilize standardized user interfaces for all safety and re suppression systems to
enhance training e ciency and minimize the potential for user error. In addition, our insurance carrier
conducts random, annual on-site inspections to ensure our properties maintain healthy indoor environments
at all times.
Workplace Safety
Workplace safety is paramount at all of our properties. On-site associates receive both onboarding and
refresher safety training tailored to the speci c risks associated with their roles. We strictly adhere to strong
OHSA requirements across our portfolio and at all construction sites, which includes conducting monthly self-
inspections that follow best practices and utilize OSHA-approved record keeping. We conduct background
checks and drug screening of all Forest City candidates prior to hiring and onboarding, and on a routine
basis for associates whose daily responsibilities include driving. This due diligence extends to our residential
properties, where we conduct background checks of all prospective residents prior to approval of their lease
or purchase.
Building Lifecycle: Sustainable Operations

Our integrated approach to the sustainable development and management of our portfolio helps Forest City
create shared value for tenants, residents and other stakeholders. We construct our buildings with peoples’
overall well-being in mind—whether it be through our choice of building materials, or from our e cient and
responsible use of natural resources. As a property owner and operator, it is essential that we deliver a high-
quality experience for anyone and everyone who comes into contact with our properties. Reinforcing Forest
City’s commitment to sustainable operations are several signi cant goals:
Reduce energy use by 2 percent per year from our 2010 baseline, and 20 percent overall by 2020
Reduce water use by 20 percent from our 2013 baseline across our existing portfolio by 2020
Divert 20 percent of all building waste generated within our portfolio by 2025
Set greenhouse gas reduction target by year-end 2017
Commitment to Sustainability: Policy & Goals

Forest City’s Energy and Sustainability Policy outlines a continuous improvement approach in the design and
construction of new properties, as well as the operation and maintenance of existing properties. It informs
our approach by integrating sustainability into our properties’ design and management across ve focus
areas:
Energy Management
Water Conservation
Waste Management and Recycling
Energy Supply
Indoor Environmental Quality
Our sustainability goals underpin our commitment to reducing our impacts on the environment:
Reduce energy use by 2 percent per year from our 2010 baseline, and 20 percent overall by 2020
Reduce water use by 20 percent from our 2013 baseline across our existing portfolio by 2020
Divert 75 percent of construction and demolition waste and 100 percent of land clearing debris and
excavated soil from land ll for new development projects
Divert 20 percent of all building waste generated within our portfolio by 2025
Forest City remains rmly committed to reducing energy use by 2 percent per year from our 2010 baseline,
and 20 percent overall by 2020. We continue to benchmark 100 percent of our properties within ENERGY
STAR Portfolio Manager, and exceeded our annual reduction target last year with a 3.3 percent reduction in
energy use intensity. Forest City continues to stay on pace to achieve our 2020 energy-use goal, achieving a
total energy reduction of 11.1 percent across our portfolio through 2016*.
*Note: FCRT tracks a like-for-like portfolio of stabilized assets to measure year-over-year progress, as well as progress against our publicly
stated goal. The baseline year for all assets is 2010, unless the asset underwent a signi cant repositioning/renovation project or if it was a new
asset that stabilized after 2010; in both instances, the property is baselined on the rst full year after stabilization. Going forward, FCRT is
strategically committed to a two-product (O ce & Apartment) portfolio, which will provide an opportunity to re-baseline our performance, and we
will further evaluate the opportunity to more closely align our internal metrics with our GRESB-reported metrics.
In 2016, we invested more than $8.2 million to complete 56 capital improvement projects at 26 separate
properties. These projects varied in size and scope and included enhancements in energy, sustainable
renovations and building technology, such as new LED lighting, high-e ciency HVAC systems and xture
and appliance upgrades. Energy and sustainability-speci c project investments totaled $6.5 million across 16
properties. Since 2011, Forest City has invested $31.6 million in capital improvement projects to increase
energy e ciency.
Highlights of 2016 e orts include:
New Energy and Sustainability Standard Operating Procedures, which we will implement in early 2017
across all properties. The new procedures include a key requirement for every building to develop a
written energy plan by the end of 2017. Properties are required to set an energy baseline, create goals for
energy use and establish a process for measuring progress against these goals. Building managers also
will conduct self-assessments of their energy performance.
Better building controls and diagnostics through our partnership with Switch Automation, a cloud-based
building diagnostics platform that enables us to monitor real-time energy data to help improve our
operating e ciency and reduce costs. We continued to expand the program in 2016, implementing
energy monitoring across ve properties. In total, we identi ed a total savings of $199,000 across our 15
participating properties. In 2017, we aim to bring another 20 properties online, and we will conduct
building audits in Denver and Dallas to help prioritize future projects.
Initiating a Renewable Energy Opportunity Assessment to conduct a detailed evaluation for programmatic
renewable energy adoption in key markets across our portfolio.
Closely monitoring our Water Use Intensity (WUI) and remaining committed to a 20 percent reduction from
our 2013 baseline across our existing portfolio by 2020. In 2016, our WUI increased by 0.5 percent.
Continuous assessment from our third-party waste vendors of opportunities to maximize recycling and
reduce waste sent to land ll, and completing on-site waste audits across our apartment portfolio
Procuring more than 1,100 ENERGY STAR appliances for tenant and resident spaces.
Portfolio Environmental Performance
Green Building Certi cations
2014 2015 2016
LEED certi ed projects 18 20 17
LEED certi ed sq ft 3.3 million 3.8 million 6.2 million
ENERGY STAR buildings 8 8 7
ENERGY STAR sq ft 803,214 901,027 788,024
BOMA 360 buildings 13 13 11
BOMA 360 sq ft 2,025,703 2,025,703 1,209,748
Energy*
2014 2015 2016
Total Electricity Consumption (kWh) 365,622,461 375,433,100 363,731,879
Total Natural Gas Consumption (MMBtu) 727,253 733,922 710,447
Total Steam Consumption (therms) 718,651 756,102 638,089
Energy Use Intensity (weather-normalized kWh/square foot) 23.03 23.09 22.26
*This data aligns with Forest City's Global Real Estate Sustainability Benchmark responses. Forest City has the full authority to introduce and
implement corporate- or site-speci c operating policies at the particular asset or operation. All energy data re ects absolute, actual consumption
values, unless noted otherwise. If a non-Forest City entity is responsible for paying the utilities directly (e.g., a tenant), that data has not been
reported.
Greenhouse Gases* (Emissions CO2-e)

2014 location- 2014 market- 2015 location- 2015 market- 2016 location- 2016 market-
based based based based based based
Scope 1 (metric
52,517.96 52,515.19 51,831.78 51,829.05 50,016.05 50,013.41
tons)
Scope 2 (metric
187,007.68 187,026.26 191,468.27 191,096.61 178,596.53 185,043.52
tons)
Scope 3 (metric
7,483.75 7,483.75 8,904.02 8,904.02 7,067.54 7,067.54
tons)
Total GHG
247,009.39 247,025.19 252,204.07 251,829.68 235,680.11 242,124.47
Emissions
GHG Intensity 0.007 0.007 0.006
implement corporate- or site-speci c operating policies at the particular asset or operation. In these calculations, we have reported 100 percent of
emissions from sources under Forest City control (including wholly owned and partially owned facilities). In cases where Forest City has operational
control but does not wholly own the facilities, these facilities are included in the inventory. This approach is consistent with the WRI/WBCSD GHG
Protocol and general sustainability reporting protocols and guidance. The only exclusions from these calculations are where Forest City did not have
full reporting year data for a particular asset (e.g. an asset was sold/acquired/constructed during the reporting period, or utility data was unavailable
for another reason). Scope 3 includes only positive emissions resulting from solid waste sent to land ll (excludes recycling).
Water* (cubic meters)
2014 2015 2016
Total Water Consumption 4,451,224 4,774,373 4,904,319
Water Use Intensity 0.130 0.134 0.137
implement corporate- or site-speci c operating policies at the particular asset or operation. All water data re ects absolute, actual consumption
values, unless noted otherwise. If a non-Forest City entity is responsible for paying the utilities directly (e.g., a tenant), that data has not been
reported.
Waste*
2014 2015 2016
Total Solid Waste Disposal (metric tons) 14,517 16,468 21,597
Total Solid Waste Recycling (metric tons) 2,778 3,025 3,818
* To the extent available, Forest City uses actual weights (as measured and invoiced by our waste/recycling haulers) for each waste stream. To the
extent that a given waste stream's receptacles/disposal containers are not physically weighed (or that information is not readily available), Forest City
tracks the number of containers by waste stream, the service levels (e.g. number of hauler pick-ups) and applies the following assumptions to convert
approximate number of cubic yards disposed into approximate weights: 100 lbs per cubic yard of municipal solid waste, 50 lbs per cubic yard of old
corrugated cardboard, and 70 lbs per cubic yard of commingled recyclables (i.e. mixed glass, tin, plastics, etc.).There are certain assets within our
portfolio to which waste/recycling services levels and disposal data is not readily available and have therefore been excluded.
Rede ning E cient Living in Stapleton
In July 2016, Stapleton launched its 11th neighborhood, Beeler Park, which will feature 822 newly designed homes that
will reimagine how people want to live. Beeler Park homes will be built to Zero Energy Ready standards as set forth by
the Department of Energy. The Zero Energy Ready program has the most stringent building standards in the U.S. These
homes will include features such as thicker walls and triple-paned windows, as well as HVAC systems that minimize
pollutants and allergens. In addition, built-in renewable energy systems can o set all of a home’s annual energy
consumption, resulting in zero “net” energy bills for homeowners.
“At Stapleton, we’ve created a community built on big ideas, and after over 10 years, we’re still writing the book on new
ways to live,” said John Lehigh, president of Forest City Stapleton. “It should come as no surprise that you will nd home
builders upholding Zero Energy Ready innovations right here in Stapleton.”
Associate Engagement
A Stronger, More Engaged Workforce
Forest City’s internal engagement programs underscore our core values of teamwork and entrepreneurial
spirit and enhance our associates’ employment experience. Our goal is to ensure that associates understand
why they are at Forest City and how their individual talent improves our business and the lives of our
residents, tenants and communities. We make this vision a reality through a continual focus on ways to
expand the resources available to our associates. In 2016, we established the HR Associate Services Team
dedicated to providing our associates on-demand access to the most requested information on common HR
topics, such as bene ts, life events, payroll and timekeeping, and associate development.
In 2016, Cleveland.com/The Plain Dealer named Forest City one of the top places to work in northeast Ohio
for the fourth consecutive year. The list includes 150 companies and is based on employee nominations and
surveys. The committee ranks companies based upon the following criteria: workplace bene ts, culture,
training programs, career management, future outlook and feeling valued in the workplace. Our consistently
high ranking re ects Forest City’s continued excellence in each of these areas.
Forest City’s “FC Voices” associate survey is an opportunity for our associates to provide feedback about
their employment experience and contribute to the continuous improvement of our company culture. During
our company’s REIT transition in 2016, we made the decision to postpone the FC Voices survey until 2017.
For the results of Forest City’s most recent survey, see our 2014 CSR Report
(/SiteCollectionImages/Misc.%20Banner%20Images/CSR/CSR%20Executive%20Summary-2014.pdf).
Memberships & Associations
Forest City regularly engages with key industry groups to help advance important issues related to
sustainability and the real estate industry in general. In 2016, Forest City was active in the following groups:
U.S. Green Building Council’s LEED Social Equity Working Group

U.S. Green Building Council’s Commercial Real Estate LEED User Group
Real Estate Roundtable Sustainability Policy Advisory Committee
National Association of Real Estate Investment Trusts (NAREIT) Real Estate Sustainability Council
Urban Land Institute
U.S. Department of Energy’s Better Buildings Alliance
National Multifamily Housing Council
We leverage our activity within these groups to engage on a wide range of topics, including:
Providing feedback to ESG ratings and rankings organizations, in an e ort to promote the sharing of real
estate sustainability information to investors.
Working with other members to organize and provide feedback to government programs such as
ENERGY STAR and the Better Buildings Challenge.
Informing the U.S. Green Building Council about the applicability of LEED credits to commercial real
estate.
Presenting at conferences and other meetings.
Guiding development of sustainability programs, education and services of real estate associations for the
bene t of all of their respective members.
G4-21 Material aspects outside the organization Materiality & Stakeholder Engagement
(/corporate-responsibility/sustainable-
growth/materiality-and-stakeholder-
engagement)
G4-22 Restatements of information provided in earlier The portfolio data contained within this
reports report represents the like-for-like
portfolio, which includes the portion of
the portfolio that has remained the same
year-over-year. Data aligns with Forest
City’s Global Real Estate Sustainability
Benchmark responses. Forest City has
the full authority to introduce and
implement corporate- or site-speci c
operating policies at the particular asset
or operation.
G4-23 Signi cant changes from previous reporting None

periods in scope and aspect boundaries
Organizational Pro le
G4-3 Name of the organization Forest City Realty Trust, Inc.
G4-4 Primary brands, products, and services About Forest City (/about/about-forest-
city)
Our Properties (/portfolio/our-properties)
G4-5 Location of the organization's headquarters Cleveland, Ohio, United States.
G4-6 Countries where the organization operates United States
G4-7 Nature of ownership and legal form Publicly traded Corporation

10-K (http://ir.forestcity.net/phoenix.zhtml?
c=88464&p=irol-reportsannual)
G4-8 Markets served The Company’s core markets include

Boston, Dallas, Denver, Los Angeles, and
the greater metropolitan areas of New
York City, San Francisco and Washington
D.C. The Company has regional o ces
in Boston, Dallas, Denver, Los Angeles,
New York City, San Francisco,
Washington, D.C., and the Company’s
corporate headquarters in Cleveland,
Ohio.
G4-9 Scale of the organization 10-K (http://ir.forestcity.net/phoenix.zhtml?

c=88464&p=irol-reportsannual)
About Forest City (/about/about-forest-
city)
G4-10 Total number of employees by employment Diversity & Inclusion (/corporate-

contract and gender responsibility/exceptional-
performance/diversity)
G4-11 Percentage of total employees covered by 19.6%

collective bargaining agreements
G4-12 Organization's supply chain Forest City engages with third party
suppliers for the procurement of
goods/services needed for the
construction of new projects and the
ongoing operations of existing
properties.
G4-13 Changes in organization's size, structure, Focused Placemaking (/corporate-

ownership or its supply chain responsibility/focused-placemaking)
Sustainable Growth (/corporate-
responsibility/sustainable-growth)
Exceptional Performance (/corporate-
responsibility/exceptional-performance)
G4-14 Precautionary approach to risk management We do not incorporate the precautionary

principle at this time.
G4-15 Externally developed charters, principles or principles, or other initiatives to which

initiatives to which the organization subscribes the organization subscribes or which it
endorses. Leadership in Energy and
Environmental Design (LEED), ENERGY
STAR®, Building Owners and Managers
Association International (BOMA) 360
Performance Program
G4-16 Membership in associations or organizations U.S. Green Building Council’s LEED
Social Equity Working Group, U.S. Green
Building Council’s Commercial Real
Estate LEED User Group, Real Estate
Roundtable Sustainability Policy Advisory
Committee, National Association of Real
Estate Investment Trusts (NAREIT) Real
Estate Sustainability Council, Urban Land
Institute, U.S. Department of Energy’s
Better Buildings Alliance, National
Multifamily Housing Council
Report Pro le
G4-28 Reporting period January 1, 2016 - December 31, 2016
G4-29 Date of the last report 2016
G4-30 Reporting cycle Annual
G4-31 Contact point for questions regarding the report Forest City Newsroom (/newsroom)
G4-32 GRI Content Index This report is a GRI G4 Core-level report.

We are not seeking external assurance
at this time.
G4-33 External assurance We are not seeking external assurance

at this time.
Stakeholder Engagement
G4-24 Stakeholder groups engaged by the Materiality & Stakeholder Engagement

organization (/corporate-responsibility/sustainable-
engagement)
G4-25 Identi cation and selection of stakeholders to Materiality & Stakeholder Engagement
engage (/corporate-responsibility/sustainable-
engagement)
G4-26 Organization's approach to stakeholder Materiality & Stakeholder Engagement

engagement (/corporate-responsibility/sustainable-
engagement)
G4-27 Key topics and concerns raised during Materiality & Stakeholder Engagement
stakeholder engagements (/corporate-responsibility/sustainable-
engagement)
Strategy & Analysis
G4-1 Statement from the most senior decision-maker CEO Letter (/corporate-responsibility)
of the organization
Speci c Standard Disclosures
GRI GRI Aspect Description Location

Indicator
Economic
G4-DMA Economic Performance Management approach Revenue (/corporate-

responsibility/sustainable-
growth/revenue)
G4-EC1 Economic Performance Direct economic value generated and Revenue (/corporate-
distributed responsibility/sustainable-
growth/revenue)
G4-EC2 Economic Performance Financial implications and other risks and In 2017 we submitted our rst CDP-
opportunities for the organization's activities Climate Change response, in which we
due to climate change. discuss the nancial impacts of our most
signi cant climate change risks and
opportunities. Forest City's 2016 CDP
Climate Change response can be found
at http://www.cdp.net
(http://www.cdp.net/) when available.
G4-DMA Indirect Economic Impacts Management approach Community Giving & Volunteerism
(/corporate-responsibility/focused-
placemaking/community-giving-and-
volunteerism)
A ordable Housing (/corporate-
responsibility/focused-
placemaking/a ordable-housing)
Walkability & Livability (/corporate-
placemaking/walkability-and-livability)
G4-EC7 Indirect Economic Impacts Development and impact of infrastructure Community Giving & Volunteerism
investments and services supported. (/corporate-responsibility/focused-
volunteerism)
G4-EC8 Indirect Economic Impacts Signi cant indirect economic impacts, including Community Giving & Volunteerism
the extent of impacts. (/corporate-responsibility/focused-
volunteerism)
G4-DMA Procurement Practices Management approach Supplier Diversity (/corporate-

placemaking/supplier-diversity)
G4-EC9 Procurement Practices Proportion of spending on local suppliers at Supplier Diversity (/corporate-
signi cant locations of operation. responsibility/focused-
placemaking/supplier-diversity)
Environmental
G4-DMA Energy Management approach Building Lifecycle: Sustainable Operations (/corporate-

responsibility/exceptional-performance/building-lifecycle-sustainable-
operations)
G4-EN3 Energy Energy Use Building Lifecycle: Sustainable Operations (/corporate-

operations)
G4-EN4 Energy Energy cosumption outside of Building Lifecycle: Sustainable Operations (/corporate-
the organization. responsibility/exceptional-performance/building-lifecycle-sustainable-
operations)
G4-EN5 Energy Energy Intensity Building Lifecycle: Sustainable Operations (/corporate-

operations)
G4-EN6 Energy Reduction of energy Building Lifecycle: Sustainable Operations (/corporate-

consumption responsibility/exceptional-performance/building-lifecycle-sustainable-
operations)
Social
Labor Practices and Decent Work
G4-DMA Employment Management approach Recruitment, Onboarding &

Training (/corporate-
responsibility/exceptional-
performance/recruitment-
onboarding-and-training)
G4-LA1 Employment Employee turnover Recruitment, Onboarding &
G4-LA2 Employment Bene ts Associate Bene ts (/corporate-
performance/associate-bene ts)
G4-DMA Training and Education Management approach Recruitment, Onboarding &
G4-LA9 Training and Education Employee training hours Recruitment, Onboarding &
G4-LA11 Training and Education Employees receiving regular Recruitment, Onboarding &
performance reviews Training (/corporate-
G4-DMA Diversity and Equal Opportunity Management approach Diveristy & Inclusion (/corporate-
G4-LA12 Diversity and Equal Opportunity Board and employee composition Diveristy & Inclusion (/corporate-
G4-DMA Supplier Assessment for Labor Management approach Ethics & Anti-Corruption
Practices (/corporate-
growth/ethics-and-anti-corruption)
G4-LA14 Supplier Assessment for Labor New suppliers screening for labor Ethics & Anti-Corruption
Practices practices (/corporate-
G4-LA15 Supplier Assessment for Labor Signi cant actual and potential negative Forest City had no signi cant actual
Practices impacts for labor practices in the supply or potential impacts for labor
chain and actions taken practices in the supply chain.
Human Rights
G4-DMA Non-Discrimination Management approach Diveristy & Inclusion (/corporate-

G4-HR3 Non-Discrimination Incidents of discrimination Forest City had no incidents of
discrimination.
Society
G4-DMA Local Communities Management approach Community Giving & Volunteerism

(/corporate-responsibility/focused-
placemaking/community-giving-
and-volunteerism)
G4-SO1 Local Communities Operations with signi cant impacts on Community Giving & Volunteerism
local communities (/corporate-responsibility/focused-
and-volunteerism)
G4-DMA Anti-Corruption Management approach Ethics & Anti-Corruption
(/corporate-
G4-SO4 Anti-Corruption Communication and training on anti- Ethics & Anti-Corruption
corruption policies and procedures (/corporate-
G4-SO5 Anti-Corruption Con rmed incidents of corruption and None
actions taken
G4-DMA Public Policy Management approach Political Activity (/corporate-

placemaking/political-activity)
G4-SO6 Public Policy Political contributions Political Activity (/corporate-
placemaking/political-activity)
Product Responsibility
G4-DMA Customer Health and Safety Management approach Resident & Tenant Health & Safety
(/corporate-
performance/resident-and-tenant-
health-and-safety)
G4-PR2 Customer Health and Safety Incidents of non-compliance with Forest City had no incidents of
regulations and voluntary codes non-compliance with regulations
and voluntary codes concerning
the health and safety impacts of
products and services.
G4-DMA Product and Service Labeling Management approach Resident & Tenant Health & Safety
(/corporate-
health-and-safety)
G4-PR5 Product and Service Labeling Results of surveys measuring customer Resident & Tenant Health & Safety
satisfaction. (/corporate-
health-and-safety)
G4-DMA Customer Privacy Management approach Cybersecurity (/corporate-
growth/cybersecurity)
G4-PR8 Customer Privacy Total number of substantiated complaints Cybersecurity (/corporate-
regarding breaches of customer privacy responsibility/sustainable-
and losses of customer data. growth/cybersecurity)
Non-GRI Indicators
Indicator Length of Ownership Length of Forest City ownership across Community Integration & Public-
portfolio Private Partnerships (/corporate-
placemaking/community-
integration-and-public-private-
partnerships)
Indicator Volunteerism Associate Volunteerism Program Community Giving & Volunteerism
Participation (/corporate-responsibility/focused-
and-volunteerism)
Indicator A ordable Housing Forest City A ordable Housing Metrics A ordable Housing (/corporate-
Across Portfolio responsibility/focused-
Indicator Walkability Forest City Walkability & Access to Walkability & Livability (/corporate-
Green Space Across Portfolio responsibility/focused-
placemaking/walkability-and-
livability)

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The Power of Place

CR Integration & Performance

Building Lifecycle: Sustainable Development

Green Building Development

A ordable Housing Metrics (Multifamily Residential)

Total # of units 9,425 7,504

Forest City Exceeds Diversity Targets at the Yards

2016 Political Spending

Corporate FOCUS PAC

Political Parties $0 $10,000

Candidates $8,200 $21,600

Political Action Committees $25,600 $0

Ballot Issues $22,500 $5,000

Social Welfare Nonpro ts* $30,000 $0

*As de ned by Section 501(c)4 of the Internal Revenue Code.

Better Together Program

Cleveland Leadership Center

Volunteer Activities of Associates at Forest City-Organized Events

2013* 2014** 2015*** 2016

Number of Associates 1,081 1,079 1,244 935

Total Number of Hours Volunteered 7,567 7,623 8,951 5,420

*2013 total includes Community Day only.

Communications & Transparency

Tenant & Resident Communications

Ethics & Anti-Corruption

Supporting Policies & Procedures

2016 Ethics & Compliance Goals

Corporate Responsibility Governance

“FC Voices” associate survey Bi-annually

Ongoing throughout the

Performance Reviews Annually

To ensure that associates

Ongoing throughout the

Company-wide communications via Ongoing throughout the

Change Sponsor Program - survey to As needed during

Dedicated investor disclosures Quarterly

Quarterly earnings calls Quarterly

To build and maintain trust

Total Revenues from Real Estate Operations (in thousands)

$929,483 $978,231 $849,357

Craft Workers 271 13% 4 0% 142 53 64 6 2 1 7

Laborers & Helpers 215 10% 53 3% 50 88 120 7 3

Service Workers 121 6% 28 1% 32 86 26 3 2

Total 1252 60.3% 826 39.7% 1240 387 310 76 5 2 54 4

Associate Resource Groups

Health & Wellness

Recruitment & Onboarding

Age Grouping # of Associates % of Total

Under 30 years old 212 36.2

30-50 years old 277 47.4

Over 50 years old 96 16.4

Total 585 100

2016 Forest City Associate Turnover by Associate Gender

Gender # of Associates % of Total

Male 362 61.9

Female 223 38.1

Total 585 100

Associate Training & Development

Medical/Prescription & Health Savings Account

Dependent Term Life Insurance

Disaster Response Plan

Building Lifecycle: Sustainable Operations

Commitment to Sustainability: Policy & Goals

Highlights of 2016 e orts include:

2013* 2014 2015* 2016