Real estate investors reacted not so happily to news Thursday night that Forest City Realty Trust had rejected a buyer's overtures and instead would pursue its own path to enhancing stock value, by revamping its board: yesterday, the company stock dropped 6.44%, from $21.27 to $19.90.
It wasn't a great day for the real-estate industry: the three largest REIT (real estate investment trust) ETFs dropped between 1.58% and 1.82%. But it was a much worse day for Forest City.
It wasn't a great day for the real-estate industry: the three largest REIT (real estate investment trust) ETFs dropped between 1.58% and 1.82%. But it was a much worse day for Forest City.
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| Via Google Finance |
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