Benefiting from Our Capital Structure Forest City's capital structure emphasizes non-recourse mortgage debt in a project-focused capital structure, through which we seek to: Recycle the equity growth in our portfolio through refinancing to reduce cash investments in completed projects and improve equity returns. Actively manage our portfolio of mortgage debt in a continual effort to reduce our borrowing costs and extend our maturities. Complement the diversity of our portfolio by isolating and minimizing risk through the use of non-recourse, non-cross-collateralized mortgages. Use tax-advantaged financings (syndications, subsidized funding, tax credits and tax-exempt financing) to reduce the overall cost of debt. As a real estate operating company (REOC) with C-Corp status, Forest City benefits from: the availability of tax-loss carry-forwards, its ability to operate in non-REIT-qualifying lines of business and its ability to retain and reinvest earnings. To learn about the other key objectives of our strategy, click on portfolio management or target markets.