New York, New York. It’s a tune Vornado Realty Trust (VNO) shareholders should get used to humming once the company’s upcoming Washington DC property spinoff is completed. The spinoff will actually be executed via Reverse Morris Trust, with the company spinning out its properties into a separate entity and subsequently merging them into the privately held JBG Properties.… Read More »
Vornado Realty Trust (VNO) completed the spinoff of its strip mall business, Urban Edge Properties, after the close yesterday. As a reminder, Vornado shareholders should have received 1 share of Urban Edge for every 2 shares of VNO owned. Vornado is currently a member of the S&P 500 index and will remain so post spinoff. Urban Edge, which… Read More »
It’s amazing how much stuff gets done on December 23rd because no one wants to work during the holidays. That includes corporate boards, such as the one at Vornado Realty Trust (VNO) which approved the spinoff of the majority of its retail strip malls, Urban Edge Properties. The distribution is expected to take place on January 15th to… Read More »
This week is quite a busy week in the spinoff world. The action started yesterday with the completion of Simon Property Group’s (SPG) spinoff of the Washington Prime Group. The new company will hold interests in 98 retail assets including Simon’s strip center business and select, smaller malls. The new company, a REIT, is trading under the ticker ‘WPG‘… Read More »
The New Yorker magazine featured a famous cover in 1976 which aptly captured the self-centered New Yorker view of the world. Lets just say that New Yorkers feel that precious few non-New York locales are even worth noticing. Real estate firm Vornado Realty Trust (VNO) seems to feel (mostly) the same way as the company announced that it would spin… Read More »