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Vornado to spin off shopping centers | Chain Store Age
Vornado to spin off shopping centers New York — Vornado Realty Trust plans to spin off nearly 16.1 million sq. ft. of shopping center assets into a new publicly traded REIT by the end of 2014, leaving the company with a largely office-centric portfolio, according to SNL Real Estate. The move will simplify Vornado’s investment strategy and enable the company to focus on the ownership of office assets in the Washington, D.C., and New York City regions, including the high-value Manhattan office over retail assets. The plan calls for Vornado to spin off 81 shopping centers and four regional malls totaling approximately 16.1 million sq. ft. About 69% of the retail sq. ft. being spun off is in New York and New Jersey. Another 12.6% is in Pennsylvania. Two of the regional malls are in Puerto Rico. According to Vornado, the sq. ft. in the spin off portfolio is 95.5% occupied. The average base rent is $18.75 per square foot.
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