WASHINGTON, DC—On Friday Vornado Realty Trust gave more details about its plans to spin off its shopping center assets into a separate, publicly traded REIT. Known for the time being as SpinCo, the new REIT will be led by Jeffrey S. Olson, who announced in March that he was stepping down as CEO of Miami-based Equity One.
One driver behind the spin-off is Vornado's desire to focus more on its New York and Washington, DC-based portfolios. One exception is Springfield Town Center, which is under contract to be sold to Pennsylvania REIT; its sale will continue to move forward.
Following the spin-off, Vornado expects that 91% of its EBITDA generated from properties in these two markets, according to materials provided to investors in anticipation a conference call scheduled to be held by the REIT on Monday.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
