Navigate this market better. Subscribe for FREE stock alerts and information.

Sunday, April 13, 2014

Vornado Realty to spin off shopping center business, (NYSE: EQY), (NYSE: VNO)

Vornado Realty Trust, the owner of office buildings and retail properties chiefly in New York and Washington, said it would spin off its shopping center business into a publicly traded real estate investment trust. The company also named Jeffrey Olson, currently chief executive of Equity One Inc, as CEO of the to be separated business.Equity One, the American arm of Israel's largest real estate investment company Gazit Globe Ltd, said in March that Olson would not renew his contract when it ends in December.The shopping center business comprises 81 strip shopping centers and four malls including the Bergen Town Center in New Jersey, Vornado said.The new company's 2014 net operating income is estimated to be about $200 million.

Equity One, Inc. is a real estate investment trust (REIT), which owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained suburban and urban communities. Shares of EQY fell by 0.23% or $-0.05/share to $22.02. In the past year, the shares have traded as low as $20.71 and as high as $26.72. On average, 541286 shares of EQY exchange hands on a given day and today's volume is recorded at 1127800.

Vornado Realty Trust (Vornado) is an integrated real estate investment trust (REIT). Shares of VNO fell by 0.15% or $-0.15/share to $98.15. In the past year, the shares have traded as low as $76.19 and as high as $100.43. On average, 957890 shares of VNO exchange hands on a given day and today's volume is recorded at 776291.



Source