Vornado Realty to Spin Off Washington, D.C. Business
31 Ottobre 2016 - 10:47PM
Dow Jones News
By Josh Beckerman
Vornado Realty Trust will spin off its Washington, D.C.-area
holdings, a move under consideration for some time that it says
will make it a more "New York-centric" real-estate investment
trust.
In what Vornado says is an $8.4 billion transaction, its D.C.
business will combine with certain assets of Chevy Chase, Md.-based
JBG Cos.
Vornado shareholders are expected to own about 74% of an entity
called JBG Smith.
The deal arrives shortly after another JBG transaction was
called off. JBG had planned to merge with New York REIT Inc., but
New York REIT said it would liquidate its assets after its
shareholders opposed the combination with JBG.
Vornado also said third-quarter funds from operations were
$225.2 million, or $1.19 a share, compared with $236 million, or
$1.25 a share, a year earlier
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 31, 2016 17:32 ET (21:32 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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