Vornado Reports Third-Quarter Results and Sheds Washington D.C. Business in Tax-Free Spin-Off
In a continued effort to streamline its operations, narrow-moat Vornado announced the spin-off of its Washington D.C. business with JBG Companies, a prominent real estate firm focused on the D.C. market. The move was somewhat anticipated, as CEO Steven Roth has not been shy about discussing the separation of the business segment. The newly formed company, JBG Smith, will be approximately 74% owned by Vornado shareholders and is expected to produce about $35 million in synergies. We view this as ...Vornado Realty Trust is a real estate investment trust and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P. (the Operating Partnership). The company is the sole general partner of the Operating Partnership. The company owns and operates office and retail properties with a concentration in the New York City metropolitan area. In addition, the company has interest in Alexander's, Inc., which owns properties in the New York metropolitan area, as well as interests in other real estate and related investments.
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