Vornado Announces Completion of Spin-Off of Urban Edge Properties
PARAMUS, NEW JERSEY — Vornado Realty Trust (NYSE:VNO) (“Vornado”) announced today that it has completed the separation of Urban Edge Properties (“UE”), which is now an independent public company that will trade on the NYSE under the symbol “UE”. UE holds interests in 79 strip shopping centers, three malls and one warehouse park formerly owned by Vornado, encompassing more than 15 million square feet in ten states and Puerto Rico, with concentrations in New Jersey, New York and Pennsylvania.
Vornado common shareholders and Vornado Realty L.P. (“VRLP”) common limited partners at the close of business on January 7, 2015 (the “Record Date”) today received a distribution of one UE common share for every two Vornado common shares or VRLP common limited partnership units held as of the Record Date. Fractional shares of UE were not distributed, and instead Vornado common shareholders and VRLP common limited partners will receive cash in lieu of any fractional shares they would otherwise have been entitled to receive in the distribution.
Since January 5, 2015, UE shares have traded on a “when issued” basis on the NYSE under the symbol “UE WI”, permitting shareholders to trade the right to receive UE shares in today’s distribution. “When issued” trading of UE common shares ended at the close of the market today. Starting tomorrow, January 16, 2015, the “regular way” trading of UE common shares on the NYSE will commence under the symbol “UE”. Vornado common shares will continue to trade under the symbol “VNO” on the NYSE.
Vornado Realty Trust is a fully integrated equity real estate investment trust.