Vornado completes spinoff of mall unit Urban Edge

Eric Strauss//January 16, 2015//

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Vornado Realty Trust announced Thursday that it has completed the spinoff of its Urban Edge Properties unit, which is now an independent, public company.The Paramus-based real estate investment trust had announced in December that it was divesting the shopping mall unit. It said in a news release that Urban Edge holds interests in 79 strip malls, three shopping malls and a warehouse park spread over 10 states and Puerto Rico, with concentrations in New Jersey, New York and Pennsylvania.

RELATED: Vornado to spin off shopping center subsidiary

Those who held common stock in Vornado or a common limited partnership in Vornado Realty L.P. as of Jan. 7 received one Urban Edge common share for every two Vornado common shares or limited partnership units, the REIT said.

Urban Edge common shares began regular trading on the New York Stock Exchange on Friday under the symbol “UE.”

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