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.
Forward-Looking Statements
This press release may contain forward-looking statements that are
subject to risks and uncertainties. Forward-looking statements are not
guarantees of performance. They represent our intentions, plans,
expectations and beliefs and are subject to numerous assumptions, risks
and uncertainties. Our future results, financial condition and business
may differ materially from those expressed in these forward-looking
statements. You can find many of these statements by looking for words
such as “approximates,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “would,” “may” or other similar
expressions in this press release. We also note the following
forward-looking statements that have been included in this press
release: the impact of the spin-off on Vornado and VRLP, the timing of
and costs associated with property improvements, financing commitments,
and general competitive factors. Many of the factors that will determine
the outcome of these and our other forward-looking statements are beyond
our ability to control or predict. For further discussion of factors
that could materially affect the outcome of our forward-looking
statements and our future results and financial condition, see “Item 1A.
Risk Factors” and “Cautionary Statement Concerning Forward-Looking
Statements” of Vornado and VRLP in their respective most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q. You are cautioned
not to place undue reliance on our forward-looking statements, which
speak only as of the date of this press release. All subsequent written
and oral forward-looking statements attributable to us or any person on
our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. We do not undertake
any obligation to release publicly any revisions to our forward-looking
statement to reflect events or circumstances occurring after the date of
this press release.
Copyright Business Wire 2015