Vornado Realty to Spin Off Washington, D.C. Business

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)

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