Vornado Completes Transfer of Springfield Town Center for $465 Million
March 31 2015 - 7:55PM
Business Wire
VORNADO REALTY TRUST (NYSE:VNO) announced today
that it has completed the transfer of the redeveloped Springfield
Town Center, located in Springfield, Fairfax County, Virginia, to
Pennsylvania Real Estate Investment Trust (NYSE:PEI) (“PREIT”) in
exchange for $465 million; comprised of $340 million of cash
and 6,250,000 PREIT operating partnership units, granted at $20 per
unit. $19 million of tenant improvements and allowances Vornado was
responsible for has been treated as a closing adjustment.
The exchange will result in a financial statement gain of
approximately $7.1 million in the first quarter of 2015. For
income tax purposes, this transaction will be treated as a tax-free
exchange. Vornado’s 8.07% ownership interest in PREIT will be
accounted for under the equity method.
Vornado Realty Trust is a fully integrated equity real estate
investment trust.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among
others, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
VORNADO REALTY TRUSTSTEPHEN THERIOT, (201)
587-1000
Vornado Realty (NYSE:VNO)
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