Vornado Approves Spin-Off Of Urban Edge Properties

(RTTNews) - Vornado Realty Trust (VNO) said Tuesday that its Board of Trustees approved the spin-off of its subsidiary, Urban Edge Properties, by way of a distribution of all of Urban Edge Properties' outstanding common shares to Vornado's common shareholders and to the holders of common limited partnership units of Vornado Realty L.P.

Following the distribution, Urban Edge Properties will be an independent, publicly-traded company listed on the New York Stock Exchange under the symbol "UE". Vornado common shares will continue to trade on the NYSE under the ticker symbol "VNO".

The distribution of UE common shares is expected to occur on January 15, 2015.

Vornado anticipates that "regular-way" trading of Urban Edge Properties common shares under the symbol "UE" will begin on January 16, 2015, the first trading day following the distribution date.