New York REIT Cancels Merger with JBG

New York REIT, Inc. (NYSE: NYRT) and private real estate firm The JBG Companies announced Aug. 2 that they have agreed to terminate their previously announced merger due to a lack of shareholder support for the deal.

Instead, New York REIT will adopt a plan of selling individual assets, the company said.

“Investors were clear in their preference for a liquidation to generate near-term cash,” said Matt Kelly, managing partner of JBG.