In a special edition of the The REIT Report: NAREIT’s Weekly Podcast, Fulya Kocak, NAREIT’s vice president for environmental, social and governance issues, spoke with Dan Egan, head of sustainability and utilities at Vornado Realty Trust (NYSE: VNO), about the company’s efforts to use tenant engagement to improve sustainability performance.
Vornado Spinning Off Assets in Washington, D.C.
Vornado Realty Trust (NYSE: VNO) said Oct. 31 it plans on merging its Washington, D.C.-area properties with select assets of The JBG Companies, a real estate firm based in Chevy Chase, Maryland.
The new, combined company will become a publicly traded REIT known as JBG SMITH Properties. The transaction is valued at approximately $ 8.4 billion, and is expected to be completed in the second quarter of 2017.
Vornado Executive Says Link Between Buildings and Tenant Health Attracting Attention
Sukanya Paciorek, senior vice president of corporate sustainability at Vornado Realty Trust (NYSE: VNO), joined REIT.com for a video interview at NAREIT’s 2015 Leader in the Light Working Forum in Reston, Va.
Vornado, which was a 2014 Leader in the Light award winner, focuses on the New York and Washington, D.C., office markets, as well as New York street retail.
Paciorek discussed Vornado’s approach to sustainability and offered suggestions for companies wishing to improve their sustainability profile.
Vornado Spinning Off Strip Shopping Centers, Malls into Separate REIT
Vornado Realty Trust (NYSE: VNO) said April 11 that it plans to simplify its business model by spinning off 81 strip shopping centers and four malls into a new stock exchange-listed REIT currently known as “SpinCo.”
“We seek a very clean exit from the retail business… it’s all very, very logical… we are in the business of focusing,” said Steven Roth, chairman and CEO of Vornado, during an April 14 conference call.