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Vornado agrees to exchange of redeveloped Virginia mall

  • Following the completion of the redevelopment of Springfield (VA) Town Center, Vornado (VNO) will transfer ownership to Pennsylvania REIT (PEI) in exchange for $340M in cash and $125M of PREIT operating partnership units.
  • Don't call it a sale - the deal is designed as a tax-free exchange.
  • The redevelopment is expected to be completed in Q4, with closing no later than the end of 2015 Q1.
  • Vornado will record a non-cash impairment loss of about $20M this quarter.
  • Press release
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