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Vornado CEO Speaks About Planned Dispositions

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Michael Fascitelli projects that Vornado's asset sales this year could net more than a billion dollars, according to the Chicago Tribune.

Earlier this year, Vornado executives signaled that they would like to prune their portfolio down to core assets and markets to make it easier for analysts and shareholders to put a value on the company's holdings. Malls were at the top of its list of disposition candidates. The REIT is now marketing its Green Acres Mall in Long Island, N.Y. and stakes in Monmouth Mall in Eatontown, N.J. and Kings Plaza in Brooklyn, N.Y.

Fascitelli signaled, however, that Vornado has no plans to dispose of its stake in JC Penney and that its efforts to sell its stake in Toys 'R' Us through an IPO offering could take some time.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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