Vornado Spinning Off New REIT

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After playing with the idea of placing the REIT's strip centers into a venture with a privately-held company, Vornado Realty Trust executives announced today they will be forming a new REIT. The REIT, headed by the current CEO of Equity One Inc., an existing shopping center REIT, will contain about 81 properties, most based in Northeastern United States, Bloomberg reports.

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