Earlier this year, JBG attempted to merge with New York REIT, but the deal fell through.
Alexander's emerged from bankruptcy in 1993 as a real estate investment trust. In 1989, the Vornado name was licensed to a new company in the Wichita area currently known as Vornado Air, LLC to manufacture heating and cooling equipment.Outside of the brand licensing agreement, the Trust has no relation to Vornado Air, LLC. Kogod were added to the board of directors of Vornado.Vornado Realty Trust's origins can be traced back to an early discount store chain called Two Guys, founded in 1946 by brothers Sidney and Herbert Hubschman. Vornado began divesting its retail operations, and by the late 1970s owned only 60 Two Guys stores. Sutton Corporation, manufacturers of the Vornado line of electric fans, air conditioners, and dehumidifiers. At its retail peak in the early 1970s, Vornado operated 53 Two Guys stores, 65 supermarkets, 240 Fosters Freeze restaurants, and other retail operations.By the fall of 1979, Interstate Properties Inc., a private partnership engaged in shopping-center development controlled by Steven Roth, had taken a 17% stake in Vornado, as Roth became interested in the company's real estate holdings.
The next year Interstate Properties took control of the firm after winning a proxy struggle.
It's a bit hard to read, but they came up with .39 - .31 assuming exit cap rates of 4.0 to 4.5%, which still seems about the right range based on industry numbers I've seen.
New York REIT Valuation A quick snapshot of New York REIT that I recreated from their recent supplemental: The majority of New York REIT's value is in 5-6 properties, the two highlighted above, Viceroy Hotel and 1440 Broadway, require the most asset management/re-positioning.
Others might not want to give credit to these two stabilizations occurring, but how I think this plays out is both Viceroy and 1440 Broadway will be some of the last assets sold and only once they've been stabilized, that's been Winthrop's playbook previously.
I think it makes sense to stretch out the liquidation time-frame, rather than discount the NOI for these two assets.
Michael Ashner, who ran FUR, made the relatively odd decision to wind down the company and temporarily put himself out of a job, clearly a shareholder friendly move that paid off considerably as the total anticipated proceeds will be well in excess of the original estimates.