In April, Vornado Realty Trust announced that it would spin off more than 80 U.S. shopping centers into a separate publicly traded real estate investment trust. The strategy — which has seen the company focus on office and retail property — fits into what has since become a broader trend of REITs slimming down portfolios and setting their sights on core business.
The moves have been welcomed by investors, who see diversity as a liability because different types of property are valued with different models, the Wall Street Journal reported. Investors also see value in a simple, straightforward operating strategy, investors told the newspaper. [more]