Reuters: Private Equity: UPDATE 1-Vornado says: "Everything's on the table"

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UPDATE 1-Vornado says: "Everything's on the table" Apr 13th 2012, 22:49 By Ilaina Jonas NEW YORK, April 13 | Fri Apr 13, 2012 6:49pm EDT NEW YORK, April 13 (Reuters) - Vornado Realty Trust, facing criticism from investors over its lackluster share price, said it is mulling an array of options including selling its stake in Toys R Us, buying back shares, and even breaking up the real estate investment trust. "Everything is on the table," Chairman Steven Roth wrote in his annual letter to shareholders, which was filed with the U.S. Securities and Exchange Commission on Friday. Vornado owns office buildings in New York and Washington, D.C., as well as retail property and has stakes in other companies. It also operates a fund business. Its shares have lagged the benchmark Morgan Stanley REIT Index and its closest office real estate peers for the past three years. Among the list of actions the company is considering is selling non-core assets such as Toys R Us, which Vornado owns with private equity firm KKR & Co LP and Bain Capital. It also may reduce its enclosed-mall business and sell some of its strip centers. It also said it would consider splitting up the company. "It's what we have been expecting," said Sandler O'Neill analyst Alexander Goldfarb. "The stock has been an underperformer. It doesn't have the same sparkle that it used to have. They want that limelight back, and they know they need to do something. People don't want talk. They want action." In a note earlier this week, Goldfarb urged the company to break up into three segments: office, retail and its fund business. Collectively, those segments could be worth $90 a share he said. Shares of Vornado closed down 1.3 percent at $79.94 on Friday. Link this Share this Digg this Email Reprints

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