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Vornado Weighs Spinoffs of Washington, Retail Businesses

Vornado Realty Trust is considering spinning off its Washington office and street retail operations, Chairman Steven Roth said in his annual letter to shareholders.

The company’s Washington-area offices have been hurt by departures of U.S. Department of Defense tenants under an initiative to move operations onto military bases. The unit’s earnings before taxes and other items fell 7 percent last year, while rising 34 percent at the Manhattan-focused street retail operations.