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Branching Out

Some leading real estate investment trusts have spun off, or plan to spin off, a wide variety of operating businesses.

CRESCENT OPERATING
Crescent Real Estate Equities spun out this company in June. Holdings include 50% of a behavioral health-care company and a minority interest in a private venture-capital fund.

RECKSON STRATEGIC
Reckson Associates plans to spin out a company to operate, in part, as a real estate venture-capital fund. Its first purchase: an Austin (Tex.) company that privatizes student housing.

VORNADO REALTY
Analysts say Vornado may do a spin-off, perhaps to operate its interest in a refrigerated warehouse deal, as well as opportunities stemming from development of the REIT's properties.

KIMCO REALTY
Kimco plans to put long-term leases into a new bondlike REIT that offers investors a higher yield than the parent company. Kimco doesn't rule out other spin-offs.

DATA: BUSINESS WEEK, COMPANIES


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Updated Oct. 9, 1997 by bwwebmaster
Copyright 1997, Bloomberg L.P.
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