Vornado Realty Trust’s plan to spin off 81 strip shopping centers and four malls into a new publicly traded real estate investment trust won’t cause an “immediate credit fallout” for bonds exposed to these properties, said Barclays analysts in a report.

The strip shopping centers are located in the Northeast, with the malls consisting of the Bergen Town Center in Paramus, NJ; Monmouth Mall in Eatontown, NJ; and two malls in suburbs of San Juan, Puerto Rico. The 85 properties total 16.1 million square feet and had average occupancy of 95.5% at year-end 2013, according to a Vornado press release.

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