Vornado Realty Trust announced last week that its board of trustees has approved the spin-off of subsidiary Urban Edge Properties, its portfolio of shopping centers.The Paramus-based real estate investment trust said it will distribute all of Urban Edge's outstanding common shares to Vornado common shareholders and holders of common limited partnership units of Vornado Realty L.P. The distribution is expected to occur via pro rata special distribution on Jan. 15, 2015, Vornado said. Vornado common shareholders will receive one Urban Edge common share for every two Vornado shares held as of Jan. 7, 2015.