Vornado Sells Lexington Realty Trust Shares and Urban Edge Properties Shares and Calls for Redemption its $400 Million 5.00% ...
March 04 2019 - 7:56AM
VORNADO REALTY TRUST (NYSE:VNO) announced that it has sold all of
the 18,468,969 common shares of Lexington Realty Trust (NYSE: LXP)
that it owns realizing net proceeds of approximately $167.7
million. This sale will result in a financial statement gain
of approximately $16.1 million which will be recognized in the
first quarter of 2019.
Vornado also sold all of the 5,717,184 common
shares of Urban Edge Properties (NYSE:UE) that it owns realizing
net proceeds of approximately $108.5 million. This sale will
result in a financial statement gain of approximately $62.4 million
which will also be recognized in the first quarter of 2019.
Further, Vornado Realty L.P., has called for
redemption all of its $400 million principal amount of 5.00% senior
unsecured notes. The notes, which were scheduled to mature on
January 15, 2022, will be redeemed on March 31, 2019 at a
redemption price of approximately 105.51% of the principal amount
plus accrued interest. Vornado will incur a charge of
approximately $23 million in the first quarter of 2019 relating to
the prepayment and write off of unamortized financing costs of the
2022 notes.
The gains and charge from these three
transactions will be excluded from “FFO, as Adjusted”.
Vornado Realty Trust is a fully-integrated
equity real estate investment trust.
CONTACT:JOSEPH MACNOW(212) 894-7000
Certain statements contained herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. For
a discussion of factors that could materially affect the outcome of
our forward-looking statements and our future results and financial
condition, see “Risk Factors” in Part I, Item 1A, of our Annual
Report on Form 10-K for the year ended December 31, 2018.
Such factors include, among others, risks associated with the
timing of and costs associated with property improvements,
financing commitments and general competitive factors.
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