Vornado Receives $500 Million From Redemption of Preferred Equity in 640 Fifth Avenue
May 28 2019 - 5:35PM
VORNADO REALTY TRUST (NYSE: VNO) announced today that, as
contemplated in connection with the recently completed retail
transaction, it received $500 million from the redemption of its
preferred equity in 640 Fifth Avenue. The preferred equity
was redeemed from the proceeds of a $500 million mortgage
financing that was completed on the property. The five year loan,
which is guaranteed by Vornado, is interest only at LIBOR plus
1.01%, which was swapped for four years to a fixed rate of 3.07%.
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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