March 5, 2019
Vornado Realty Trust (VNO) has sold off its shares in two REITs, including the one that it spun off from its retail business, for combined net proceeds of about $275 million. The New York-based REIT has also called for redemption all of its $400 million of 5.00% senior unsecured notes, which were due to mature in 2022.
The company said Monday it had sold 18,468,969 common shares of Lexington Realty Trust, a net lease REIT in which it has been a shareholder for several years. The sale represented net proceeds of $167.7 million.
VNO also exited its position in Urban Edge Properties, which it spun off in January 2015 with a portfolio of shopping centers that were formerly under VNO’s control. The sell-off of 5,717,184 shares of common stock generated net proceeds of $108.5 million.
Last month, VNO completed the $580-million refinance of 100 W. 33rd St. in Midtown.
Pictured: Vornado headquarters
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