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Vornado Completes Refinancing of Independence Plaza

1. VNO refinanced $675 million loan for Independence Plaza at 5.84%. 2. Previous loan had a lower interest rate of 4.25%. 3. The new loan matures in June 2030, providing financial stability. 4. Interest rate hikes may impact future refinancing and operations. 5. Market conditions and inflation risks are highlighted in the report.

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FAQ

Why Neutral?

Refinancing at a higher rate may strain future cash flow, but the long-term stability provided by the loan's maturity is crucial.

How important is it?

The refinancing decision directly influences VNO's financial health and operational capacity, weighing future performance.

Why Long Term?

The long maturity of the new loan (until 2030) aligns with VNO's strategic planning and mitigates short-term refinancing risk.

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June 05, 2025 16:25 ET  | Source: Vornado Realty Trust NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 50.1% owned joint venture has completed a $675 million refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The five-year interest only loan matures in June 2030 and has a fixed rate of 5.84%. This loan replaces the prior $675 million loan that bore interest at 4.25% and was scheduled to mature in July 2025. Vornado Realty Trust is a fully-integrated equity real estate investment trust. CONTACT Thomas J. Sanelli(212) 894-7000 Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. 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, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

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