Vornado Realty Trust refinanced over $2 billion in credit facilities, extending maturities and adjusting loan amounts.
Quiver AI Summary
Vornado Realty Trust announced the successful completion of refinancings totaling over $2.0 billion, including extensions for multiple credit facilities. The 2031 Revolving Credit Facility was extended from December 2027 to February 2031, totaling $1.105 billion with an interest rate of SOFR plus 1.05%. An unsecured term loan was also extended to February 2031 and increased to $850 million at a rate of SOFR plus 1.20%. Additionally, the 2029 Revolving Credit Facility was upsized by $85 million to reach $1.0 billion, with an interest rate of SOFR plus 1.16%. Several banks arranged these facilities, with JPMorgan Chase Bank serving as the Administrative Agent. The press release also includes a disclaimer about forward-looking statements, cautioning that future results may vary due to various risks and uncertainties.
Potential Positives
- Vornado Realty Trust successfully refinanced over $2.0 billion, enhancing its financial position and extending the maturity dates of significant credit facilities to 2031.
- The upsized term loan of $850 million and the increased revolving credit facilities demonstrate strong lender confidence, facilitating greater financial flexibility for future investments.
- The involvement of reputable financial institutions as joint lead arrangers and bookrunners signifies strong market endorsement for Vornado Realty Trust's financing strategy.
Potential Negatives
- The need to refinance over $2.0 billion suggests potential liquidity issues or difficulties in securing favorable financing terms.
- Interest rates for the refinanced facilities are tied to SOFR, which indicates potential vulnerability to rising interest rates affecting future costs.
- Significant reliance on multiple banks for refinancing could pose risks related to their stability and creditworthiness in the current economic environment.
FAQ
What refinancing transactions did Vornado Realty Trust announce?
Vornado Realty Trust announced refinancing transactions totaling over $2.0 billion, including extensions and upsizes of credit facilities and a term loan.
What are the new maturity dates for the credit facilities?
The maturity date for the 2031 Revolving Credit Facility and the Term Loan has been extended to February 2031.
What are the interest rates on Vornado's refinance loans?
The interest rates vary: 2031 Revolving Credit at SOFR plus 1.05%, Term Loan at SOFR plus 1.20%, and 2029 Revolving Credit at SOFR plus 1.16%.
Who are the joint lead arrangers for these refinancing transactions?
The joint lead arrangers include JPMorgan Chase Bank, BofA Securities, BMO Capital Markets, PNC Capital Markets, U.S. Bank, and Wells Fargo Securities.
What types of risks are associated with Vornado's forward-looking statements?
Risks include interest rate fluctuations, inflation effects, and uncertainties impacting future results and financial conditions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VNO Insider Trading Activity
$VNO insiders have traded $VNO stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $VNO stock by insiders over the last 6 months:
- HAIM CHERA (EVP- HEAD OF RETAIL) sold 30,000 shares for an estimated $1,189,188
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$VNO Revenue
$VNO had revenues of $453.7M in Q3 2025. This is an increase of 2.36% from the same period in the prior year.
You can track VNO financials on Quiver Quantitative's VNO stock page.
$VNO Hedge Fund Activity
We have seen 180 institutional investors add shares of $VNO stock to their portfolio, and 185 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- RESOLUTION CAPITAL LTD added 4,084,815 shares (+315.1%) to their portfolio in Q3 2025, for an estimated $165,557,551
- CITADEL ADVISORS LLC removed 2,711,934 shares (-97.4%) from their portfolio in Q3 2025, for an estimated $109,914,685
- JPMORGAN CHASE & CO removed 2,030,510 shares (-40.6%) from their portfolio in Q3 2025, for an estimated $82,296,570
- PACER ADVISORS, INC. added 1,484,395 shares (+27787.3%) to their portfolio in Q3 2025, for an estimated $60,162,529
- UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 1,419,179 shares (-100.0%) from their portfolio in Q3 2025, for an estimated $57,519,324
- MORGAN STANLEY added 1,253,612 shares (+64.7%) to their portfolio in Q3 2025, for an estimated $50,808,894
- MILLENNIUM MANAGEMENT LLC removed 987,552 shares (-95.0%) from their portfolio in Q3 2025, for an estimated $40,025,482
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$VNO Analyst Ratings
Wall Street analysts have issued reports on $VNO in the last several months. We have seen 2 firms issue buy ratings on the stock, and 1 firms issue sell ratings.
Here are some recent analyst ratings:
- Mizuho issued a "Outperform" rating on 12/12/2025
- Evercore ISI Group issued a "Outperform" rating on 09/15/2025
- Barclays issued a "Underweight" rating on 08/21/2025
To track analyst ratings and price targets for $VNO, check out Quiver Quantitative's $VNO forecast page.
$VNO Price Targets
Multiple analysts have issued price targets for $VNO recently. We have seen 9 analysts offer price targets for $VNO in the last 6 months, with a median target of $40.0.
Here are some recent targets:
- Michael Lewis from Truist Securities set a target price of $36.0 on 12/16/2025
- Steve Sakwa from Evercore ISI Group set a target price of $42.0 on 12/15/2025
- Vikram Malhorta from Mizuho set a target price of $40.0 on 12/12/2025
- Anthony Paolone from JP Morgan set a target price of $41.0 on 11/24/2025
- Nicholas Yulico from Scotiabank set a target price of $38.0 on 11/13/2025
- Alexander Goldfarb from Piper Sandler set a target price of $38.0 on 11/05/2025
- Seth Bergey from Citigroup set a target price of $42.0 on 09/12/2025
Full Release
NEW YORK, Jan. 07, 2026 (GLOBE NEWSWIRE) --
Vornado Realty Trust (NYSE:VNO) announced today that it has completed the following refinancings, totaling over $2.0 billion:
- 2031 Revolving Credit Facility – Vornado Realty L.P. extended the maturity date of this revolving credit facility from December 2027 to February 2031 (as fully extended). This $1.105 billion facility currently bears interest at a rate of SOFR plus 1.05% and has a facility fee of 0.25%
- Term Loan - Vornado Realty L.P. concurrently extended the maturity date of its unsecured term loan from December 2027 to February 2031 (as fully extended) and upsized the loan amount to $850 million. The term loan currently bears interest at a rate of SOFR plus 1.20%.
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2029 Revolving Credit Facility
– In addition, Vornado Realty L.P. upsized this revolving credit facility that matures in April 2029 (as fully extended) by $85 million to $1.0 billion. This facility currently bears interest at a rate of SOFR plus 1.16% and a facility fee of 0.24%.
The joint lead arrangers and joint bookrunners for the extended facilities are JPMorgan Chase Bank, N.A., BofA Securities, Inc., BMO Capital Markets Corp., PNC Capital Markets LLC, U.S. Bank National Association, and Wells Fargo Securities LLC. JPMorgan Chase Bank, N.A. serves as Administrative Agent. J.P. Morgan Securities LLC serves as Lead Sustainability Structuring Agent, and ING Capital LLC serves as Sustainability Structuring Agent. Bank of America, N.A., BMO Capital Markets Corp., PNC Bank, National Association, U.S. Bank National Association and Wells Fargo Bank, N.A. serve as Co-Syndication Agents. Mizuho Bank, Ltd. and M&T Bank serve as Joint Lead Arrangers and Documentation Agents. Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Citibank, N.A. and Citizens Bank serve as Documentation Agents on the 2031 Revolving Credit Facility and Deutsche Bank AG New York Branch, Agricultural Bank of China Limited, New York Branch, The Bank of New York Mellon, and ING Capital LLC are participants in the 2031 Revolving Credit Facility. Citizens Bank serves as Documentation Agent on the Term Loan and The Bank of New York Mellon, ING Capital LLC, and Bank of China, New York Branch are participants in the Term Loan.
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.
