Vornado Realty Trust - VNO STOCK NEWS

On April 16, 2021, Vornado Realty Trust (NYSE: VNO) announced the extension of one of its unsecured revolving credit facilities until April 2026, with the interest rate reduced from LIBOR plus 100 basis points to LIBOR plus 90 basis points. The facility fee remains unchanged at 20 basis points. Vornado's other $1.5 billion revolving credit facility, maturing in March 2024, also has an interest rate of LIBOR plus 90 basis points and a 20 basis points facility fee. This strategic financial maneuver strengthens Vornado's liquidity and operational flexibility amid ongoing market uncertainties.

Vornado Realty Trust (NYSE: VNO) announced the promotion of Jan LaChapelle to Executive Vice President – Head of Capital Markets as of April 15, 2021. LaChapelle, who joined Vornado in 2014, previously served as Senior Vice President of Capital Markets and has a decade of experience at Wells Fargo’s real estate banking group. She succeeds Mark Hudspeth, who is leaving for a role at Blackstone Real Estate. This management change is pivotal in steering Vornado's capital markets strategy amid ongoing market challenges from the COVID-19 pandemic.

Vornado Realty Trust (NYSE: VNO) has released its 2020 Environmental, Social, & Governance (ESG) report, marking the twelfth annual report that outlines significant achievements in sustainability. Highlights include top GRESB scores, recognition as a NAREIT Leader in the Light for 11 years, and accolades such as the EPA ENERGY STAR Partner of the Year. The company is also acknowledged for its COVID-19 response and is committed to transparency in ESG practices, adhering to Sustainability Accounting Standards Board guidelines. More details are available on their website.

Vornado Realty Trust (NYSE: VNO) has finalized a $350 million refinancing for its 909 Third Avenue property in Manhattan. This refinancing replaces an existing loan of the same amount, reducing the fixed interest rate from 3.91% to 3.23%, with a maturity date set for April 2031. The building spans 1.4 million square feet, enhancing Vornado's financial strategy in a challenging market.

Vornado Realty Trust (NYSE: VNO) has successfully refinanced One Park Avenue, a 943,000 square foot Manhattan office building, with a $525 million loan. This new loan has a lower interest rate of LIBOR plus 1.107% compared to the previous loan's LIBOR plus 1.75%. Vornado's share of the net proceeds is approximately $105 million, providing enhanced liquidity. The refinancing is set to mature in February 2026, extending the term significantly beyond the prior maturation date in March 2021.

Vornado Realty Trust (NYSE: VNO) reported a significant net loss of $209.1 million, or $1.09 per diluted share, for Q4 2020, contrasting with a net income of $193.2 million, or $1.01 per share, in Q4 2019. For the full year, the net loss totaled $348.7 million, or $1.83 per share, down from a profit of $3.1 billion in 2019. Adjusted Funds from Operations (FFO) also fell to $127.2 million, or $0.66 per share, from $171 million the previous year. The COVID-19 pandemic led to tenant closures, reduced revenues, and property impairments, with a focus on recovery efforts and tenancy rehabilitation.

Vornado Realty Trust (NYSE: VNO) reported its financial results for Q4 2020, showing a decrease in net income attributable to common shareholders of $1.10 per diluted share, primarily due to real estate impairment losses of $236.286 million. However, Funds From Operations (FFO) increased by $0.06 per diluted share. The report highlights a net gain from the sale of 220 Central Park South condominium units amounting to $36.274 million. Results are preliminary, and final figures may differ significantly upon completion of audits.

Vornado Realty Trust (NYSE:VNO) will file its annual Form 10-K for the year ending December 31, 2020, on February 16, 2021, post market closure. A conference call for fourth quarter and full-year earnings will follow on February 17, 2021, at 10:00 a.m. ET. Investors can access the call by dialing provided numbers or via a live webcast on Vornado’s website. The press release highlights the ongoing uncertainties related to the COVID-19 pandemic and its potential adverse effects on the company's financial performance and tenant operations.

Vornado Realty Trust (NYSE:VNO) announced the declaration of quarterly preferred dividends for several series. The Series A Convertible dividend is set at $0.8125 per share, while the Series K will be $0.35625, Series L at $0.3375, Series M at $0.328125, and Series N also at $0.328125. These dividends are payable on April 1, 2021, to shareholders of record by March 15, 2021. This announcement reflects Vornado's commitment to returning value to its shareholders, despite ongoing economic challenges due to the COVID-19 pandemic.