Vornado Realty (VNO) sells stakes in LXP and UE; calls 2022 bonds.
Vornado Realty announced today that it has sold its remaining positions in Lexington Realty Trust (LXP) and Urban Edge Properties (UE) for total proceeds of $276.2 million. At the same time, VNO announced the redemption of its $400 million 5.00% bonds due 2002, which the company said would result in a prepayment charge of approximately $23 million.
The sale of the LXP/UE stakes is part of VNO's continuing effort to clean up its balance sheet and increase the focus on core NYC office properties. Previous divestitures have included the initial spin-off transaction of the Urban Edge shopping center portfolio in 2015, and the 2017 contribution of office properties located in Washington, DC, to JBG Smith Properties (JBGS).
The sale of the LXP/UE stakes is part of VNO's continuing effort to clean up its balance sheet and increase the focus on core NYC office properties. Previous divestitures have included the initial spin-off transaction of the Urban Edge shopping center portfolio in 2015, and the 2017 contribution of office properties located in Washington, DC, to JBG Smith Properties (JBGS).
03/04/2019