Vornado sells LXP, UE stakes, calls $400M of 2022 notes

|About: Lexington Realty Trust (LXP)|By:, SA News Editor

Vornado Realty Trust (NYSE:VNO) sold all of the almost 18.5M shares of Lexington Realty Trust (NYSE:LXP) it owns, realizing net proceeds of $167.7M.

Also sold all of the 5.7M of Urban Edge Properties (NYSE:UE) it owns for net proceeds of $108.5M.

The LXP share sale will result in a gain of ~$16.1M in Q1, while the Urban Edge sale will result in a gain of ~$62.4M in the quarter.

Vornado Realty LP calls for redemption all of its $400M principal amount of 5.00% senior unsecured notes due 2022 at a redemption price of about 105.51% on the principal amount plus accrued interest.

Will incur charge of ~$23M in Q1 relating to prepayment and write-off of unamortized financing costs of the 2022 notes.

Previously: Vornado Realty Q4 misses, same-store NOI -6.3% (Feb. 11)

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