Vornado is Repaid $275 Million General Motors Building Loan
PARAMUS, N.J.--(BUSINESS WIRE)--Jan. 7, 2005--Vornado Realty Trust (NYSE:VNO) announced that today it has been repaid $275 million of loans secured by partnership interests in the General Motors Building. Vornado also received a prepayment penalty of $4.5 million together with interest through January 14, 2005 on $225 million of these loans. The $4.5 million and an additional $1.2 million of unamortized fees will be included in income in the first quarter 2005.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
CONTACT: Vornado Realty Trust
Joseph Macnow, 201-587-1000
SOURCE: Vornado Realty Trust