ZACKSยท2025-06-06 18:16Core Insights - Vornado Realty Trust, Inc. (VNO) has completed a refinancing of $675 million for Independence Plaza, a residential complex in Manhattan, where it holds a 50.1% stake [1][8] - The new five-year interest-only loan has a fixed interest rate of 5.84% and will mature in June 2030, replacing a previous loan with a 4.25% interest rate that was due to mature in July 2025 [2][8] - This refinancing enhances Vornado's financial flexibility, improving its maturity profile and liquidity for daily operations [3] Financial Position - As of March 31, 2025, Vornado had $2.3 billion in liquidity, which includes $807 million in cash and cash equivalents, and $1.5 billion available under its $2.2 billion revolving credit facilities [4] - The company is focused on boosting cash flow and alleviating bottom-line pressure while strengthening its balance sheet [4] Market Performance - Over the past three months, Vornado's shares have declined by 1.6%, mirroring the industry's performance [5] - Comparatively, other REITs like VICI Properties and W.P. Carey have better rankings, with VICI's 2025 FFO per share estimate moving up to $2.34 and WPC's estimate revised to $4.88 [6][9]