Vornado Realty Trust disclosed in a regulatory filing last week that its writing down the value of its portfolio by $600M.
The lion's share of the impairment charge—about $480M—is related to another drop in the valuation of the REIT's ownership stake in a seven-property portfolio of Times Square and Fifth Avenue office and retail properties, including a Broadway theater, encompassing a total of nearly 850K SF.
Vornado owns the Midtown portfolio in partnership with Crown Acquisitions, which purchased a stake in 2019 for $2.5B. The write-down is the second impairment charge assigned to the seven-building package; in Q3 2020, the partners took a write-down of $409M.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
