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NEW YORK CITY-Vornado Realty Trust has entered into a new $600 million unsecured revolving credit facility which has replaced its $1 billion unsecured revolving credit facility due to mature in this month. The new facility has a three-year term with a one-year extension option and bears interest at LIBOR plus 65 basis points.

The co-lead arrangers and book-runners of the facility are JP Morgan Securities Inc. and Bank of America Securities LLC. JP Morgan Chase Bank serves as administrative agent. Bank of America NA and Citicorp North America Inc. serve as syndication agents. Deutsche Bank Trust Company Americas and Fleet National Bank serve as documentation agents.

Vornado Realty Trust is a fully-integrated equity real estate investment trust. Net income applicable to common shares for the quarter ended March 31, 2003 was $86.3 million, or $.77 per diluted share, versus $45.4 million, or $.42 per diluted share, for the quarter ended March 31, 2002.

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