VORNADO REALTY TRUST 8-K

What Happened Vornado Realty Trust (through its operating partnership, Vornado Realty L.P.) announced on January 7, 2026 that it amended and extended key unsecured credit facilities and a term loan, moving maturities from December 2027 to February 2031 (as fully extended). The company reduced the availability on one revolving facility, increased the term loan size, and raised capacity on another revolving facility while setting sustainability‑linked pricing adjustments.

Key Details

• 2031 Revolving Credit Facility: availability reduced from $1.25 billion to $1.105 billion; current pricing Term SOFR + 105 bps and a 25 bps facility fee; pricing/fee may move ±4 bps/±1 bp annually based on sustainability thresholds.
• Term Loan: maturity extended to Feb 2031; principal increased to $850 million from $800 million; current pricing Term SOFR + 120 bps; pricing may move ±5 bps based on sustainability thresholds. (This increase creates a direct financial obligation.)
• 2029 Revolving Credit Facility: commitment increased from $915 million to $1.0 billion; current pricing Term SOFR + 116 bps and a 24 bps facility fee.
• Financial covenants include limits such as Total Outstanding Indebtedness ≤ 60% of Capitalization Value, Combined EBITDA/Fixed Charges ≥ 1.40x, Unencumbered Combined EBITDA/Unsecured Interest Expense ≥ 1.75x, Unsecured Indebtedness ≤ 60% of unencumbered capital value, and Secured Indebtedness ≤ 50% of Capitalization Value. Facilities contain usual default and acceleration provisions.

Why It Matters The amendments push near‑term maturities out to 2031 and adjust borrowing capacity, improving Vornado’s liquidity runway and reducing immediate refinancing pressure. At the same time, the agreements impose leverage and cash‑flow covenants that the company must maintain and include sustainability‑linked pricing that can slightly change borrowing costs. Investors should note the changed facility sizes, the $50 million increase in the term loan (a new direct obligation), and the covenant thresholds that could affect flexibility if operating performance weakens.