Fitch assigns BBB to Vornado Realty PINEs

Fitch Ratings said it assigned a BBB rating to the new $400 million 7.875% Public Income Notes (PINEs) due Oct. 1, 2039 issued by Vornado Realty, LP, the operating partnership of Vornado Realty Trust.

Proceeds from the offering will be used for general corporate purposes. The outlook is stable.

Fitch said the ratings are supported by the company's strong business platform of investments in multiple property types, a solid leasing profile with well-laddered lease maturities, strong liquidity position, large unencumbered asset pool, and manageable debt maturities.

Credit concerns include the geographic concentration of the company's largest businesses, challenging operating conditions, slightly elevated leverage, and the inherent unpredictability of capital needs from the company's opportunistic investment strategy.

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