Downturn barely impacted Vornado’s cash flow

TRD New York /
Mar.March 12, 2012 09:00 AM

The recession had “almost no impact” on Vornado Realty Trust’s cash flow, CEO Michael Fascitelli said in a video interview with REIT.com.

Fascitelli said the company focused on paying down $2 billion of debt and extending maturity of other obligations during the downturn to help maintain operating leeway and flexibility. Thanks to its access to capital, the firm “had a very aggressive plan to keep the buildings full,” and combined with long term-leases it was able to “mitigate any kind of cash flow impact.”

Fascitelli was asked about the $800 million real estate investment fund, but declined to discuss it aside from the relationships it helps forge with big partners and possible joint ventures.

Finally, Fascitelli discussed taking over for Steve Roth, who now holds the title of chairman of Vornado. Fascitelli, who formerly worked as a partner of Goldman Sachs, said it hasn’t been to much of a transition because he has worked in partnership with Roth since joining Vornado in 1997 and launching an aggressive acquisition spree. Taking over the CEO title was “an evolution, not a revolution,” Fascitelli said. [REIT.com]


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
220 Central Park South and Steve Roth (Google Maps, Getty)

Another 220 Central Park South condo sells for $61.6M

Another 220 Central Park South condo sells for $61.6M
(iStock)

Remote work threatens cash flows for office REITs

Remote work threatens cash flows for office REITs
Vornado CEO Steven Roth and TheMART (Getty, VNO)

What tenants are paying at Vornado’s theMART in Chicago

What tenants are paying at Vornado’s theMART in Chicago
Elie Tahari, 510 Fifth Avenue and Vornado chairman Steve Roth (VNO; Getty)

Vornado goes after Elie Tahari for bailing on Fifth Ave lease

Vornado goes after Elie Tahari for bailing on Fifth Ave lease
220 Central Park South (Google Maps, iStock)

Buyer drops $40M on 220 Central Park South condo

Buyer drops $40M on 220 Central Park South condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...