Americold Realty Trust Completes $1.05 Billion of Mortgage Financing.

PARAMUS, N.J. & FORT WORTH, Texas & LOS ANGELES -- VORNADO REALTY TRUST (NYSE:VNO), CRESCENT REAL ESTATE EQUITIES COMPANY (NYSE:CEI) and THE YUCAIPA COMPANIES LLC announced today that Americold Realty Trust ("AmeriCold") has completed a 5.45% fixed-rate, interest-only financing in an aggregate principal amount of $1.05 billion which matures in approximately equal tranches in seven, nine and ten years.

The proceeds were used to repay $449 million of fixed-rate mortgages with a rate of 6.89% and a $430 million mortgage with a variable rate of LIBOR plus 1.25% (6.57% at closing). The mortgages that were repaid were collateralized by 84 temperature-controlled warehouses which were released upon repayment. 50 of the warehouses are used to collateralize the new loan.

The net proceeds was approximately $191 million, including the release of escrow reserves and after defeasance and closing costs. Vornado, Crescent and Yucaipa will receive distributions of $88 million, $59 million and $38 million, respectively, from a portion of the net proceeds.

AmeriCold is owned 47.6% by Vornado Realty Trust, 31.7% by Crescent Real Estate Equities Company, and 20.7% by The Yucaipa Companies LLC, and is the largest third-party provider of temperature-controlled warehouse space in North America.

Vornado Realty Trust is a fully integrated equity real estate investment trust. Crescent Real Estate Equities Company is a real estate investment trust with investments in Class A office properties, resort residential developments, AmeriCold, and Canyon Ranch[R]. The Yucaipa Companies LLC is a premiere private-equity investment firm and has completed over $30 billion of mergers and acquisitions since its founding in 1986.