Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended September 30, 2023
Financial Results
NET INCOME attributable to common shareholders
for the quarter ended September 30, 2023 was $52,846,000, or $0.28
per diluted share, compared to $7,769,000, or $0.04 per diluted
share, for the prior year's quarter. Adjusting for the items that
impact period-to-period comparability listed in the table on the
following page, net income attributable to common shareholders, as
adjusted (non-GAAP) for the quarter ended September 30, 2023 was
$12,845,000, or $0.07 per diluted share, and $37,429,000, or $0.19
per diluted share for the quarter ended September 30, 2022.
FUNDS FROM OPERATIONS ("FFO") attributable to
common shareholders plus assumed conversions (non-GAAP) for the
quarter ended September 30, 2023 was $119,487,000, or $0.62 per
diluted share, compared to $152,461,000, or $0.79 per diluted
share, for the prior year's quarter. Adjusting for the items
that impact period-to-period comparability listed in the table on
the following page, FFO attributable to common shareholders plus
assumed conversions, as adjusted (non-GAAP) for the quarter ended
September 30, 2023 was $127,241,000, or $0.66 per diluted share,
and $157,350,000, or $0.81 per diluted share for the quarter ended
September 30, 2022.
Nine Months Ended September 30, 2023
Financial Results
NET INCOME attributable to common shareholders
for the nine months ended September 30, 2023 was $104,391,000, or
$0.54 per diluted share, compared to $84,665,000, or $0.44 per
diluted share, for the nine months ended September 30, 2022.
Adjusting for the items that impact period-to-period comparability
listed in the table on the following page, net income attributable
to common shareholders, as adjusted (non-GAAP) for the nine months
ended September 30, 2023 was $43,246,000, or $0.22 per diluted
share, and $106,652,000, or $0.56 per diluted share, for the nine
months ended September 30, 2022.
FFO attributable to common shareholders plus
assumed conversions (non-GAAP) for the nine months ended September
30, 2023 was $382,658,000, or $1.97 per diluted share, compared to
$462,463,000, or $2.39 per diluted share, for the nine months ended
September 30, 2022. Adjusting for the items that impact
period-to-period comparability listed in the table on the following
page, FFO attributable to common shareholders plus assumed
conversions, as adjusted (non-GAAP) for the nine months ended
September 30, 2023 was $384,371,000, or $1.98 per diluted share,
and $469,851,000, or $2.43 per diluted share, for the nine months
ended September 30, 2022.
The following table reconciles net income
attributable to common shareholders to net income attributable to
common shareholders, as adjusted (non-GAAP):
(Amounts in thousands, except per
share amounts) |
For the Three Months EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income attributable to
common shareholders |
$ |
52,846 |
|
|
$ |
7,769 |
|
|
$ |
104,391 |
|
|
$ |
84,665 |
|
Per diluted share |
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.54 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
Certain (income) expense items
that impact net income attributable to common shareholders: |
|
|
|
|
|
|
|
Net gain on contribution of Pier 94 leasehold interest to joint
venture |
$ |
(35,968 |
) |
|
$ |
— |
|
|
$ |
(35,968 |
) |
|
$ |
— |
|
After-tax net gain on sale of The Armory Show |
|
(17,076 |
) |
|
|
— |
|
|
|
(17,076 |
) |
|
|
— |
|
Deferred tax liability on our investment in The Farley Building
(held through a taxable REIT subsidiary) |
|
3,115 |
|
|
|
3,776 |
|
|
|
8,196 |
|
|
|
10,183 |
|
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego
Park III land parcel |
|
— |
|
|
|
— |
|
|
|
(16,396 |
) |
|
|
— |
|
After-tax net gain on sale of 220 Central Park South ("220 CPS")
condominium units and ancillary amenities |
|
— |
|
|
|
— |
|
|
|
(6,173 |
) |
|
|
(6,085 |
) |
Other |
|
5,954 |
|
|
|
28,090 |
|
|
|
48 |
|
|
|
19,784 |
|
|
|
(43,975 |
) |
|
|
31,866 |
|
|
|
(67,369 |
) |
|
|
23,882 |
|
Noncontrolling interests'
share of above adjustments |
|
3,974 |
|
|
|
(2,206 |
) |
|
|
6,224 |
|
|
|
(1,895 |
) |
Total of certain (income)
expense items that impact net income attributable to common
shareholders |
$ |
(40,001 |
) |
|
$ |
29,660 |
|
|
$ |
(61,145 |
) |
|
$ |
21,987 |
|
Per diluted share (non-GAAP) |
$ |
(0.21 |
) |
|
$ |
0.15 |
|
|
$ |
(0.32 |
) |
|
$ |
0.12 |
|
|
|
|
|
|
|
|
|
Net income attributable to
common shareholders, as adjusted (non-GAAP) |
$ |
12,845 |
|
|
$ |
37,429 |
|
|
$ |
43,246 |
|
|
$ |
106,652 |
|
Per diluted share (non-GAAP) |
$ |
0.07 |
|
|
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles FFO attributable
to common shareholders plus assumed conversions (non-GAAP) to FFO
attributable to common shareholders plus assumed conversions, as
adjusted (non-GAAP):
(Amounts in thousands, except per
share amounts) |
For the Three Months EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
FFO attributable to common
shareholders plus assumed conversions
(non-GAAP)(1) |
$ |
119,487 |
|
|
$ |
152,461 |
|
|
$ |
382,658 |
|
|
$ |
462,463 |
|
Per diluted share (non-GAAP) |
$ |
0.62 |
|
|
$ |
0.79 |
|
|
$ |
1.97 |
|
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
Certain expense (income) items
that impact FFO attributable to common shareholders plus assumed
conversions: |
|
|
|
|
|
|
|
Deferred tax liability on our investment in The Farley Building
(held through a taxable REIT subsidiary) |
$ |
3,115 |
|
|
$ |
3,776 |
|
|
$ |
8,196 |
|
|
$ |
10,183 |
|
After-tax net gain on sale of 220 CPS condominium units and
ancillary amenities |
|
— |
|
|
|
— |
|
|
|
(6,173 |
) |
|
|
(6,085 |
) |
Other |
|
5,330 |
|
|
|
1,477 |
|
|
|
(167 |
) |
|
|
3,840 |
|
|
|
8,445 |
|
|
|
5,253 |
|
|
|
1,856 |
|
|
|
7,938 |
|
Noncontrolling interests'
share of above adjustments |
|
(691 |
) |
|
|
(364 |
) |
|
|
(143 |
) |
|
|
(550 |
) |
Total of certain expense
(income) items that impact FFO attributable to common shareholders
plus assumed conversions, net |
$ |
7,754 |
|
|
$ |
4,889 |
|
|
$ |
1,713 |
|
|
$ |
7,388 |
|
Per diluted share (non-GAAP) |
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
FFO attributable to common
shareholders plus assumed conversions, as adjusted (non-GAAP) |
$ |
127,241 |
|
|
$ |
157,350 |
|
|
$ |
384,371 |
|
|
$ |
469,851 |
|
Per diluted share (non-GAAP) |
$ |
0.66 |
|
|
$ |
0.81 |
|
|
$ |
1.98 |
|
|
$ |
2.43 |
|
________________________________(1) See
page 12 for a reconciliation of net income attributable to common
shareholders to FFO attributable to common shareholders plus
assumed conversions (non-GAAP) for the three and nine months ended
September 30, 2023 and 2022.
FFO, as Adjusted Bridge - Q3 2023 vs. Q3
2022
The following table bridges our FFO attributable
to common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended September 30, 2022 to FFO
attributable to common shareholders plus assumed conversions, as
adjusted (non-GAAP) for the three months ended September 30,
2023:
(Amounts in millions, except
per share amounts) |
FFO, as Adjusted |
|
Amount |
|
Per Share |
FFO attributable to common shareholders plus assumed
conversions, as adjusted (non-GAAP) for the three months September
30, 2022 |
$ |
157.4 |
|
|
$ |
0.81 |
|
|
|
|
|
(Decrease) increase in FFO, as
adjusted due to: |
|
|
|
Prior period accrual adjustments recorded in Q3 2022 related to
changes in the tax assessed value of THE MART |
|
(11.9 |
) |
|
|
Increase in interest expense, net of increase in interest
income |
|
(7.3 |
) |
|
|
Stock compensation expense on the June 2023 grant |
|
(6.1 |
) |
|
|
FFO from sold properties |
|
(4.9 |
) |
|
|
Other, net |
|
0.1 |
|
|
|
|
|
(30.1 |
) |
|
|
Noncontrolling interests'
share of above items and impact of assumed conversions of
convertible securities |
|
(0.1 |
) |
|
|
Net decrease |
|
(30.2 |
) |
|
|
(0.15 |
) |
|
|
|
|
FFO attributable to
common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended September 30,
2023 |
$ |
127.2 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
See page 12 for a reconciliation of net income
attributable to common shareholders to FFO attributable to common
shareholders plus assumed conversions (non-GAAP) for the three and
nine months ended September 30, 2023 and 2022. Reconciliations of
FFO attributable to common shareholders plus assumed conversions to
FFO attributable to common shareholders plus assumed conversions,
as adjusted are provided on the previous page.
Sunset Pier 94 Studios Joint
Venture:
On August 28, 2023, we, together with
Hudson Pacific Properties and Blackstone Inc., formed a joint
venture (“Pier 94 JV”) to develop a 266,000 square foot
purpose-built studio campus at Pier 94 in Manhattan (“Sunset Pier
94 Studios”). In connection therewith:
- We contributed our
Pier 94 leasehold interest to the joint venture in exchange for a
49.9% common equity interest and an initial capital account of
$47,944,000, comprised of (i) the $40,000,000 value of our Pier 94
leasehold interest contribution and (ii) a $7,944,000 credit for
pre-development costs incurred. Hudson Pacific Properties (“HPP”)
and Blackstone Inc. (together, “HPP/BX”) received an aggregate
50.1% common equity interest in Pier 94 JV and an initial capital
account of $22,976,000 in exchange for (i) a $15,000,000 cash
contribution upon the joint venture’s formation and (ii) a
$7,976,000 credit for pre-development costs incurred. HPP/BX will
fund 100% of cash contributions until such time that its capital
account is equal to Vornado’s, after which equity will be funded in
accordance with each partner’s respective ownership interest.
- The lease of Pier
94 with the City of New York was amended and restated to allow for
the contribution to Pier 94 JV and to remove Pier 92 from the
lease’s demised premises. The amended and restated lease expires in
2060 with five 10-year renewal options.
- Pier 94 JV closed
on a $183,200,000 construction loan facility ($100,000 outstanding
as of September 30, 2023) which bears interest at SOFR plus 4.75%
and matures in September 2025, with one one-year as-of-right
extension option and two one-year extension options subject to
certain conditions. VRLP and the other partners provided a joint
and several completion guarantee.
The development cost of the project is estimated
to be $350,000,000, which will be funded with $183,200,000 of
construction financing (described above) and $166,800,000 of equity
contributions. Our share of equity contributions will be funded by
(i) our $40,000,000 Pier 94 leasehold interest contribution and
(ii) $34,000,000 of cash contributions, which are net of an
estimated $9,000,000 for our share of development fees and
reimbursement for overhead costs incurred by us.
Upon contribution of the Pier 94 leasehold, we
recognized a $35,968,000 net gain primarily due to the step-up of
our retained investment in the leasehold interest to fair value.
The net gain was included in “net gains on disposition of wholly
owned and partially owned assets” on our consolidated statements of
income for the three and nine months ended September 30,
2023.
Dividends/Share Repurchase Program:
On April 26, 2023, we announced the postponement
of dividends on our common shares until the end of 2023, at which
time, upon finalization of our 2023 taxable income, including the
impact of asset sales, we will pay the 2023 dividend in either (i)
cash, or (ii) a combination of cash and securities, as determined
by our Board of Trustees. Cash retained from dividends or from
asset sales will be used to reduce debt and/or to fund the share
repurchase program discussed below.
We also announced that our Board of Trustees has
authorized the repurchase of up to $200,000,000 of our outstanding
common shares under a newly established share repurchase
program.
During the three months ended September 30,
2023, we repurchased 302,200 common shares for $5,927,000 at an
average price per share of $19.61. In total, we have repurchased
2,024,495 common shares under the program at an average price per
share of $14.40. As of September 30, 2023, $170,857,000 remained
available and authorized for repurchases.
350 Park Avenue:
On January 24, 2023, we and the Rudin family
(“Rudin”) completed agreements with Citadel Enterprise Americas LLC
(“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s
Founder and CEO (“KG”), for a series of transactions relating to
350 Park Avenue and 40 East 52nd Street.
Pursuant to the agreements, Citadel master
leases 350 Park Avenue, a 585,000 square foot Manhattan office
building, on an “as is” basis for ten years, with an initial annual
net rent of $36,000,000. Per the terms of the lease, no tenant
allowance or free rent was provided. Citadel has also master leased
Rudin’s adjacent property at 40 East 52nd Street (390,000 square
feet).
In addition, we entered into a joint venture
with Rudin (the “Vornado/Rudin JV”) which was formed to purchase 39
East 51st Street. Upon formation of the KG joint venture described
below, 39 East 51st Street will be combined with 350 Park Avenue
and 40 East 52nd Street to create a premier development site
(collectively, the “Site”). On June 20, 2023, the Vornado/Rudin JV
completed the purchase of 39 East 51st Street for $40,000,000,
which was funded on a 50/50 basis by Vornado and Rudin.
From October 2024 to June 2030, KG will have the
option to either:
- acquire a 60%
interest in a joint venture with the Vornado/Rudin JV that would
value the Site at $1.2 billion ($900,000,000 to Vornado and
$300,000,000 to Rudin) and build a new 1,700,000 square foot office
tower (the “Project”) pursuant to East Midtown Subdistrict zoning
with the Vornado/Rudin JV as developer. KG would own 60% of the
joint venture and the Vornado/Rudin JV would own 40% (with Vornado
owning 36% and Rudin owning 4% of the joint venture along with a
$250,000,000 preferred equity interest in the Vornado/Rudin JV).
- at the joint
venture formation, Citadel or its affiliates will execute a
pre-negotiated 15-year anchor lease with renewal options for
approximately 850,000 square feet (with expansion and contraction
rights) at the Project for its primary office in New York
City;
- the rent for
Citadel’s space will be determined by a formula based on a
percentage return (that adjusts based on the actual cost of
capital) on the total Project cost;
- the master leases
will terminate at the scheduled commencement of demolition;
- or, exercise an
option to purchase the Site for $1.4 billion
($1.085 billion to Vornado and $315,000,000 to Rudin), in
which case the Vornado/Rudin JV would not participate in the new
development.
Further, the Vornado/Rudin JV will have the
option from October 2024 to September 2030 to put the Site to KG
for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to
Rudin). For ten years following any put option closing, unless the
put option is exercised in response to KG’s request to form the
joint venture or KG makes a $200,000,000 termination payment, the
Vornado/Rudin JV will have the right to invest in a joint venture
with KG on the terms described above if KG proceeds with
development of the Site.
Dispositions:
Alexander's
On May 19, 2023, Alexander's completed the sale
of the Rego Park III land parcel, located in Queens, New York, for
$71,060,000, inclusive of consideration for Brownfield tax benefits
and reimbursement of costs for plans, specifications and
improvements to date. As a result of the sale, we recognized our
$16,396,000 share of the net gain and received a $711,000 sales
commission from Alexander’s, of which $250,000 was paid to a
third-party broker.
The Armory Show
On July 3, 2023, we completed the sale of The
Armory Show, located in New York, for $24,410,000, subject to
certain post-closing adjustments, and realized net proceeds of
$22,489,000. In connection with the sale, we recognized a net gain
of $20,181,000 which is included in “net gains on disposition of
wholly owned and partially owned assets” on our consolidated
statements of income.
Manhattan Retail Properties Sale
On August 10, 2023, we completed the sale of
four Manhattan retail properties located at 510 Fifth Avenue,
148–150 Spring Street, 443 Broadway and 692 Broadway for
$100,000,000 and realized net proceeds of $95,450,000. In
connection with the sale, we recognized an impairment loss of
$625,000 which is included in “transaction related costs and other”
on our consolidated statements of income.
Financings:
150 West 34th Street
On January 9, 2023, our $105,000,000
participation in the $205,000,000 mortgage loan on 150 West 34th
Street was repaid, which reduced “other assets” and “mortgages
payable, net” on our consolidated balance sheets by
$105,000,000.
On October 4, 2023, we completed a $75,000,000
refinancing of 150 West 34th Street, of which $25,000,000 is
recourse to the Operating Partnership. The interest-only loan bears
a rate of SOFR plus 2.15% and matures in February 2025, with three
one-year as-of-right extension options and an additional one-year
extension option available subject to satisfying a loan-to-value
test. The interest rate on the loan is subject to an interest rate
cap arrangement with a SOFR strike rate of 5.00%, which matures in
February 2026. The loan replaces the previous $100,000,000 loan,
which bore interest at SOFR plus 1.86%.
697-703 Fifth Avenue (Fifth Avenue and Times
Square JV)
On June 14, 2023, the Fifth Avenue and Times
Square JV completed a restructuring of the 697-703 Fifth Avenue
$421,000,000 non-recourse mortgage loan, which matured in December
2022. The restructured $355,000,000 loan, which had its principal
reduced through an application of property-level reserves and funds
from the partners, was split into (i) a $325,000,000 senior note,
which bears interest at SOFR plus 2.00%, and (ii) a $30,000,000
junior note, which accrues interest at a fixed rate of 4.00%. The
restructured loan matures in March 2028, as fully extended. Any
amounts funded for future re-leasing of the property will be senior
to the $30,000,000 junior note.
512 West 22nd Street
On June 28, 2023, a joint venture, in which we
have a 55% interest, completed a $129,250,000 refinancing of 512
West 22nd Street, a 173,000 square foot Manhattan office building.
The interest-only loan bears a rate of SOFR plus 2.00% in year one
and SOFR plus 2.35% thereafter. The loan matures in June 2025 with
a one-year extension option subject to debt service coverage ratio,
loan-to-value and debt yield requirements. The loan replaces the
previous $137,124,000 loan that bore interest at LIBOR plus 1.85%
and had an initial maturity of June 2023. In addition, the joint
venture entered into the interest rate cap arrangement detailed in
the table below.
825 Seventh Avenue
On July 24, 2023, a joint venture, in which we
have a 50% interest, completed a $54,000,000 refinancing of the
office condominium of 825 Seventh Avenue, a 173,000 square foot
Manhattan office and retail building. The interest-only loan bears
a rate of SOFR plus 2.75%, with a 30 basis point reduction
available upon satisfaction of certain leasing conditions, and
matures in January 2026. The loan replaces the previous $60,000,000
loan that bore interest at LIBOR plus 2.35% and was scheduled to
mature in July 2023.
Interest Rate Swap and Cap Arrangements
We entered into the following interest rate swap
and cap arrangements during the nine months ended September 30,
2023:
(Amounts
in thousands) |
Notional Amount(at share) |
|
All-In Swapped Rate |
|
Expiration Date |
|
Variable Rate Spread |
Interest rate
swaps: |
|
|
|
|
|
|
|
|
|
|
|
555 California Street (effective 05/24) |
$ |
840,000 |
|
|
|
6.03 |
% |
|
|
05/26 |
|
|
|
S+205 |
|
Unsecured term loan(1) (effective 10/23) |
|
150,000 |
|
|
|
5.12 |
% |
|
|
07/25 |
|
|
|
S+129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index Strike Rate |
|
|
|
|
|
|
|
|
Interest rate
caps: |
|
|
|
|
|
|
|
|
|
|
|
1290 Avenue of the Americas (70.0% interest) (effective
11/23)(2) |
$ |
665,000 |
|
|
|
1.00 |
% |
|
|
11/25 |
|
|
|
S+162 |
|
One Park Avenue (effective 3/24) |
|
525,000 |
|
|
|
3.89 |
% |
|
|
03/25 |
|
|
|
S+122 |
|
731 Lexington Avenue office condominium (32.4% interest) |
|
162,000 |
|
|
|
6.00 |
% |
|
|
06/24 |
|
|
|
Prime + 0 |
|
640 Fifth Avenue (52.0% interest) |
|
259,925 |
|
|
|
4.00 |
% |
|
|
05/24 |
|
|
|
S+111 |
|
512 West 22nd Street (55.0% interest) |
|
71,088 |
|
|
|
4.50 |
% |
|
|
06/25 |
|
|
|
S+200 |
|
________________________________(1) In
addition to the swap disclosed above, the unsecured term loan,
which matures in December 2027, is subject to various interest rate
swap arrangements that were entered into in prior periods. The
table below summarizes the impact of the swap arrangements on the
unsecured term loan.
|
|
|
Swapped Balance |
|
All-In Swapped Rate |
|
Unswapped Balance(bears interest at
S+129) |
|
Through 10/23 |
|
$ |
800,000 |
|
|
|
4.04 |
% |
|
$ |
— |
|
|
10/23 through 07/25 |
|
|
700,000 |
|
|
|
4.52 |
% |
|
|
100,000 |
|
|
07/25 through 10/26 |
|
|
550,000 |
|
|
|
4.35 |
% |
|
|
250,000 |
|
|
10/26 through 08/27 |
|
|
50,000 |
|
|
|
4.03 |
% |
|
|
750,000 |
|
(2) In connection with the
arrangement, we made a $63,100 up-front payment, of which $18,930
is attributable to noncontrolling interests.
Leasing Activity:
The leasing activity and related statistics
below are based on leases signed during the period and are not
intended to coincide with the commencement of rental revenue in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”). Second generation relet space
represents square footage that has not been vacant for more than
nine months and tenant improvements and leasing commissions are
based on our share of square feet leased during the period.
For the Three Months Ended September 30,
2023:
- 236,000 square feet of New York
Office space (190,000 square feet at share) at an initial rent of
$93.33 per square foot and a weighted average lease term of 7.9
years. The changes in the GAAP and cash mark-to-market rent on the
176,000 square feet of second generation space were negative 0.3%
and negative 2.5%, respectively. Tenant improvements and leasing
commissions were $12.87 per square foot per annum, or 13.8% of
initial rent.
- 29,000 square feet of New York
Retail space (21,000 square feet at share) at an initial rent of
$373.28 per square foot and a weighted average lease term of 8.4
years. The changes in the GAAP and cash mark-to-market rent on the
9,000 square feet of second generation space were positive 31.3%
and positive 33.5%, respectively. Tenant improvements and leasing
commissions were $26.02 per square foot per annum, or 7.0% of
initial rent.
- 68,000 square
feet at THE MART (63,000 square feet at share) at an initial rent
of $54.71 per square foot and a weighted average lease term of 5.2
years. The changes in the GAAP and cash mark-to-market rent on
the 40,000 square feet of second generation space were negative
9.0% and negative 10.4%, respectively. Tenant improvements and
leasing commissions were $10.46 per square foot per annum, or 19.1%
of initial rent.
For the Nine Months Ended September 30,
2023:
- 1,292,000 square feet of New York
Office space (1,186,000 square feet at share) at an initial rent of
$97.99 per square foot and a weighted average lease term of 9.5
years. The changes in the GAAP and cash mark-to-market rent on the
1,027,000 square feet of second generation space were positive 7.3%
and positive 1.6%, respectively. Tenant improvements and leasing
commissions were $5.66 per square foot per annum, or 5.8% of
initial rent.
- 259,000 square feet of New York
Retail space (200,000 square feet at share) at an initial rent of
$116.03 per square foot and a weighted average lease term of 5.6
years. The changes in the GAAP and cash mark-to-market rent on the
113,000 square feet of second generation space were positive 17.0%
and positive 15.4%, respectively. Tenant improvements and leasing
commissions were $19.01 per square foot per annum, or 16.4% of
initial rent.
- 176,000 square feet at THE MART
(171,000 square feet at share) at an initial rent of $55.87 per
square foot and a weighted average lease term of 5.7
years. The changes in the GAAP and cash mark-to-market rent on
the 112,000 square feet of second generation space were negative
5.9% and negative 9.8%, respectively. Tenant improvements and
leasing commissions were $8.49 per square foot per annum, or 15.2%
of initial rent.
- 10,000 square feet at 555
California Street (7,000 square feet at share) at an initial rent
of $134.70 per square foot and a weighted average lease term of 5.9
years. The changes in the GAAP and cash mark-to-market rent on
the 4,000 square feet of second generation space were positive
12.8% and positive 2.4%, respectively. Tenant improvements and
leasing commissions were $22.92 per square foot per annum, or 17.0%
of initial rent.
Occupancy:
(At Vornado's share) |
New York |
|
THE MART |
|
555 California Street |
|
Total |
|
Office |
|
Retail |
|
|
Occupancy as of September 30, 2023 |
89.9 |
% |
|
91.6 |
% |
|
74.3 |
% |
|
76.8 |
% |
|
94.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same Store Net Operating Income ("NOI")
At Share:
|
Total |
|
New York |
|
|
THE MART(1) |
|
|
555 California Street(2) |
Same store NOI at share %
(decrease) increase(3): |
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 compared to September 30,
2022 |
|
(3.0 |
)% |
|
|
4.0 |
% |
|
|
(54.0 |
)% |
|
|
2.9 |
% |
Nine months ended September 30, 2023 compared to September 30,
2022 |
|
1.1 |
% |
|
|
2.8 |
% |
|
|
(35.5 |
)% |
|
|
32.2 |
% |
Three months ended September 30, 2023 compared to June 30,
2023 |
|
(6.6 |
)% |
|
|
(1.3 |
)% |
|
|
(8.5 |
)% |
|
|
(47.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Same store NOI at share - cash
basis % (decrease) increase(3): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 compared to September 30,
2022 |
|
(4.7 |
)% |
|
|
2.1 |
% |
|
|
(53.7 |
)% |
|
|
3.7 |
% |
Nine months ended September 30, 2023 compared to September 30,
2022 |
|
1.1 |
% |
|
|
3.1 |
% |
|
|
(38.2 |
)% |
|
|
34.7 |
% |
Three months ended September 30, 2023 compared to June 30,
2023 |
|
(7.0 |
)% |
|
|
(1.8 |
)% |
|
|
(6.2 |
)% |
|
|
(45.6 |
)% |
____________________(1) The
third quarter of 2022 includes prior period accrual adjustments
related to changes in the tax-assessed value of THE
MART.(2) The second quarter of 2023 includes
our $14,103,000 share of the receipt of a tenant settlement, net of
legal expenses.(3) See pages 14 through 19
for same store NOI at share and same store NOI at share - cash
basis reconciliations.
NOI At Share:
The elements of our New York and Other NOI at
share for the three and nine months ended September 30, 2023 and
2022 and the three months ended June 30, 2023 are summarized
below.
(Amounts in thousands) |
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30, |
|
|
|
|
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
June 30, 2023 |
|
|
2023 |
|
|
|
2022 |
|
NOI at
share: |
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
183,919 |
|
|
$ |
174,790 |
|
|
$ |
186,042 |
|
|
$ |
544,231 |
|
|
$ |
534,641 |
|
Retail |
|
46,559 |
|
|
|
52,127 |
|
|
|
47,428 |
|
|
|
141,183 |
|
|
|
155,670 |
|
Residential |
|
5,570 |
|
|
|
4,598 |
|
|
|
5,467 |
|
|
|
16,495 |
|
|
|
14,622 |
|
Alexander's |
|
9,586 |
|
|
|
9,639 |
|
|
|
9,429 |
|
|
|
28,085 |
|
|
|
27,980 |
|
Total New York |
|
245,634 |
|
|
|
241,154 |
|
|
|
248,366 |
|
|
|
729,994 |
|
|
|
732,913 |
|
Other: |
|
|
|
|
|
|
|
|
|
THE MART(2) |
|
15,132 |
|
|
|
35,769 |
|
|
|
16,462 |
|
|
|
47,003 |
|
|
|
75,630 |
|
555 California Street(3) |
|
16,564 |
|
|
|
16,092 |
|
|
|
31,347 |
|
|
|
64,840 |
|
|
|
49,051 |
|
Other investments |
|
3,665 |
|
|
|
4,074 |
|
|
|
5,464 |
|
|
|
14,280 |
|
|
|
12,699 |
|
Total Other |
|
35,361 |
|
|
|
55,935 |
|
|
|
53,273 |
|
|
|
126,123 |
|
|
|
137,380 |
|
|
|
|
|
|
|
|
|
|
|
NOI at share |
$ |
280,995 |
|
|
$ |
297,089 |
|
|
$ |
301,639 |
|
|
$ |
856,117 |
|
|
$ |
870,293 |
|
________________________________See notes
below.
NOI At Share - Cash Basis:
The elements of our New York and Other NOI at
share - cash basis for the three and nine months ended September
30, 2023 and 2022 and the three months ended June 30, 2023 are
summarized below.
(Amounts in thousands) |
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30, |
|
|
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
June 30, 2023 |
|
|
2023 |
|
|
|
2022 |
|
NOI at share - cash
basis: |
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
179,838 |
|
|
$ |
174,606 |
|
|
$ |
181,253 |
|
|
$ |
543,172 |
|
|
$ |
532,759 |
|
Retail |
|
45,451 |
|
|
|
48,096 |
|
|
|
44,956 |
|
|
|
134,441 |
|
|
|
142,678 |
|
Residential |
|
5,271 |
|
|
|
4,556 |
|
|
|
5,129 |
|
|
|
15,451 |
|
|
|
13,554 |
|
Alexander's |
|
10,284 |
|
|
|
10,434 |
|
|
|
10,231 |
|
|
|
30,376 |
|
|
|
30,296 |
|
Total New York |
|
240,844 |
|
|
|
237,692 |
|
|
|
241,569 |
|
|
|
723,440 |
|
|
|
719,287 |
|
Other: |
|
|
|
|
|
|
|
|
|
THE MART(2) |
|
15,801 |
|
|
|
36,772 |
|
|
|
16,592 |
|
|
|
47,068 |
|
|
|
78,749 |
|
555 California Street(3) |
|
17,552 |
|
|
|
16,926 |
|
|
|
32,284 |
|
|
|
67,554 |
|
|
|
50,141 |
|
Other investments |
|
3,818 |
|
|
|
4,280 |
|
|
|
5,624 |
|
|
|
14,557 |
|
|
|
13,292 |
|
Total Other |
|
37,171 |
|
|
|
57,978 |
|
|
|
54,500 |
|
|
|
129,179 |
|
|
|
142,182 |
|
|
|
|
|
|
|
|
|
|
|
NOI at share - cash basis |
$ |
278,015 |
|
|
$ |
295,670 |
|
|
$ |
296,069 |
|
|
$ |
852,619 |
|
|
$ |
861,469 |
|
________________________________(1) Includes
Building Maintenance Services NOI of $7,752, $7,043, $6,797,
$20,838 and $19,293, respectively, for the three months ended
September 30, 2023 and 2022 and June 30, 2023 and the nine months
ended September 30, 2023 and 2022.(2) The
third quarter of 2022 includes prior period accrual adjustments
related to changes in the tax-assessed value of THE
MART.(3) The nine months ended September 30,
2023 includes our $14,103 share of the receipt of a tenant
settlement, net of legal expenses.
Active Development/Redevelopment Summary
as of September 30,
2023:
(Amounts in
thousands, except square feet) |
|
|
|
|
|
|
|
|
(at Vornado’s share) |
|
|
|
Projected IncrementalCash
Yield |
New York
segment: |
|
PropertyRentableSq.
Ft. |
|
|
Budget |
|
Cash AmountExpended |
|
Remaining Expenditures |
|
Stabilization Year |
|
PENN District: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENN 2 - as expanded |
|
1,795,000 |
|
|
$ |
750,000 |
|
|
$ |
582,671 |
|
|
$ |
167,329 |
|
|
2025 |
|
9.5 |
% |
|
PENN 1 (including LIRR Concourse Retail)(1) |
|
2,558,000 |
|
|
|
450,000 |
|
|
|
415,663 |
|
|
|
34,337 |
|
|
N/A |
|
13.2 |
% |
(1)(2) |
Districtwide Improvements |
|
N/A |
|
|
|
100,000 |
|
|
|
45,490 |
|
|
|
54,510 |
|
|
N/A |
|
N/A |
|
|
Total PENN District |
|
|
|
|
|
1,300,000 |
|
(3) |
|
1,043,824 |
|
|
|
256,176 |
|
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunset Pier 94 Studios (49.9% interest)(4) |
|
266,000 |
|
|
|
125,000 |
|
|
|
7,994 |
|
|
|
117,006 |
|
|
2026 |
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Active
Development Projects |
|
|
|
|
$ |
1,425,000 |
|
|
$ |
1,051,818 |
|
|
$ |
373,182 |
|
|
|
|
|
|
________________________________(1) Property
is ground leased through 2098, as fully extended. Fair market value
resets occur in 2023, 2048 and 2073. The 13.2% projected return is
before the ground rent reset in June 2023, which has yet to be
determined and may be material.(2) Projected
to be achieved as pre-redevelopment leases roll, which have an
approximate average remaining term of 3.5
years.(3) Excluding debt and equity
carry.(4) Represents our 49.9% share of the
$350,000 development budget and excludes the $40,000 value of our
contributed leasehold interest. $34,000 will be funded via cash
contributions. See page 4 for further details.
There can be no assurance that the above
projects will be completed, completed on schedule or within budget.
In addition, there can be no assurance that the Company will be
successful in leasing the properties on the expected schedule or at
the assumed rental
rates.
Conference Call and Audio
WebcastAs previously announced, the Company will host a
quarterly earnings conference call and an audio webcast on Tuesday,
October 31, 2023 at 10:00 a.m. Eastern Time (ET). The conference
call can be accessed by dialing 888-317-6003 (domestic) or
412-317-6061 (international) and entering the passcode 6920837. A
live webcast of the conference call will be available on Vornado’s
website at www.vno.com in the Investor Relations section and an
online playback of the webcast will be available on the website
following the conference call.
Contact
Thomas J. Sanelli
(212) 894-7000
Supplemental Data
Further details regarding results of operations,
properties and tenants can be accessed at the Company’s website
www.vno.com. Vornado Realty Trust is a fully - integrated equity
real estate investment trust.
Certain statements contained herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are not guarantees of performance. They represent
our intentions, plans, expectations and beliefs and are subject to
numerous assumptions, risks and uncertainties. Our future
results, financial condition and business may differ materially
from those expressed in these forward-looking statements. You can
find many of these statements by looking for words such as
"approximates," "believes," "expects," "anticipates," "estimates,"
"intends," "plans," "would," "may" or other similar expressions in
this press release. We also note the following forward-looking
statements: in the case of our development and redevelopment
projects, the estimated completion date, estimated project cost,
projected incremental cash yield, stabilization date and cost to
complete; estimates of future capital expenditures, dividends to
common and preferred shareholders and operating partnership
distributions, including the form of any 2023 dividend payments,
and the amount and form of potential share repurchases and/or asset
sales. For a discussion of factors that could materially affect the
outcome of our forward-looking statements and our future results
and financial condition, see “Risk Factors” in Part I, Item 1A, of
our Annual Report on Form 10-K for the year ended December 31,
2022. Currently, some of the factors are the impacts of the
increase in interest rates and inflation on our business, financial
condition, results of operations, cash flows, operating performance
and the effect that these factors have had and may continue to have
on our tenants, the global, national, regional and local economies
and financial markets and the real estate market in general.
VORNADO REALTY
TRUSTCONSOLIDATED BALANCE SHEETS
(Amounts in thousands) |
As of |
|
Increase(Decrease) |
|
September 30, 2023 |
|
December 31, 2022 |
|
ASSETS |
|
|
|
|
|
Real estate, at cost: |
|
|
|
|
|
Land |
$ |
2,457,589 |
|
|
$ |
2,451,828 |
|
|
$ |
5,761 |
|
Buildings and improvements |
|
9,887,787 |
|
|
|
9,804,204 |
|
|
|
83,583 |
|
Development costs and construction in progress |
|
1,257,886 |
|
|
|
933,334 |
|
|
|
324,552 |
|
Leasehold improvements and equipment |
|
129,385 |
|
|
|
125,389 |
|
|
|
3,996 |
|
Total |
|
13,732,647 |
|
|
|
13,314,755 |
|
|
|
417,892 |
|
Less accumulated depreciation and amortization |
|
(3,698,582 |
) |
|
|
(3,470,991 |
) |
|
|
(227,591 |
) |
Real estate, net |
|
10,034,065 |
|
|
|
9,843,764 |
|
|
|
190,301 |
|
Right-of-use assets |
|
679,119 |
|
|
|
684,380 |
|
|
|
(5,261 |
) |
Cash, cash equivalents,
restricted cash and investments in U.S. Treasury bills: |
|
|
|
|
|
Cash and cash equivalents |
|
1,000,362 |
|
|
|
889,689 |
|
|
|
110,673 |
|
Restricted cash |
|
262,118 |
|
|
|
131,468 |
|
|
|
130,650 |
|
Investments in U.S. Treasury bills |
|
— |
|
|
|
471,962 |
|
|
|
(471,962 |
) |
Total |
|
1,262,480 |
|
|
|
1,493,119 |
|
|
|
(230,639 |
) |
Tenant and other
receivables |
|
88,438 |
|
|
|
81,170 |
|
|
|
7,268 |
|
Investments in partially owned
entities |
|
2,670,782 |
|
|
|
2,665,073 |
|
|
|
5,709 |
|
220 CPS condominium units
ready for sale |
|
40,198 |
|
|
|
43,599 |
|
|
|
(3,401 |
) |
Receivable arising from the
straight-lining of rents |
|
697,486 |
|
|
|
694,972 |
|
|
|
2,514 |
|
Deferred leasing costs,
net |
|
355,307 |
|
|
|
373,555 |
|
|
|
(18,248 |
) |
Identified intangible assets,
net |
|
130,086 |
|
|
|
139,638 |
|
|
|
(9,552 |
) |
Other assets |
|
494,582 |
|
|
|
474,105 |
|
|
|
20,477 |
|
Total assets |
$ |
16,452,543 |
|
|
$ |
16,493,375 |
|
|
$ |
(40,832 |
) |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Mortgages payable, net |
$ |
5,714,761 |
|
|
$ |
5,829,018 |
|
|
$ |
(114,257 |
) |
Senior unsecured notes, net |
|
1,193,362 |
|
|
|
1,191,832 |
|
|
|
1,530 |
|
Unsecured term loan, net |
|
794,212 |
|
|
|
793,193 |
|
|
|
1,019 |
|
Unsecured revolving credit facilities |
|
575,000 |
|
|
|
575,000 |
|
|
|
— |
|
Lease liabilities |
|
728,468 |
|
|
|
735,969 |
|
|
|
(7,501 |
) |
Accounts payable and accrued expenses |
|
452,853 |
|
|
|
450,881 |
|
|
|
1,972 |
|
Deferred revenue |
|
34,083 |
|
|
|
39,882 |
|
|
|
(5,799 |
) |
Deferred compensation plan |
|
100,485 |
|
|
|
96,322 |
|
|
|
4,163 |
|
Other liabilities |
|
316,094 |
|
|
|
268,166 |
|
|
|
47,928 |
|
Total liabilities |
|
9,909,318 |
|
|
|
9,980,263 |
|
|
|
(70,945 |
) |
Redeemable noncontrolling
interests |
|
474,004 |
|
|
|
436,732 |
|
|
|
37,272 |
|
Shareholders' equity |
|
5,810,777 |
|
|
|
5,839,728 |
|
|
|
(28,951 |
) |
Noncontrolling interests in
consolidated subsidiaries |
|
258,444 |
|
|
|
236,652 |
|
|
|
21,792 |
|
Total liabilities, redeemable noncontrolling interests and
equity |
$ |
16,452,543 |
|
|
$ |
16,493,375 |
|
|
$ |
(40,832 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
VORNADO REALTY
TRUSTOPERATING RESULTS
(Amounts in thousands, except per
share amounts) |
For the Three Months EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
450,995 |
|
|
$ |
457,431 |
|
|
$ |
1,369,277 |
|
|
$ |
1,353,055 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
59,570 |
|
|
$ |
20,112 |
|
|
$ |
133,501 |
|
|
$ |
142,390 |
|
Less net loss (income)
attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
Consolidated subsidiaries |
|
13,541 |
|
|
|
3,792 |
|
|
|
26,250 |
|
|
|
(4,756 |
) |
Operating Partnership |
|
(4,736 |
) |
|
|
(606 |
) |
|
|
(8,773 |
) |
|
|
(6,382 |
) |
Net income attributable to
Vornado |
|
68,375 |
|
|
|
23,298 |
|
|
|
150,978 |
|
|
|
131,252 |
|
Preferred share dividends |
|
(15,529 |
) |
|
|
(15,529 |
) |
|
|
(46,587 |
) |
|
|
(46,587 |
) |
Net income
attributable to common shareholders |
$ |
52,846 |
|
|
$ |
7,769 |
|
|
$ |
104,391 |
|
|
$ |
84,665 |
|
|
|
|
|
|
|
|
|
Income per common
share - basic: |
|
|
|
|
|
|
|
Net income per common share |
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.55 |
|
|
$ |
0.44 |
|
Weighted average shares outstanding |
|
190,364 |
|
|
|
191,793 |
|
|
|
191,228 |
|
|
|
191,756 |
|
|
|
|
|
|
|
|
|
Income per common
share - diluted: |
|
|
|
|
|
|
|
Net income per common share |
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.54 |
|
|
$ |
0.44 |
|
Weighted average shares outstanding |
|
192,921 |
|
|
|
192,018 |
|
|
|
193,845 |
|
|
|
192,042 |
|
|
|
|
|
|
|
|
|
FFO attributable to common
shareholders plus assumed conversions (non-GAAP) |
$ |
119,487 |
|
|
$ |
152,461 |
|
|
$ |
382,658 |
|
|
$ |
462,463 |
|
Per diluted share (non-GAAP) |
$ |
0.62 |
|
|
$ |
0.79 |
|
|
$ |
1.97 |
|
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
FFO attributable to common
shareholders plus assumed conversions, as adjusted (non-GAAP) |
$ |
127,241 |
|
|
$ |
157,350 |
|
|
$ |
384,371 |
|
|
$ |
469,851 |
|
Per diluted share (non-GAAP) |
$ |
0.66 |
|
|
$ |
0.81 |
|
|
$ |
1.98 |
|
|
$ |
2.43 |
|
|
|
|
|
|
|
|
|
Weighted average shares used
in determining FFO attributable to common shareholders plus assumed
conversions per diluted share |
|
193,036 |
|
|
|
193,808 |
|
|
|
194,012 |
|
|
|
193,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO is computed in accordance with the
definition adopted by the Board of Governors of the National
Association of Real Estate Investment Trusts (“NAREIT”). NAREIT
defines FFO as GAAP net income or loss adjusted to exclude net
gains from sales of certain real estate assets, real estate
impairment losses, depreciation and amortization expense from real
estate assets and other specified items, including the pro rata
share of such adjustments of unconsolidated subsidiaries. FFO and
FFO per diluted share are non-GAAP financial measures used by
management, investors and analysts to facilitate meaningful
comparisons of operating performance between periods and among our
peers because it excludes the effect of real estate depreciation
and amortization and net gains on sales, which are based on
historical costs and implicitly assume that the value of real
estate diminishes predictably over time, rather than fluctuating
based on existing market conditions. The Company also uses FFO
attributable to common shareholders plus assumed conversions, as
adjusted for certain items that impact the comparability of period
to period FFO, as one of several criteria to determine
performance-based compensation for senior management. FFO does not
represent cash generated from operating activities and is not
necessarily indicative of cash available to fund cash requirements
and should not be considered as an alternative to net income as a
performance measure or cash flow as a liquidity measure. FFO may
not be comparable to similarly titled measures employed by other
companies. In addition to FFO attributable to common shareholders
plus assumed conversions, we also disclose FFO attributable to
common shareholders plus assumed conversions, as adjusted. Although
this non-GAAP measure clearly differs from NAREIT’s definition of
FFO, we believe it provides a meaningful presentation of operating
performance. Reconciliations of net income attributable to common
shareholders to FFO attributable to common shareholders plus
assumed conversions are provided on the following page.
Reconciliations of FFO attributable to common shareholders plus
assumed conversions to FFO attributable to common shareholders plus
assumed conversions, as adjusted are provided on page 2 of this
press release.
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS
The following table reconciles net income
attributable to common shareholders to FFO attributable to common
shareholders plus assumed conversions:
(Amounts
in thousands, except per share amounts) |
For the Three Months EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income attributable to
common shareholders |
$ |
52,846 |
|
|
$ |
7,769 |
|
|
$ |
104,391 |
|
|
$ |
84,665 |
|
Per diluted share |
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.54 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
FFO adjustments: |
|
|
|
|
|
|
|
Depreciation and amortization
of real property |
$ |
97,809 |
|
|
$ |
122,438 |
|
|
$ |
287,523 |
|
|
$ |
335,020 |
|
Real estate impairment
losses |
|
625 |
|
|
|
— |
|
|
|
625 |
|
|
|
— |
|
Net gain on sale of real
estate |
|
(53,045 |
) |
|
|
— |
|
|
|
(53,305 |
) |
|
|
(28,354 |
) |
Proportionate share of
adjustments to equity in net income of partially owned entities to
arrive at FFO: |
|
|
|
|
|
|
|
Depreciation and amortization of real property |
|
26,765 |
|
|
|
32,584 |
|
|
|
80,900 |
|
|
|
98,404 |
|
Net loss (gain) on sale of real estate |
|
— |
|
|
|
6 |
|
|
|
(16,545 |
) |
|
|
(169 |
) |
|
|
72,154 |
|
|
|
155,028 |
|
|
|
299,198 |
|
|
|
404,901 |
|
Noncontrolling interests'
share of above adjustments |
|
(5,900 |
) |
|
|
(10,731 |
) |
|
|
(22,156 |
) |
|
|
(28,018 |
) |
FFO adjustments, net |
$ |
66,254 |
|
|
$ |
144,297 |
|
|
$ |
277,042 |
|
|
$ |
376,883 |
|
|
|
|
|
|
|
|
|
FFO attributable to common
shareholders |
$ |
119,100 |
|
|
$ |
152,066 |
|
|
$ |
381,433 |
|
|
$ |
461,548 |
|
Impact of assumed conversion
of dilutive convertible securities |
|
387 |
|
|
|
395 |
|
|
|
1,225 |
|
|
|
915 |
|
FFO attributable to common
shareholders plus assumed conversions |
$ |
119,487 |
|
|
$ |
152,461 |
|
|
$ |
382,658 |
|
|
$ |
462,463 |
|
Per diluted share |
$ |
0.62 |
|
|
$ |
0.79 |
|
|
$ |
1.97 |
|
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
Reconciliation of
weighted average shares outstanding: |
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
190,364 |
|
|
|
191,793 |
|
|
|
191,228 |
|
|
|
191,756 |
|
Effect of dilutive
securities: |
|
|
|
|
|
|
|
Convertible securities |
|
2,227 |
|
|
|
1,790 |
|
|
|
2,621 |
|
|
|
1,407 |
|
Share-based payment awards |
|
445 |
|
|
|
225 |
|
|
|
163 |
|
|
|
266 |
|
Denominator for FFO per
diluted share |
|
193,036 |
|
|
|
193,808 |
|
|
|
194,012 |
|
|
|
193,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below is a reconciliation of net income to NOI
at share and NOI at share - cash basis for the three and nine
months ended September 30, 2023 and 2022 and the three months ended
June 30, 2023.
(Amounts in thousands) |
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30, |
|
June 30, 2023 |
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
Net income |
$ |
59,570 |
|
|
$ |
20,112 |
|
|
$ |
62,733 |
|
|
$ |
133,501 |
|
|
$ |
142,390 |
|
Depreciation and amortization
expense |
|
110,349 |
|
|
|
134,526 |
|
|
|
107,162 |
|
|
|
324,076 |
|
|
|
370,631 |
|
General and administrative
expense |
|
35,838 |
|
|
|
29,174 |
|
|
|
39,410 |
|
|
|
116,843 |
|
|
|
102,292 |
|
Transaction related costs and
other |
|
813 |
|
|
|
996 |
|
|
|
30 |
|
|
|
1,501 |
|
|
|
4,961 |
|
Income from partially owned
entities |
|
(18,269 |
) |
|
|
(24,341 |
) |
|
|
(37,272 |
) |
|
|
(72,207 |
) |
|
|
(83,775 |
) |
(Income) loss from real estate
fund investments |
|
(1,783 |
) |
|
|
111 |
|
|
|
102 |
|
|
|
(1,662 |
) |
|
|
(5,421 |
) |
Interest and other investment
income, net |
|
(12,934 |
) |
|
|
(5,228 |
) |
|
|
(13,255 |
) |
|
|
(35,792 |
) |
|
|
(9,282 |
) |
Interest and debt expense |
|
88,126 |
|
|
|
76,774 |
|
|
|
87,165 |
|
|
|
261,528 |
|
|
|
191,523 |
|
Net gains on disposition of
wholly owned and partially owned assets |
|
(56,136 |
) |
|
|
— |
|
|
|
(936 |
) |
|
|
(64,592 |
) |
|
|
(35,384 |
) |
Income tax expense |
|
11,684 |
|
|
|
3,711 |
|
|
|
4,497 |
|
|
|
20,848 |
|
|
|
14,686 |
|
NOI from partially owned
entities |
|
72,100 |
|
|
|
76,020 |
|
|
|
70,745 |
|
|
|
210,942 |
|
|
|
228,772 |
|
NOI attributable to
noncontrolling interests in consolidated subsidiaries |
|
(8,363 |
) |
|
|
(14,766 |
) |
|
|
(18,742 |
) |
|
|
(38,869 |
) |
|
|
(51,100 |
) |
NOI at share |
|
280,995 |
|
|
|
297,089 |
|
|
|
301,639 |
|
|
|
856,117 |
|
|
|
870,293 |
|
Non-cash adjustments for
straight-line rents, amortization of acquired below-market leases,
net, and other |
|
(2,980 |
) |
|
|
(1,419 |
) |
|
|
(5,570 |
) |
|
|
(3,498 |
) |
|
|
(8,824 |
) |
NOI at share - cash basis |
$ |
278,015 |
|
|
$ |
295,670 |
|
|
$ |
296,069 |
|
|
$ |
852,619 |
|
|
$ |
861,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOI at share represents total revenues less
operating expenses including our share of partially owned entities.
NOI at share - cash basis represents NOI at share adjusted to
exclude straight-line rental income and expense, amortization of
acquired below and above market leases, accruals for ground rent
resets yet to be determined, and other non-cash adjustments. We
consider NOI at share - cash basis to be the primary non-GAAP
financial measure for making decisions and assessing the unlevered
performance of our segments as it relates to the total return on
assets as opposed to the levered return on equity. As properties
are bought and sold based on NOI at share - cash basis, we utilize
this measure to make investment decisions as well as to compare the
performance of our assets to that of our peers. NOI at share and
NOI at share - cash basis should not be considered alternatives to
net income or cash flow from operations and may not be comparable
to similarly titled measures employed by other companies.
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Same store NOI at share represents NOI at share
from operations which are in service in both the current and prior
year reporting periods. Same store NOI at share - cash basis is
same store NOI at share adjusted to exclude straight-line rental
income and expense, amortization of acquired below and above market
leases, accruals for ground rent resets yet to be determined, and
other non-cash adjustments. We present these non-GAAP measures to
(i) facilitate meaningful comparisons of the operational
performance of our properties and segments, (ii) make decisions on
whether to buy, sell or refinance properties, and (iii) compare the
performance of our properties and segments to those of our
peers. Same store NOI at share and same store NOI at share -
cash basis should not be considered alternatives to net income or
cash flow from operations and may not be comparable to similarly
titled measures employed by other companies.
Below are reconciliations of NOI at share to
same store NOI at share for our New York segment, THE MART, 555
California Street and other investments for the three months ended
September 30, 2023 compared to September 30, 2022.
(Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
NOI at share for the three months ended September 30, 2023 |
$ |
280,995 |
|
|
$ |
245,634 |
|
|
$ |
15,132 |
|
|
$ |
16,564 |
|
|
$ |
3,665 |
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(164 |
) |
|
|
(440 |
) |
|
|
276 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,724 |
) |
|
|
(4,724 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(4,774 |
) |
|
|
(1,109 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,665 |
) |
Same store NOI at share for
the three months ended September 30, 2023 |
$ |
271,333 |
|
|
$ |
239,361 |
|
|
$ |
15,408 |
|
|
$ |
16,564 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
NOI at share for the three
months ended September 30, 2022 |
$ |
297,089 |
|
|
$ |
241,154 |
|
|
$ |
35,769 |
|
|
$ |
16,092 |
|
|
$ |
4,074 |
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(5,040 |
) |
|
|
(2,748 |
) |
|
|
(2,292 |
) |
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,549 |
) |
|
|
(4,549 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(7,679 |
) |
|
|
(3,605 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,074 |
) |
Same store NOI at share for
the three months ended September 30, 2022 |
$ |
279,821 |
|
|
$ |
230,252 |
|
|
$ |
33,477 |
|
|
$ |
16,092 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in same
store NOI at share |
$ |
(8,488 |
) |
|
$ |
9,109 |
|
|
$ |
(18,069 |
) |
|
$ |
472 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
% (decrease) increase in same
store NOI at share |
|
(3.0 |
)% |
|
|
4.0 |
% |
|
|
(54.0 |
)% |
|
|
2.9 |
% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share - cash
basis to same store NOI at share - cash basis for our New York
segment, THE MART, 555 California Street and other investments for
the three months ended September 30, 2023 compared to September 30,
2022.
(Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
NOI at share - cash basis for the three months ended September 30,
2023 |
$ |
278,015 |
|
|
$ |
240,844 |
|
|
$ |
15,801 |
|
|
$ |
17,552 |
|
|
$ |
3,818 |
|
Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(274 |
) |
|
|
(487 |
) |
|
|
213 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,131 |
) |
|
|
(4,131 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(8,379 |
) |
|
|
(4,561 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,818 |
) |
Same store NOI at share - cash
basis for the three months ended September 30, 2023 |
$ |
265,231 |
|
|
$ |
231,665 |
|
|
$ |
16,014 |
|
|
$ |
17,552 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
NOI at share - cash basis for
the three months ended September 30, 2022 |
$ |
295,670 |
|
|
$ |
237,692 |
|
|
$ |
36,772 |
|
|
$ |
16,926 |
|
|
$ |
4,280 |
|
Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(4,857 |
) |
|
|
(2,655 |
) |
|
|
(2,202 |
) |
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,943 |
) |
|
|
(4,943 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(7,520 |
) |
|
|
(3,240 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,280 |
) |
Same store NOI at share - cash
basis for the three months ended September 30, 2022 |
$ |
278,350 |
|
|
$ |
226,854 |
|
|
$ |
34,570 |
|
|
$ |
16,926 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in same
store NOI at share - cash basis |
$ |
(13,119 |
) |
|
$ |
4,811 |
|
|
$ |
(18,556 |
) |
|
$ |
626 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
% (decrease) increase in same
store NOI at share - cash basis |
|
(4.7 |
)% |
|
|
2.1 |
% |
|
|
(53.7 |
)% |
|
|
3.7 |
% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share to
same store NOI at share for our New York segment, THE MART, 555
California Street and other investments for the nine months ended
September 30, 2023 compared to September 30, 2022.
(Amounts
in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
NOI at share for the nine months ended September 30, 2023 |
$ |
856,117 |
|
|
$ |
729,994 |
|
|
$ |
47,003 |
|
|
$ |
64,840 |
|
|
$ |
14,280 |
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,301 |
) |
|
|
(1,577 |
) |
|
|
276 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(19,864 |
) |
|
|
(19,864 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store (income) expense, net |
|
(12,919 |
) |
|
|
1,361 |
|
|
|
— |
|
|
|
— |
|
|
|
(14,280 |
) |
Same store NOI at share for
the nine months ended September 30, 2023 |
$ |
822,033 |
|
|
$ |
709,914 |
|
|
$ |
47,279 |
|
|
$ |
64,840 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
NOI at share for the nine
months ended September 30, 2022 |
$ |
870,293 |
|
|
$ |
732,913 |
|
|
$ |
75,630 |
|
|
$ |
49,051 |
|
|
$ |
12,699 |
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(12,833 |
) |
|
|
(10,541 |
) |
|
|
(2,292 |
) |
|
|
— |
|
|
|
— |
|
Development properties |
|
(20,251 |
) |
|
|
(20,251 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(24,402 |
) |
|
|
(11,703 |
) |
|
|
— |
|
|
|
— |
|
|
|
(12,699 |
) |
Same store NOI at share for
the nine months ended September 30, 2022 |
$ |
812,807 |
|
|
$ |
690,418 |
|
|
$ |
73,338 |
|
|
$ |
49,051 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in same
store NOI at share |
$ |
9,226 |
|
|
$ |
19,496 |
|
|
$ |
(26,059 |
) |
|
$ |
15,789 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
% increase (decrease) in same
store NOI at share |
|
1.1 |
% |
|
|
2.8 |
% |
|
(35.5)% |
|
|
32.2 |
% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share - cash
basis to same store NOI at share - cash basis for our New York
segment, THE MART, 555 California Street and other investments for
the nine months ended September 30, 2023 compared to September 30,
2022.
(Amounts
in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
NOI at share - cash basis for the nine months ended September 30,
2023 |
$ |
852,619 |
|
|
$ |
723,440 |
|
|
$ |
47,068 |
|
|
$ |
67,554 |
|
|
$ |
14,557 |
|
Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,824 |
) |
|
|
(2,037 |
) |
|
|
213 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(17,588 |
) |
|
|
(17,588 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(20,589 |
) |
|
|
(6,032 |
) |
|
|
— |
|
|
|
— |
|
|
|
(14,557 |
) |
Same store NOI at share - cash
basis for the nine months ended September 30, 2023 |
$ |
812,618 |
|
|
$ |
697,783 |
|
|
$ |
47,281 |
|
|
$ |
67,554 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
NOI at share - cash basis for
the nine months ended September 30, 2022 |
$ |
861,469 |
|
|
$ |
719,287 |
|
|
$ |
78,749 |
|
|
$ |
50,141 |
|
|
$ |
13,292 |
|
Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(13,302 |
) |
|
|
(11,100 |
) |
|
|
(2,202 |
) |
|
|
— |
|
|
|
— |
|
Development properties |
|
(19,319 |
) |
|
|
(19,319 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(25,320 |
) |
|
|
(12,028 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,292 |
) |
Same store NOI at share - cash
basis for the nine months ended September 30, 2022 |
$ |
803,528 |
|
|
$ |
676,840 |
|
|
$ |
76,547 |
|
|
$ |
50,141 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in same
store NOI at share - cash basis |
$ |
9,090 |
|
|
$ |
20,943 |
|
|
$ |
(29,266 |
) |
|
$ |
17,413 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
% increase (decrease) in same
store NOI at share - cash basis |
|
1.1 |
% |
|
|
3.1 |
% |
|
|
(38.2 |
)% |
|
|
34.7 |
% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share to
same store NOI at share for our New York segment, THE MART, 555
California Street and other investments for the three months ended
September 30, 2023 compared to June 30, 2023.
(Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
NOI at share for the three months ended September 30, 2023 |
$ |
280,995 |
|
|
$ |
245,634 |
|
|
$ |
15,132 |
|
|
$ |
16,564 |
|
|
$ |
3,665 |
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(164 |
) |
|
|
(440 |
) |
|
|
276 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,724 |
) |
|
|
(4,724 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(4,414 |
) |
|
|
(749 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,665 |
) |
Same store NOI at share for
the three months ended September 30, 2023 |
$ |
271,693 |
|
|
$ |
239,721 |
|
|
$ |
15,408 |
|
|
$ |
16,564 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
NOI at share for the three
months ended June 30, 2023 |
$ |
301,639 |
|
|
$ |
248,366 |
|
|
$ |
16,462 |
|
|
$ |
31,347 |
|
|
$ |
5,464 |
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(181 |
) |
|
|
(567 |
) |
|
|
386 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,206 |
) |
|
|
(4,206 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(6,298 |
) |
|
|
(834 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,464 |
) |
Same store NOI at share for
the three months ended June 30, 2023 |
$ |
290,954 |
|
|
$ |
242,759 |
|
|
$ |
16,848 |
|
|
$ |
31,347 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Decrease in same store NOI at
share |
$ |
(19,261 |
) |
|
$ |
(3,038 |
) |
|
$ |
(1,440 |
) |
|
$ |
(14,783 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
% decrease in same store NOI
at share |
|
(6.6 |
)% |
|
|
(1.3 |
)% |
|
|
(8.5 |
)% |
|
|
(47.2 |
)% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share - cash
basis to same store NOI at share - cash basis for our New York
segment, THE MART, 555 California Street and other investments for
the three months ended September 30, 2023 compared to June 30,
2023.
(Amounts
in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
NOI at share - cash basis for the three months ended September 30,
2023 |
$ |
278,015 |
|
|
$ |
240,844 |
|
|
$ |
15,801 |
|
|
$ |
17,552 |
|
|
$ |
3,818 |
|
Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(274 |
) |
|
|
(487 |
) |
|
|
213 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,131 |
) |
|
|
(4,131 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(8,019 |
) |
|
|
(4,201 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,818 |
) |
Same store NOI at share - cash
basis for the three months ended September 30, 2023 |
$ |
265,591 |
|
|
$ |
232,025 |
|
|
$ |
16,014 |
|
|
$ |
17,552 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
NOI at share - cash basis for
the three months ended June 30, 2023 |
$ |
296,069 |
|
|
$ |
241,569 |
|
|
$ |
16,592 |
|
|
$ |
32,284 |
|
|
$ |
5,624 |
|
Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
Dispositions |
|
(345 |
) |
|
|
(822 |
) |
|
|
477 |
|
|
|
— |
|
|
|
— |
|
Development properties |
|
(4,389 |
) |
|
|
(4,389 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other non-same store income, net |
|
(5,780 |
) |
|
|
(156 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,624 |
) |
Same store NOI at share - cash
basis for the three months ended June 30, 2023 |
$ |
285,555 |
|
|
$ |
236,202 |
|
|
$ |
17,069 |
|
|
$ |
32,284 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
Decrease in same store NOI at
share - cash basis |
$ |
(19,964 |
) |
|
$ |
(4,177 |
) |
|
$ |
(1,055 |
) |
|
$ |
(14,732 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
% decrease in same store NOI
at share - cash basis |
|
(7.0 |
)% |
|
|
(1.8 |
)% |
|
|
(6.2 |
)% |
|
|
(45.6 |
)% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Vornado Realty (NYSE:VNO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Vornado Realty (NYSE:VNO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024