Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended September 30, 2024
Financial Results
NET LOSS attributable to common shareholders for
the quarter ended September 30, 2024 was $19,154,000, or $0.10 per
diluted share, compared to net income attributable to common
shareholders of $52,846,000, or $0.28 per diluted share, for the
prior year's quarter.
FUNDS FROM OPERATIONS ("FFO") attributable to
common shareholders plus assumed conversions (non-GAAP) for the
quarter ended September 30, 2024 was $99,256,000, or $0.50 per
diluted share, compared to $119,487,000, or $0.62 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, 2024 was $102,755,000, or $0.52 per diluted share,
and $127,241,000, or $0.66 per diluted share, for the prior year's
quarter.
Nine Months Ended September 30, 2024
Financial Results
NET INCOME attributable to common shareholders
for the nine months ended September 30, 2024 was $7,072,000, or
$0.04 per diluted share, compared to $104,391,000, or $0.54 per
diluted share, for the nine months ended September 30, 2023.
FFO attributable to common shareholders plus
assumed conversions (non-GAAP) for the nine months ended September
30, 2024 was $352,914,000, or $1.79 per diluted share, compared to
$382,658,000, or $1.97 per diluted share, for the nine months ended
September 30, 2023. 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, 2024 was $324,860,000, or $1.65 per diluted share,
and $384,371,000, or $1.98 per diluted share, for the nine months
ended September 30, 2023.
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, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| FFO attributable to common
shareholders plus assumed conversions
(non-GAAP)(1) |
$ |
99,256 |
|
|
$ |
119,487 |
|
|
$ |
352,914 |
|
|
$ |
382,658 |
|
|
Per diluted share (non-GAAP) |
$ |
0.50 |
|
|
$ |
0.62 |
|
|
$ |
1.79 |
|
|
$ |
1.97 |
|
| |
|
|
|
|
|
|
|
| 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) |
$ |
4,164 |
|
|
$ |
3,115 |
|
|
$ |
10,897 |
|
|
$ |
8,196 |
|
|
Our share of the gain on the discounted extinguishment of the 280
Park Avenue mezzanine loan |
|
— |
|
|
|
— |
|
|
|
(31,215 |
) |
|
|
— |
|
|
After-tax net gain on sale of 220 Central Park South ("220 CPS")
condominium units |
|
— |
|
|
|
— |
|
|
|
(13,069 |
) |
|
|
(6,173 |
) |
|
Other |
|
(365 |
) |
|
|
5,330 |
|
|
|
2,896 |
|
|
|
(167 |
) |
| |
|
3,799 |
|
|
|
8,445 |
|
|
|
(30,491 |
) |
|
|
1,856 |
|
|
Noncontrolling interests' share of above adjustments on a dilutive
basis |
|
(300 |
) |
|
|
(691 |
) |
|
|
2,437 |
|
|
|
(143 |
) |
|
Total of certain expense (income) items that impact FFO
attributable to common shareholders plus assumed conversions,
net |
$ |
3,499 |
|
|
$ |
7,754 |
|
|
$ |
(28,054 |
) |
|
$ |
1,713 |
|
|
Per diluted share (non-GAAP) |
$ |
0.02 |
|
|
$ |
0.04 |
|
|
$ |
(0.14 |
) |
|
$ |
0.01 |
|
| |
|
|
|
|
|
|
|
|
FFO attributable to common shareholders plus assumed conversions,
as adjusted (non-GAAP) |
$ |
102,755 |
|
|
$ |
127,241 |
|
|
$ |
324,860 |
|
|
$ |
384,371 |
|
|
Per diluted share (non-GAAP) |
$ |
0.52 |
|
|
$ |
0.66 |
|
|
$ |
1.65 |
|
|
$ |
1.98 |
|
________________________________
|
(1) |
See page 14 for a reconciliation of net (loss) 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, 2024 and
2023. |
|
|
|
FFO, as Adjusted Bridge - Q3 2024 vs. Q3
2023
The following table bridges our FFO attributable
to common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended September 30, 2023 to FFO
attributable to common shareholders plus assumed conversions, as
adjusted (non-GAAP) for the three months ended September 30,
2024:
| (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 ended
September 30, 2023 |
$ |
127.2 |
|
|
$ |
0.66 |
|
| |
|
|
|
| (Decrease) increase in FFO, as
adjusted due to: |
|
|
|
|
Lease expirations, net of rent commencements, and other tenant
related items |
|
(16.7 |
) |
|
|
|
Change in interest expense, net of interest income |
|
(11.4 |
) |
|
|
|
Other, net |
|
1.4 |
|
|
|
| |
|
(26.7 |
) |
|
|
| Noncontrolling interests'
share of above items and impact of assumed conversions of
convertible securities |
|
2.3 |
|
|
|
| Net decrease |
|
(24.4 |
) |
|
|
(0.14 |
) |
| |
|
|
|
| FFO attributable to
common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended September 30,
2024 |
$ |
102.8 |
|
|
$ |
0.52 |
|
| |
See page 14 for a reconciliation of net (loss)
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, 2024 and 2023.
Reconciliations of FFO attributable to common shareholders plus
assumed conversions to FFO attributable to common shareholders plus
assumed conversions, as adjusted are provided above.
Financing Activity
280 Park Avenue
On April 4, 2024, a joint venture, in which
we have a 50% interest, amended and extended the $1,075,000,000
mortgage loan on 280 Park Avenue. The maturity date on the amended
loan was extended to September 2026, with options to fully extend
to September 2028, subject to certain conditions. The interest rate
on the amended loan remains at SOFR plus 1.78%. On July 8,
2024, the joint venture swapped the interest rate to a fixed rate
of 5.84% through September 2028. Additionally, on April 4,
2024, the joint venture amended and extended the $125,000,000
mezzanine loan, and subsequently repaid the loan for $62,500,000.
In connection with the repayment of the mezzanine loan, we
recognized our $31,215,000 share of the debt extinguishment gain
which is included in “income from partially owned entities” on our
consolidated statements of income.
435 Seventh Avenue
On April 9, 2024, we completed a
$75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000
is recourse to the Operating Partnership. The interest-only loan
bears a rate of SOFR plus 2.10% and matures in April 2028. The
interest rate on the loan was swapped to a fixed rate of 6.96%
through April 2026. The loan replaces the previous $95,696,000
fully recourse loan, which bore interest at SOFR plus 1.41%.
Unsecured Revolving Credit Facility
On May 3, 2024, we extended one of our two
unsecured revolving credit facilities to April 2029 (as fully
extended). The new $915,000,000 facility replaced the
$1.25 billion facility that was due to mature in April 2026.
The new facility currently bears interest at a rate of SOFR plus
1.20% with a facility fee of 25 basis points. Our
$1.25 billion revolving credit facility matures in December
2027 (as fully extended) and has an interest rate of SOFR plus
1.15% and a facility fee of 25 basis points.
640 Fifth Avenue (Fifth Avenue and Times Square
JV)
On June 10, 2024, the Fifth Avenue and
Times Square JV completed a $400,000,000 refinancing of 640 Fifth
Avenue. The non-recourse loan matures in July 2029, bears interest
at a fixed rate of 7.47% and amortizes at $7,000,000 per annum. The
loan replaces the previous $500,000,000 loan, which the joint
venture paid down by $100,000,000. The previous loan was fully
recourse to the Operating Partnership and bore interest at SOFR
plus 1.11%.
606 Broadway
On September 5, 2024, the $74,119,000
non-recourse mortgage loan on 606 Broadway, in which we hold a 50%
interest, matured and was not repaid, at which time the lender
declared an event of default. As of September 30, 2024, the
property has a carrying value of $54,196,000, which is after an
impairment charge recorded in the fourth quarter of 2023. We
consolidate the joint venture. The loan currently bears interest at
a floating rate of SOFR plus 1.91% (7.02% as of September 30, 2024)
and provides for additional default interest of 3.00%.
85 Tenth Avenue
On September 24, 2024, a joint venture, in
which we have a 49.9% interest, modified the terms of the
$625,000,000 mortgage loan on 85 Tenth Avenue. Per the original
loan agreement, the mortgage loan is comprised of a (i)
$396,000,000 3.82% senior note, (ii) $129,000,000 5.20% mezzanine A
note and (iii) $100,000,000 6.60% mezzanine B note. The
modification provides for the interest payments due under the
mezzanine notes to be deferred until the December 2026 loan
maturity. The deferred amounts will not accrue additional interest.
The cash available from the deferred interest payments will be used
to fund leasing costs at the property. At loan maturity, if there
is no event of default, repayment of 50% of the accrued mezzanine
interest will be waived.
Alexander's, Inc. ("Alexander's")
On September 30, 2024, Alexander’s, in
which we own a 32.4% common equity interest, completed a
$400,000,000 refinancing of the office condominium portion of 731
Lexington Avenue, the Bloomberg LP headquarters building. The
interest-only loan carries a fixed rate of 5.04% and matures in
October 2028. The loan is prepayable, at Alexander’s option, with
no penalty, beginning in October 2026. The loan replaces the
previous $490,000,000 loan on the office condominium, that bore
interest at the Prime Rate and was scheduled to mature in October
2024.
Financing Activity -
continued
Interest Rate Swap and Cap Arrangements
We entered into the following interest rate swap
and cap arrangements during the nine months ended September 30,
2024:
| (Amounts in thousands) |
|
Notional Amount(at share) |
|
All-In Swapped Rate |
|
Expiration Date |
|
Variable Rate Spread |
| Interest rate
swaps: |
|
|
|
|
|
|
|
|
|
280 Park Avenue (50.0% interest) |
|
$ |
537,500 |
|
5.84% |
|
09/28 |
|
S+178 |
|
PENN 11(1) |
|
|
250,000 |
|
6.21% |
|
10/25 |
|
S+206 |
|
435 Seventh Avenue |
|
|
75,000 |
|
6.96% |
|
04/26 |
|
S+210 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
Index Strike Rate |
|
|
|
|
| Interest rate
caps: |
|
|
|
|
|
|
|
|
|
61 Ninth Avenue (45.1% interest) |
|
$ |
75,543 |
|
4.39% |
|
01/26 |
|
S+146 |
________________________________
|
(1) |
Together with the existing $250,000 swap arrangement on the
$500,000 PENN 11 mortgage loan, the loan will bear interest at an
all-in swapped rate of 6.28% through October 2025. |
|
|
|
Acquisitions
On August 6, 2024, we purchased a $50,000,000
B-Note secured by a Midtown Manhattan property at par. The B-Note,
together with the $35,000,000 A-Note, is in default. The B-Note
accrues interest at 5.25% plus 4.00% default interest. The
$50,000,000 B-Note investment was recorded to “other assets” on our
consolidated balance sheets.
Dispositions
220 Central Park South
During the nine months ended September 30, 2024,
we closed on the sale of two condominium units at 220 CPS for net
proceeds of $31,605,000, resulting in a financial statement net
gain of $15,175,000 which is included in "net gains on disposition
of wholly owned and partially owned assets" on our consolidated
statements of income. In connection with these sales, $2,106,000 of
income tax expense was recognized on our consolidated statements of
income. Four units remain unsold.
50-70 West 93rd Street
On May 13, 2024, we sold our 49.9% interest
in 50-70 West 93rd Street to our joint venture partner. We received
net proceeds of $2,000,000 after deducting our share of the
existing $83,500,000 mortgage loan, which was scheduled to mature
in December 2024, resulting in a net gain of $873,000. The net gain
is included in "net gains on disposition of wholly owned and
partially owned assets" on our consolidated statements of
income.
Alexander’s
On May 3, 2024, Alexander’s, in which we own a
32.4% common equity interest, and Bloomberg L.P. reached an
agreement to extend the leases covering approximately 947,000
square feet at 731 Lexington Avenue that were scheduled to expire
in February 2029 for a term of eleven years to February 2040.
Leasing Activity
The leasing activity and related statistics
below and on the following page 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.
|
(Square feet in thousands) |
|
New York |
|
|
|
555 CaliforniaStreet |
| |
|
Office |
|
Retail |
|
THE MART |
|
| Three Months Ended
September 30, 2024 |
|
|
|
|
|
|
|
|
|
Total square feet leased |
|
|
454 |
|
|
|
97 |
|
|
|
239 |
|
|
|
46 |
|
|
Our share of square feet leased: |
|
|
292 |
|
|
|
92 |
|
|
|
239 |
|
|
|
33 |
|
|
Initial rent(1) |
|
$ |
92.32 |
|
|
$ |
66.26 |
|
|
$ |
50.18 |
|
|
$ |
98.75 |
|
|
Weighted average lease term (years) |
|
|
9.7 |
|
|
|
10.8 |
|
|
|
8.4 |
|
|
|
11.6 |
|
|
Second generation relet space: |
|
|
|
|
|
|
|
|
|
Square feet |
|
|
205 |
|
(2) |
|
— |
|
|
|
145 |
|
|
|
33 |
|
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
Straight-line rent(3) |
|
$ |
77.77 |
|
|
$ |
— |
|
|
$ |
51.92 |
|
|
$ |
107.77 |
|
|
Prior straight-line rent |
|
$ |
77.85 |
|
|
$ |
— |
|
|
$ |
48.24 |
|
|
$ |
89.76 |
|
|
Percentage (decrease) increase |
|
|
(0.1 |
)% |
|
|
— |
|
|
|
7.6 |
% |
|
|
20.1 |
% |
|
Cash basis (non-GAAP): |
|
|
|
|
|
|
|
|
|
Initial rent(1) |
|
$ |
84.56 |
|
|
$ |
— |
|
|
$ |
52.66 |
|
|
$ |
98.75 |
|
|
Prior escalated rent |
|
$ |
90.88 |
|
|
$ |
— |
|
|
$ |
54.04 |
|
|
$ |
94.16 |
|
|
Percentage (decrease) increase |
|
|
(7.0 |
)% |
|
|
— |
|
|
|
(2.6 |
)% |
|
|
4.9 |
% |
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
Per square foot |
|
$ |
96.29 |
|
|
$ |
41.37 |
|
|
$ |
110.80 |
|
|
$ |
225.15 |
|
|
Per square foot per annum |
|
$ |
9.93 |
|
|
$ |
3.83 |
|
|
$ |
13.19 |
|
|
$ |
19.41 |
|
|
Percentage of initial rent |
|
|
10.8 |
% |
|
|
5.8 |
% |
|
|
26.3 |
% |
|
|
19.7 |
% |
________________________________
|
(1) |
Represents the cash basis weighted average starting rent per square
foot, which is generally indicative of market rents. Most leases
include free rent and periodic step-ups in rent which are not
included in the initial cash basis rent per square foot but are
included in the GAAP basis straight-line rent per square foot. |
|
(2) |
Excludes 64 square feet of leases at PENN 1 which had been vacant
for more than nine months and, therefore, are not considered second
generation relet space used to calculate our mark-to-market
statistics. Additionally, includes 148 square feet (at share) with
no tenant improvement allowance at a reduced rent. |
|
|
|
The statistics presented below are adjusted to
reflect (i) the inclusion of the 64 square feet of PENN 1 leases
and (ii) the 148 square feet at share of second generation relet
space based on what would have been the higher rent and tenant
improvement allowance.
| |
|
Per Above |
|
As Adjusted |
|
GAAP basis percentage (decrease) increase |
|
(0.1 |
)% |
|
21.9 |
% |
| Cash basis percentage
(decrease) increase |
|
(7.0 |
)% |
|
17.9 |
% |
|
Tenant improvements and leasing commissions as a percentage of
initial rent |
|
10.8 |
% |
|
14.2 |
% |
|
(3) |
Represents the GAAP basis weighted average
rent per square foot that is recognized over the term of the
respective leases and includes the effect of free rent and periodic
step-ups in rent. |
|
|
|
Leasing Activity -
continued
|
(Square feet in thousands) |
|
New York |
|
|
|
555 CaliforniaStreet |
| |
|
Office |
|
Retail |
|
THE MART |
|
| Nine Months Ended
September 30, 2024 |
|
|
|
|
|
|
|
|
|
Total square feet leased |
|
|
2,067 |
|
|
|
137 |
|
|
|
322 |
|
|
|
153 |
|
|
Our share of square feet leased: |
|
|
1,140 |
|
|
|
129 |
|
|
|
322 |
|
|
|
109 |
|
|
Initial rent(1) |
|
$ |
112.14 |
|
|
$ |
120.86 |
|
|
$ |
53.00 |
|
|
$ |
90.56 |
|
|
Weighted average lease term (years) |
|
|
10.0 |
|
|
|
8.9 |
|
|
|
7.7 |
|
|
|
9.1 |
|
|
Second generation relet space: |
|
|
|
|
|
|
|
|
|
Square feet |
|
|
818 |
|
|
|
31 |
|
|
|
207 |
|
|
|
109 |
|
|
GAAP basis: |
|
|
|
|
|
|
|
|
|
Straight-line rent(2) |
|
$ |
107.77 |
|
|
$ |
250.90 |
|
|
$ |
54.85 |
|
|
$ |
92.85 |
|
|
Prior straight-line rent |
|
$ |
101.55 |
|
|
$ |
234.04 |
|
|
$ |
51.65 |
|
|
$ |
81.50 |
|
|
Percentage increase |
|
|
6.1 |
% |
|
|
7.2 |
|
|
|
6.2 |
% |
|
|
13.9 |
% |
|
Cash basis (non-GAAP): |
|
|
|
|
|
|
|
|
|
Initial rent(1) |
|
$ |
118.90 |
|
|
$ |
255.12 |
|
|
$ |
56.12 |
|
|
$ |
90.56 |
|
|
Prior escalated rent |
|
$ |
117.38 |
|
|
$ |
298.27 |
|
|
$ |
57.34 |
|
|
$ |
91.96 |
|
|
Percentage increase (decrease) |
|
|
1.3 |
% |
|
|
(14.5 |
) |
|
|
(2.1 |
)% |
|
|
(1.5 |
)% |
|
Tenant improvements and leasing commissions: |
|
|
|
|
|
|
|
|
|
Per square foot |
|
$ |
89.54 |
|
|
$ |
59.41 |
|
|
$ |
93.81 |
|
|
$ |
126.66 |
|
|
Per square foot per annum |
|
$ |
8.95 |
|
|
$ |
6.68 |
|
|
$ |
12.18 |
|
|
$ |
13.92 |
|
|
Percentage of initial rent |
|
|
8.0 |
% |
|
|
5.5 |
% |
|
|
23.0 |
% |
|
|
15.4 |
% |
_______________________________
|
(1) |
Represents the cash basis weighted average starting rent per square
foot, which is generally indicative of market rents. Most leases
include free rent and periodic step-ups in rent which are not
included in the initial cash basis rent per square foot but are
included in the GAAP basis straight-line rent per square foot. |
|
(2) |
Represents the GAAP basis weighted average rent per square foot
that is recognized over the term of the respective leases and
includes the effect of free rent and periodic step-ups in
rent. |
|
|
|
Occupancy
| (At Vornado's share) |
New York |
|
THE MART |
|
555 CaliforniaStreet |
| |
Total |
|
Office |
|
Retail |
|
|
|
Occupancy as of September 30, 2024 |
86.7 |
% |
|
87.5 |
% |
|
77.6 |
% |
|
79.7 |
% |
|
94.5 |
% |
|
Same Store Net Operating Income ("NOI") (non-GAAP) At
Share: |
Total |
|
New York |
|
THE MART |
|
555 California Street(1) |
| Same store NOI at share %
decrease(2): |
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 compared to September 30,
2023 |
(8.4)% |
|
(9.0)% |
|
(2.8)% |
|
(4.7 |
)% |
|
Nine months ended September 30, 2024 compared to September 30,
2023 |
(7.4)% |
|
(6.0)% |
|
(5.8)% |
|
(24.3 |
)% |
|
Three months ended September 30, 2024 compared to June 30,
2024 |
(6.0)% |
|
(6.0)% |
|
(6.8)% |
|
(6.1 |
)% |
| |
|
|
|
|
|
|
|
| Same store NOI at share - cash
basis % (decrease) increase(2): |
|
|
|
|
|
|
|
|
Three months ended September 30, 2024 compared to September 30,
2023 |
(2.2)% |
|
(2.9)% |
|
(6.9)% |
|
11.6 |
% |
|
Nine months ended September 30, 2024 compared to September 30,
2023 |
(4.8)% |
|
(3.7)% |
|
(3.8)% |
|
(16.4 |
)% |
|
Three months ended September 30, 2024 compared to June 30,
2024 |
(2.3)% |
|
(1.7)% |
|
(11.5)% |
|
(1.8 |
)% |
____________________
|
(1) |
The nine months ended September 30, 2023 includes our $14,103,000
share of the receipt of a tenant settlement, net of legal
expenses. |
|
(2) |
See pages 16 through 23 for same store NOI at share and same store
NOI at share - cash basis reconciliations. |
|
|
|
NOI At Share and NOI At Share - Cash Basis:
The elements of our New York and Other NOI at
share and NOI at share - cash basis for the three and nine months
ended September 30, 2024 and 2023 and the three months ended June
30, 2024 are summarized below.
| (Amounts in thousands) |
For the Three Months Ended |
|
For the Nine Months EndedSeptember
30, |
| |
September 30, |
|
June 30, 2024 |
|
| |
2024 |
|
2023 |
|
|
2024 |
|
2023 |
| NOI at
share: |
|
|
|
|
|
|
|
|
|
| New York: |
|
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
167,051 |
|
$ |
183,919 |
|
$ |
178,338 |
|
$ |
513,377 |
|
$ |
544,231 |
|
Retail |
|
47,283 |
|
|
46,559 |
|
|
48,392 |
|
|
143,141 |
|
|
141,183 |
|
Residential |
|
5,784 |
|
|
5,570 |
|
|
6,220 |
|
|
17,972 |
|
|
16,495 |
|
Alexander's |
|
9,470 |
|
|
9,586 |
|
|
9,203 |
|
|
30,380 |
|
|
28,085 |
|
Total New York |
|
229,588 |
|
|
245,634 |
|
|
242,153 |
|
|
704,870 |
|
|
729,994 |
| Other: |
|
|
|
|
|
|
|
|
|
|
THE MART |
|
14,972 |
|
|
15,132 |
|
|
16,060 |
|
|
45,518 |
|
|
47,003 |
|
555 California Street(2) |
|
15,780 |
|
|
16,564 |
|
|
16,800 |
|
|
49,109 |
|
|
64,840 |
|
Other investments |
|
5,151 |
|
|
3,665 |
|
|
5,158 |
|
|
15,289 |
|
|
14,280 |
|
Total Other |
|
35,903 |
|
|
35,361 |
|
|
38,018 |
|
|
109,916 |
|
|
126,123 |
| NOI at share |
$ |
265,491 |
|
$ |
280,995 |
|
$ |
280,171 |
|
$ |
814,786 |
|
$ |
856,117 |
| NOI at share - cash
basis: |
|
|
|
|
|
|
|
|
|
| New York: |
|
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
173,415 |
|
$ |
179,838 |
|
$ |
176,915 |
|
$ |
516,700 |
|
$ |
543,172 |
|
Retail |
|
44,095 |
|
|
45,451 |
|
|
44,700 |
|
|
132,668 |
|
|
134,441 |
|
Residential |
|
5,527 |
|
|
5,271 |
|
|
5,947 |
|
|
17,164 |
|
|
15,451 |
|
Alexander's |
|
10,424 |
|
|
10,284 |
|
|
10,272 |
|
|
35,557 |
|
|
30,376 |
|
Total New York |
|
233,461 |
|
|
240,844 |
|
|
237,834 |
|
|
702,089 |
|
|
723,440 |
| Other: |
|
|
|
|
|
|
|
|
|
|
THE MART |
|
14,901 |
|
|
15,801 |
|
|
16,835 |
|
|
46,685 |
|
|
47,068 |
|
555 California Street(2) |
|
19,589 |
|
|
17,552 |
|
|
19,956 |
|
|
56,483 |
|
|
67,554 |
|
Other investments |
|
4,347 |
|
|
3,818 |
|
|
4,965 |
|
|
14,244 |
|
|
14,557 |
|
Total Other |
|
38,837 |
|
|
37,171 |
|
|
41,756 |
|
|
117,412 |
|
|
129,179 |
| NOI at share - cash basis |
$ |
272,298 |
|
$ |
278,015 |
|
$ |
279,590 |
|
$ |
819,501 |
|
$ |
852,619 |
________________________________
|
(1) |
Includes Building Maintenance Services NOI of $8,280, $7,752,
$7,926, $23,423 and $20,838 for the three months ended September
30, 2024 and 2023 and June 30, 2024 and the nine months ended
September 30, 2024 and 2023, respectively. |
|
(2) |
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,
2024:
| (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 |
|
1,795,000 |
|
$ |
750,000 |
|
$ |
685,275 |
|
$ |
64,725 |
|
2026 |
|
|
9.5% |
|
|
Districtwide Improvements |
|
N/A |
|
|
100,000 |
|
|
66,164 |
|
|
33,836 |
|
N/A |
|
|
N/A |
|
|
Total PENN District |
|
|
|
|
850,000 |
(1) |
|
751,439 |
|
|
98,561 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunset Pier 94 Studios (49.9% interest) |
|
266,000 |
|
|
125,000 |
(2) |
|
34,298 |
|
|
90,702 |
|
2026 |
|
|
10.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Active
Development Projects |
|
|
|
$ |
975,000 |
|
$ |
785,737 |
|
$ |
189,263 |
|
|
|
|
|
|
________________________________
|
(1) |
Excluding debt and equity carry. |
|
(2) |
Represents our 49.9% share of the $350,000 development budget,
excluding the $40,000 value of our contributed leasehold interest
and net of an estimated $9,000 for our share of development fees
and reimbursement for overhead costs incurred by us. As of
September 30, 2024, we have fully funded our $34,000 share of cash
contributions. |
|
|
|
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,
November 5, 2024 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 1557554. 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 future 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. 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, 2023. Currently, some of the factors are the
increased interest rates and effects of 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, 2024 |
|
December 31, 2023 |
|
|
ASSETS |
|
|
|
|
|
| Real estate, at cost: |
|
|
|
|
|
|
Land |
$ |
2,434,209 |
|
|
$ |
2,436,221 |
|
|
$ |
(2,012 |
) |
|
Buildings and improvements |
|
10,306,041 |
|
|
|
9,952,954 |
|
|
|
353,087 |
|
|
Development costs and construction in progress |
|
1,153,831 |
|
|
|
1,281,076 |
|
|
|
(127,245 |
) |
|
Leasehold improvements and equipment |
|
137,086 |
|
|
|
130,953 |
|
|
|
6,133 |
|
|
Total |
|
14,031,167 |
|
|
|
13,801,204 |
|
|
|
229,963 |
|
|
Less accumulated depreciation and amortization |
|
(3,969,369 |
) |
|
|
(3,752,827 |
) |
|
|
(216,542 |
) |
| Real estate, net |
|
10,061,798 |
|
|
|
10,048,377 |
|
|
|
13,421 |
|
| Right-of-use assets |
|
677,135 |
|
|
|
680,044 |
|
|
|
(2,909 |
) |
| Cash, cash equivalents, and
restricted cash |
|
|
|
|
|
|
Cash and cash equivalents |
|
783,596 |
|
|
|
997,002 |
|
|
|
(213,406 |
) |
|
Restricted cash |
|
245,479 |
|
|
|
264,582 |
|
|
|
(19,103 |
) |
|
Total |
|
1,029,075 |
|
|
|
1,261,584 |
|
|
|
(232,509 |
) |
| Tenant and other
receivables |
|
72,061 |
|
|
|
69,543 |
|
|
|
2,518 |
|
| Investments in partially owned
entities |
|
2,682,672 |
|
|
|
2,610,558 |
|
|
|
72,114 |
|
| Receivable arising from the
straight-lining of rents |
|
698,912 |
|
|
|
701,666 |
|
|
|
(2,754 |
) |
| Deferred leasing costs,
net |
|
352,765 |
|
|
|
355,010 |
|
|
|
(2,245 |
) |
| Identified intangible assets,
net |
|
120,252 |
|
|
|
127,082 |
|
|
|
(6,830 |
) |
| Other assets |
|
388,431 |
|
|
|
333,801 |
|
|
|
54,630 |
|
|
Total assets |
$ |
16,083,101 |
|
|
$ |
16,187,665 |
|
|
$ |
(104,564 |
) |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY |
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
Mortgages payable, net |
$ |
5,675,054 |
|
|
$ |
5,688,020 |
|
|
$ |
(12,966 |
) |
|
Senior unsecured notes, net |
|
1,195,403 |
|
|
|
1,193,873 |
|
|
|
1,530 |
|
|
Unsecured term loan, net |
|
795,601 |
|
|
|
794,559 |
|
|
|
1,042 |
|
|
Unsecured revolving credit facilities |
|
575,000 |
|
|
|
575,000 |
|
|
|
— |
|
|
Lease liabilities |
|
746,060 |
|
|
|
732,859 |
|
|
|
13,201 |
|
|
Accounts payable and accrued expenses |
|
362,395 |
|
|
|
411,044 |
|
|
|
(48,649 |
) |
|
Deferred revenue |
|
29,236 |
|
|
|
32,199 |
|
|
|
(2,963 |
) |
|
Deferred compensation plan |
|
113,352 |
|
|
|
105,245 |
|
|
|
8,107 |
|
|
Other liabilities |
|
323,541 |
|
|
|
311,132 |
|
|
|
12,409 |
|
| Total liabilities |
|
9,815,642 |
|
|
|
9,843,931 |
|
|
|
(28,289 |
) |
| Redeemable noncontrolling
interests |
|
808,189 |
|
|
|
638,448 |
|
|
|
169,741 |
|
| Shareholders' equity |
|
5,277,954 |
|
|
|
5,509,064 |
|
|
|
(231,110 |
) |
| Noncontrolling interests in
consolidated subsidiaries |
|
181,316 |
|
|
|
196,222 |
|
|
|
(14,906 |
) |
|
Total liabilities, redeemable noncontrolling interests and
equity |
$ |
16,083,101 |
|
|
$ |
16,187,665 |
|
|
$ |
(104,564 |
) |
|
|
|
VORNADO REALTY TRUSTOPERATING
RESULTS |
| |
| (Amounts in thousands, except per
share amounts) |
For the Three Months EndedSeptember
30, |
|
For the Nine Months EndedSeptember
30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Revenues |
$ |
443,255 |
|
|
$ |
450,995 |
|
|
$ |
1,329,896 |
|
|
$ |
1,369,277 |
|
| |
|
|
|
|
|
|
|
| Net (loss) income |
$ |
(19,468 |
) |
|
$ |
59,570 |
|
|
$ |
14,358 |
|
|
$ |
133,501 |
|
| Less net loss (income)
attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
Consolidated subsidiaries |
|
14,152 |
|
|
|
13,541 |
|
|
|
40,024 |
|
|
|
26,250 |
|
|
Operating Partnership |
|
1,690 |
|
|
|
(4,736 |
) |
|
|
(724 |
) |
|
|
(8,773 |
) |
| Net (loss) income attributable
to Vornado |
|
(3,626 |
) |
|
|
68,375 |
|
|
|
53,658 |
|
|
|
150,978 |
|
| Preferred share dividends |
|
(15,528 |
) |
|
|
(15,529 |
) |
|
|
(46,586 |
) |
|
|
(46,587 |
) |
| Net (loss) income attributable
to common shareholders |
$ |
(19,154 |
) |
|
$ |
52,846 |
|
|
$ |
7,072 |
|
|
$ |
104,391 |
|
| |
|
|
|
|
|
|
|
| (Loss) income per
common share - basic: |
|
|
|
|
|
|
|
|
Net (loss) income per common share |
$ |
(0.10 |
) |
|
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.55 |
|
|
Weighted average shares outstanding |
|
190,556 |
|
|
|
190,364 |
|
|
|
190,493 |
|
|
|
191,228 |
|
| |
|
|
|
|
|
|
|
| (Loss) income per
common share - diluted: |
|
|
|
|
|
|
|
|
Net (loss) income per common share |
$ |
(0.10 |
) |
|
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.54 |
|
|
Weighted average shares outstanding |
|
190,556 |
|
|
|
192,921 |
|
|
|
195,473 |
|
|
|
193,845 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders plus assumed conversions (non-GAAP) |
$ |
99,256 |
|
|
$ |
119,487 |
|
|
$ |
352,914 |
|
|
$ |
382,658 |
|
|
Per diluted share (non-GAAP) |
$ |
0.50 |
|
|
$ |
0.62 |
|
|
$ |
1.79 |
|
|
$ |
1.97 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders plus assumed conversions, as adjusted (non-GAAP) |
$ |
102,755 |
|
|
$ |
127,241 |
|
|
$ |
324,860 |
|
|
$ |
384,371 |
|
|
Per diluted share (non-GAAP) |
$ |
0.52 |
|
|
$ |
0.66 |
|
|
$ |
1.65 |
|
|
$ |
1.98 |
|
| |
|
|
|
|
|
|
|
| Weighted average shares used
in determining FFO attributable to common shareholders plus assumed
conversions per diluted share |
|
198,912 |
|
|
|
193,036 |
|
|
|
197,224 |
|
|
|
194,012 |
|
|
|
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, impairment
write-downs of certain real estate assets and investments in
entities when the impairment is directly attributable to decreases
in the value of depreciable real estate held by the entity,
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.
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
(loss) 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 (loss) 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, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Net (loss) income attributable
to common shareholders |
$ |
(19,154 |
) |
|
$ |
52,846 |
|
|
$ |
7,072 |
|
|
$ |
104,391 |
|
|
Per diluted share |
$ |
(0.10 |
) |
|
$ |
0.28 |
|
|
$ |
0.04 |
|
|
$ |
0.54 |
|
| |
|
|
|
|
|
|
|
| FFO adjustments: |
|
|
|
|
|
|
|
| Depreciation and amortization
of real property |
$ |
103,190 |
|
|
$ |
97,809 |
|
|
$ |
297,870 |
|
|
$ |
287,523 |
|
| Real estate impairment
losses |
|
— |
|
|
|
625 |
|
|
|
— |
|
|
|
625 |
|
| Net gains on sale of real
estate |
|
— |
|
|
|
(53,045 |
) |
|
|
(873 |
) |
|
|
(53,305 |
) |
| Our share of partially owned
entities: |
|
|
|
|
|
|
|
|
Depreciation and amortization of real property |
|
25,091 |
|
|
|
26,765 |
|
|
|
77,712 |
|
|
|
80,900 |
|
|
Net gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,545 |
) |
| FFO adjustments, net |
|
128,281 |
|
|
|
72,154 |
|
|
|
374,709 |
|
|
|
299,198 |
|
| Impact of assumed conversion
of dilutive convertible securities |
|
385 |
|
|
|
387 |
|
|
|
1,164 |
|
|
|
1,225 |
|
| Noncontrolling interests'
share of above adjustments on a dilutive basis |
|
(10,256 |
) |
|
|
(5,900 |
) |
|
|
(30,031 |
) |
|
|
(22,156 |
) |
| FFO attributable to common
shareholders plus assumed conversions |
$ |
99,256 |
|
|
$ |
119,487 |
|
|
$ |
352,914 |
|
|
$ |
382,658 |
|
|
Per diluted share |
$ |
0.50 |
|
|
$ |
0.62 |
|
|
$ |
1.79 |
|
|
$ |
1.97 |
|
| |
|
|
|
|
|
|
|
| Reconciliation of
weighted average shares outstanding: |
|
|
|
|
|
|
|
| Weighted average common shares
outstanding |
|
190,556 |
|
|
|
190,364 |
|
|
|
190,493 |
|
|
|
191,228 |
|
| Effect of dilutive
securities: |
|
|
|
|
|
|
|
|
Share-based payment awards |
|
6,824 |
|
|
|
445 |
|
|
|
4,980 |
|
|
|
163 |
|
|
Convertible securities |
|
1,532 |
|
|
|
2,227 |
|
|
|
1,751 |
|
|
|
2,621 |
|
| Denominator for FFO per
diluted share |
|
198,912 |
|
|
|
193,036 |
|
|
|
197,224 |
|
|
|
194,012 |
|
| |
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below is a reconciliation of net (loss) income
to NOI at share and NOI at share - cash basis for the three and
nine months ended September 30, 2024 and 2023 and the three months
ended June 30, 2024.
| (Amounts in thousands) |
For the Three Months Ended |
|
For the Nine Months EndedSeptember
30, |
| |
September 30, |
|
June 30, 2024 |
|
| |
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Net (loss) income |
$ |
(19,468 |
) |
|
$ |
59,570 |
|
|
$ |
40,099 |
|
|
$ |
14,358 |
|
|
$ |
133,501 |
|
| Depreciation and amortization
expense |
|
116,006 |
|
|
|
110,349 |
|
|
|
109,774 |
|
|
|
334,439 |
|
|
|
324,076 |
|
| General and administrative
expense |
|
35,511 |
|
|
|
35,838 |
|
|
|
38,475 |
|
|
|
111,883 |
|
|
|
116,843 |
|
| Transaction related costs and
other |
|
(113 |
) |
|
|
813 |
|
|
|
3,361 |
|
|
|
3,901 |
|
|
|
1,501 |
|
| Income from partially owned
entities |
|
(18,229 |
) |
|
|
(18,269 |
) |
|
|
(47,949 |
) |
|
|
(82,457 |
) |
|
|
(72,207 |
) |
| Interest and other investment
income, net |
|
(12,391 |
) |
|
|
(14,717 |
) |
|
|
(10,511 |
) |
|
|
(34,626 |
) |
|
|
(37,454 |
) |
| Interest and debt expense |
|
100,907 |
|
|
|
88,126 |
|
|
|
98,401 |
|
|
|
289,786 |
|
|
|
261,528 |
|
| Net gains on disposition of
wholly owned and partially owned assets |
|
— |
|
|
|
(56,136 |
) |
|
|
(16,048 |
) |
|
|
(16,048 |
) |
|
|
(64,592 |
) |
| Income tax expense |
|
4,883 |
|
|
|
11,684 |
|
|
|
5,284 |
|
|
|
16,907 |
|
|
|
20,848 |
|
| NOI from partially owned
entities |
|
67,292 |
|
|
|
72,100 |
|
|
|
68,298 |
|
|
|
205,959 |
|
|
|
210,942 |
|
| NOI attributable to
noncontrolling interests in consolidated subsidiaries |
|
(8,907 |
) |
|
|
(8,363 |
) |
|
|
(9,013 |
) |
|
|
(29,316 |
) |
|
|
(38,869 |
) |
| NOI at share |
|
265,491 |
|
|
|
280,995 |
|
|
|
280,171 |
|
|
|
814,786 |
|
|
|
856,117 |
|
| Non-cash adjustments for
straight-line rents, amortization of acquired below-market leases,
net, and other |
|
6,807 |
|
|
|
(2,980 |
) |
|
|
(581 |
) |
|
|
4,715 |
|
|
|
(3,498 |
) |
| NOI at share - cash basis |
$ |
272,298 |
|
|
$ |
278,015 |
|
|
$ |
279,590 |
|
|
$ |
819,501 |
|
|
$ |
852,619 |
|
| |
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, 2024 compared to September 30, 2023.
| (Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share for the three months ended September 30, 2024 |
$ |
265,491 |
|
|
$ |
229,588 |
|
|
$ |
14,972 |
|
|
$ |
15,780 |
|
|
$ |
5,151 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(25 |
) |
|
|
(29 |
) |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(11,959 |
) |
|
|
(11,959 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(5,678 |
) |
|
|
(527 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,151 |
) |
| Same store NOI at share for
the three months ended September 30, 2024 |
$ |
247,829 |
|
|
$ |
217,073 |
|
|
$ |
14,976 |
|
|
$ |
15,780 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
(759 |
) |
|
|
(1,035 |
) |
|
|
276 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(4,905 |
) |
|
|
(4,905 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(4,773 |
) |
|
|
(1,108 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,665 |
) |
| Same store NOI at share for
the three months ended September 30, 2023 |
$ |
270,558 |
|
|
$ |
238,586 |
|
|
$ |
15,408 |
|
|
$ |
16,564 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share |
$ |
(22,729 |
) |
|
$ |
(21,513 |
) |
|
$ |
(432 |
) |
|
$ |
(784 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share |
|
(8.4 |
)% |
|
|
(9.0 |
)% |
|
|
(2.8 |
)% |
|
|
(4.7 |
)% |
|
|
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, 2024 compared to September 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,
2024 |
$ |
272,298 |
|
|
$ |
233,461 |
|
|
$ |
14,901 |
|
|
$ |
19,589 |
|
|
$ |
4,347 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(25 |
) |
|
|
(29 |
) |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(6,574 |
) |
|
|
(6,574 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(7,031 |
) |
|
|
(2,684 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,347 |
) |
| Same store NOI at share - cash
basis for the three months ended September 30, 2024 |
$ |
258,668 |
|
|
$ |
224,174 |
|
|
$ |
14,905 |
|
|
$ |
19,589 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
(869 |
) |
|
|
(1,082 |
) |
|
|
213 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(4,301 |
) |
|
|
(4,301 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(8,380 |
) |
|
|
(4,562 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,818 |
) |
| Same store NOI at share - cash
basis for the three months ended September 30, 2023 |
$ |
264,465 |
|
|
$ |
230,899 |
|
|
$ |
16,014 |
|
|
$ |
17,552 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| (Decrease) increase in same
store NOI at share - cash basis |
$ |
(5,797 |
) |
|
$ |
(6,725 |
) |
|
$ |
(1,109 |
) |
|
$ |
2,037 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % (decrease) increase in same
store NOI at share - cash basis |
|
(2.2 |
)% |
|
|
(2.9 |
)% |
|
|
(6.9 |
)% |
|
|
11.6 |
% |
|
|
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, 2024 compared to September 30, 2023.
| (Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share for the nine months ended September 30, 2024 |
$ |
814,786 |
|
|
$ |
704,870 |
|
|
$ |
45,518 |
|
|
$ |
49,109 |
|
|
$ |
15,289 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,444 |
) |
|
|
(1,454 |
) |
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(29,555 |
) |
|
|
(29,555 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(17,586 |
) |
|
|
(2,297 |
) |
|
|
— |
|
|
|
— |
|
|
|
(15,289 |
) |
| Same store NOI at share for
the nine months ended September 30, 2024 |
$ |
766,201 |
|
|
$ |
671,564 |
|
|
$ |
45,528 |
|
|
$ |
49,109 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
(1,790 |
) |
|
|
(3,136 |
) |
|
|
1,346 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(13,627 |
) |
|
|
(13,627 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store (income) expense, net |
|
(12,918 |
) |
|
|
1,362 |
|
|
|
— |
|
|
|
— |
|
|
|
(14,280 |
) |
| Same store NOI at share for
the nine months ended September 30, 2023 |
$ |
827,782 |
|
|
$ |
714,593 |
|
|
$ |
48,349 |
|
|
$ |
64,840 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share |
$ |
(61,581 |
) |
|
$ |
(43,029 |
) |
|
$ |
(2,821 |
) |
|
$ |
(15,731 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share |
|
(7.4 |
)% |
|
|
(6.0 |
)% |
|
|
(5.8 |
)% |
|
|
(24.3 |
)% |
|
|
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, 2024 compared to September 30,
2023.
| (Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share - cash basis for the nine months ended September 30,
2024 |
$ |
819,501 |
|
|
$ |
702,089 |
|
|
$ |
46,685 |
|
|
$ |
56,483 |
|
|
$ |
14,244 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,444 |
) |
|
|
(1,454 |
) |
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(19,897 |
) |
|
|
(19,897 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(20,284 |
) |
|
|
(6,040 |
) |
|
|
— |
|
|
|
— |
|
|
|
(14,244 |
) |
| Same store NOI at share - cash
basis for the nine months ended September 30, 2024 |
$ |
777,876 |
|
|
$ |
674,698 |
|
|
$ |
46,695 |
|
|
$ |
56,483 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
(2,133 |
) |
|
|
(3,597 |
) |
|
|
1,464 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(13,001 |
) |
|
|
(13,001 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(20,588 |
) |
|
|
(6,031 |
) |
|
|
— |
|
|
|
— |
|
|
|
(14,557 |
) |
| Same store NOI at share - cash
basis for the nine months ended September 30, 2023 |
$ |
816,897 |
|
|
$ |
700,811 |
|
|
$ |
48,532 |
|
|
$ |
67,554 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share - cash basis |
$ |
(39,021 |
) |
|
$ |
(26,113 |
) |
|
$ |
(1,837 |
) |
|
$ |
(11,071 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share - cash basis |
|
(4.8 |
)% |
|
|
(3.7 |
)% |
|
|
(3.8 |
)% |
|
|
(16.4 |
)% |
|
|
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, 2024 compared to June 30, 2024.
| (Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share for the three months ended September 30, 2024 |
$ |
265,491 |
|
|
$ |
229,588 |
|
|
$ |
14,972 |
|
|
$ |
15,780 |
|
|
$ |
5,151 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(25 |
) |
|
|
(29 |
) |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(11,959 |
) |
|
|
(11,959 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(5,678 |
) |
|
|
(527 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,151 |
) |
| Same store NOI at share for
the three months ended September 30, 2024 |
$ |
247,829 |
|
|
$ |
217,073 |
|
|
$ |
14,976 |
|
|
$ |
15,780 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share for the three
months ended June 30, 2024 |
$ |
280,171 |
|
|
$ |
242,153 |
|
|
$ |
16,060 |
|
|
$ |
16,800 |
|
|
$ |
5,158 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(620 |
) |
|
|
(633 |
) |
|
|
13 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(9,637 |
) |
|
|
(9,637 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(6,188 |
) |
|
|
(1,030 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,158 |
) |
| Same store NOI at share for
the three months ended June 30, 2024 |
$ |
263,726 |
|
|
$ |
230,853 |
|
|
$ |
16,073 |
|
|
$ |
16,800 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share |
$ |
(15,897 |
) |
|
$ |
(13,780 |
) |
|
$ |
(1,097 |
) |
|
$ |
(1,020 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share |
|
(6.0 |
)% |
|
|
(6.0 |
)% |
|
|
(6.8 |
)% |
|
|
(6.1 |
%) |
|
|
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, 2024 compared to June 30,
2024.
| (Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share - cash basis for the three months ended September 30,
2024 |
$ |
272,298 |
|
|
$ |
233,461 |
|
|
$ |
14,901 |
|
|
$ |
19,589 |
|
|
$ |
4,347 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(25 |
) |
|
|
(29 |
) |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(6,574 |
) |
|
|
(6,574 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(7,031 |
) |
|
|
(2,684 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,347 |
) |
| Same store NOI at share - cash
basis for the three months ended September 30, 2024 |
$ |
258,668 |
|
|
$ |
224,174 |
|
|
$ |
14,905 |
|
|
$ |
19,589 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share - cash basis for
the three months ended June 30, 2024 |
$ |
279,590 |
|
|
$ |
237,834 |
|
|
$ |
16,835 |
|
|
$ |
19,956 |
|
|
$ |
4,965 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(620 |
) |
|
|
(633 |
) |
|
|
13 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(7,353 |
) |
|
|
(7,353 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(6,769 |
) |
|
|
(1,804 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,965 |
) |
| Same store NOI at share - cash
basis for the three months ended June 30, 2024 |
$ |
264,848 |
|
|
$ |
228,044 |
|
|
$ |
16,848 |
|
|
$ |
19,956 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share - cash basis |
$ |
(6,180 |
) |
|
$ |
(3,870 |
) |
|
$ |
(1,943 |
) |
|
$ |
(367 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share - cash basis |
|
(2.3 |
)% |
|
|
(1.7 |
)% |
|
|
(11.5 |
)% |
|
|
(1.8 |
)% |
|
|
0.0 |
% |
| |
Vornado Realty (NYSE:VNO)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Vornado Realty (NYSE:VNO)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
