Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended June 30, 2024 Financial
Results
NET INCOME attributable to common shareholders
for the quarter ended June 30, 2024 was $35,260,000, or $0.18 per
diluted share, compared to $46,377,000, or $0.24 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 June 30, 2024 was $148,944,000, or $0.76 per diluted
share, compared to $144,059,000, or $0.74 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 June 30,
2024 was $112,766,000, or $0.57 per diluted share, and
$140,737,000, or $0.72 per diluted share, for the prior year's
quarter.
Six Months Ended June 30, 2024 Financial
Results
NET INCOME attributable to common shareholders
for the six months ended June 30, 2024 was $26,226,000, or $0.13
per diluted share, compared to $51,545,000, or $0.27 per diluted
share, for the six months ended June 30, 2023.
FFO attributable to common shareholders plus
assumed conversions (non-GAAP) for the six months ended June 30,
2024 was $253,068,000, or $1.29 per diluted share, compared to
$263,149,000, or $1.35 per diluted share, for the six months ended
June 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 six months ended June 30, 2024 was
$221,608,000, or $1.13 per diluted share, and $257,032,000, or
$1.32 per diluted share, for the six months ended June 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 EndedJune
30, |
|
For the Six Months EndedJune
30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
FFO attributable to common shareholders plus assumed conversions
(non-GAAP)(1) |
$ |
148,944 |
|
|
$ |
144,059 |
|
|
$ |
253,068 |
|
|
$ |
263,149 |
|
|
Per diluted share (non-GAAP) |
$ |
0.76 |
|
|
$ |
0.74 |
|
|
$ |
1.29 |
|
|
$ |
1.35 |
|
| |
|
|
|
|
|
|
|
|
Certain (income) expense items that impact FFO attributable to
common shareholders plus assumed conversions: |
|
|
|
|
|
|
|
|
Our share of the gain on the discounted extinguishment of the 280
Park Avenue mezzanine loan |
$ |
(31,215 |
) |
|
$ |
— |
|
|
$ |
(31,215 |
) |
|
$ |
— |
|
|
After-tax net gain on sale of 220 Central Park South ("220 CPS")
condominium units |
|
(13,069 |
) |
|
|
— |
|
|
|
(13,069 |
) |
|
|
(6,173 |
) |
|
Deferred tax liability on our investment in the Farley Building
(held through a taxable REIT subsidiary) |
|
2,599 |
|
|
|
2,206 |
|
|
|
6,733 |
|
|
|
5,081 |
|
|
Other |
|
2,252 |
|
|
|
(5,785 |
) |
|
|
3,261 |
|
|
|
(5,497 |
) |
| |
|
(39,433 |
) |
|
|
(3,579 |
) |
|
|
(34,290 |
) |
|
|
(6,589 |
) |
|
Noncontrolling interests' share of above adjustments |
|
3,255 |
|
|
|
257 |
|
|
|
2,830 |
|
|
|
472 |
|
|
Total of certain (income) expense items that impact FFO
attributable to common shareholders plus assumed conversions,
net |
$ |
(36,178 |
) |
|
$ |
(3,322 |
) |
|
$ |
(31,460 |
) |
|
$ |
(6,117 |
) |
|
Per diluted share (non-GAAP) |
$ |
(0.19 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.03 |
) |
| |
|
|
|
|
|
|
|
|
FFO attributable to common shareholders plus assumed conversions,
as adjusted (non-GAAP) |
$ |
112,766 |
|
|
$ |
140,737 |
|
|
$ |
221,608 |
|
|
$ |
257,032 |
|
|
Per diluted share (non-GAAP) |
$ |
0.57 |
|
|
$ |
0.72 |
|
|
$ |
1.13 |
|
|
$ |
1.32 |
|
________________________________
(1) See page 9 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 six months ended June 30, 2024 and
2023.
FFO, as Adjusted Bridge - Q2 2024 vs. Q2
2023
The following table bridges our FFO attributable
to common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended June 30, 2023 to FFO
attributable to common shareholders plus assumed conversions, as
adjusted (non-GAAP) for the three months ended June 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 June
30, 2023 |
$ |
140.7 |
|
|
$ |
0.72 |
|
|
|
|
|
|
|
(Decrease) increase in FFO, as adjusted due to: |
|
|
|
|
Lease expirations, net of rent commencements, and other tenant
related items |
|
(15.1 |
) |
|
|
|
345 Montgomery Street tenant settlement proceeds, net of legal
expenses in 2023 |
|
(14.1 |
) |
|
|
|
Change in interest expense, net of interest income |
|
(7.0 |
) |
|
|
|
Variable businesses (primarily signage) |
|
3.9 |
|
|
|
|
Other, net |
|
3.7 |
|
|
|
| |
|
(28.6 |
) |
|
|
| Noncontrolling interests'
share of above items and impact of assumed conversions of
convertible securities |
|
0.7 |
|
|
|
|
Net decrease |
|
(27.9 |
) |
|
|
(0.15 |
) |
| |
|
|
|
| FFO attributable to
common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended June 30, 2024 |
$ |
112.8 |
|
|
$ |
0.57 |
|
See page 9 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
six months ended June 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%.
Interest Rate Swap and Cap Arrangements
We entered into the following interest rate swap
and cap arrangements during the six months ended June 30, 2024:
|
(Amounts in thousands) |
|
Notional Amount(at share) |
|
All-In Swapped Rate |
|
Expiration Date |
|
Variable Rate Spread |
|
Interest rate swaps: |
|
|
|
|
|
|
|
|
|
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.
Dispositions
220 Central Park South
During the three and six months ended June 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 Inc.
(“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 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 June 30, 2024:
- 1,322,000 square feet of New York
Office space (598,000 square feet at share) at an initial rent of
$131.37 per square foot and a weighted average lease term of 9.7
years. The changes in the GAAP and cash mark-to-market rent on the
518,000 square feet of second generation space were positive 8.2%
and positive 3.4%, respectively. Tenant improvements and leasing
commissions were $6.54 per square foot per annum, or 5.0% of
initial rent.
- 4,000 square feet of New York
Retail space (all at share) at an initial rent of $301.14 per
square foot and a weighted average lease term of 5.0 years. The
changes in the GAAP and cash mark-to-market rent on the 4,000
square feet of second generation space were positive 26.9% and
positive 14.8%, respectively. Tenant improvements and leasing
commissions were $10.99 per square foot per annum, or 3.6% of
initial rent.
- 32,000 square feet at THE MART (all
at share) at an initial rent of $56.39 per square foot and a
weighted average lease term of 7.2 years. The changes in the
GAAP and cash mark-to-market rent on the 19,000 square feet of
second generation space were negative 3.5% and negative 4.3%,
respectively. Tenant improvements and leasing commissions were
$7.86 per square foot per annum, or 13.9% of initial rent.
- 66,000 square feet at 555
California Street (47,000 square feet at share) at an initial rent
of $99.14 per square foot and a weighted average lease term of 9.8
years. The changes in the GAAP and cash mark-to-market rent on the
47,000 square feet of second generation space were positive 32.4%
and positive 13.3%, respectively. Tenant improvements and leasing
commissions were $12.56 per square foot per annum, or 12.7% of
initial rent.
For the Six Months Ended June 30, 2024:
- 1,613,000 square
feet of New York Office space (848,000 square feet at share) at an
initial rent of $118.96 per square foot and a weighted average
lease term of 10.1 years. The changes in the GAAP and cash
mark-to-market rent on the 613,000 square feet of second generation
space were positive 7.6% and positive 3.3%, respectively. Tenant
improvements and leasing commissions were $8.64 per square foot per
annum, or 7.3% of initial rent.
- 40,000 square
feet of New York Retail space (37,000 square feet at share) at an
initial rent of $258.76 per square foot and a weighted average
lease term of 3.9 years. The changes in the GAAP and cash
mark-to-market rent on the 31,000 square feet of second generation
space were positive 7.2% and negative 14.5%, respectively. Tenant
improvements and leasing commissions were $26.92 per square foot
per annum, or 10.4% of initial rent.
- 83,000 square
feet at THE MART (all at share) at an initial rent of $61.09 per
square foot and a weighted average lease term of 5.5
years. The changes in the GAAP and cash mark-to-market rent on
the 62,000 square feet of second generation space were positive
3.5% and negative 1.4%, respectively. Tenant improvements and
leasing commissions were $8.17 per square foot per annum, or 13.4%
of initial rent.
- 107,000 square
feet at 555 California Street (76,000 square feet at share) at an
initial rent of $87.03 per square foot and a weighted average lease
term of 8.1 years. The changes in the GAAP and cash
mark-to-market rent on the 76,000 square feet of second generation
space were positive 10.9% and negative 4.4%, respectively. Tenant
improvements and leasing commissions were $10.40 per square foot
per annum, or 11.9% of initial rent.
Occupancy
|
(At Vornado's share) |
New York |
|
THE MART |
|
555 California Street |
| |
Total |
|
Office |
|
Retail |
|
|
|
Occupancy as of June 30, 2024 |
88.3 |
% |
|
89.3 |
% |
|
77.0 |
% |
|
76.9 |
% |
|
94.5 |
% |
|
Same Store Net Operating Income ("NOI") At
Share: |
Total |
|
New York |
|
THE MART |
|
555 California Street(1) |
|
Same store NOI at share % (decrease)
increase(2): |
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 compared to June 30, 2023 |
(9.0 |
)% |
|
(4.4 |
)% |
|
(4.6 |
)% |
|
(46.4 |
)% |
|
Six months ended June 30, 2024 compared to June 30, 2023 |
(7.0 |
)% |
|
(4.5 |
)% |
|
(7.3 |
)% |
|
(31.0 |
)% |
|
Three months ended June 30, 2024 compared to March 31, 2024 |
3.6 |
% |
|
3.3 |
% |
|
11.0 |
% |
|
1.6 |
% |
| |
|
|
|
|
|
|
|
|
Same store NOI at share - cash basis % (decrease)
increase(2): |
|
|
|
|
|
|
|
|
Three months ended June 30, 2024 compared to June 30, 2023 |
(6.6 |
)% |
|
(2.7 |
)% |
|
(1.3 |
)% |
|
(38.2 |
)% |
|
Six months ended June 30, 2024 compared to June 30, 2023 |
(5.9 |
)% |
|
(3.9 |
)% |
|
(2.2 |
)% |
|
(26.2 |
)% |
|
Three months ended June 30, 2024 compared to March 31, 2024 |
4.0 |
% |
|
2.3 |
% |
|
12.8 |
% |
|
17.8 |
% |
____________________
(1) 2023 includes our $14,103,000
share of the receipt of a tenant settlement, net of legal
expenses.(2) See pages 11 through 16 for same
store NOI at share and same store NOI at share - cash basis
reconciliations.
NOI At Share & 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 six months
ended June 30, 2024 and 2023 and the three months ended March 31,
2024 are summarized below.
|
(Amounts in thousands) |
For the Three Months Ended |
|
For the Six Months EndedJune
30, |
| |
June 30, |
|
March 31, 2024 |
|
| |
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
NOI at share: |
|
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
178,338 |
|
$ |
186,042 |
|
$ |
167,988 |
|
$ |
346,326 |
|
$ |
360,312 |
|
Retail |
|
48,392 |
|
|
47,428 |
|
|
47,466 |
|
|
95,858 |
|
|
94,624 |
|
Residential |
|
6,220 |
|
|
5,467 |
|
|
5,968 |
|
|
12,188 |
|
|
10,925 |
|
Alexander's |
|
9,203 |
|
|
9,429 |
|
|
11,707 |
|
|
20,910 |
|
|
18,499 |
|
Total New York |
|
242,153 |
|
|
248,366 |
|
|
233,129 |
|
|
475,282 |
|
|
484,360 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
THE MART |
|
16,060 |
|
|
16,462 |
|
|
14,486 |
|
|
30,546 |
|
|
31,871 |
|
555 California Street(2) |
|
16,800 |
|
|
31,347 |
|
|
16,529 |
|
|
33,329 |
|
|
48,276 |
|
Other investments |
|
5,158 |
|
|
5,464 |
|
|
4,980 |
|
|
10,138 |
|
|
10,615 |
|
Total Other |
|
38,018 |
|
|
53,273 |
|
|
35,995 |
|
|
74,013 |
|
|
90,762 |
|
NOI at share |
$ |
280,171 |
|
$ |
301,639 |
|
$ |
269,124 |
|
$ |
549,295 |
|
$ |
575,122 |
|
NOI at share - cash basis: |
|
|
|
|
|
|
|
|
|
|
New York: |
|
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
176,915 |
|
$ |
181,253 |
|
$ |
166,370 |
|
$ |
343,285 |
|
$ |
363,334 |
|
Retail |
|
44,700 |
|
|
44,956 |
|
|
43,873 |
|
|
88,573 |
|
|
88,990 |
|
Residential |
|
5,947 |
|
|
5,129 |
|
|
5,690 |
|
|
11,637 |
|
|
10,180 |
|
Alexander's |
|
10,272 |
|
|
10,231 |
|
|
14,861 |
|
|
25,133 |
|
|
20,092 |
|
Total New York |
|
237,834 |
|
|
241,569 |
|
|
230,794 |
|
|
468,628 |
|
|
482,596 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
THE MART |
|
16,835 |
|
|
16,592 |
|
|
14,949 |
|
|
31,784 |
|
|
31,267 |
|
555 California Street(2) |
|
19,956 |
|
|
32,284 |
|
|
16,938 |
|
|
36,894 |
|
|
50,002 |
|
Other investments |
|
4,965 |
|
|
5,624 |
|
|
4,932 |
|
|
9,897 |
|
|
10,739 |
|
Total Other |
|
41,756 |
|
|
54,500 |
|
|
36,819 |
|
|
78,575 |
|
|
92,008 |
|
NOI at share - cash basis |
$ |
279,590 |
|
$ |
296,069 |
|
$ |
267,613 |
|
$ |
547,203 |
|
$ |
574,604 |
________________________________(1) Includes
Building Maintenance Services NOI of $7,926, $6,797, $7,217,
$15,143 and $13,086 for the three months ended June 30, 2024 and
2023 and March 31, 2024 and the six months ended June 30, 2024 and
2023, respectively.(2) 2023
includes our $14,103 share of the receipt of a tenant settlement,
net of legal expenses.
Active Development/Redevelopment Summary
as of June 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 |
|
$ |
675,504 |
|
$ |
74,496 |
|
2026 |
|
|
9.5% |
|
|
Districtwide Improvements |
|
N/A |
|
|
100,000 |
|
|
60,493 |
|
|
39,507 |
|
N/A |
|
|
N/A |
|
|
Total PENN District |
|
|
|
|
850,000 |
(1) |
|
735,997 |
|
|
114,003 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunset Pier 94 Studios (49.9% interest) |
|
266,000 |
|
|
125,000 |
(2) |
|
19,494 |
|
|
105,506 |
|
2026 |
|
|
10.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Active Development Projects |
|
|
|
$ |
975,000 |
|
$ |
755,491 |
|
$ |
219,509 |
|
|
|
|
|
|
________________________________(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. $34,000 will be
funded via cash contributions, of which $19,494 has been funded as
of June 30, 2024.
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,
August 6, 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 8799771. 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.
ContactThomas 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) |
|
|
June 30, 2024 |
|
December 31, 2023 |
|
|
ASSETS |
|
|
|
|
|
|
Real estate, at cost: |
|
|
|
|
|
|
Land |
$ |
2,434,209 |
|
|
$ |
2,436,221 |
|
|
$ |
(2,012 |
) |
|
Buildings and improvements |
|
10,228,821 |
|
|
|
9,952,954 |
|
|
|
275,867 |
|
|
Development costs and construction in progress |
|
1,156,060 |
|
|
|
1,281,076 |
|
|
|
(125,016 |
) |
|
Leasehold improvements and equipment |
|
133,755 |
|
|
|
130,953 |
|
|
|
2,802 |
|
|
Total |
|
13,952,845 |
|
|
|
13,801,204 |
|
|
|
151,641 |
|
|
Less accumulated depreciation and amortization |
|
(3,899,475 |
) |
|
|
(3,752,827 |
) |
|
|
(146,648 |
) |
|
Real estate, net |
|
10,053,370 |
|
|
|
10,048,377 |
|
|
|
4,993 |
|
|
Right-of-use assets |
|
678,670 |
|
|
|
680,044 |
|
|
|
(1,374 |
) |
|
Cash, cash equivalents, and restricted cash |
|
|
|
|
|
|
Cash and cash equivalents |
|
872,609 |
|
|
|
997,002 |
|
|
|
(124,393 |
) |
|
Restricted cash |
|
244,245 |
|
|
|
264,582 |
|
|
|
(20,337 |
) |
|
Total |
|
1,116,854 |
|
|
|
1,261,584 |
|
|
|
(144,730 |
) |
|
Tenant and other receivables |
|
71,213 |
|
|
|
69,543 |
|
|
|
1,670 |
|
|
Investments in partially owned entities |
|
2,711,080 |
|
|
|
2,610,558 |
|
|
|
100,522 |
|
|
Receivable arising from the straight-lining of rents |
|
706,157 |
|
|
|
701,666 |
|
|
|
4,491 |
|
|
Deferred leasing costs, net |
|
354,395 |
|
|
|
355,010 |
|
|
|
(615 |
) |
|
Identified intangible assets, net |
|
122,414 |
|
|
|
127,082 |
|
|
|
(4,668 |
) |
|
Other assets |
|
396,028 |
|
|
|
333,801 |
|
|
|
62,227 |
|
|
Total assets |
$ |
16,210,181 |
|
|
$ |
16,187,665 |
|
|
$ |
22,516 |
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Mortgages payable, net |
$ |
5,672,086 |
|
|
$ |
5,688,020 |
|
|
$ |
(15,934 |
) |
|
Senior unsecured notes, net |
|
1,194,894 |
|
|
|
1,193,873 |
|
|
|
1,021 |
|
|
Unsecured term loan, net |
|
795,254 |
|
|
|
794,559 |
|
|
|
695 |
|
|
Unsecured revolving credit facilities |
|
575,000 |
|
|
|
575,000 |
|
|
|
— |
|
|
Lease liabilities |
|
741,762 |
|
|
|
732,859 |
|
|
|
8,903 |
|
|
Accounts payable and accrued expenses |
|
363,457 |
|
|
|
411,044 |
|
|
|
(47,587 |
) |
|
Deferred revenue |
|
30,805 |
|
|
|
32,199 |
|
|
|
(1,394 |
) |
|
Deferred compensation plan |
|
108,553 |
|
|
|
105,245 |
|
|
|
3,308 |
|
|
Other liabilities |
|
316,906 |
|
|
|
311,132 |
|
|
|
5,774 |
|
|
Total liabilities |
|
9,798,717 |
|
|
|
9,843,931 |
|
|
|
(45,214 |
) |
|
Redeemable noncontrolling interests |
|
593,465 |
|
|
|
638,448 |
|
|
|
(44,983 |
) |
|
Shareholders' equity |
|
5,626,300 |
|
|
|
5,509,064 |
|
|
|
117,236 |
|
|
Noncontrolling interests in consolidated subsidiaries |
|
191,699 |
|
|
|
196,222 |
|
|
|
(4,523 |
) |
|
Total liabilities, redeemable noncontrolling interests and
equity |
$ |
16,210,181 |
|
|
$ |
16,187,665 |
|
|
$ |
22,516 |
|
VORNADO REALTY
TRUSTOPERATING RESULTS
|
(Amounts in thousands, except per share amounts) |
For the Three Months EndedJune
30, |
|
For the Six Months EndedJune
30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenues |
$ |
450,266 |
|
|
$ |
472,359 |
|
|
$ |
886,641 |
|
|
$ |
918,282 |
|
| |
|
|
|
|
|
|
|
|
Net income |
$ |
40,099 |
|
|
$ |
62,733 |
|
|
$ |
33,826 |
|
|
$ |
73,931 |
|
| Less net loss (income)
attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
Consolidated subsidiaries |
|
13,890 |
|
|
|
2,781 |
|
|
|
25,872 |
|
|
|
12,709 |
|
|
Operating Partnership |
|
(3,200 |
) |
|
|
(3,608 |
) |
|
|
(2,414 |
) |
|
|
(4,037 |
) |
|
Net income attributable to Vornado |
|
50,789 |
|
|
|
61,906 |
|
|
|
57,284 |
|
|
|
82,603 |
|
|
Preferred share dividends |
|
(15,529 |
) |
|
|
(15,529 |
) |
|
|
(31,058 |
) |
|
|
(31,058 |
) |
|
Net income attributable to common shareholders |
$ |
35,260 |
|
|
$ |
46,377 |
|
|
$ |
26,226 |
|
|
$ |
51,545 |
|
| |
|
|
|
|
|
|
|
|
Income per common share - basic: |
|
|
|
|
|
|
|
|
Net income per common share |
$ |
0.19 |
|
|
$ |
0.24 |
|
|
$ |
0.14 |
|
|
$ |
0.27 |
|
|
Weighted average shares outstanding |
|
190,492 |
|
|
|
191,468 |
|
|
|
190,460 |
|
|
|
191,668 |
|
| |
|
|
|
|
|
|
|
|
Income per common share - diluted: |
|
|
|
|
|
|
|
|
Net income per common share |
$ |
0.18 |
|
|
$ |
0.24 |
|
|
$ |
0.13 |
|
|
$ |
0.27 |
|
|
Weighted average shares outstanding |
|
194,405 |
|
|
|
194,804 |
|
|
|
194,518 |
|
|
|
194,364 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders plus assumed conversions (non-GAAP) |
$ |
148,944 |
|
|
$ |
144,059 |
|
|
$ |
253,068 |
|
|
$ |
263,149 |
|
|
Per diluted share (non-GAAP) |
$ |
0.76 |
|
|
$ |
0.74 |
|
|
$ |
1.29 |
|
|
$ |
1.35 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders plus assumed conversions, as adjusted (non-GAAP) |
$ |
112,766 |
|
|
$ |
140,737 |
|
|
$ |
221,608 |
|
|
$ |
257,032 |
|
|
Per diluted share (non-GAAP) |
$ |
0.57 |
|
|
$ |
0.72 |
|
|
$ |
1.13 |
|
|
$ |
1.32 |
|
| |
|
|
|
|
|
|
|
| Weighted average shares used
in determining FFO attributable to common shareholders plus assumed
conversions per diluted share |
|
196,339 |
|
|
|
194,878 |
|
|
|
196,405 |
|
|
|
194,543 |
|
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
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 EndedJune
30, |
|
For the Six Months EndedJune
30, |
| |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Net income attributable to common shareholders |
$ |
35,260 |
|
|
$ |
46,377 |
|
|
$ |
26,226 |
|
|
$ |
51,545 |
|
|
Per diluted share |
$ |
0.18 |
|
|
$ |
0.24 |
|
|
$ |
0.13 |
|
|
$ |
0.27 |
|
| |
|
|
|
|
|
|
|
| FFO adjustments: |
|
|
|
|
|
|
|
| Depreciation and amortization
of real property |
$ |
97,897 |
|
|
$ |
94,922 |
|
|
$ |
194,680 |
|
|
$ |
189,714 |
|
| Net gains on sale of real
estate |
|
(873 |
) |
|
|
(260 |
) |
|
|
(873 |
) |
|
|
(260 |
) |
| Our share of partially owned
entities: |
|
|
|
|
|
|
|
|
Depreciation and amortization of real property |
|
26,458 |
|
|
|
26,666 |
|
|
|
52,621 |
|
|
|
54,135 |
|
|
Net gain on sale of real estate |
|
— |
|
|
|
(16,545 |
) |
|
|
— |
|
|
|
(16,545 |
) |
| |
|
123,482 |
|
|
|
104,783 |
|
|
|
246,428 |
|
|
|
227,044 |
|
| Noncontrolling interests'
share of above adjustments |
|
(10,191 |
) |
|
|
(7,510 |
) |
|
|
(20,362 |
) |
|
|
(16,256 |
) |
| FFO adjustments, net |
$ |
113,291 |
|
|
$ |
97,273 |
|
|
$ |
226,066 |
|
|
$ |
210,788 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders |
$ |
148,551 |
|
|
$ |
143,650 |
|
|
$ |
252,292 |
|
|
$ |
262,333 |
|
| Impact of assumed conversion
of dilutive convertible securities |
|
393 |
|
|
|
409 |
|
|
|
776 |
|
|
|
816 |
|
| FFO attributable to common
shareholders plus assumed conversions |
$ |
148,944 |
|
|
$ |
144,059 |
|
|
$ |
253,068 |
|
|
$ |
263,149 |
|
|
Per diluted share |
$ |
0.76 |
|
|
$ |
0.74 |
|
|
$ |
1.29 |
|
|
$ |
1.35 |
|
| |
|
|
|
|
|
|
|
|
Reconciliation of weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
190,492 |
|
|
|
191,468 |
|
|
|
190,460 |
|
|
|
191,668 |
|
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
Share-based payment awards |
|
3,913 |
|
|
|
32 |
|
|
|
4,058 |
|
|
|
23 |
|
|
Convertible securities |
|
1,934 |
|
|
|
3,378 |
|
|
|
1,887 |
|
|
|
2,852 |
|
|
Denominator for FFO per diluted share |
|
196,339 |
|
|
|
194,878 |
|
|
|
196,405 |
|
|
|
194,543 |
|
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below is a reconciliation of net income (loss)
to NOI at share and NOI at share - cash basis for the three and six
months ended June 30, 2024 and 2023 and the three months ended
March 31, 2024.
|
(Amounts in thousands) |
For the Three Months Ended |
|
For the Six Months EndedJune
30, |
| |
June 30, |
|
March 31, 2024 |
|
| |
|
2024 |
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Net income (loss) |
$ |
40,099 |
|
|
$ |
62,733 |
|
|
$ |
(6,273 |
) |
|
$ |
33,826 |
|
|
$ |
73,931 |
|
| Depreciation and amortization
expense |
|
109,774 |
|
|
|
107,162 |
|
|
|
108,659 |
|
|
|
218,433 |
|
|
|
213,727 |
|
| General and administrative
expense |
|
38,475 |
|
|
|
39,410 |
|
|
|
37,897 |
|
|
|
76,372 |
|
|
|
81,005 |
|
| Transaction related costs and
other |
|
3,361 |
|
|
|
30 |
|
|
|
653 |
|
|
|
4,014 |
|
|
|
688 |
|
| Income from partially owned
entities |
|
(47,949 |
) |
|
|
(37,272 |
) |
|
|
(16,279 |
) |
|
|
(64,228 |
) |
|
|
(53,938 |
) |
| Interest and other investment
income, net |
|
(10,511 |
) |
|
|
(13,153 |
) |
|
|
(11,724 |
) |
|
|
(22,235 |
) |
|
|
(22,737 |
) |
| Interest and debt expense |
|
98,401 |
|
|
|
87,165 |
|
|
|
90,478 |
|
|
|
188,879 |
|
|
|
173,402 |
|
| Net gains on disposition of
wholly owned and partially owned assets |
|
(16,048 |
) |
|
|
(936 |
) |
|
|
— |
|
|
|
(16,048 |
) |
|
|
(8,456 |
) |
| Income tax expense |
|
5,284 |
|
|
|
4,497 |
|
|
|
6,740 |
|
|
|
12,024 |
|
|
|
9,164 |
|
| NOI from partially owned
entities |
|
68,298 |
|
|
|
70,745 |
|
|
|
70,369 |
|
|
|
138,667 |
|
|
|
138,842 |
|
| NOI attributable to
noncontrolling interests in consolidated subsidiaries |
|
(9,013 |
) |
|
|
(18,742 |
) |
|
|
(11,396 |
) |
|
|
(20,409 |
) |
|
|
(30,506 |
) |
| NOI at share |
|
280,171 |
|
|
|
301,639 |
|
|
|
269,124 |
|
|
|
549,295 |
|
|
|
575,122 |
|
| Non-cash adjustments for
straight-line rents, amortization of acquired below-market leases,
net, and other |
|
(581 |
) |
|
|
(5,570 |
) |
|
|
(1,511 |
) |
|
|
(2,092 |
) |
|
|
(518 |
) |
| NOI at share - cash basis |
$ |
279,590 |
|
|
$ |
296,069 |
|
|
$ |
267,613 |
|
|
$ |
547,203 |
|
|
$ |
574,604 |
|
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
June 30, 2024 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 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 |
|
(6,094 |
) |
|
|
(936 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,158 |
) |
| Same store NOI at share for
the three months ended June 30, 2024 |
$ |
263,820 |
|
|
$ |
230,947 |
|
|
$ |
16,073 |
|
|
$ |
16,800 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
(696 |
) |
|
|
(1,082 |
) |
|
|
386 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(4,391 |
) |
|
|
(4,391 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(6,730 |
) |
|
|
(1,266 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,464 |
) |
| Same store NOI at share for
the three months ended June 30, 2023 |
$ |
289,822 |
|
|
$ |
241,627 |
|
|
$ |
16,848 |
|
|
$ |
31,347 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share |
$ |
(26,002 |
) |
|
$ |
(10,680 |
) |
|
$ |
(775 |
) |
|
$ |
(14,547 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share |
(9.0) |
% |
|
(4.4) |
% |
|
(4.6) |
% |
|
(46.4) |
% |
|
|
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 June 30, 2024 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 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 |
|
(6,880 |
) |
|
|
(1,915 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,965 |
) |
| Same store NOI at share - cash
basis for the three months ended June 30, 2024 |
$ |
264,737 |
|
|
$ |
227,933 |
|
|
$ |
16,848 |
|
|
$ |
19,956 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
(860 |
) |
|
|
(1,337 |
) |
|
|
477 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(4,554 |
) |
|
|
(4,554 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(7,061 |
) |
|
|
(1,437 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,624 |
) |
| Same store NOI at share - cash
basis for the three months ended June 30, 2023 |
$ |
283,594 |
|
|
$ |
234,241 |
|
|
$ |
17,069 |
|
|
$ |
32,284 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share - cash basis |
$ |
(18,857 |
) |
|
$ |
(6,308 |
) |
|
$ |
(221 |
) |
|
$ |
(12,328 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share - cash basis |
(6.6) |
% |
|
(2.7) |
% |
|
(1.3) |
% |
|
(38.2) |
% |
|
|
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 six months ended
June 30, 2024 compared to June 30, 2023.
|
(Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share for the six months ended June 30, 2024 |
$ |
549,295 |
|
|
$ |
475,282 |
|
|
$ |
30,546 |
|
|
$ |
33,329 |
|
|
$ |
10,138 |
|
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,419 |
) |
|
|
(1,425 |
) |
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(17,595 |
) |
|
|
(17,595 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(11,910 |
) |
|
|
(1,772 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,138 |
) |
| Same store NOI at share for
the six months ended June 30, 2024 |
$ |
518,371 |
|
|
$ |
454,490 |
|
|
$ |
30,552 |
|
|
$ |
33,329 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
| NOI at share for the six
months ended June 30, 2023 |
$ |
575,122 |
|
|
$ |
484,360 |
|
|
$ |
31,871 |
|
|
$ |
48,276 |
|
|
$ |
10,615 |
|
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,030 |
) |
|
|
(2,100 |
) |
|
|
1,070 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(8,722 |
) |
|
|
(8,722 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store (income) expense, net |
|
(8,146 |
) |
|
|
2,469 |
|
|
|
— |
|
|
|
— |
|
|
|
(10,615 |
) |
| Same store NOI at share for
the six months ended June 30, 2023 |
$ |
557,224 |
|
|
$ |
476,007 |
|
|
$ |
32,941 |
|
|
$ |
48,276 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share |
$ |
(38,853 |
) |
|
$ |
(21,517 |
) |
|
$ |
(2,389 |
) |
|
$ |
(14,947 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share |
(7.0) |
% |
|
(4.5) |
% |
|
(7.3) |
% |
|
(31.0) |
% |
|
|
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 six months ended June 30, 2024 compared to June 30, 2023.
|
(Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share - cash basis for the six months ended June 30,
2024 |
$ |
547,203 |
|
|
$ |
468,628 |
|
|
$ |
31,784 |
|
|
$ |
36,894 |
|
|
$ |
9,897 |
|
|
Less NOI at share - cash basis from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,419 |
) |
|
|
(1,425 |
) |
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(13,323 |
) |
|
|
(13,323 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(13,253 |
) |
|
|
(3,356 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,897 |
) |
| Same store NOI at share - cash
basis for the six months ended June 30, 2024 |
$ |
519,208 |
|
|
$ |
450,524 |
|
|
$ |
31,790 |
|
|
$ |
36,894 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
| NOI at share - cash basis for
the six months ended June 30, 2023 |
$ |
574,604 |
|
|
$ |
482,596 |
|
|
$ |
31,267 |
|
|
$ |
50,002 |
|
|
$ |
10,739 |
|
|
Less NOI at share - cash basis from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,263 |
) |
|
|
(2,514 |
) |
|
|
1,251 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(8,699 |
) |
|
|
(8,699 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(13,132 |
) |
|
|
(2,393 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,739 |
) |
| Same store NOI at share - cash
basis for the six months ended June 30, 2023 |
$ |
551,510 |
|
|
$ |
468,990 |
|
|
$ |
32,518 |
|
|
$ |
50,002 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
| Decrease in same store NOI at
share - cash basis |
$ |
(32,302 |
) |
|
$ |
(18,466 |
) |
|
$ |
(728 |
) |
|
$ |
(13,108 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % decrease in same store NOI
at share - cash basis |
(5.9) |
% |
|
(3.9) |
% |
|
(2.2) |
% |
|
(26.2) |
% |
|
|
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
June 30, 2024 compared to March 31, 2024.
|
(Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
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 |
|
(6,094 |
) |
|
|
(936 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,158 |
) |
| Same store NOI at share for
the three months ended June 30, 2024 |
$ |
263,820 |
|
|
$ |
230,947 |
|
|
$ |
16,073 |
|
|
$ |
16,800 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share for the three
months ended March 31, 2024 |
$ |
269,124 |
|
|
$ |
233,129 |
|
|
$ |
14,486 |
|
|
$ |
16,529 |
|
|
$ |
4,980 |
|
|
Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(799 |
) |
|
|
(792 |
) |
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(7,958 |
) |
|
|
(7,958 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(5,816 |
) |
|
|
(836 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,980 |
) |
| Same store NOI at share for
the three months ended March 31, 2024 |
$ |
254,551 |
|
|
$ |
223,543 |
|
|
$ |
14,479 |
|
|
$ |
16,529 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Increase in same store NOI at
share |
$ |
9,269 |
|
|
$ |
7,404 |
|
|
$ |
1,594 |
|
|
$ |
271 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % increase in same store NOI
at share |
|
3.6 |
% |
|
|
3.3 |
% |
|
|
11.0 |
% |
|
|
1.6 |
% |
|
|
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 June 30, 2024 compared to March 31,
2024.
|
(Amounts in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
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 |
|
(6,675 |
) |
|
|
(1,710 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,965 |
) |
| Same store NOI at share - cash
basis for the three months ended June 30, 2024 |
$ |
264,942 |
|
|
$ |
228,138 |
|
|
$ |
16,848 |
|
|
$ |
19,956 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share - cash basis for
the three months ended March 31, 2024 |
$ |
267,613 |
|
|
$ |
230,794 |
|
|
$ |
14,949 |
|
|
$ |
16,938 |
|
|
$ |
4,932 |
|
|
Less NOI at share - cash basis from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(799 |
) |
|
|
(792 |
) |
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(5,970 |
) |
|
|
(5,970 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(6,013 |
) |
|
|
(1,081 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,932 |
) |
| Same store NOI at share - cash
basis for the three months ended March 31, 2024 |
$ |
254,831 |
|
|
$ |
222,951 |
|
|
$ |
14,942 |
|
|
$ |
16,938 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Increase in same store NOI at
share - cash basis |
$ |
10,111 |
|
|
$ |
5,187 |
|
|
$ |
1,906 |
|
|
$ |
3,018 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % increase in same store NOI
at share - cash basis |
|
4.0 |
% |
|
|
2.3 |
% |
|
|
12.8 |
% |
|
|
17.8 |
% |
|
|
0.0 |
% |
Vornado Realty (NYSE:VNO)
過去 株価チャート
から 7 2024 まで 8 2024
Vornado Realty (NYSE:VNO)
過去 株価チャート
から 8 2023 まで 8 2024
