Vornado Announces Third Quarter 2024 Financial Results
Vornado Realty Trust (VNO) reported Q3 2024 financial results showing a net loss of $19.15M ($0.10 per share), compared to net income of $52.85M ($0.28 per share) in Q3 2023. Funds From Operations (FFO) decreased to $99.26M ($0.50 per share) from $119.49M ($0.62 per share) year-over-year. Adjusted FFO was $102.76M ($0.52 per share) versus $127.24M ($0.66 per share) in the prior year. The company's same-store NOI declined 8.4% compared to Q3 2023, with New York properties showing a 9.0% decrease. Occupancy rates stood at 86.7% for New York office, 77.6% for retail, and 94.5% for 555 California Street.
Vornado Realty Trust (VNO) ha riportato i risultati finanziari per il terzo trimestre del 2024 mostrando una perdita netta di 19,15 milioni di dollari (0,10 dollari per azione), rispetto a un utile netto di 52,85 milioni di dollari (0,28 dollari per azione) nel terzo trimestre del 2023. I Fondi dalle Operazioni (FFO) sono diminuiti a 99,26 milioni di dollari (0,50 dollari per azione) rispetto ai 119,49 milioni di dollari (0,62 dollari per azione) dell’anno precedente. L'FFO rettificato è stato di 102,76 milioni di dollari (0,52 dollari per azione) contro i 127,24 milioni di dollari (0,66 dollari per azione) dell'anno precedente. L'NOI degli stessi negozi è diminuito dell'8,4% rispetto al terzo trimestre del 2023, con le proprietà di New York che mostrano una riduzione del 9,0%. I tassi di occupazione si sono attestati all'86,7% per gli uffici di New York, al 77,6% per il retail e al 94,5% per 555 California Street.
Vornado Realty Trust (VNO) reportó los resultados financieros del tercer trimestre de 2024, mostrando una pérdida neta de 19,15 millones de dólares (0,10 dólares por acción), en comparación con una ganancia neta de 52,85 millones de dólares (0,28 dólares por acción) en el tercer trimestre de 2023. Los Fondos de Operaciones (FFO) disminuyeron a 99,26 millones de dólares (0,50 dólares por acción) desde 119,49 millones de dólares (0,62 dólares por acción) en comparación con el año anterior. El FFO ajustado fue de 102,76 millones de dólares (0,52 dólares por acción) frente a 127,24 millones de dólares (0,66 dólares por acción) del año anterior. El NOI de las mismas propiedades disminuyó un 8,4% en comparación con el tercer trimestre de 2023, con las propiedades de Nueva York mostrando una disminución del 9,0%. Las tasas de ocupación se situaron en un 86,7% para las oficinas de Nueva York, un 77,6% para el retail y un 94,5% para 555 California Street.
Vornado Realty Trust (VNO)는 2024년 3분기 재무 결과를 발표하며 1,915만 달러(주당 0.10달러)의 순손실을 기록했으며, 이는 2023년 3분기의 5,285만 달러(주당 0.28달러) 순이익과 비교됩니다. 운영자금(Fund From Operations, FFO)는 전년 대비 1억 926만 달러(주당 0.50달러)로 감소했으며, 이는 1억 1,949만 달러(주당 0.62달러)에서 감소한 수치입니다. 조정된 FFO는 1억 276만 달러(주당 0.52달러)로, 작년의 1억 2,724만 달러(주당 0.66달러)와 비교됩니다. 회사의 동종 상업시설 NOI는 2023년 3분기와 비교해 8.4% 감소했으며, 뉴욕의 부동산은 9.0% 감소했습니다. 신규욕 사무실의 점유율은 86.7%, 소매점은 77.6%, 555 캘리포니아 스트리트는 94.5%에서 머물렀습니다.
Vornado Realty Trust (VNO) a publié ses résultats financiers pour le troisième trimestre 2024, affichant une perte nette de 19,15 millions de dollars (0,10 dollar par action), contre un bénéfice net de 52,85 millions de dollars (0,28 dollar par action) au troisième trimestre 2023. Les Fonds provenant des opérations (FFO) ont diminué à 99,26 millions de dollars (0,50 dollar par action) par rapport à 119,49 millions de dollars (0,62 dollar par action) l'année précédente. Le FFO ajusté était de 102,76 millions de dollars (0,52 dollar par action) contre 127,24 millions de dollars (0,66 dollar par action) l'année précédente. Le NOI des mêmes magasins a diminué de 8,4 % par rapport au troisième trimestre 2023, avec une baisse de 9,0 % pour les propriétés de New York. Les taux d'occupation étaient de 86,7 % pour les bureaux de New York, 77,6 % pour le commerce de détail et 94,5 % pour 555 California Street.
Vornado Realty Trust (VNO) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und dabei einen Nettoverlust von 19,15 Millionen Dollar (0,10 Dollar pro Aktie) verzeichnet, verglichen mit einem Nettogewinn von 52,85 Millionen Dollar (0,28 Dollar pro Aktie) im 3. Quartal 2023. Die Fonds aus Operationen (FFO) sanken im Jahresvergleich von 119,49 Millionen Dollar (0,62 Dollar pro Aktie) auf 99,26 Millionen Dollar (0,50 Dollar pro Aktie). Der bereinigte FFO betrug 102,76 Millionen Dollar (0,52 Dollar pro Aktie) im Vergleich zu 127,24 Millionen Dollar (0,66 Dollar pro Aktie) im Vorjahr. Das NOI der gleichen Immobilien fiel um 8,4% im Vergleich zum 3. Quartal 2023, wobei die Immobilien in New York einen Rückgang von 9,0% zeigten. Die Belegungsraten betrugen 86,7% für Büros in New York, 77,6% für den Einzelhandel und 94,5% für 555 California Street.
- Completed multiple refinancing activities including $400M for 731 Lexington Avenue at 5.04% fixed rate
- Extended Bloomberg L.P. leases for 947,000 sq ft at 731 Lexington Avenue until 2040
- Sold two condos at 220 Central Park South for $31.6M net proceeds
- Net loss of $19.15M in Q3 2024 vs net income of $52.85M in Q3 2023
- FFO decreased 17% to $0.50 per share from $0.62 year-over-year
- Same-store NOI declined 8.4% compared to Q3 2023
- New York office occupancy decreased to 86.7%
- 606 Broadway $74.12M mortgage loan defaulted in September 2024
Insights
Vornado's Q3 2024 results show concerning trends with
- Same-store NOI decreased
8.4% year-over-year - New York office occupancy at
87.5% shows continued weakness - Lease spreads on renewals were negative
7.0% on a cash basis
The company's significant debt refinancing activity, including the troubled 606 Broadway loan default and multiple high-rate refinancings around
The leasing metrics paint a concerning picture of market conditions. While Vornado signed 454,000 sq ft of NYC leases in Q3, the negative mark-to-market on second generation space and high tenant improvement costs averaging
- Retail occupancy at only
77.6% - Rising concession packages needed to attract tenants
- Declining cash NOI across all major segments
The extensive refinancing activity, while addressing near-term maturities, locks in higher rates that will pressure returns. The office market fundamentals remain challenging with pricing power.
NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- 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
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended September 30, 2024 was
Nine Months Ended September 30, 2024 Financial Results
NET INCOME attributable to common shareholders for the nine months ended September 30, 2024 was
FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the nine months ended September 30, 2024 was
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 Ended September 30, | For the Nine Months Ended September 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
435 Seventh Avenue
On April 9, 2024, we completed a
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
640 Fifth Avenue (Fifth Avenue and Times Square JV)
On June 10, 2024, the Fifth Avenue and Times Square JV completed a
606 Broadway
On September 5, 2024, the
85 Tenth Avenue
On September 24, 2024, a joint venture, in which we have a
Alexander's, Inc. ("Alexander's")
On September 30, 2024, Alexander’s, in which we own a
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 ( | $ | 537,500 | 09/28 | S+178 | |||||
| PENN 11(1) | 250,000 | 10/25 | S+206 | ||||||
| 435 Seventh Avenue | 75,000 | 04/26 | S+210 | ||||||
| Index Strike Rate | |||||||||
| Interest rate caps: | |||||||||
| 61 Ninth Avenue ( | $ | 75,543 | 01/26 | S+146 | |||||
________________________________
| (1) | Together with the existing |
Acquisitions
On August 6, 2024, we purchased a
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
50-70 West 93rd Street
On May 13, 2024, we sold our
Alexander’s
On May 3, 2024, Alexander’s, in which we own a
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 California Street | ||||||||||||||
| 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 California Street | ||||||||||||||
| 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 California Street | |||||||||||
| 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 |
| (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 Ended September 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 |
| (2) | The nine months ended September 30, 2023 includes our |
Active Development/Redevelopment Summary as of September 30, 2024:
| (Amounts in thousands, except square feet) | ||||||||||||||||||
| (at Vornado’s share) | Projected Incremental Cash Yield | |||||||||||||||||
New York segment: | Property Rentable Sq. Ft. | Budget | Cash Amount Expended | Remaining Expenditures | Stabilization Year | |||||||||||||
| PENN District: | ||||||||||||||||||
| PENN 2 | 1,795,000 | $ | 750,000 | $ | 685,275 | $ | 64,725 | 2026 | ||||||||||
| 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 ( | 266,000 | 125,000 | (2) | 34,298 | 90,702 | 2026 | ||||||||||||
| Total Active Development Projects | $ | 975,000 | $ | 785,737 | $ | 189,263 | ||||||||||||
________________________________
| (1) | Excluding debt and equity carry. |
| (2) | Represents our |
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 Webcast
As 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 TRUST CONSOLIDATED 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 TRUST OPERATING RESULTS | |||||||||||||||
| (Amounts in thousands, except per share amounts) | For the Three Months Ended September 30, | For the Nine Months Ended September 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 TRUST
NON-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 Ended September 30, | For the Nine Months Ended September 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 TRUST
NON-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 Ended September 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 TRUST
NON-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 TRUST
NON-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 TRUST
NON-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 TRUST
NON-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 TRUST
NON-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 TRUST
NON-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 | % | |||||||||
FAQ
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