Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended December 31, 2023
Financial Results
NET LOSS attributable to common shareholders for
the quarter ended December 31, 2023 was $61,013,000, or $0.32 per
diluted share, compared to $493,280,000, or $2.57 per diluted
share, for the prior year's quarter. Adjusting for the items that
impact period-to-period comparability listed in the table on the
following page, net income attributable to common shareholders, as
adjusted (non-GAAP) for the quarter ended December 31, 2023 was
$8,040,000, or $0.04 per diluted share, and $19,954,000, or $0.10
per diluted share for the quarter ended December 31, 2022.
Net loss attributable to common shareholders for
the quarter ended December 31, 2023 included $72,664,000 of
impairment losses on certain of our real estate assets, which were
primarily attributable to shortened hold period assumptions.
FUNDS FROM OPERATIONS ("FFO") attributable to
common shareholders plus assumed conversions (non-GAAP) for the
quarter ended December 31, 2023 was $121,105,000, or $0.62 per
diluted share, compared to $176,465,000, or $0.91 per diluted
share, for the prior year's quarter. Adjusting for the items
that impact period-to-period comparability listed in the table on
page 3, FFO attributable to common shareholders plus assumed
conversions, as adjusted (non-GAAP) for the quarter ended December
31, 2023 was $123,751,000, or $0.63 per diluted share, and
$139,041,000, or $0.72 per diluted share for the quarter ended
December 31, 2022.
Year Ended December 31, 2023 Financial
Results
NET INCOME attributable to common shareholders
for the year ended December 31, 2023 was $43,378,000, or $0.23 per
diluted share, compared to net loss attributable to common
shareholders of $408,615,000, or $2.13 per diluted share, for the
year ended December 31, 2022. Adjusting for the items that impact
period-to-period comparability listed in the table on the following
page, net income attributable to common shareholders, as adjusted
(non-GAAP) for the year ended December 31, 2023 was $51,286,000, or
$0.27 per diluted share, and $126,468,000, or $0.66 per diluted
share, for the year ended December 31, 2022.
FFO attributable to common shareholders plus
assumed conversions (non-GAAP) for the year ended December 31, 2023
was $503,792,000, or $2.59 per diluted share, compared to
$638,928,000, or $3.30 per diluted share, for the year ended
December 31, 2022. Adjusting for the items that impact
period-to-period comparability listed in the table on page 3, FFO
attributable to common shareholders plus assumed conversions, as
adjusted (non-GAAP) for the year ended December 31, 2023 was
$508,151,000, or $2.61 per diluted share, and $608,892,000, or
$3.15 per diluted share, for the year ended December 31, 2022.
The following table reconciles net (loss) income
attributable to common shareholders to net income attributable to
common shareholders, as adjusted (non-GAAP):
| (Amounts
in thousands, except per share amounts) |
For the Three Months EndedDecember
31, |
|
For the Year EndedDecember
31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net (loss) income attributable to common shareholders |
$ |
(61,013 |
) |
|
$ |
(493,280 |
) |
|
$ |
43,378 |
|
|
$ |
(408,615 |
) |
|
Per diluted share |
$ |
(0.32 |
) |
|
$ |
(2.57 |
) |
|
$ |
0.23 |
|
|
$ |
(2.13 |
) |
| |
|
|
|
|
|
|
|
|
Certain expense (income) items that impact net (loss) income
attributable to common shareholders: |
|
|
|
|
|
|
|
|
Real estate impairment losses on wholly owned and partially owned
assets |
$ |
72,664 |
|
|
$ |
595,488 |
|
|
$ |
73,289 |
|
|
$ |
595,488 |
|
|
Our share of (income) loss from real estate fund investments |
|
(13,638 |
) |
|
|
463 |
|
|
|
(14,379 |
) |
|
|
(1,671 |
) |
|
After-tax net gain on sale of 220 Central Park South ("220 CPS")
condominium units and ancillary amenities |
|
(5,786 |
) |
|
|
(29,773 |
) |
|
|
(11,959 |
) |
|
|
(35,858 |
) |
|
Credit losses on investments |
|
8,269 |
|
|
|
— |
|
|
|
8,269 |
|
|
|
— |
|
|
Deferred tax liability on our investment in the Farley Building
(held through a taxable REIT subsidiary) |
|
3,526 |
|
|
|
3,482 |
|
|
|
11,722 |
|
|
|
13,665 |
|
|
Change in deferred tax assets related to taxable REIT
subsidiaries |
|
1,926 |
|
|
|
(2,971 |
) |
|
|
(188 |
) |
|
|
(4,304 |
) |
|
Net gain on contribution of Pier 94 leasehold interest to joint
venture |
|
— |
|
|
|
— |
|
|
|
(35,968 |
) |
|
|
— |
|
|
After-tax net gain on sale of The Armory Show |
|
— |
|
|
|
— |
|
|
|
(17,076 |
) |
|
|
— |
|
|
Our share of Alexander's, Inc. ("Alexander's") gain on sale of Rego
Park III land parcel |
|
— |
|
|
|
— |
|
|
|
(16,396 |
) |
|
|
— |
|
|
Other |
|
8,252 |
|
|
|
(15,198 |
) |
|
|
10,530 |
|
|
|
8,053 |
|
|
|
|
75,213 |
|
|
|
551,491 |
|
|
|
7,844 |
|
|
|
575,373 |
|
|
Noncontrolling interests' share of above adjustments and assumed
conversion of dilutive potential common shares |
|
(6,160 |
) |
|
|
(38,257 |
) |
|
|
64 |
|
|
|
(40,290 |
) |
|
Total of certain expense (income) items that impact net (loss)
income attributable to common shareholders |
$ |
69,053 |
|
|
$ |
513,234 |
|
|
$ |
7,908 |
|
|
$ |
535,083 |
|
|
Per diluted share (non-GAAP) |
$ |
0.36 |
|
|
$ |
2.67 |
|
|
$ |
0.04 |
|
|
$ |
2.79 |
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders, as adjusted
(non-GAAP) |
$ |
8,040 |
|
|
$ |
19,954 |
|
|
$ |
51,286 |
|
|
$ |
126,468 |
|
|
Per diluted share (non-GAAP) |
$ |
0.04 |
|
|
$ |
0.10 |
|
|
$ |
0.27 |
|
|
$ |
0.66 |
|
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 EndedDecember
31, |
|
For the Year EndedDecember
31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
FFO attributable to common shareholders plus assumed conversions
(non-GAAP)(1) |
$ |
121,105 |
|
|
$ |
176,465 |
|
|
$ |
503,792 |
|
|
$ |
638,928 |
|
|
Per diluted share (non-GAAP) |
$ |
0.62 |
|
|
$ |
0.91 |
|
|
$ |
2.59 |
|
|
$ |
3.30 |
|
| |
|
|
|
|
|
|
|
|
Certain (income) expense items that impact FFO attributable to
common shareholders plus assumed conversions: |
|
|
|
|
|
|
|
|
Our share of (income) loss from real estate fund investments |
$ |
(13,638 |
) |
|
$ |
463 |
|
|
$ |
(14,379 |
) |
|
$ |
(1,671 |
) |
|
After-tax net gain on sale of 220 CPS condominium units and
ancillary amenities |
|
(5,786 |
) |
|
|
(29,773 |
) |
|
|
(11,959 |
) |
|
|
(35,858 |
) |
|
Credit losses on investments |
|
8,269 |
|
|
|
— |
|
|
|
8,269 |
|
|
|
— |
|
|
Deferred tax liability on our investment in the Farley Building
(held through a taxable REIT subsidiary) |
|
3,526 |
|
|
|
3,482 |
|
|
|
11,722 |
|
|
|
13,665 |
|
|
Change in deferred tax assets related to taxable REIT
subsidiaries |
|
1,926 |
|
|
|
(2,971 |
) |
|
|
(188 |
) |
|
|
(4,304 |
) |
|
Other |
|
8,543 |
|
|
|
(11,415 |
) |
|
|
11,231 |
|
|
|
(4,108 |
) |
|
|
|
2,840 |
|
|
|
(40,214 |
) |
|
|
4,696 |
|
|
|
(32,276 |
) |
|
Noncontrolling interests' share of above adjustments |
|
(194 |
) |
|
|
2,790 |
|
|
|
(337 |
) |
|
|
2,240 |
|
|
Total of certain (income) expense items that impact FFO
attributable to common shareholders plus assumed conversions,
net |
$ |
2,646 |
|
|
$ |
(37,424 |
) |
|
$ |
4,359 |
|
|
$ |
(30,036 |
) |
|
Per diluted share (non-GAAP) |
$ |
0.01 |
|
|
$ |
(0.19 |
) |
|
$ |
0.02 |
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
FFO attributable to common shareholders plus assumed conversions,
as adjusted (non-GAAP) |
$ |
123,751 |
|
|
$ |
139,041 |
|
|
$ |
508,151 |
|
|
$ |
608,892 |
|
|
Per diluted share (non-GAAP) |
$ |
0.63 |
|
|
$ |
0.72 |
|
|
$ |
2.61 |
|
|
$ |
3.15 |
|
| ________________________________ |
|
(1) |
See page 12 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 months and years
ended December 31, 2023 and 2022. |
FFO, as Adjusted Bridge - Q4 2023 vs. Q4
2022
The following table bridges our FFO attributable
to common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended December 31, 2022 to FFO
attributable to common shareholders plus assumed conversions, as
adjusted (non-GAAP) for the three months ended December 31,
2023:
| (Amounts in millions, except
per share amounts) |
FFO, as Adjusted |
| |
Amount |
|
Per Share |
|
FFO attributable to common shareholders plus assumed
conversions, as adjusted (non-GAAP) for the three months December
31, 2022 |
$ |
139.0 |
|
|
$ |
0.72 |
|
| |
|
|
|
| (Decrease) increase in FFO, as
adjusted due to: |
|
|
|
|
Development fee pool bonus expense |
|
(6.4 |
) |
|
|
|
Stock compensation expense for the June 2023 grant |
|
(6.0 |
) |
|
|
|
Prior period accrual adjustments related to changes in the tax
assessed value of THE MART |
|
(4.8 |
) |
|
|
|
FFO from sold properties |
|
(2.9 |
) |
|
|
|
Change in interest expense, net of interest income |
|
1.9 |
|
|
|
|
Other, net |
|
2.1 |
|
|
|
| |
|
(16.1 |
) |
|
|
| Noncontrolling interests'
share of above items and impact of assumed conversions of
convertible securities |
|
0.9 |
|
|
|
| Net decrease |
|
(15.2 |
) |
|
|
(0.09 |
) |
| |
|
|
|
| FFO attributable to
common shareholders plus assumed conversions, as adjusted
(non-GAAP) for the three months ended December 31,
2023 |
$ |
123.8 |
|
|
$ |
0.63 |
|
See page 12 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 months and years ended December 31, 2023 and 2022.
Reconciliations of FFO attributable to common shareholders plus
assumed conversions to FFO attributable to common shareholders plus
assumed conversions, as adjusted are provided above.
Dividends/Share Repurchase Program:
On December 5, 2023, Vornado’s Board of
Trustees declared a dividend of $0.30 per common share. Together
with the $0.375 per share common dividend already paid in the first
quarter of 2023, this resulted in an aggregate 2023 common dividend
of $0.675 per common share. We anticipate that our common share
dividend policy for 2024 will be to pay one common share dividend
in the fourth quarter.
On April 26, 2023, our Board of Trustees
authorized the repurchase of up to $200,000,000 of our outstanding
common shares under a newly established share repurchase
program.
During the year ended December 31, 2023, we
repurchased 2,024,495 common shares for $29,143,000 at an average
price per share of $14.40. As of December 31, 2023,
$170,857,000 remained available and authorized for repurchases.
350 Park Avenue:
On January 24, 2023, we and the Rudin
family (“Rudin”) completed agreements with Citadel Enterprise
Americas LLC (“Citadel”) and with an affiliate of Kenneth C.
Griffin, Citadel’s Founder and CEO (“KG”), for a series of
transactions relating to 350 Park Avenue and 40 East 52nd
Street.
Pursuant to the agreements, Citadel master
leases 350 Park Avenue, a 585,000 square foot Manhattan office
building, on an “as is” basis for ten years, with an initial annual
net rent of $36,000,000. Per the terms of the lease, no tenant
allowance or free rent was provided. Citadel has also master leased
Rudin’s adjacent property at 40 East 52nd Street (390,000 square
feet).
In addition, we entered into a joint venture
with Rudin (the “Vornado/Rudin JV”) which was formed to purchase 39
East 51st Street. Upon formation of the KG joint venture described
below, 39 East 51st Street will be combined with 350 Park Avenue
and 40 East 52nd Street to create a premier development site
(collectively, the “Site”). On June 20, 2023, the Vornado/Rudin JV
completed the purchase of 39 East 51st Street for $40,000,000,
which was funded on a 50/50 basis by Vornado and Rudin.
From October 2024 to June 2030, KG will have the
option to either:
- acquire a 60%
interest in a joint venture with the Vornado/Rudin JV that would
value the Site at $1.2 billion ($900,000,000 to Vornado and
$300,000,000 to Rudin) and build a new 1,700,000 square foot office
tower (the “Project”) pursuant to East Midtown Subdistrict zoning
with the Vornado/Rudin JV as developer. KG would own 60% of the
joint venture and the Vornado/Rudin JV would own 40% (with Vornado
owning 36% and Rudin owning 4% of the joint venture along with a
$250,000,000 preferred equity interest in the Vornado/Rudin JV).
- at the joint
venture formation, Citadel or its affiliates will execute a
pre-negotiated 15-year anchor lease with renewal options for
approximately 850,000 square feet (with expansion and contraction
rights) at the Project for its primary office in New York
City;
- the rent for Citadel’s space will
be determined by a formula based on a percentage return (that
adjusts based on the actual cost of capital) on the total Project
cost;
- the master leases will terminate at
the scheduled commencement of demolition;
- or, exercise an
option to purchase the Site for $1.4 billion
($1.085 billion to Vornado and $315,000,000 to Rudin), in
which case the Vornado/Rudin JV would not participate in the new
development.
Further, the Vornado/Rudin JV will have the
option from October 2024 to September 2030 to put the Site to KG
for $1.2 billion ($900,000,000 to Vornado and $300,000,000 to
Rudin). For ten years following any put option closing, unless the
put option is exercised in response to KG’s request to form the
joint venture or KG makes a $200,000,000 termination payment, the
Vornado/Rudin JV will have the right to invest in a joint venture
with KG on the terms described above if KG proceeds with
development of the Site.
Sunset Pier 94 Studios Joint
Venture:
On August 28, 2023, we, together with Hudson
Pacific Properties and Blackstone Inc., formed a joint venture
(“Pier 94 JV”) to develop a 266,000 square foot purpose-built
studio campus at Pier 94 in Manhattan (“Sunset Pier 94 Studios”).
In connection therewith:
- We contributed our
Pier 94 leasehold interest to the joint venture in exchange for a
49.9% common equity interest and an initial capital account of
$47,944,000, comprised of (i) the $40,000,000 value of our Pier 94
leasehold interest contribution and (ii) a $7,994,000 credit for
pre-development costs incurred. Hudson Pacific Properties (“HPP”)
and Blackstone Inc. (together, “HPP/BX”) received an aggregate
50.1% common equity interest in Pier 94 JV and an initial capital
account of $22,976,000 in exchange for (i) a $15,000,000 cash
contribution upon the joint venture’s formation and (ii) a
$7,976,000 credit for pre-development costs incurred. HPP/BX will
fund 100% of cash contributions until such time that its capital
account is equal to Vornado’s, after which equity will be funded in
accordance with each partner’s respective ownership interest.
- The lease of Pier
94 with the City of New York was amended and restated to allow for
the contribution to Pier 94 JV and to remove Pier 92 from the
lease’s demised premises. The amended and restated lease expires in
2060 with five 10-year renewal options.
- Pier 94 JV closed
on a $183,200,000 construction loan facility ($100,000 outstanding
as of December 31, 2023) which bears interest at SOFR plus
4.75% and matures in September 2025, with one one-year as-of-right
extension option and two one-year extension options subject to
certain conditions. VRLP and the other partners provided a joint
and several completion guarantee.
The development cost of the project is estimated
to be $350,000,000, which will be funded with $183,200,000 of
construction financing (described above) and $166,800,000 of equity
contributions. Our share of equity contributions will be funded by
(i) our $40,000,000 Pier 94 leasehold interest contribution and
(ii) $34,000,000 of cash contributions, which are net of an
estimated $9,000,000 for our share of development fees and
reimbursement for overhead costs incurred by us.
Upon contribution of the Pier 94 leasehold, we
recognized a $35,968,000 net gain primarily due to the step-up of
our retained investment in the leasehold interest to fair value.
The net gain was included in “net gains on disposition of wholly
owned and partially owned assets” on our consolidated statements of
income for the year ended December 31, 2023.
Dispositions:
Alexander's
On May 19, 2023, Alexander's completed the sale
of the Rego Park III land parcel, located in Queens, New York, for
$71,060,000, inclusive of consideration for Brownfield tax benefits
and reimbursement of costs for plans, specifications and
improvements to date. As a result of the sale, we recognized our
$16,396,000 share of the net gain and received a $711,000 sales
commission from Alexander’s, of which $250,000 was paid to a
third-party broker.
The Armory Show
On July 3, 2023, we completed the sale of The
Armory Show, located in New York, for $24,410,000, subject to
certain post-closing adjustments, and realized net proceeds of
$22,489,000. In connection with the sale, we recognized a net gain
of $20,181,000 which is included in “net gains on disposition of
wholly owned and partially owned assets” on our consolidated
statements of income.
Manhattan Retail Properties Sale
On August 10, 2023, we completed the sale of
four Manhattan retail properties located at 510 Fifth Avenue,
148–150 Spring Street, 443 Broadway and 692 Broadway for
$100,000,000 and realized net proceeds of $95,450,000. In
connection with the sale, we recognized an impairment loss of
$625,000 which is included in “impairment losses, transaction
related costs and other” on our consolidated statements of
income.
220 CPS
During the year ended December 31, 2023, we
closed on the sale of two condominium units at 220 CPS for net
proceeds of $24,484,000 resulting in a financial statement net gain
of $14,127,000 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, $2,168,000 of
income tax expense was recognized on our consolidated statements of
income.
Financings:
150 West 34th Street
On January 9, 2023, our $105,000,000
participation in the $205,000,000 mortgage loan on 150 West 34th
Street was repaid, which reduced “other assets” and “mortgages
payable, net” on our consolidated balance sheets by
$105,000,000.
On October 4, 2023, we completed a $75,000,000
refinancing of 150 West 34th Street, of which $25,000,000 is
recourse to the Operating Partnership. The interest-only loan bears
a rate of SOFR plus 2.15% and matures in February 2025, with three
one-year as-of-right extension options and an additional one-year
extension option available subject to satisfying a loan-to-value
test. The interest rate on the loan is subject to an interest rate
cap arrangement with a SOFR strike rate of 5.00%, which matures in
February 2026. The loan replaces the previous $100,000,000 loan,
which bore interest at SOFR plus 1.86%.
697-703 Fifth Avenue (Fifth Avenue and Times
Square JV)
On June 14, 2023, the Fifth Avenue and Times
Square JV completed a restructuring of the 697-703 Fifth Avenue
$421,000,000 non-recourse mortgage loan, which matured in December
2022. The restructured $355,000,000 loan, which had its principal
reduced through an application of property-level reserves and funds
from the partners, was split into (i) a $325,000,000 senior note,
which bears interest at SOFR plus 2.00%, and (ii) a $30,000,000
junior note, which accrues interest at a fixed rate of 4.00%. The
restructured loan matures in March 2028, as fully extended. Any
amounts funded for future re-leasing of the property will be senior
to the $30,000,000 junior note.
512 West 22nd Street
On June 28, 2023, a joint venture, in which we
have a 55% interest, completed a $129,250,000 refinancing of 512
West 22nd Street, a 173,000 square foot Manhattan office building.
The interest-only loan bears a rate of SOFR plus 2.00% in year one
and SOFR plus 2.35% thereafter. The loan matures in June 2025 with
a one-year extension option subject to debt service coverage ratio,
loan-to-value and debt yield requirements. The loan replaces the
previous $137,124,000 loan that bore interest at LIBOR plus 1.85%
and had an initial maturity of June 2023. In addition, the joint
venture entered into the interest rate cap arrangement detailed in
the table below.
825 Seventh Avenue
On July 24, 2023, a joint venture, in which we
have a 50% interest, completed a $54,000,000 refinancing of the
office condominium of 825 Seventh Avenue, a 173,000 square foot
Manhattan office and retail building. The interest-only loan bears
a rate of SOFR plus 2.75%, with a 30 basis point reduction
available upon satisfaction of certain leasing conditions, and
matures in January 2026. The loan replaces the previous $60,000,000
loan that bore interest at LIBOR plus 2.35% and was scheduled to
mature in July 2023.
Interest Rate Swap and Cap Arrangements
We entered into the following interest rate swap
and cap arrangements during the year ended December 31, 2023:
| (Amounts
in thousands) |
|
Notional Amount(at share) |
|
All-In Swapped Rate |
|
Expiration Date |
|
Variable Rate Spread |
| Interest rate
swaps: |
|
|
|
|
|
|
|
|
|
555 California Street (effective 05/24) |
|
$ |
840,000 |
|
6.03 |
% |
|
05/26 |
|
S+205 |
|
PENN 11 (effective 03/24)(1) |
|
|
250,000 |
|
6.34 |
% |
|
10/25 |
|
S+206 |
|
Unsecured term loan(2) |
|
|
150,000 |
|
5.12 |
% |
|
07/25 |
|
S+129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Index Strike Rate |
|
|
|
|
| Interest rate
caps: |
|
|
|
|
|
|
|
|
|
1290 Avenue of the Americas (70.0%
interest)(3) |
|
$ |
665,000 |
|
1.00 |
% |
|
11/25 |
|
S+162 |
|
One Park Avenue (effective 3/24) |
|
|
525,000 |
|
3.89 |
% |
|
03/25 |
|
S+122 |
|
640 Fifth Avenue (52.0% interest) |
|
|
259,925 |
|
4.00 |
% |
|
05/24 |
|
S+111 |
|
731 Lexington Avenue office condominium (32.4% interest) |
|
|
162,000 |
|
6.00 |
% |
|
06/24 |
|
Prime + 0 |
|
150 West 34th Street |
|
|
75,000 |
|
5.00 |
% |
|
02/26 |
|
S+215 |
|
512 West 22nd Street (55.0% interest) |
|
|
71,088 |
|
4.50 |
% |
|
06/25 |
|
S+200 |
| ________________________________ |
|
(1) |
The $500,000 mortgage loan is currently subject to a $500,000
interest rate swap with an all-in swapped rate of 2.22% and expires
in March 2024. In January 2024, we entered into a forward swap
arrangement for the remaining $250,000 balance of the $500,000 PENN
11 mortgage loan which is effective upon the March 2024 expiration
of the current in-place swap. Together with the forward swap above,
the loan will bear interest at an all-in swapped rate of 6.28%
effective March 2024 through October 2025. |
|
(2) |
In addition to the swap disclosed above, the unsecured term loan,
which matures in December 2027, is subject to various interest rate
swap arrangements that were entered into in prior periods. See page
34 of our Supplemental Operating and Financial Data package for
additional information. |
|
(3) |
In connection with the arrangement, we made a $63,100 up-front
payment, of which $18,930 is attributable to noncontrolling
interests. |
Leasing Activity:
The leasing activity and related statistics
below are based on leases signed during the period and are not
intended to coincide with the commencement of rental revenue in
accordance with accounting principles generally accepted in the
United States of America (“GAAP”). Second generation relet space
represents square footage that has not been vacant for more than
nine months and tenant improvements and leasing commissions are
based on our share of square feet leased during the period.
For the Three Months Ended December 31,
2023:
- 840,000 square feet of New York
Office space (475,000 square feet at share) at an initial rent of
$100.33 per square foot and a weighted average lease term of 11.2
years. The changes in the GAAP and cash mark-to-market rent on the
449,000 square feet of second generation space were positive 3.9%
and negative 9.4%, respectively. Tenant improvements and leasing
commissions were $11.41 per square foot per annum, or 11.4% of
initial rent.
- 41,000 square feet of New York
Retail space (39,000 square feet at share) at an initial rent of
$131.01 per square foot and a weighted average lease term of 11.1
years. The changes in the GAAP and cash mark-to-market rent on the
19,000 square feet of second generation space were positive 63.5%
and positive 55.4%, respectively. Tenant improvements and leasing
commissions were $29.58 per square foot per annum, or 22.6% of
initial rent.
- 161,000 square
feet at THE MART (all at share) at an initial rent of $49.89 per
square foot and a weighted average lease term of 8.7
years. The changes in the GAAP and cash mark-to-market rent on
the 132,000 square feet of second generation space were negative
0.5% and negative 5.7%, respectively. Tenant improvements and
leasing commissions were $13.62 per square foot per annum, or 27.3%
of initial rent.
For the Year Ended December 31, 2023:
- 2,133,000 square feet of New York
Office space (1,661,000 square feet at share) at an initial rent of
$98.66 per square foot and a weighted average lease term of 10.0
years. The changes in the GAAP and cash mark-to-market rent on the
1,476,000 square feet of second generation space were positive 6.2%
and negative 2.0%, respectively. Tenant improvements and leasing
commissions were $7.44 per square foot per annum, or 7.5% of
initial rent.
- 299,000 square feet of New York
Retail space (239,000 square feet at share) at an initial rent of
$118.47 per square foot and a weighted average lease term of 6.5
years. The changes in the GAAP and cash mark-to-market rent on the
131,000 square feet of second generation space were positive 20.7%
and positive 18.8%, respectively. Tenant improvements and leasing
commissions were $21.90 per square foot per annum, or 18.5% of
initial rent.
- 337,000 square
feet at THE MART (332,000 square feet at share) at an initial rent
of $52.97 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 244,000 square feet of second generation space were negative
3.3% and negative 7.8%, respectively. Tenant improvements and
leasing commissions were $11.44 per square foot per annum, or 21.6%
of initial rent.
- 10,000 square feet at 555
California Street (7,000 square feet at share) at an initial rent
of $134.70 per square foot and a weighted average lease term of 5.9
years. The changes in the GAAP and cash mark-to-market rent on
the 4,000 square feet of second generation space were positive
12.8% and positive 2.4%, respectively. Tenant improvements and
leasing commissions were $22.92 per square foot per annum, or 17.0%
of initial rent.
Occupancy:
| (At Vornado's share) |
New York |
|
THE MART |
|
555 California Street |
| |
Total |
|
Office |
|
Retail |
|
|
|
Occupancy as of December 31, 2023 |
89.4 |
% |
|
90.7 |
% |
|
74.9 |
% |
|
79.2 |
% |
|
94.5 |
% |
Same Store Net Operating Income ("NOI")
At Share:
| |
Total |
|
New York |
|
THE MART(1) |
|
555 California Street |
| Same store NOI at share %
(decrease) increase(2): |
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2023 compared to December 31,
2022 |
(1.6)% |
|
0.4 |
% |
|
(32.5)% |
|
8.9 |
% |
|
|
Year ended December 31, 2023 compared to December 31, 2022 |
0.4 |
% |
|
2.2 |
% |
|
(34.8)% |
|
26.3 |
% |
(3) |
|
Three months ended December 31, 2023 compared to September 30,
2023 |
0.5 |
% |
|
0.3 |
% |
|
(5.7)% |
|
9.4 |
% |
|
| |
|
|
|
|
|
|
|
|
| Same store NOI at share - cash
basis % (decrease) increase(2): |
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2023 compared to December 31,
2022 |
(1.0)% |
|
2.0 |
% |
|
(34.0)% |
|
3.4 |
% |
|
|
Year ended December 31, 2023 compared to December 31, 2022 |
0.6 |
% |
|
2.8 |
% |
|
(37.2)% |
|
26.6 |
% |
(3) |
|
Three months ended December 31, 2023 compared to September 30,
2023 |
2.6 |
% |
|
2.9 |
% |
|
(3.1)% |
|
4.1 |
% |
|
| ________________________________ |
|
(1) |
2022 includes prior period accrual adjustments related to changes
in the tax-assessed value of THE MART. |
|
(2) |
See pages 14 through 19 for same store NOI at share and same store
NOI at share - cash basis reconciliations. |
|
(3) |
Includes our $14,103,000 share of the receipt of a tenant
settlement, net of legal expenses. |
NOI At Share:
The elements of our New York and Other NOI at
share for the three months and years ended December 31, 2023 and
2022 and the three months ended September 30, 2023 are summarized
below.
| (Amounts in thousands) |
For the Three Months Ended |
|
For the Year EndedDecember
31, |
| |
December 31, |
|
September 30, 2023 |
|
| |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
| NOI at
share: |
|
|
|
|
|
|
|
|
|
| New York: |
|
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
182,769 |
|
$ |
184,045 |
|
$ |
183,919 |
|
$ |
727,000 |
|
$ |
718,686 |
|
Retail |
|
47,378 |
|
|
50,083 |
|
|
46,559 |
|
|
188,561 |
|
|
205,753 |
|
Residential |
|
5,415 |
|
|
4,978 |
|
|
5,570 |
|
|
21,910 |
|
|
19,600 |
|
Alexander's |
|
12,013 |
|
|
9,489 |
|
|
9,586 |
|
|
40,098 |
|
|
37,469 |
|
Total New York |
|
247,575 |
|
|
248,595 |
|
|
245,634 |
|
|
977,569 |
|
|
981,508 |
| Other: |
|
|
|
|
|
|
|
|
|
|
THE MART(2) |
|
14,516 |
|
|
21,276 |
|
|
15,132 |
|
|
61,519 |
|
|
96,906 |
|
555 California Street(3) |
|
18,125 |
|
|
16,641 |
|
|
16,564 |
|
|
82,965 |
|
|
65,692 |
|
Other investments |
|
6,880 |
|
|
5,243 |
|
|
3,665 |
|
|
21,160 |
|
|
17,942 |
|
Total Other |
|
39,521 |
|
|
43,160 |
|
|
35,361 |
|
|
165,644 |
|
|
180,540 |
| |
|
|
|
|
|
|
|
|
|
| NOI at share |
$ |
287,096 |
|
$ |
291,755 |
|
$ |
280,995 |
|
$ |
1,143,213 |
|
$ |
1,162,048 |
________________________________See notes
below.
NOI At Share - Cash Basis:
The elements of our New York and Other NOI at
share - cash basis for the three months and years ended December
31, 2023 and 2022 and the three months ended September 30, 2023 are
summarized below.
| (Amounts in thousands) |
For the Three Months Ended |
|
For the Year EndedDecember
31, |
| |
December 31, |
|
September 30, 2023 |
|
| |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
| NOI at share - cash
basis: |
|
|
|
|
|
|
|
|
|
| New York: |
|
|
|
|
|
|
|
|
|
|
Office(1) |
$ |
183,742 |
|
$ |
182,648 |
|
$ |
179,838 |
|
$ |
726,914 |
|
$ |
715,407 |
|
Retail |
|
46,491 |
|
|
46,168 |
|
|
45,451 |
|
|
180,932 |
|
|
188,846 |
|
Residential |
|
5,137 |
|
|
4,660 |
|
|
5,271 |
|
|
20,588 |
|
|
18,214 |
|
Alexander's |
|
11,059 |
|
|
10,236 |
|
|
10,284 |
|
|
41,435 |
|
|
40,532 |
|
Total New York |
|
246,429 |
|
|
243,712 |
|
|
240,844 |
|
|
969,869 |
|
|
962,999 |
| Other: |
|
|
|
|
|
|
|
|
|
|
THE MART(2) |
|
15,511 |
|
|
23,163 |
|
|
15,801 |
|
|
62,579 |
|
|
101,912 |
|
555 California Street(3) |
|
18,265 |
|
|
17,672 |
|
|
17,552 |
|
|
85,819 |
|
|
67,813 |
|
Other investments |
|
7,012 |
|
|
5,052 |
|
|
3,818 |
|
|
21,569 |
|
|
18,344 |
|
Total Other |
|
40,788 |
|
|
45,887 |
|
|
37,171 |
|
|
169,967 |
|
|
188,069 |
| |
|
|
|
|
|
|
|
|
|
| NOI at share - cash basis |
$ |
287,217 |
|
$ |
289,599 |
|
$ |
278,015 |
|
$ |
1,139,836 |
|
$ |
1,151,068 |
| ________________________________ |
|
(1) |
Includes Building Maintenance Services NOI of $6,424, $8,305,
$7,752, $27,262 and $27,595, respectively, for the three months
ended December 31, 2023 and 2022 and September 30, 2023 and the
years ended December 31, 2023 and 2022. |
|
(2) |
2022 includes prior period accrual adjustments related to changes
in the tax-assessed value of THE MART. |
|
(3) |
2023 includes our $14,103 share of the receipt of a tenant
settlement, net of legal expenses. |
Active Development/Redevelopment Summary as of
December 31, 2023:
| (Amounts in
thousands, except square feet) |
|
|
|
|
| |
|
|
|
(at Vornado’s share) |
|
|
|
Projected IncrementalCash
Yield |
| New York
segment: |
|
PropertyRentableSq.
Ft. |
|
Budget |
|
Cash AmountExpended |
|
Remaining Expenditures |
|
Stabilization Year |
|
|
PENN District: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENN 2 |
|
1,795,000 |
|
$ |
750,000 |
|
$ |
638,959 |
|
$ |
111,041 |
|
2026 |
|
|
9.5% |
|
|
Districtwide Improvements |
|
N/A |
|
|
100,000 |
|
|
47,424 |
|
|
52,576 |
|
N/A |
|
|
N/A |
|
|
Total PENN District |
|
|
|
|
850,000 |
(1) |
|
686,383 |
|
|
163,617 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunset Pier 94 Studios (49.9% interest)(2) |
|
266,000 |
|
|
125,000 |
(2) |
|
7,994 |
|
|
117,006 |
|
2026 |
|
|
10.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Active Development Projects |
|
|
|
$ |
975,000 |
|
$ |
694,377 |
|
$ |
280,623 |
|
|
|
|
|
|
| ________________________________ |
|
(1) |
Excluding debt and equity carry. |
|
(2) |
Represents our 49.9% share of the $350,000 development budget and
excludes the $40,000 value of our contributed leasehold interest.
$34,000 will be funded via cash contributions. See page 5 for
further details. |
There can be no assurance that the above
projects will be completed, completed on schedule or within budget.
In addition, there can be no assurance that the Company will be
successful in leasing the properties on the expected schedule or at
the assumed rental rates.
Conference Call and Audio
WebcastAs previously announced, the Company will host a
quarterly earnings conference call and an audio webcast on Tuesday,
February 13, 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 3199730. 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 DataFurther
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, including the timing and form of any
dividend payments, and the amount and form of potential share
repurchases and/or asset sales. For a discussion of factors that
could materially affect the outcome of our forward-looking
statements and our future results and financial condition, see
“Risk Factors” in Part I, Item 1A, of our Annual Report on Form
10-K for the year ended December 31, 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) |
| |
December 31, 2023 |
|
December 31, 2022 |
|
|
ASSETS |
|
|
|
|
|
| Real estate, at cost: |
|
|
|
|
|
|
Land |
$ |
2,436,221 |
|
|
$ |
2,451,828 |
|
|
$ |
(15,607 |
) |
|
Buildings and improvements |
|
9,952,954 |
|
|
|
9,804,204 |
|
|
|
148,750 |
|
|
Development costs and construction in progress |
|
1,281,076 |
|
|
|
933,334 |
|
|
|
347,742 |
|
|
Leasehold improvements and equipment |
|
130,953 |
|
|
|
125,389 |
|
|
|
5,564 |
|
|
Total |
|
13,801,204 |
|
|
|
13,314,755 |
|
|
|
486,449 |
|
|
Less accumulated depreciation and amortization |
|
(3,752,827 |
) |
|
|
(3,470,991 |
) |
|
|
(281,836 |
) |
| Real estate, net |
|
10,048,377 |
|
|
|
9,843,764 |
|
|
|
204,613 |
|
| Right-of-use assets |
|
680,044 |
|
|
|
684,380 |
|
|
|
(4,336 |
) |
| Cash, cash equivalents,
restricted cash and investments in U.S. Treasury bills: |
|
|
|
|
|
|
Cash and cash equivalents |
|
997,002 |
|
|
|
889,689 |
|
|
|
107,313 |
|
|
Restricted cash |
|
264,582 |
|
|
|
131,468 |
|
|
|
133,114 |
|
|
Investments in U.S. Treasury bills |
|
— |
|
|
|
471,962 |
|
|
|
(471,962 |
) |
|
Total |
|
1,261,584 |
|
|
|
1,493,119 |
|
|
|
(231,535 |
) |
| Tenant and other
receivables |
|
69,543 |
|
|
|
81,170 |
|
|
|
(11,627 |
) |
| Investments in partially owned
entities |
|
2,610,558 |
|
|
|
2,665,073 |
|
|
|
(54,515 |
) |
| 220 CPS condominium units
ready for sale |
|
35,941 |
|
|
|
43,599 |
|
|
|
(7,658 |
) |
| Receivable arising from the
straight-lining of rents |
|
701,666 |
|
|
|
694,972 |
|
|
|
6,694 |
|
| Deferred leasing costs,
net |
|
355,010 |
|
|
|
373,555 |
|
|
|
(18,545 |
) |
| Identified intangible assets,
net |
|
127,082 |
|
|
|
139,638 |
|
|
|
(12,556 |
) |
| Other assets |
|
297,860 |
|
|
|
474,105 |
|
|
|
(176,245 |
) |
|
Total assets |
$ |
16,187,665 |
|
|
$ |
16,493,375 |
|
|
$ |
(305,710 |
) |
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY |
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
Mortgages payable, net |
$ |
5,688,020 |
|
|
$ |
5,829,018 |
|
|
$ |
(140,998 |
) |
|
Senior unsecured notes, net |
|
1,193,873 |
|
|
|
1,191,832 |
|
|
|
2,041 |
|
|
Unsecured term loan, net |
|
794,559 |
|
|
|
793,193 |
|
|
|
1,366 |
|
|
Unsecured revolving credit facilities |
|
575,000 |
|
|
|
575,000 |
|
|
|
— |
|
|
Lease liabilities |
|
732,859 |
|
|
|
735,969 |
|
|
|
(3,110 |
) |
|
Accounts payable and accrued expenses |
|
411,044 |
|
|
|
450,881 |
|
|
|
(39,837 |
) |
|
Deferred revenue |
|
32,199 |
|
|
|
39,882 |
|
|
|
(7,683 |
) |
|
Deferred compensation plan |
|
105,245 |
|
|
|
96,322 |
|
|
|
8,923 |
|
|
Other liabilities |
|
311,132 |
|
|
|
268,166 |
|
|
|
42,966 |
|
| Total liabilities |
|
9,843,931 |
|
|
|
9,980,263 |
|
|
|
(136,332 |
) |
| Redeemable noncontrolling
interests |
|
638,448 |
|
|
|
436,732 |
|
|
|
201,716 |
|
| Shareholders' equity |
|
5,509,064 |
|
|
|
5,839,728 |
|
|
|
(330,664 |
) |
| Noncontrolling interests in
consolidated subsidiaries |
|
196,222 |
|
|
|
236,652 |
|
|
|
(40,430 |
) |
|
Total liabilities, redeemable noncontrolling interests and
equity |
$ |
16,187,665 |
|
|
$ |
16,493,375 |
|
|
$ |
(305,710 |
) |
|
|
|
VORNADO REALTY TRUSTOPERATING
RESULTS |
|
|
| (Amounts
in thousands, except per share amounts) |
For the Three Months EndedDecember
31, |
|
For the Year EndedDecember
31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Revenues |
$ |
441,886 |
|
|
$ |
446,940 |
|
|
$ |
1,811,163 |
|
|
$ |
1,799,995 |
|
| |
|
|
|
|
|
|
|
| Net (loss) income |
$ |
(100,613 |
) |
|
$ |
(525,002 |
) |
|
$ |
32,888 |
|
|
$ |
(382,612 |
) |
| Less net loss (income)
attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
Consolidated subsidiaries |
|
49,717 |
|
|
|
10,493 |
|
|
|
75,967 |
|
|
|
5,737 |
|
|
Operating Partnership |
|
5,412 |
|
|
|
36,758 |
|
|
|
(3,361 |
) |
|
|
30,376 |
|
| Net (loss) income attributable
to Vornado |
|
(45,484 |
) |
|
|
(477,751 |
) |
|
|
105,494 |
|
|
|
(346,499 |
) |
| Preferred share dividends |
|
(15,529 |
) |
|
|
(15,529 |
) |
|
|
(62,116 |
) |
|
|
(62,116 |
) |
| Net (loss) income attributable
to common shareholders |
$ |
(61,013 |
) |
|
$ |
(493,280 |
) |
|
$ |
43,378 |
|
|
$ |
(408,615 |
) |
| |
|
|
|
|
|
|
|
| (Loss) income per
common share - basic: |
|
|
|
|
|
|
|
|
Net (loss) income per common share |
$ |
(0.32 |
) |
|
$ |
(2.57 |
) |
|
$ |
0.23 |
|
|
$ |
(2.13 |
) |
|
Weighted average shares outstanding |
|
190,361 |
|
|
|
191,831 |
|
|
|
191,005 |
|
|
|
191,775 |
|
| |
|
|
|
|
|
|
|
| (Loss) income per
common share - diluted: |
|
|
|
|
|
|
|
|
Net (loss) income per common share |
$ |
(0.32 |
) |
|
$ |
(2.57 |
) |
|
$ |
0.23 |
|
|
$ |
(2.13 |
) |
|
Weighted average shares outstanding |
|
190,361 |
|
|
|
191,831 |
|
|
|
191,856 |
|
|
|
191,775 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders plus assumed conversions (non-GAAP) |
$ |
121,105 |
|
|
$ |
176,465 |
|
|
$ |
503,792 |
|
|
$ |
638,928 |
|
|
Per diluted share (non-GAAP) |
$ |
0.62 |
|
|
$ |
0.91 |
|
|
$ |
2.59 |
|
|
$ |
3.30 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders plus assumed conversions, as adjusted (non-GAAP) |
$ |
123,751 |
|
|
$ |
139,041 |
|
|
$ |
508,151 |
|
|
$ |
608,892 |
|
|
Per diluted share (non-GAAP) |
$ |
0.63 |
|
|
$ |
0.72 |
|
|
$ |
2.61 |
|
|
$ |
3.15 |
|
| |
|
|
|
|
|
|
|
| Weighted average shares used
in determining FFO attributable to common shareholders plus assumed
conversions per diluted share |
|
195,291 |
|
|
|
194,080 |
|
|
|
194,324 |
|
|
|
193,570 |
|
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.
The Company also uses FFO attributable to common shareholders plus
assumed conversions, as adjusted for certain items that impact the
comparability of period to period FFO, as one of several criteria
to determine performance-based compensation for senior management.
FFO does not represent cash generated from operating activities and
is not necessarily indicative of cash available to fund cash
requirements and should not be considered as an alternative to net
income as a performance measure or cash flow as a liquidity
measure. FFO may not be comparable to similarly titled measures
employed by other companies. In addition to FFO attributable to
common shareholders plus assumed conversions, we also disclose FFO
attributable to common shareholders plus assumed conversions, as
adjusted. Although this non-GAAP measure clearly differs from
NAREIT’s definition of FFO, we believe it provides a meaningful
presentation of operating performance. Reconciliations of net
(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 3 of this press release.
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS
The following table reconciles net (loss) income
attributable to common shareholders to FFO attributable to common
shareholders plus assumed conversions:
| (Amounts
in thousands, except per share amounts) |
For the Three Months EndedDecember
31, |
|
For the Year EndedDecember
31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Net (loss) income attributable
to common shareholders |
$ |
(61,013 |
) |
|
$ |
(493,280 |
) |
|
$ |
43,378 |
|
|
$ |
(408,615 |
) |
|
Per diluted share |
$ |
(0.32 |
) |
|
$ |
(2.57 |
) |
|
$ |
0.23 |
|
|
$ |
(2.13 |
) |
| |
|
|
|
|
|
|
|
| FFO adjustments: |
|
|
|
|
|
|
|
| Depreciation and amortization
of real property |
$ |
98,085 |
|
|
$ |
121,900 |
|
|
$ |
385,608 |
|
|
$ |
456,920 |
|
| Real estate impairment
losses |
|
22,206 |
|
(1) |
|
19,098 |
|
|
|
22,831 |
|
(1) |
|
19,098 |
|
| Net gains on sale of real
estate |
|
— |
|
|
|
(30,397 |
) |
|
|
(53,305 |
) |
|
|
(58,751 |
) |
| Proportionate share of
adjustments to equity in net (loss) income of partially owned
entities to arrive at FFO: |
|
|
|
|
|
|
|
|
Depreciation and amortization of real property |
|
27,188 |
|
|
|
32,243 |
|
|
|
108,088 |
|
|
|
130,647 |
|
|
Net gain on sale of real estate |
|
— |
|
|
|
— |
|
|
|
(16,545 |
) |
|
|
(169 |
) |
|
Real estate impairment losses |
|
50,458 |
|
(2) |
|
576,390 |
|
|
|
50,458 |
|
(2) |
|
576,390 |
|
| |
|
197,937 |
|
|
|
719,234 |
|
|
|
497,135 |
|
|
|
1,124,135 |
|
| Noncontrolling interests'
share of above adjustments |
|
(16,207 |
) |
|
|
(49,894 |
) |
|
|
(38,363 |
) |
|
|
(77,912 |
) |
| FFO adjustments, net |
$ |
181,730 |
|
|
$ |
669,340 |
|
|
$ |
458,772 |
|
|
$ |
1,046,223 |
|
| |
|
|
|
|
|
|
|
| FFO attributable to common
shareholders |
$ |
120,717 |
|
|
$ |
176,060 |
|
|
$ |
502,150 |
|
|
$ |
637,608 |
|
| Impact of assumed conversion
of dilutive convertible securities |
|
388 |
|
|
|
405 |
|
|
|
1,642 |
|
|
|
1,320 |
|
| FFO attributable to common
shareholders plus assumed conversions |
$ |
121,105 |
|
|
$ |
176,465 |
|
|
$ |
503,792 |
|
|
$ |
638,928 |
|
|
Per diluted share |
$ |
0.62 |
|
|
$ |
0.91 |
|
|
$ |
2.59 |
|
|
$ |
3.30 |
|
| |
|
|
|
|
|
|
|
| Reconciliation of
weighted average shares outstanding: |
|
|
|
|
|
|
|
| Weighted average common shares
outstanding |
|
190,361 |
|
|
|
191,831 |
|
|
|
191,005 |
|
|
|
191,775 |
|
| Effect of dilutive
securities: |
|
|
|
|
|
|
|
|
Convertible securities |
|
2,073 |
|
|
|
2,182 |
|
|
|
2,468 |
|
|
|
1,545 |
|
|
Share-based payment awards |
|
2,857 |
|
|
|
67 |
|
|
|
851 |
|
|
|
250 |
|
| Denominator for FFO per
diluted share |
|
195,291 |
|
|
|
194,080 |
|
|
|
194,324 |
|
|
|
193,570 |
|
| ________________________________ |
|
(1) |
Net of $22,176 attributable to noncontrolling interests. |
|
(2) |
Includes a $21,114 impairment loss on advances made for our
interest in a joint venture, resulting from a decline in the value
of the underlying building. |
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below is a reconciliation of net (loss) income
to NOI at share and NOI at share - cash basis for the three months
and years ended December 31, 2023 and 2022 and the three months
ended September 30, 2023.
| (Amounts in thousands) |
For the Three Months Ended |
|
For the Year EndedDecember
31, |
| |
December 31, |
|
September 30, 2023 |
|
| |
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Net (loss) income |
$ |
(100,613 |
) |
|
$ |
(525,002 |
) |
|
$ |
59,570 |
|
|
$ |
32,888 |
|
|
$ |
(382,612 |
) |
| Depreciation and amortization
expense |
|
110,197 |
|
|
|
133,871 |
|
|
|
110,349 |
|
|
|
434,273 |
|
|
|
504,502 |
|
| General and administrative
expense |
|
46,040 |
|
|
|
31,439 |
|
|
|
35,838 |
|
|
|
162,883 |
|
|
|
133,731 |
|
| Impairment losses, transaction
related costs and other |
|
49,190 |
|
|
|
26,761 |
|
|
|
813 |
|
|
|
50,691 |
|
|
|
31,722 |
|
| Loss (income) from partially
owned entities |
|
33,518 |
|
|
|
545,126 |
|
|
|
(18,269 |
) |
|
|
(38,689 |
) |
|
|
461,351 |
|
| Loss (income) from real estate
fund investments |
|
72 |
|
|
|
1,880 |
|
|
|
(1,783 |
) |
|
|
(1,590 |
) |
|
|
(3,541 |
) |
| Interest and other investment
income, net |
|
(5,905 |
) |
|
|
(10,587 |
) |
|
|
(12,934 |
) |
|
|
(41,697 |
) |
|
|
(19,869 |
) |
| Interest and debt expense |
|
87,695 |
|
|
|
88,242 |
|
|
|
88,126 |
|
|
|
349,223 |
|
|
|
279,765 |
|
| Net gains on disposition of
wholly owned and partially owned assets |
|
(6,607 |
) |
|
|
(65,241 |
) |
|
|
(56,136 |
) |
|
|
(71,199 |
) |
|
|
(100,625 |
) |
| Income tax expense |
|
8,374 |
|
|
|
6,974 |
|
|
|
11,684 |
|
|
|
29,222 |
|
|
|
21,660 |
|
| NOI from partially owned
entities |
|
74,819 |
|
|
|
77,221 |
|
|
|
72,100 |
|
|
|
285,761 |
|
|
|
305,993 |
|
| NOI attributable to
noncontrolling interests in consolidated subsidiaries |
|
(9,684 |
) |
|
|
(18,929 |
) |
|
|
(8,363 |
) |
|
|
(48,553 |
) |
|
|
(70,029 |
) |
| NOI at share |
|
287,096 |
|
|
|
291,755 |
|
|
|
280,995 |
|
|
|
1,143,213 |
|
|
|
1,162,048 |
|
| Non-cash adjustments for
straight-line rents, amortization of acquired below-market leases,
net, and other |
|
121 |
|
|
|
(2,156 |
) |
|
|
(2,980 |
) |
|
|
(3,377 |
) |
|
|
(10,980 |
) |
| NOI at share - cash basis |
$ |
287,217 |
|
|
$ |
289,599 |
|
|
$ |
278,015 |
|
|
$ |
1,139,836 |
|
|
$ |
1,151,068 |
|
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
December 31, 2023 compared to December 31, 2022.
| (Amounts
in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share for the three months ended December 31, 2023 |
$ |
287,096 |
|
|
$ |
247,575 |
|
|
$ |
14,516 |
|
|
$ |
18,125 |
|
|
$ |
6,880 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
31 |
|
|
|
21 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(6,884 |
) |
|
|
(6,884 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(7,480 |
) |
|
|
(600 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,880 |
) |
| Same store NOI at share for
the three months ended December 31, 2023 |
$ |
272,763 |
|
|
$ |
240,112 |
|
|
$ |
14,526 |
|
|
$ |
18,125 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share for the three
months ended December 31, 2022 |
$ |
291,755 |
|
|
$ |
248,595 |
|
|
$ |
21,276 |
|
|
$ |
16,641 |
|
|
$ |
5,243 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(2,371 |
) |
|
|
(2,616 |
) |
|
|
245 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(3,837 |
) |
|
|
(3,837 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(8,324 |
) |
|
|
(3,081 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,243 |
) |
| Same store NOI at share for
the three months ended December 31, 2022 |
$ |
277,223 |
|
|
$ |
239,061 |
|
|
$ |
21,521 |
|
|
$ |
16,641 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| (Decrease) increase in same
store NOI at share |
$ |
(4,460 |
) |
|
$ |
1,051 |
|
|
$ |
(6,995 |
) |
|
$ |
1,484 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % (decrease) increase in same
store NOI at share |
(1.6)% |
|
|
0.4 |
% |
|
(32.5)% |
|
|
8.9 |
% |
|
|
0.0 |
% |
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share - cash
basis to same store NOI at share - cash basis for our New York
segment, THE MART, 555 California Street and other investments for
the three months ended December 31, 2023 compared to December 31,
2022.
| (Amounts
in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share - cash basis for the three months ended December 31,
2023 |
$ |
287,217 |
|
|
$ |
246,429 |
|
|
$ |
15,511 |
|
|
$ |
18,265 |
|
|
$ |
7,012 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
31 |
|
|
|
21 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(6,073 |
) |
|
|
(6,073 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(8,959 |
) |
|
|
(1,947 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,012 |
) |
| Same store NOI at share - cash
basis for the three months ended December 31, 2023 |
$ |
272,216 |
|
|
$ |
238,430 |
|
|
$ |
15,521 |
|
|
$ |
18,265 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share - cash basis for
the three months ended December 31, 2022 |
$ |
289,599 |
|
|
$ |
243,712 |
|
|
$ |
23,163 |
|
|
$ |
17,672 |
|
|
$ |
5,052 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(2,119 |
) |
|
|
(2,455 |
) |
|
|
336 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(4,248 |
) |
|
|
(4,248 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(8,233 |
) |
|
|
(3,181 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,052 |
) |
| Same store NOI at share - cash
basis for the three months ended December 31, 2022 |
$ |
274,999 |
|
|
$ |
233,828 |
|
|
$ |
23,499 |
|
|
$ |
17,672 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| (Decrease) increase in same
store NOI at share - cash basis |
$ |
(2,783 |
) |
|
$ |
4,602 |
|
|
$ |
(7,978 |
) |
|
$ |
593 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % (decrease) increase in same
store NOI at share - cash basis |
(1.0)% |
|
|
2.0 |
% |
|
(34.0)% |
|
|
3.4 |
% |
|
|
0.0 |
% |
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share to
same store NOI at share for our New York segment, THE MART, 555
California Street and other investments for the year ended December
31, 2023 compared to December 31, 2022.
| (Amounts
in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share for the year ended December 31, 2023 |
$ |
1,143,213 |
|
|
$ |
977,569 |
|
|
$ |
61,519 |
|
|
$ |
82,965 |
|
|
$ |
21,160 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,270 |
) |
|
|
(1,556 |
) |
|
|
286 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(26,748 |
) |
|
|
(26,748 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store (income) expense, net |
|
(20,399 |
) |
|
|
761 |
|
|
|
— |
|
|
|
— |
|
|
|
(21,160 |
) |
| Same store NOI at share for
the year ended December 31, 2023 |
$ |
1,094,796 |
|
|
$ |
950,026 |
|
|
$ |
61,805 |
|
|
$ |
82,965 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share for the year
ended December 31, 2022 |
$ |
1,162,048 |
|
|
$ |
981,508 |
|
|
$ |
96,906 |
|
|
$ |
65,692 |
|
|
$ |
17,942 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(15,205 |
) |
|
|
(13,158 |
) |
|
|
(2,047 |
) |
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(24,088 |
) |
|
|
(24,088 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(32,838 |
) |
|
|
(14,896 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,942 |
) |
| Same store NOI at share for
the year ended December 31, 2022 |
$ |
1,089,917 |
|
|
$ |
929,366 |
|
|
$ |
94,859 |
|
|
$ |
65,692 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in same
store NOI at share |
$ |
4,879 |
|
|
$ |
20,660 |
|
|
$ |
(33,054 |
) |
|
$ |
17,273 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % increase (decrease) in same
store NOI at share |
|
0.4 |
% |
|
|
2.2 |
% |
|
(34.8)% |
|
|
26.3 |
% |
|
|
0.0 |
% |
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share - cash
basis to same store NOI at share - cash basis for our New York
segment, THE MART, 555 California Street and other investments for
the year ended December 31, 2023 compared to December 31, 2022.
| (Amounts
in thousands) |
Total |
|
New York |
|
THE MART |
|
555 California Street |
|
Other |
|
NOI at share - cash basis for the year ended December 31, 2023 |
$ |
1,139,836 |
|
|
$ |
969,869 |
|
|
$ |
62,579 |
|
|
$ |
85,819 |
|
|
$ |
21,569 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(1,793 |
) |
|
|
(2,016 |
) |
|
|
223 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(23,661 |
) |
|
|
(23,661 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(29,547 |
) |
|
|
(7,978 |
) |
|
|
— |
|
|
|
— |
|
|
|
(21,569 |
) |
| Same store NOI at share - cash
basis for the year ended December 31, 2023 |
$ |
1,084,835 |
|
|
$ |
936,214 |
|
|
$ |
62,802 |
|
|
$ |
85,819 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share - cash basis for
the year ended December 31, 2022 |
$ |
1,151,068 |
|
|
$ |
962,999 |
|
|
$ |
101,912 |
|
|
$ |
67,813 |
|
|
$ |
18,344 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(15,122 |
) |
|
|
(13,256 |
) |
|
|
(1,866 |
) |
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(23,567 |
) |
|
|
(23,567 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(33,665 |
) |
|
|
(15,321 |
) |
|
|
— |
|
|
|
— |
|
|
|
(18,344 |
) |
| Same store NOI at share - cash
basis for the year ended December 31, 2022 |
$ |
1,078,714 |
|
|
$ |
910,855 |
|
|
$ |
100,046 |
|
|
$ |
67,813 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in same
store NOI at share - cash basis |
$ |
6,121 |
|
|
$ |
25,359 |
|
|
$ |
(37,244 |
) |
|
$ |
18,006 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % increase (decrease) in same
store NOI at share - cash basis |
|
0.6 |
% |
|
|
2.8 |
% |
|
(37.2)% |
|
|
26.6 |
% |
|
|
0.0 |
% |
VORNADO REALTY
TRUSTNON-GAAP RECONCILIATIONS -
CONTINUED
Below are reconciliations of NOI at share to
same store NOI at share for our New York segment, THE MART, 555
California Street and other investments for the three months ended
December 31, 2023 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 December 31, 2023 |
$ |
287,096 |
|
|
$ |
247,575 |
|
|
$ |
14,516 |
|
|
$ |
18,125 |
|
|
$ |
6,880 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
31 |
|
|
|
21 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(6,884 |
) |
|
|
(6,884 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(7,120 |
) |
|
|
(240 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,880 |
) |
| Same store NOI at share for
the three months ended December 31, 2023 |
$ |
273,123 |
|
|
$ |
240,472 |
|
|
$ |
14,526 |
|
|
$ |
18,125 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share for the three
months ended September 30, 2023 |
$ |
280,995 |
|
|
$ |
245,634 |
|
|
$ |
15,132 |
|
|
$ |
16,564 |
|
|
$ |
3,665 |
|
| Less NOI at share from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(164 |
) |
|
|
(440 |
) |
|
|
276 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(4,724 |
) |
|
|
(4,724 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(4,414 |
) |
|
|
(749 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,665 |
) |
| Same store NOI at share for
the three months ended September 30, 2023 |
$ |
271,693 |
|
|
$ |
239,721 |
|
|
$ |
15,408 |
|
|
$ |
16,564 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in same
store NOI at share |
$ |
1,430 |
|
|
$ |
751 |
|
|
$ |
(882 |
) |
|
$ |
1,561 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % increase (decrease) in same
store NOI at share |
|
0.5 |
% |
|
|
0.3 |
% |
|
(5.7)% |
|
|
9.4 |
% |
|
|
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 December 31, 2023 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 December 31,
2023 |
$ |
287,217 |
|
|
$ |
246,429 |
|
|
$ |
15,511 |
|
|
$ |
18,265 |
|
|
$ |
7,012 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
31 |
|
|
|
21 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(6,073 |
) |
|
|
(6,073 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(8,599 |
) |
|
|
(1,587 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,012 |
) |
| Same store NOI at share - cash
basis for the three months ended December 31, 2023 |
$ |
272,576 |
|
|
$ |
238,790 |
|
|
$ |
15,521 |
|
|
$ |
18,265 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| NOI at share - cash basis for
the three months ended September 30, 2023 |
$ |
278,015 |
|
|
$ |
240,844 |
|
|
$ |
15,801 |
|
|
$ |
17,552 |
|
|
$ |
3,818 |
|
| Less NOI at share - cash basis
from: |
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
(274 |
) |
|
|
(487 |
) |
|
|
213 |
|
|
|
— |
|
|
|
— |
|
|
Development properties |
|
(4,131 |
) |
|
|
(4,131 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other non-same store income, net |
|
(8,019 |
) |
|
|
(4,201 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,818 |
) |
| Same store NOI at share - cash
basis for the three months ended September 30, 2023 |
$ |
265,591 |
|
|
$ |
232,025 |
|
|
$ |
16,014 |
|
|
$ |
17,552 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in same
store NOI at share - cash basis |
$ |
6,985 |
|
|
$ |
6,765 |
|
|
$ |
(493 |
) |
|
$ |
713 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
| % increase (decrease) in same
store NOI at share - cash basis |
|
2.6 |
% |
|
|
2.9 |
% |
|
(3.1)% |
|
|
4.1 |
% |
|
|
0.0 |
% |
Vornado Realty (NYSE:VNO)
Historical Stock Chart
From Dec 2024 to Jan 2025
Vornado Realty (NYSE:VNO)
Historical Stock Chart
From Jan 2024 to Jan 2025
