Shares of Vornado Realty Trust (VNO) have soared 35.6% in the past six months compared with the industry's growth of 9.5%. The company owns a concentration of high-quality office properties strategically located in markets of New York, Chicago and San Francisco. It is poised to benefit from tenants' healthy demand for premier office spaces with class-apart amenities. However, the overall choppy office real estate landscape and a high interest rate environment raise concerns for the company. This month, the ...

Alphotographic Vornado Realty Trust's (NYSE:VNO) Series O Preferreds (NYSE:VNO.PR.O) are my single largest preferred position, forming 22% of my fixed-income securities portfolio. VNO's balance sheet, the preferreds deep discount to par value, and pending Fed rate cuts formed the basis of this investment decision. The preferreds are trading for $14 per share, a substantial 44% discount to their $25 per share liquidation value with a $1.1125 per share annual coupon driving a healthy 8% yield on cost. Hence, ...

NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends: Series A Convertible $ .8125000 per share Series L Cumulative Redeemable $ .3375000 per share Series M Cumulative Redeemable $ .3281250 per share Series N Cumulative Redeemable $ .3281250 per share Series O Cumulative Redeemable $ .2781250 per share In each case, dividends are payable on October 1, 2024 to shareholders of record on S ...

Financial Data and Key Metrics Changes - First quarter comparable FFO, as adjusted, was $0.55 per share compared to $0.60 per share for the same quarter last year, a decrease of $0.05 primarily driven by lower NOI from higher net interest expense and no move-outs, partially offset by lower G&A expense [15][16] - Overall New York business same-store cash NOI was down 5.1% due to expirations [15][16] - The company expects 2024 comparable FFO to be down from 2023's $2.61 per share, primarily due to higher projected net interest expense of about $0.30 per share and the impact of known vacancies at certain properties [16] Business Line Data and Key Metrics Changes - The New York office market shows signs of strengthening, with a healthy backlog of activity and tenant space requirements trending upward [17][18] - In the first quarter, the company leased 291,000 square feet at a healthy $89 per square foot, with a highlight being a 125,000 square foot lease with Major League Soccer at PENN 2 [19][20] - Retail leasing activity has picked up significantly, with vacancy rates now below pre-pandemic levels in most Manhattan submarkets [21] Market Data and Key Metrics Changes - The luxury brands' rush to dominate prime locations is accelerating, positively impacting prime New York City retail space [12] - Asking rents are stable or rising in top-tier properties, although concessions remain high across all submarkets [18] - The CMBS market has begun to selectively reopen for office lending at conservative metrics on quality assets [22] Company Strategy and Development Direction - The company is focused on protecting its balance sheet with interest rate caps and swaps while seeking good real estate in distress [11] - The management is optimistic about the future, citing frozen supply and shrinking vacancies as key factors for potential growth [13] - The company is actively looking for opportunities to work with lenders and potentially acquire distressed assets [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings potential, especially with the re-renting of vacancies and the upcoming PENN 2 project [29] - The company anticipates that the impact of known vacancies will be temporary, with earnings expected to increase as leases are finalized [16][20] - The management highlighted the importance of the tech sector's resurgence and its potential impact on leasing activity [31] Other Important Information - The company finalized the recast of its revolver, solidifying a key portion of liquidity through 2029, with current liquidity at $2.7 billion [24] - The company has a significant pipeline of leases in negotiation and proposals, addressing both current vacancies and future expirations [20] Q&A Session Summary Question: Follow-up on the leasing pipeline and its allocation - Management indicated a balanced mix of proposals for PENN and addressing expirations, with a surge in interest following the Major League Soccer lease [25][26] Question: Clarification on earnings drag from lost occupancy - Management confirmed a potential $0.60 drag this year due to interest expense and known vacancies, but emphasized ongoing efforts to backfill spaces [27][28][29] Question: Outlook on the tech sector and retail opportunities - Management expressed confidence in capturing a significant share of the tech sector's resurgence and highlighted the company's prime retail locations as attractive for potential purchases [31] Question: Update on leasing concessions in better-performing submarkets - Management noted that while concessions remain high, there is an uptick in rents in tightening supply areas [35] Question: Insights on the impact of upcoming lease expirations - Management confirmed that the Meta space lease expiration is expected to be backfilled, with positive demand anticipated [36][37] Question: Discussion on the $200 billion office loans maturing - Management acknowledged the challenges in refinancing and expressed readiness to engage with lenders for potential acquisition opportunities [39][40]

INDEX | | Page | | --- | --- | | BUSINESS DEVELOPMENTS | 3 | | FINANCIAL INFORMATION | | | Financial Highlights | 4 | | FFO, As Adjusted Bridge | 5 | | Consolidated Balance Sheets | 6 | | Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment) | 7 - 8 | | Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment) | 9 - 10 | | Same Store NOI at Share and Same Store NOI at Share - Cash Basis | 11 | | DEVELOPMENT/REDEVELOPMENT - ACTIV ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2024 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number: 001-11954 (Vornado Realty Trust) Commission File Number: 001-34482 (Vornado Realty L.P.) Vornado Realty Trust Vornado Realty L.P. (Ex ...

Financial Data and Key Metrics Changes - The overall New York business same-store cash NOI increased by 2.8% for the year and 2% in Q4 compared to the previous year [13] - Comparable FFO as adjusted was $2.61 per share for the year, down $0.54 from 2022, primarily due to increased interest expense [13] - Fourth quarter comparable FFO as adjusted was $0.63 per share, a decrease of $0.09 from the previous year's fourth quarter [14] - The company recorded $73 million of noncash impairment charges during Q4, mainly related to joint venture assets intended for exit in the next few years [14] Business Line Data and Key Metrics Changes - In Q4, the company leased 840,000 square feet, with a total of 2.1 million square feet leased for the full year [7][18] - Average bidding rents for Q4 and the year were record-breaking at $100 and $99 per square foot, respectively [7] - The retail sector in New York City is recovering rapidly, with significant leasing activity and two major deals totaling approximately $1.8 billion announced in December [8][9] Market Data and Key Metrics Changes - The office leasing market is showing signs of recovery, with strong employment growth in New York City and favorable market conditions entering 2024 [16] - Vacancy rates in the best buildings are below 10%, and rents are rising, indicating a tightening market for high-quality space [17] - The financing market for retail is now open, while the office financing market remains challenging [22] Company Strategy and Development Direction - The company is focused on maintaining balance sheet strength and has strong liquidity of $3.2 billion [23] - Future growth opportunities include acquiring new assets at distressed prices, paying off debt, and potentially selling non-core assets [30] - The company plans to continue developing in the Penn District, which is considered a critical part of its strategy moving forward [61] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the office market, anticipating that occupancy will improve as the market stabilizes [50][56] - The company expects 2024 to represent a trough in earnings, with a rebound anticipated as interest rates trend down and income from leased spaces increases [15][57] - Management noted that the supply-demand equation in major cities will eventually balance, leading to a landlord's market [11] Other Important Information - The company is actively working to push out the maturities on its loans, maintaining a strong liquidity position [23] - Management highlighted the importance of high-quality retail space, noting that the supply of such assets is finite [35][36] Q&A Session Summary Question: Can you provide details on the leasing pipeline and upcoming expirations? - The pipeline includes activity at both PENN 1 and PENN 2, with over 50% of expiring space at 1290 already leased [25][26] Question: What are the opportunities in the current market? - The company is focused on buying back stock, paying off debt, and acquiring new assets at distressed prices [30] Question: How did retention levels perform in 2023? - Retention rates were strong, with better-than-expected leasing activity and discussions with tenants occurring earlier due to limited quality space [33][34] Question: Will the company consider selling retail assets? - The company may sell assets to take advantage of the retail market's recovery, although it does not expect to reach peak pricing from five years ago [41][42] Question: What is the outlook for occupancy and leasing in 2024? - Occupancy is expected to dip in 2024 but recover as leasing activity increases, particularly in the Penn District [48][56]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-11954 (Vornado Realty Trust) Commission File Number: 001-34482 (Vornado Realty L.P.) Vornado Realty Trust Vornado Realty L.P. (Exact name of r ...

Financial Data and Key Metrics Changes - Third quarter comparable FFO as adjusted was $0.66 per share, down from $0.81 in the same quarter last year, a decrease of $0.15 driven by various factors including a one-time real estate tax accrual adjustment and higher net interest expenses [14][15][16] - New York office same-store cash NOI for the quarter increased by 3%, while the overall New York business was up 2.1% [15] Business Line Data and Key Metrics Changes - The company completed 17 leases totaling 236,000 square feet at average starting rents of over $93 per square foot during the third quarter [17] - The leasing volume in Manhattan was 6.5 million square feet for the quarter, with the fire sector leading at 31% of activity [16] - Retail leasing activity showed a noticeable pickup, with eight leases totaling 29,000 square feet signed at a positive 33.5% cash mark-to-market [22] Market Data and Key Metrics Changes - The financing markets remain challenging, particularly for office properties, due to volatility from the Federal Reserve's rate increases [23] - The company reported a strong liquidity position of $3.2 billion, including $1.3 billion in cash and restricted cash [24] Company Strategy and Development Direction - The company is focused on leasing PENN 1 and PENN 2, with significant tenant interest expected as construction nears completion [9][10] - The company believes in the long-term potential of American cities, particularly New York, and anticipates that the current challenges will lay the groundwork for future recovery in fundamentals and values [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the economy despite challenges, noting that the real estate capital markets are currently "frozen" [7] - The company expects to maintain its outlook for comparable FFO for 2023, despite additional G&A expenses related to share-based awards [15] Other Important Information - The company has a strong pipeline of future leases totaling 1.8 million square feet, with 750,000 square feet expected to close in the fourth quarter [20] - The company received GRESB's Green Star distinction for the 11th time, highlighting its commitment to sustainability [24] Q&A Session Summary Question: Can you expound on the New York City leasing pipeline? - The pipeline is focused on current vacancies, particularly in PENN 1 and PENN 2, with strong activity expected as the projects open [26][27] Question: What are your thoughts on the dividend and share repurchase program? - The company expects FFO to be about $2.55 for the year, with a dividend payout expected to be between $0.20 and $0.30 for the fourth quarter [30][32] Question: How are you managing refinancing in the current debt market? - The company is actively discussing refinancing options with lenders, recognizing the challenges in the current market [33][35] Question: Can you provide an update on sublease activity across the portfolio? - Sublease activity in New York has remained stable, with some spaces fully leased, while Chicago has seen more sublease space available [46] Question: What is the current status of leasing activity compared to previous quarters? - The decrease in leasing activity was attributed to timing rather than deals falling apart, with expectations to reach 2 million square feet by year-end [71] Question: What are the plans for generating cash flow from the Hotel Pennsylvania site? - The company is exploring temporary uses for the site to generate cash flow until a long-term plan is developed [76] Question: Can you clarify the company's approach to capital allocation moving forward? - The company plans to be opportunistic in selling or recapitalizing assets, focusing on accretive pricing [67][68]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2023 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number: 001-11954 (Vornado Realty Trust) Commission File Number: 001-34482 (Vornado Realty L.P.) Vornado Realty Trust Vornado Realty L.P. ...