Financial Performance - Net income attributable to common shareholders for Q2 2025 was $743.82 million, or $3.70 per diluted share, a significant increase from $35.26 million, or $0.18 per diluted share, in Q2 2024, primarily due to an $803.25 million gain from the NYU master lease [1][3][10] - For the first half of 2025, net income attributable to common shareholders was $830.66 million, or $4.14 per diluted share, compared to $26.23 million, or $0.13 per diluted share, in the same period of 2024 [3][4] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q2 2025 was $120.93 million, or $0.60 per diluted share, down from $148.94 million, or $0.76 per diluted share, in Q2 2024 [2][4] - Adjusted FFO for Q2 2025 was $113.32 million, or $0.56 per diluted share, compared to $112.77 million, or $0.57 per diluted share, in Q2 2024 [5][7] Leasing and Occupancy - Total square feet leased in New York for Q2 2025 was 1,479,000, with an initial rent of $101.44 per square foot, reflecting an 11.8% increase from the prior year's straight-line rent [28] - Occupancy as of June 30, 2025, was 85.2% in New York, with office occupancy at 86.7% and retail at 67.7% [30] Dispositions and Gains - The company recognized a net gain of $76.16 million from the sale of a portion of the 666 Fifth Avenue condominium to UNIQLO [3][16] - A financial statement gain of $803.25 million was recorded from the NYU master lease transaction [11] Financing Activities - The company repaid $450 million in senior unsecured notes due January 2025 [21] - A $450 million financing of 1535 Broadway was completed, with a fixed interest rate of 6.90% [22] Development Projects - Active development projects include PENN 2, with a rentable area of 1,815,000 square feet and a projected cash yield of 10.2% [39] - The company has a 49.9% interest in the Sunset Pier 94 project, with a projected cash yield of 10.3% [39]

[PART I. Financial Information](index=5&type=section&id=PART%20I.%20Financial%20Information) This section presents the company's consolidated financial statements, management's analysis, market risk disclosures, and internal controls [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Vornado Realty Trust and Vornado Realty L.P. for the three and six months ended June 30, 2025, and 2024, including balance sheets, income statements, and cash flow statements with comprehensive notes [Financial Statements of Vornado Realty Trust](index=6&type=section&id=Financial%20Statements%20of%20Vornado%20Realty%20Trust) For the six months ended June 30, 2025, Vornado Realty Trust reported a significant increase in net income to $913.1 million, largely driven by an $803.2 million gain on a sales-type lease, while total assets and liabilities decreased, and net cash from operating activities surged to $1.08 billion Vornado Realty Trust - Key Financial Highlights (Six Months Ended June 30) | Metric (Amounts in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenues** | $903,016 | $886,641 | | **Net Income** | $913,051 | $33,826 | | **Net Income attributable to common shareholders** | $830,661 | $26,226 | | **Diluted EPS** | $4.14 | $0.13 | | **Net Cash from Operating Activities** | $1,078,946 | $226,164 | | **Net Cash from Investing Activities** | $525,155 | ($307,100) | | **Net Cash from Financing Activities** | ($1,190,422) | ($63,794) | Vornado Realty Trust - Balance Sheet Summary (Amounts in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $15,608,496 | $15,998,608 | | Real estate, net | $9,902,532 | $10,066,283 | | Cash and cash equivalents | $1,204,863 | $733,947 | | **Total Liabilities** | $8,594,438 | $9,826,739 | | Mortgages payable, net | $4,977,526 | $5,676,014 | | **Total Equity** | $6,263,961 | $5,337,211 | [Financial Statements of Vornado Realty L.P.](index=15&type=section&id=Financial%20Statements%20of%20Vornado%20Realty%20L.P.) Vornado Realty L.P.'s financial results mirror those of Vornado Realty Trust, with net income attributable to Class A unitholders reaching $903.4 million for the six months ended June 30, 2025, reflecting the consolidated nature of business operations Vornado Realty L.P. - Key Financial Highlights (Six Months Ended June 30) | Metric (Amounts in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenues** | $903,016 | $886,641 | | **Net Income** | $913,051 | $33,826 | | **Net Income attributable to Class A unitholders** | $903,356 | $28,583 | | **Diluted EPS (per Class A unit)** | $4.15 | $0.13 | | **Net Cash from Operating Activities** | $1,078,946 | $226,164 | [Notes to Consolidated Financial Statements](index=24&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies and significant transactions, including a $803.2 million gain from the 770 Broadway master lease, various property dispositions, debt composition, and segment performance - On May 5, 2025, the company completed a 70-year master lease with New York University (NYU) for 1,076,000 sq. ft. at 770 Broadway, with NYU making a prepaid lease payment of **$935 million**, resulting in a gain on a sales-type lease of **$803.2 million**[84](index=84&type=chunk)[86](index=86&type=chunk) - The Fifth Avenue and Times Square JV, in which Vornado has a 51.5% interest, sold a portion of its 666 Fifth Avenue property to UNIQLO for **$350 million**, resulting in a financial statement gain of **$76.2 million** for Vornado, and the JV also completed a **$450 million** financing of 1535 Broadway[67](index=67&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - During the first six months of 2025, the company sold two condominium units at 220 Central Park South for net proceeds of **$24.8 million**, realizing a net gain of **$13.7 million**, and also sold six residential condominium units on Canal Street for net proceeds of **$21.6 million**, resulting in a net gain of **$10.3 million**[88](index=88&type=chunk)[89](index=89&type=chunk) Debt Summary as of June 30, 2025 (Amounts in thousands) | Debt Category | Balance | Weighted Avg. Interest Rate | | :--- | :--- | :--- | | **Mortgages Payable** | | | | Fixed rate | $4,395,000 | 4.51% | | Variable rate | $603,943 | 6.65% | | **Unsecured Debt** | | | | Senior unsecured notes | $750,000 | 2.73% | | Unsecured term loan | $800,000 | 4.40% | | Unsecured revolving credit facilities | $575,000 | 3.84% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q2 and H1 2025, highlighting a significant increase in net income due to the 770 Broadway master lease, while FFO per diluted share decreased for the quarter, alongside key transactions, leasing activity, and a strong liquidity position of $2.9 billion [Financial Results Summary](index=46&type=section&id=Financial%20Results%20Summary) For Q2 2025, net income attributable to common shareholders substantially increased to $743.8 million ($3.70/share) due to the 770 Broadway transaction, though FFO per diluted share decreased to $0.60 from $0.76, while six-month net income was $830.7 million ($4.14/share) with FFO per diluted share nearly flat at $1.27 Q2 Financial Results Comparison | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (common shareholders) | $743.8M | $35.3M | | Diluted EPS | $3.70 | $0.18 | | FFO (common shareholders) | $120.9M | $148.9M | | FFO per Diluted Share | $0.60 | $0.76 | Six-Month Financial Results Comparison | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Income (common shareholders) | $830.7M | $26.2M | | Diluted EPS | $4.14 | $0.13 | | FFO (common shareholders) | $256.0M | $253.1M | | FFO per Diluted Share | $1.27 | $1.29 | [Key Business Activities](index=48&type=section&id=Key%20Business%20Activities) The company executed several significant transactions in H1 2025, including the 70-year master lease of 770 Broadway to NYU for a **$935 million** prepaid payment, resulting in an **$803.2 million** gain, alongside multiple property dispositions and debt repayments - Completed a 70-year master lease at 770 Broadway with NYU, receiving a **$935 million** prepaid lease payment and recording an **$803.2 million** gain[210](index=210&type=chunk)[211](index=211&type=chunk) - The Fifth Avenue and Times Square JV sold a portion of 666 Fifth Avenue to UNIQLO for **$350 million**, with proceeds used to partially redeem Vornado's preferred equity[215](index=215&type=chunk) - Repaid **$450 million** of 3.50% senior unsecured notes upon their maturity on January 15, 2025[220](index=220&type=chunk) - A joint venture completed a **$675 million** refinancing of Independence Plaza, a 1,328-unit residential complex, with the new loan bearing a fixed rate of **5.84%** and maturing in June 2030[222](index=222&type=chunk) [Leasing Activity and Occupancy](index=50&type=section&id=Leasing%20Activity%20and%20Occupancy) In Q2 2025, the company leased 1.48 million square feet of New York office space and 57,000 square feet of retail space, with GAAP and cash basis rents for second-generation relet office space increasing by 11.8% and 8.7% respectively, resulting in overall portfolio occupancy of 85.2% Q2 2025 New York Leasing Activity (Second Generation Relet Space) | Metric | Office | Retail | | :--- | :--- | :--- | | Square Feet Leased | 240,000 | 44,000 | | GAAP Rent % Increase | 11.8% | 7.9% | | Cash Rent % Increase | 8.7% | 0.3% | Portfolio Occupancy as of June 30, 2025 | Segment | Occupancy % | | :--- | :--- | | New York - Office | 86.7% | | New York - Retail | 67.7% | | THE MART | 78.2% | | 555 California Street | 92.3% | | **Total Portfolio (Our Share)** | **85.2%** | [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Vornado maintained **$2.9 billion** of liquidity, comprising **$1.4 billion** in cash and **$1.5 billion** available under revolving credit facilities, with significant cash flow from operations primarily driven by the NYU prepaid lease payment and ongoing development projects - The company has **$2.9 billion** of liquidity as of June 30, 2025, comprising **$1.4 billion** in cash and **$1.5 billion** available on its revolving credit facilities[292](index=292&type=chunk) - Net cash from operating activities increased by **$852.8 million** for the six months ended June 30, 2025, primarily due to the **$901.4 million** net prepaid lease payment from NYU[295](index=295&type=chunk)[296](index=296&type=chunk) - Net cash used in financing activities increased by **$1.13 billion**, driven by **$1.28 billion** in debt repayments, including the repayment of the **$700 million** mortgage on 770 Broadway and **$450 million** of senior unsecured notes[295](index=295&type=chunk)[298](index=298&type=chunk) - Key development projects include the PENN 2 redevelopment (estimated cost **$750 million**, **$718 million** spent) and the Sunset Pier 94 Studios JV (estimated cost **$350 million**)[300](index=300&type=chunk)[302](index=302&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=69&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risk from interest rate fluctuations, with a hypothetical 1% increase in base interest rates estimated to decrease annual net income by approximately **$4.7 million**, a risk mitigated through derivative instruments like interest rate swaps and caps - A hypothetical **1%** increase in base interest rates would decrease Vornado's annual net income by an estimated **$4.7 million**, or **$0.02** per diluted share[323](index=323&type=chunk) Consolidated Debt Exposure as of June 30, 2025 (Amounts in thousands) | Debt Type | Balance | Weighted Avg. Interest Rate | | :--- | :--- | :--- | | Fixed Rate | $6,520,000 | 4.23% | | Variable Rate | $603,943 | 6.28% | | **Total** | **$7,123,943** | **4.40%** | - The company uses interest rate swaps and caps to manage interest rate risk, with significant hedging instruments in place for debt on properties like 555 California Street, the unsecured term loan, and the unsecured revolving credit facility as of June 30, 2025[330](index=330&type=chunk)[331](index=331&type=chunk) [Item 4. Controls and Procedures](index=72&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of June 30, 2025, the disclosure controls and procedures for both Vornado Realty Trust and Vornado Realty L.P. were effective, with no material changes to internal control over financial reporting occurring during the quarter - Management concluded that as of June 30, 2025, the disclosure controls and procedures for both Vornado Realty Trust and Vornado Realty L.P. were effective[335](index=335&type=chunk)[337](index=337&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[336](index=336&type=chunk)[338](index=338&type=chunk) [PART II. Other Information](index=73&type=section&id=PART%20II.%20Other%20Information) This section details legal proceedings, risk factors, equity sales, and other relevant disclosures [Item 1. Legal Proceedings](index=73&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions arising in the ordinary course of business, which management does not expect to have a material adverse effect on its financial position or results of operations - The company states that ongoing legal actions from the ordinary course of business are not expected to have a material adverse effect on its financial condition[339](index=339&type=chunk) [Item 1A. Risk Factors](index=73&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the Risk Factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to the company's risk factors were reported for the period[340](index=340&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=73&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, Vornado Realty Trust issued 91,369 common shares to redeem Class A units of Vornado Realty L.P. under an exemption from registration, with no share repurchases made and **$170.9 million** remaining available under its authorized repurchase plan - Vornado Realty Trust issued **91,369** common shares in exchange for the redemption of Class A units of the Operating Partnership[341](index=341&type=chunk) - No shares were repurchased during the three months ended June 30, 2025, with **$170,857,000** remaining authorized for future repurchases as of quarter-end[342](index=342&type=chunk) [Item 5. Other Information](index=73&type=section&id=Item%205.%20Other%20Information) The company reported that none of its directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025 - No directors or officers adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the second quarter of 2025[346](index=346&type=chunk)

Core Insights - Verizon will relocate its New York headquarters to Vornado's PENN 2 office tower as part of a 19-year lease, occupying nearly 200,000 square feet of office space [2][3] - The PENN 2 building features modern amenities, including over 25,000 square feet of outdoor space and a flagship retail location for Verizon [3][4] - Vornado's PENN DISTRICT aims to create a vibrant corporate environment, integrating dynamic workspaces and employee-focused design [4][6] Company Overview - Vornado Realty Trust is a fully integrated real estate investment trust (REIT) with a focus on premier office and retail assets in New York City, Chicago, and San Francisco [10] - The company emphasizes sustainability, with 100% of its in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum [10] Project Details - PENN 2 includes a modern curtain wall, a triple-height lobby, and 30,000 square feet of curated retail space, along with extensive outdoor green spaces [4][5] - The PENN DISTRICT campus, which includes PENN 1 and PENN 2, offers a total of 4.4 million square feet of premium office space and improved access to public transportation [6][8] - Tenants in the PENN DISTRICT have access to Vornado's WorkLife program, which includes a comprehensive amenity package featuring a wellness center and flexible workspaces [7]

Real Estate & Telecommunications - Verizon to establish new Manhattan headquarters at Vornado Realty Trust's Penn 2 [1] - Penn 2 is a redeveloped office tower near Penn Station [1]

Core Points - Alexander's, Inc. will file its quarterly report on Form 10-Q for the quarter ended June 30, 2025, and will issue its second quarter earnings release on August 4, 2025, before the market opens [1] - Vornado Realty Trust, which manages Alexander's operations, will host a quarterly earnings conference call on August 5, 2025, at 10:00 a.m. ET, where information regarding Alexander's may be discussed [2] - The conference call will be accessible via phone and a live webcast will be available on Vornado's website, with playback options following the call [3] Company Overview - Alexander's, Inc. is a real estate investment trust (REIT) that owns five properties in New York City [3]

Core Insights - Vornado Realty Trust, Inc. (VNO) has successfully completed a refinancing of $450 million for its Manhattan office building, PENN 11, which spans 1.2 million square feet [1][8] Group 1: Refinancing Details - The new five-year interest-only loan has a fixed interest rate of 6.35% and is set to mature in August 2030 [2][8] - Vornado repaid $50 million of its previous $500 million loan, which had an interest rate of SOFR plus 2.06% (swapped to a fixed rate of 6.28%) and was due to mature in October 2025 [2][8] Group 2: Financial Implications - This refinancing enhances Vornado's financial flexibility, improving its maturity profile and providing greater liquidity for daily operations [3][8] - As of March 31, 2025, Vornado had $2.3 billion in liquidity, which includes $807 million in cash and cash equivalents, and $1.5 billion available under its $2.2 billion revolving credit facilities [4] Group 3: Market Performance - Over the past three months, Vornado's shares have increased by 13.8%, outperforming the industry growth of 3.2% [5]

NEW YORK, July 16, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has completed a $450 million refinancing of PENN 11, a 1.2 million square foot Manhattan office building located in THE PENN DISTRICT. The five-year interest only loan matures in August 2030 and has a fixed rate of 6.35%. Vornado paid down by $50 million the prior $500 million loan that bore interest at a rate of SOFR plus 2.06% (swapped to fixed at an all-in rate of 6.28%) and was scheduled to mature in Octo ...

Core Insights - Vornado Realty Trust (VNO) shares have increased by 8.7% over the past month, outperforming the industry growth of 2.2% [1] - The company focuses on high-quality office properties in key markets such as New York, Chicago, and San Francisco, benefiting from strong tenant demand for premium office spaces [1][3] - Vornado's strategic asset repositioning and solid balance sheet are expected to support future growth [1][8] Financial Developments - In June, Vornado's joint venture completed a refinancing of $675 million for Independence Plaza, a residential complex in Manhattan [2] - The Zacks Consensus Estimate for Vornado's 2025 funds from operations (FFO) per share has been revised upward to $2.20 [2] - The company has a liquidity position of $2.3 billion, including $807 million in cash and $1.5 billion available under its revolving credit facilities [8] Market Position and Growth Drivers - Vornado's focus on high-rent, high-barrier-to-entry markets and a diversified tenant base is expected to drive steady cash flows [3] - The New York office leasing market showed strong momentum in Q1 2025, with Vornado leasing 709,000 square feet at an initial rent of $95.53 per square foot, reflecting a 6.5% cash mark-to-market [4][7] - The company is actively engaging in opportunistic developments and divestitures, including the planned sale of a Class A office building for $205 million [5][7] Strategic Initiatives - Vornado's portfolio-repositioning efforts are aimed at enhancing long-term growth potential [5] - The company is leveraging its strong balance sheet to capitalize on future investment opportunities and fund development projects [8]

Core Insights - Newmark Group, Inc. has arranged a $675 million loan for the refinancing of Independence Plaza, a multifamily property in Manhattan, on behalf of Vornado Realty Trust and Stellar Management [1] - Independence Plaza consists of 1,328 residential units across three 39-story towers, totaling 1.4 million square feet [2] - Vornado Realty Trust is a leading Real Estate Investment Trust with a focus on New York City, managing over 26 million square feet of LEED certified buildings [3] - Stellar Management, founded in 1985, manages over 13,000 apartments and nearly three million square feet of office and retail space, focusing exclusively on New York City [4] - Newmark Group, Inc. generated revenues exceeding $2.8 billion for the twelve months ending March 31, 2025, and operates from 165 offices globally with approximately 8,100 professionals [5]

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 50.1% owned joint venture has completed a $675 million refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The five-year interest only loan matures in June 2030 and has a fixed rate of 5.84%. This loan replaces the prior $675 million loan that bore interest at 4.25% and was scheduled to mature in July 2025. Vornado Realty Trust is a fully-integrated equi ...