Vornado(VNO)

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Vornado(VNO) - 2024 Q2 - Quarterly Results
2024-08-05 20:38
am and and and the manage of the management of the management of the management of the management of the management of the management of the management of the comment of th rest REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter Ended June 30, 2024 | --- | --- | |------------------------------------------------------------------------|-------------| | INDEX | Page | | | | | FINANCIAL INFORMATION | | | Financial Highlights | 5 | | | | | | | | | | | | | | | | | LEASING ACTIVITY AND LEASE E ...
Vornado(VNO) - 2024 Q2 - Quarterly Report
2024-08-05 20:16
Financial Performance - Net income attributable to common shareholders for Q2 2024 was $35,260,000, or $0.18 per diluted share, down from $46,377,000, or $0.24 per diluted share in Q2 2023, representing a decrease of 24.5%[125] - FFO attributable to common shareholders for the six months ended June 30, 2024 was $253,068,000, or $1.29 per diluted share, down from $263,149,000, or $1.35 per diluted share in the same period of 2023, a decrease of 3.1%[126] - Net income for the same period was $40,099,000, down from $62,733,000 in the previous year[148] - Net income for the six months ended June 30, 2024, was $33,826,000, down from $73,931,000 in the prior year, representing a decrease of 54%[171] - Total revenues for the six months ended June 30, 2024, were $886,641,000, compared to $918,282,000 for the same period in 2023, reflecting a decline of 3.4%[165][166] Revenue and Income Metrics - For the three months ended June 30, 2024, total revenues amounted to $450,266,000, with New York contributing $367,578,000 and other regions $82,688,000[142] - The company experienced a decrease in same-store operations revenue by $29,995,000 for the three months ended June 30, 2024, compared to the prior year[151] - Total revenues for the three months ended June 30, 2024, were $450,266,000, a decrease of $22,093,000 compared to $472,359,000 for the prior year's quarter[151] - Total revenue for the six months ended June 30, 2024, was $468,628,000, a decrease of $13,968,000 compared to $482,596,000 for the same period in 2023[169] Operating Income and Expenses - Same store net operating income (NOI) at share decreased by 9.0% for the three months ended June 30, 2024, compared to the same period in 2023[129] - Total expenses for the six months ended June 30, 2024, were $760,341,000, an increase of $7,515,000 compared to $752,826,000 in the prior year[176] - Total expenses for the three months ended June 30, 2024, were $382,388,000, an increase of $10,881,000 from $371,507,000 in the prior year[152] - Interest and debt expense increased to $188,879,000 for the six months ended June 30, 2024, up from $173,402,000 in the prior year, an increase of 8.9%[180] Cash Flow and Liquidity - Cash and cash equivalents and restricted cash decreased by $144,730,000 to $1,116,854,000 as of June 30, 2024, compared to December 31, 2023[190] - Net cash provided by operating activities for the six months ended June 30, 2024, was $226,164,000, down from $374,741,000 in 2023, a decrease of $148,577,000[190] - Net cash used in investing activities was $(307,100,000) for the six months ended June 30, 2024, compared to a net cash provided of $152,373,000 in 2023, a decrease of $459,473,000[191] - As of June 30, 2024, the company had $2.7 billion in liquidity, consisting of $1.1 billion in cash and cash equivalents and $1.6 billion available on revolving credit facilities[189] Development and Construction - The PENN 2 redevelopment project is a 1,795,000 square foot office building with an estimated development cost of $750 million, of which $675,504,000 has been expended as of June 30, 2024[194] - The districtwide improvements within the PENN District have an estimated development cost of $100 million, with $60,493,000 expended as of June 30, 2024[194] - The Sunset Pier 94 Studios joint venture has a total estimated development cost of $350 million, with $183,200,000 funded through construction financing and $166,800,000 through equity contributions[195] - The company has construction commitments totaling approximately $45,819,000 as of June 30, 2024[200] Debt and Interest Rates - As of June 30, 2024, the consolidated debt balance is $8,283,919,000, with a weighted average interest rate of 4.57%[205] - The fixed rate consolidated debt amounts to $7,067,300,000 at an interest rate of 4.28%[205] - The variable rate consolidated debt totals $1,216,619,000 with an interest rate of 6.21%[205] - A 1% change in base rates would result in an effect of $4,512,000 on the consolidated debt[205] Shareholder Returns and Dividends - The company anticipates paying a common share dividend in the fourth quarter of 2024, subject to Board approval[189] - The company authorized a share repurchase program of up to $200,000,000, with $170,857,000 remaining available for repurchases as of June 30, 2024[189] Noncontrolling Interests and Losses - Net loss attributable to noncontrolling interests in consolidated subsidiaries increased to $13,890,000 in Q2 2024 from $2,781,000 in Q2 2023, a rise of 399.5% driven by higher mortgage loan interest rates[159] - The company reported a significant increase in noncontrolling interests' losses, indicating potential challenges in managing subsidiary performance amidst rising interest rates[159] - Net loss attributable to noncontrolling interests in consolidated subsidiaries was $25,872,000 for the six months ended June 30, 2024, compared to $12,709,000 in the prior year, an increase of 103.6%[183]
Vornado Declares Quarterly Dividends On Preferred Shares
GlobeNewswire News Room· 2024-08-01 16:11
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 ...
Vornado Announces Second Quarter Earnings Release Date and Conference Call Information
Newsfilter· 2024-07-23 18:08
Thomas J. Sanelli (212) 894-7000 The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 8799771. A live webcast of the conference call will be available on Vornado's website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call. CONTACT Certain statements contained herein may constitute "forward-looking statements" within the meaning of the ...
Vornado(VNO) - 2024 Q1 - Earnings Call Transcript
2024-05-07 23:00
Vornado Realty Trust (NYSE:VNO) Q1 2024 Earnings Call Transcript May 7, 2024 10:00 AM ET Company Participants Steven Borenstein - EVP and Corporation Counsel Steven Roth - Chairman and CEO Michael Franco - Chairman and CFO Glen Weiss - EVP-Office Leasing & Co-Head of Real Estate Conference Call Participants Steve Sakwa - Evercore ISI John Kim - BMO Capital Markets Michael Griffin - Citi Floris van Dijkum - Compass Point Dylan Burzinski - Green Street Alexander Goldfarb - Piper Sandler Michael Lewis - Truist ...
Vornado(VNO) - 2024 Q1 - Quarterly Results
2024-05-06 20:37
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 ...
Vornado(VNO) - 2024 Q1 - Quarterly Report
2024-05-06 20:20
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 ...
Vornado(VNO) - 2023 Q4 - Earnings Call Transcript
2024-02-13 22:46
Vornado Realty Trust (NYSE:VNO) Q4 2023 Earnings Conference Call February 13, 2024 10:00 AM ET Company Participants Steve Borenstein - Senior Vice President & Corporation Counsel Steven Roth - Chairman & Chief Executive Officer Michael Franco - President & Chief Financial Officer Glen Weiss - Executive Vice President-Office Leasing & Co-Head of Real Estate Conference Call Participants Steve Sakwa - Evercore ISI Michael Griffin - Citi Camille Bonnel - Bank of America John Kim - BMO Capital Markets Dylan Burz ...
Vornado(VNO) - 2023 Q4 - Annual Report
2024-02-12 21:21
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 ...
Vornado(VNO) - 2023 Q3 - Earnings Call Transcript
2023-10-31 19:49
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]