Vornado(US:VNO)2025-02-10 21:47Financial Performance - Total revenues for Q4 2024 reached $457.79 million, an increase of 3.5% compared to $441.89 million in Q4 2023[20] - Net income attributable to common shareholders was $1.20 million for Q4 2024, a significant recovery from a loss of $61.01 million in Q4 2023[20] - FFO attributable to common shareholders plus assumed conversions, as adjusted, was $122.21 million for Q4 2024, down from $123.75 million in Q4 2023[23] - Consolidated net income attributable to common shareholders for the year ended December 31, 2024, was $8,275,000, a decrease of 81.0% from $43,378,000 in 2023[27] - Total revenues for the year ended December 31, 2024, were $1,787,686,000, a decrease of 1.3% from $1,811,163,000 in 2023[27] - The company reported a net loss of $19.15 million for Q3 2024, an improvement from a loss of $61.01 million in Q4 2023[20] - The company reported a net loss attributable to common shareholders of $61,013,000 for the three months ended December 31, 2023, compared to a net income of $1,203,000 for the same period in 2024[29] - The company reported a total of $470,021,000 in FFO for the year ended December 31, 2024, down from $503,792,000 in 2023, a decrease of 6.7%[143] Revenue and Income Trends - Total rental revenues for the year ended December 31, 2024, were $1,568,806,000, down 2.4% from $1,607,486,000 in 2023[27] - The company’s fee and other income for the year ended December 31, 2024, was $218,880,000, an increase from $203,677,000 in 2023, reflecting a growth of 7.5%[31] - The company reported a total of $8,282,176 in consolidated debt, including $5,707,176 in mortgages payable and $1,200,000 in senior unsecured notes[75] - The company’s total expenses for the year ended December 31, 2024, were $1,541,696,000, down from $1,565,167,000 in 2023, indicating a reduction of 1.5%[27] Asset and Debt Management - Total assets decreased to $15.99 billion as of December 31, 2024, from $16.19 billion in 2023, reflecting a decrease of $189.06 million[24] - The company repaid $450,000,000 in senior unsecured notes on January 15, 2025[8] - The total consolidated debt as of December 31, 2024, was $10,759.9 million, with a weighted average interest rate of 4.65%[79] - The company has a total of $2,575,000,000 in unsecured debt, with notable maturities in 2025 ($450,000,000) and 2026 ($400,000,000)[90] Leasing and Occupancy - The occupancy rate in New York as of December 31, 2024, is 87.6%, showing an increase from 86.7% in September 2024[98] - The total square footage at December 31, 2024, is 34,803,000, with 27,231,000 square feet in service[97] - The weighted average lease term for office space was 8.4 years, indicating a stable leasing environment[52] - The total annualized escalated rent for the PENN District is $594,400,000, with a total property area of 8,843,000 square feet[105] Capital Expenditures and Investments - For the year ended December 31, 2024, total capital expenditures and leasing commissions are expected to reach $249,894,000, with $188,194,000 allocated to the New York segment[65] - The company plans to invest $120,856,000 in the development of PENN 2, which is part of its ongoing capital expenditure strategy[65] - Total active development projects amount to $975 million, with $820.463 million already expended and $154.537 million remaining[44] Financial Ratios and Coverage - The interest coverage ratio was reported at 1.77, exceeding the required minimum of 1.50[80] - The total outstanding debt to total assets ratio was 49%, well below the required threshold of 65%[80] - The secured debt to total assets ratio was 35%, below the required maximum of 50%[80] Joint Ventures and Partnerships - The company’s ownership in the Fifth Avenue and Times Square JV is 51.5%, with a carrying amount of $2,235,546[70] - The total share of net income from all joint ventures for the three months ended December 31, 2024, was $30,007, compared to a loss of $33,518 in 2023, indicating a turnaround in performance[70] - The 280 Park Avenue joint venture reported a share of net income of $5,838 for 2024, recovering from a loss of $20,959 in 2023[72] Market Performance - Vornado Realty Trust's closing market value of outstanding shares reached $8.8 billion at the end of Q4 2024, up from $8.2 billion in Q3 2024[78] - The high price of Vornado Realty Trust shares in Q4 2024 was $46.63, while the low price was $37.88[78] - The number of outstanding shares was approximately 208.9 million as of the end of Q4 2024[78] Operating Expenses - Operating expenses increased to $236.04 million in Q4 2024, up from $219.93 million in Q4 2023, representing a rise of 7.3%[25] - Operating expenses for the year ended December 31, 2024, totaled $927,796,000, an increase from $905,158,000 in 2023, marking a rise of 2.0%[35] Net Operating Income (NOI) - Net Operating Income (NOI) at share for Q4 2024 was $284,966,000, compared to $287,096,000 for the same period in 2023, reflecting a decrease of 0.4%[37] - Same store NOI at share for the year ended December 31, 2024, decreased by 6.8% compared to 2023, with New York experiencing a decline of 4.7%[41] - The share of NOI from partially owned entities for the year ended December 31, 2024, was $279,229,000, compared to $285,761,000 in 2023, reflecting a decrease of 2.0%[35]