Vornado(US:VNO)2025-05-05 20:12Financial Performance - Total revenues for Q1 2025 increased to $461,579,000, up 5.3% from $436,375,000 in Q1 2024[18] - Net income attributable to Vornado for Q1 2025 was $102,368,000, compared to $6,495,000 in Q1 2024, representing a significant increase[18] - Rental revenues rose to $404,755,000 in Q1 2025, an increase of 4.3% from $389,278,000 in Q1 2024[18] - Comprehensive income attributable to Vornado for Q1 2025 was $71,687,000, compared to $47,318,000 in Q1 2024, reflecting a year-over-year growth[21] - Net income (loss) per common share for Q1 2025 was $0.45, compared to $(0.05) in Q1 2024, showing a strong recovery[18] - Net income attributable to Vornado Realty L.P. reached $110,257, a significant increase from $5,709 in Q1 2024[33] - Net income attributable to Vornado Realty L.P. for the three months ended March 31, 2025, was $110,257, compared to a net loss of $6,273 for the same period in 2024[40]. - Vornado Realty Trust reported a net income attributable to common shareholders of $86,842,000 for the three months ended March 31, 2025, compared to a net loss of $9,034,000 in the same period of 2024, representing a significant turnaround[102] - Basic earnings per common share for Q1 2025 was $0.45, while diluted earnings per common share was $0.43, compared to a basic and diluted loss per common share of $(0.05) in Q1 2024[102] - Vornado Realty L.P. reported a net income attributable to Class A unitholders of $94,702,000 for Q1 2025, compared to a net loss of $9,849,000 in Q1 2024[106] - Basic earnings per Class A unit for Q1 2025 was $0.45, and diluted earnings per Class A unit was $0.44, compared to a basic and diluted loss per Class A unit of $(0.05) in Q1 2024[106] Cash and Liquidity - Cash and cash equivalents decreased to $568,861,000 as of March 31, 2025, down from $733,947,000 at the end of 2024[16] - The company experienced a net decrease in cash and cash equivalents of $142,731 during the quarter, compared to a decrease of $112,664 in Q1 2024[30] - Total cash and cash equivalents at the end of Q1 2025 were $806,888, a decrease from $1,148,920 at the end of Q1 2024[42] - The balance of cash and cash equivalents as of March 31, 2025, was not explicitly stated but is implied to have improved due to positive cash flows from operations and investing activities[25] Assets and Liabilities - Total liabilities decreased to $9,371,039,000 as of March 31, 2025, from $9,826,739,000 at the end of 2024, indicating improved financial health[16] - The total shareholders' equity increased to $5,314,118,000 as of March 31, 2025, up from $5,158,242,000 at the end of 2024[16] - Total assets as of March 31, 2025, were $15,599,232, a decrease from $15,998,608 at the end of 2024[30] - The total equity as of March 31, 2025, was $5,489,969, an increase from $5,734,168 as of March 31, 2024, indicating a decrease in total equity year-over-year[23] - Total debt as of March 31, 2025, was $5,674,519,000, with a weighted average interest rate of 4.96%[74] - The total carrying amount of debt as of March 31, 2025, was $7,827,807,000, with a fair value of $7,574,000,000[133] Operational Efficiency - Cash flows from operating activities for Q1 2025 were $52,034, up from $31,485 in Q1 2024, reflecting improved operational efficiency[25] - The company reported cash payments for interest of $83,422, up from $69,970 in the previous year, an increase of 19.5%[33] - The company reported a net cash provided by investing activities of $275,501 for Q1 2025, a substantial increase compared to a net cash used of $128,625 in Q1 2024[40] - The company experienced a significant increase in depreciation and amortization expenses, totaling $121,265 in Q1 2025, compared to $114,010 in Q1 2024[40] Investments and Joint Ventures - The company experienced a net loss of $96,977 from equity in net income of partially owned entities in Q1 2025, compared to a loss of $16,279 in Q1 2024, highlighting challenges in joint ventures[25] - The company reported equity in net income of $5,837,000 from the Fifth Avenue and Times Square JV for the three months ended March 31, 2025, compared to $9,291,000 in 2024[66] - The market value of the investment in Alexander's as of March 31, 2025, was $345,965,000, representing an excess of $281,288,000 over the carrying amount[61] - The company’s share of net income from Alexander's for the three months ended March 31, 2025, was $3,923,000, down from $5,154,000 in 2024[66] Financing Activities - The net cash used in financing activities for Q1 2025 was $470,266, compared to $15,524 in Q1 2024, reflecting increased borrowing activity[42] - The company repaid $450,000,000 of senior unsecured notes on their maturity date of January 15, 2025[74] - The aggregate redemption value of redeemable Class A units was $619,406,000 as of March 31, 2025, compared to $708,408,000 as of December 31, 2024[81] Future Outlook - The company anticipates paying a common share dividend in the fourth quarter of 2025, subject to Board approval[92] - The company is currently evaluating the impact of recently issued accounting standards on its consolidated financial statements[48][49]