Vornado(US:VNO)2025-11-03 21:19Financial Performance - Total revenues for Q3 2025 reached $453.7 million, a 2.7% increase from $443.3 million in Q3 2024[22] - Net income attributable to common shareholders for Q3 2025 was $11.6 million, compared to a net loss of $19.2 million in Q3 2024[22] - Rental revenues for the nine months ended September 30, 2025, were $1.18 billion, a slight increase from $1.17 billion in the same period of 2024[22] - The company reported a net income of $932.3 million for the nine months ended September 30, 2025, compared to $14.4 million in the same period of 2024[22] - For the nine months ended September 30, 2025, total revenues increased to $1,356,716, up from $1,329,896 in the same period of 2024, representing a growth of 2%[40] - Net income attributable to Vornado Realty L.P. for the nine months ended September 30, 2025, was $962,616, compared to $54,382 in 2024, indicating a significant increase[40] Cash and Liquidity - Cash and cash equivalents increased to $1.01 billion as of September 30, 2025, up from $733.9 million at the end of 2024[20] - Cash flows from operating activities for the nine months ended September 30, 2025, were $1,112,112,000, a substantial increase from $331,543,000 in 2024[32] - The net increase in cash and cash equivalents and restricted cash for the nine months ended September 30, 2025, was $202,476, compared to a decrease of $232,509 in 2024[36] - Cash and cash equivalents at the end of the period increased to $1,009,876 from $783,596 at the end of the same period in 2024, reflecting a growth of 28.8%[38] Assets and Liabilities - Total assets decreased to $15.75 billion as of September 30, 2025, from $15.99 billion at the end of 2024[20] - Total liabilities decreased to $8.73 billion as of September 30, 2025, from $9.83 billion at the end of 2024[20] - The total liabilities decreased to $8,729,501 as of September 30, 2025, from $9,826,739 at the end of 2024, a reduction of approximately 11.1%[38] - The company’s total partners' equity increased to $6,066,124 as of September 30, 2025, from $5,337,211 at the end of 2024, reflecting an increase of 13.7%[38] Shareholder Equity and Dividends - The company’s total shareholders' equity increased to $6.07 billion as of September 30, 2025, from $5.16 billion at the end of 2024[20] - Preferred share dividends for Q3 2025 were $15.5 million, consistent with $15.5 million in Q3 2024[22] - The total amount of dividends on preferred shares for the nine months ended September 30, 2025, was $(46,578,000)[29] - Distributions to preferred unitholders for the three months ended September 30, 2025, were $15,526, consistent with $15,528 for the same period in 2024[45] Income and Expenses - The company reported a net income before income taxes of $938,017,000 for the nine months ended September 30, 2025, compared to $31,265,000 in 2024, showing a significant increase[193] - Interest expense for the three months ended September 30, 2025, was $82,547,000, a decrease of 16.5% from $98,952,000 in the same period of 2024[168] - The company reported net cash used in financing activities of $1,118,160 for the nine months ended September 30, 2025, compared to $76,971 in 2024[36] - The company recorded a depreciation and amortization expense of $363,383 for the nine months ended September 30, 2025, compared to $351,123 in 2024[50] Investments and Acquisitions - The company purchased the 623 Fifth Avenue office condominium for $218 million, borrowing $145.4 million under its revolving credit facility to finance the acquisition[100] - The Fifth Avenue and Times Square JV sold a portion of its U.S. flagship store at 666 Fifth Avenue for $350 million, realizing net proceeds of $342 million, which were used to partially redeem preferred equity[73] - A joint venture completed a $675 million refinancing of Independence Plaza, with a fixed interest rate of 5.84% maturing in June 2030[79] Market and Fair Value - The market value of the company's investment in Alexander's was $387.9 million as of September 30, 2025, exceeding the carrying amount by $334.3 million[77] - The fair value of loans receivable as of September 30, 2025, was $101,609,000, reflecting an increase from the previous balance of $85,319,000[154] - The total liabilities measured at fair value were $53,111,000 as of September 30, 2025, with Level 1 inputs at $49,649,000 and Level 2 inputs at $3,462,000[148] Other Financial Metrics - The basic net income per common share for the three months ended September 30, 2025, was $0.06, compared to a loss of $0.10 for the same period in 2024[135] - The diluted income per common share for the nine months ended September 30, 2025, was $4.19, compared to $0.04 for the same period in 2024[135] - The company reported realized and unrealized losses of $1,671,000 on Level 3 deferred compensation plan assets for the nine months ended September 30, 2025[152]