Vornado(US:VNO) Newsfilter·2025-02-10 21:30Financial Performance - Vornado Realty Trust reported a net income attributable to common shareholders of $1,203,000, or $0.01 per diluted share for Q4 2024, a significant recovery from a net loss of $61,013,000, or $0.32 per diluted share in Q4 2023 [1] - For the year ended December 31, 2024, net income attributable to common shareholders was $8,275,000, or $0.04 per diluted share, down from $43,378,000, or $0.23 per diluted share in 2023 [3] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q4 2024 was $117,085,000, or $0.58 per diluted share, compared to $121,105,000, or $0.62 per diluted share in Q4 2023 [2] - For the year ended December 31, 2024, FFO was $470,021,000, or $2.37 per diluted share, down from $503,792,000, or $2.59 per diluted share in 2023 [4] Dispositions - The sale of 666 Fifth Avenue to UNIQLO for $350,000,000 was completed on January 8, 2025, with net proceeds of $342,000,000 and a financial statement gain of approximately $76,000,000 expected to be recognized in Q1 2025 [7] - During 2024, two condominium units at 220 Central Park South were sold for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 [8] Acquisitions and Investments - On August 6, 2024, the company purchased a $50,000,000 B-Note secured by a Midtown Manhattan property, which is currently in default [12] Financing Activity - The company repaid $450,000,000 in senior unsecured notes on January 15, 2025 [13] - A joint venture completed a $400,000,000 refinancing of 640 Fifth Avenue, maturing in July 2029, with a fixed interest rate of 7.47% [16] Leasing Activity - For the three months ended December 31, 2024, total square feet leased in New York was 583,000, with an initial rent of $87.48 per square foot [24] - The weighted average lease term for office space was 5.0 years, with a percentage increase in cash basis initial rent of 6.0% compared to the prior year [24] Occupancy and Net Operating Income (NOI) - As of December 31, 2024, total occupancy was 87.6% in New York, with a same-store NOI decrease of 4.5% for Q4 2024 compared to Q4 2023 [28] - For the year ended December 31, 2024, total NOI at share was $1,099,752,000, down from $1,143,213,000 in 2023 [32] Balance Sheet - As of December 31, 2024, total assets were $15,998,608,000, a decrease from $16,187,665,000 in 2023 [41] - Total liabilities were $9,826,739,000, with a slight decrease from $9,843,931,000 in the previous year [41]