Vornado(US:VNO) ZACKS·2025-02-11 18:31Core Insights - Vornado Realty Trust (VNO) reported fourth-quarter 2024 funds from operations (FFO) of 61 cents per share, exceeding the Zacks Consensus Estimate of 51 cents, but down 3.2% year over year [1][2] - Total revenues for the quarter were $457.8 million, surpassing the Zacks Consensus Estimate of $447.4 million, with a year-over-year increase of 3.6% [2][3] - For the full year 2024, adjusted FFO per share was $2.26, lower than the previous year's $2.61, but above the consensus estimate of $2.16; total revenues were $1.79 billion, down 1.3% from the prior year [3] Financial Performance - Same-store net operating income (NOI) for the quarter was $262.7 million, a decrease from $275.2 million in the prior-year quarter; specific portfolio declines included New York at 0.7%, THE MART at 57.5%, and 555 California Street at 13.2% [4] - Interest and debt expenses rose 14.6% year over year to $100.5 million [4] Leasing Activity - In the New York office portfolio, 583,000 square feet were leased at an initial rent of $87.48 per square foot, with a weighted average lease term of 5.0 years [5] - The New York retail portfolio saw 50,000 square feet leased at an initial rent of $315.10 per square foot, with a weighted average lease term of 11.3 years [6] - At THE MART, 64,000 square feet were leased at an initial rent of $52.28 per square foot, with a weighted average lease term of 6.8 years [7] - At 555 California Street, 62,000 square feet were leased at an initial rent of $133.87 per square foot, with a weighted average lease term of 3.7 years [8] Occupancy Rates - The total New York portfolio occupancy rate was 87.6%, down 180 basis points year over year; THE MART occupancy was 80.1%, up 90 basis points; 555 California Street occupancy was 92.0%, down 250 basis points [9] Balance Sheet - Vornado ended the quarter with cash and cash equivalents of $733.9 million, a decrease of 6.3% from $783.6 million as of September 30, 2024 [10]