Core Insights - Vornado Realty Trust (VNO) reported first-quarter 2025 funds from operations (FFO) of 63 cents per share, exceeding the Zacks Consensus Estimate of 52 cents, and reflecting a year-over-year increase of 14.5% [1] - Total revenues for the quarter reached $461.6 million, surpassing the Zacks Consensus Estimate of $447.9 million, with a year-over-year growth of approximately 5.8% [2] Financial Performance - Total same-store net operating income (NOI) was $293.3 million, up from $269.1 million in the prior-year quarter, with significant increases in the New York, THE MART, and 555 California Street portfolios of 8.7%, 9.9%, and 7.9% respectively [3] - The New York office portfolio leased 709,000 square feet at an initial rent of $95.53 per square foot, with a weighted average lease term of 14.7 years [4] - In the New York retail portfolio, 25,000 square feet were leased at an initial rent of $222.20 per square foot, with a weighted average lease term of 14.3 years [5] - At THE MART, 83,000 square feet were leased at an initial rent of $51.33 per square foot, with a weighted average lease term of 8 years [6] - At 555 California Street, 222,000 square feet were leased at an initial rent of $120.65 per square foot, with a weighted average lease term of 13.1 years [7] Occupancy and Portfolio Activity - The total occupancy in the New York portfolio was 83.5%, a decrease of 470 basis points year over year, while THE MART's occupancy increased to 78.2%, up 60 basis points year over year, and 555 California Street's occupancy was 92.3%, down 220 basis points year over year [8] - Vornado disposed of two condominium units and ancillary amenities at 220 Central Park South for net proceeds of $24.7 million during the quarter [9] Balance Sheet - Vornado ended the quarter with cash and cash equivalents of $568.9 million, down from $733.9 million as of December 31, 2024 [10] Market Position - Vornado currently holds a Zacks Rank 2 (Buy), indicating a favorable market position [11]