Vornado Realty Trust (VNO) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Steven Borenstein - EVP & Corporation CounselSteven Roth - Chairman and Chief Executive OfficerMichael Franco - President & CFOSteve Sakwa - Senior Managing DirectorGlen Weiss - Executive VP of Office Leasing & Co-Head of Real EstateJohn Kim - Managing Director - US Real EstateFloris van Dijkum - Managing DirectorThomas Sanelli - Executive VP of Finance & Chief Administrative OfficerJana Galan - DirectorAnthony Pa ...

Alexander's (ALX) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Steven Borenstein - Senior Vice President and Corporation CounselSteven Roth - Chairman and CEOMichael Franco - President & CFOGlen Weiss - Executive VP of Office Leasing & Co-Head of Real EstateJohn Kim - Managing Director - US Real EstateFloris van Dijkum - Managing DirectorThomas Sanelli - Executive VP of Finance & Chief Administrative OfficerJana Galan - DirectorAnthony Paolone - Executive DirectorBarry Langer - Execut ...

Vornado Realty Trust (VNO) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Steven Borenstein - EVP & Corporation CounselSteven Roth - Chairman and Chief Executive OfficerMichael Franco - President & CFOSteve Sakwa - Senior Managing DirectorGlen Weiss - Executive VP of Office Leasing & Co-Head of Real EstateJohn Kim - Managing Director - US Real EstateFloris van Dijkum - Managing DirectorThomas Sanelli - Executive VP of Finance & Chief Administrative OfficerJana Galan - DirectorAnthony Pa ...

Vornado Realty Trust (VNO) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Speaker0 morning, and welcome to the Vornado Realty Trust First Quarter twenty twenty five Earnings Call. My name is Nick, and I will be your operator for today's call. This call is being recorded for replay purposes. All lines are in a listen only mode. Our speakers will address your questions at the end of the presentation during the question and answer session. I will now turn the call over to Mr. Steve Borenstein, Executive Vice P ...

Financial Data and Key Metrics Changes - The company reported FFO per diluted share of $0.52 for Q1 2025, a decrease of approximately $0.03 compared to Q4 2024, primarily due to the impact of the Del Monte Center disposition [18][6] - Same store cash NOI increased by 3.1% year over year across all sectors, with positive growth reported in all sectors except mixed-use [18][19] - The company ended Q1 with liquidity of approximately $544 million, including $144 million in cash and $400 million available on a revolving line of credit [22] Business Line Data and Key Metrics Changes - The office portfolio's same store NOI increased by 5.4% in Q1 2025, driven by the expiration of a rent abatement [18][19] - The retail portfolio's same store NOI also increased by 5.4%, supported by new leases and contractual rent escalations [19] - The multifamily portfolio's NOI was flat year over year, primarily due to lower rental income in Portland, while San Diego properties showed growth [19][12] - The mixed-use portfolio's NOI declined by approximately 11.6%, mainly due to lower occupancy at the Embassy Suites Waikiki [19][20] Market Data and Key Metrics Changes - The office portfolio ended Q1 at 85.5% leased, with an increase in leasing activity and average base rents reaching an all-time high [9][11] - The retail portfolio ended the quarter 97% leased, with strong collections and an all-time high average base rent [11][12] - The multifamily properties in San Diego ended the quarter approximately 95% leased, with a blended rent increase of 2% [12][13] Company Strategy and Development Direction - The company is focused on thoughtful capital allocation, operational discipline, and enhancing asset quality to ensure long-term stability [5][6] - Recent strategic initiatives include the sale of Del Monte Center and the acquisition of Genesee Parks Apartments, aimed at concentrating capital in core markets [14][15] - The company aims to maintain a balance sheet that allows for flexibility in both offensive and defensive strategies [6][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the ongoing shift in office dynamics, despite economic uncertainty [7][10] - The company remains focused on reducing leverage and maintaining strong liquidity, which is deemed essential in the current environment [6][22] - Management acknowledged potential challenges in leasing activity due to economic uncertainty but remains committed to monitoring market conditions closely [14][26] Other Important Information - The Board approved a quarterly dividend of $0.34 per share for Q2, reflecting confidence in the company's outlook [16][17] - The company aims to achieve and maintain a long-term net debt to EBITDA ratio of 5.5 times or below [22] Q&A Session Summary Question: Update on Bellevue assets and occupancy - Management noted significant leasing momentum in Bellevue, with recent leases bringing occupancy to 97% at Timber Ridge and ongoing interest in other properties [30][32] Question: Impact of Proposition 1A on tenant interest - Management observed increased inbound tenant inquiries in Bellevue, indicating a positive response to the proposition [34] Question: Plans for redeploying proceeds from Del Monte Center sale - The company is actively looking for additional acquisitions but is also comfortable holding cash on the balance sheet amid economic uncertainty [36][37] Question: Update on leasing pipeline at La Jolla - The UTC submarket remains tight, with ongoing proposals and construction of amenities expected to boost leasing activity [38][41]

FRP Holdings, Inc. (NASDAQ:FRPH) Q4 2024 Earnings Conference Call March 6, 2025 9:00 AM ET Company Participants Matthew McNulty - Chief Financial Officer David deVilliers III - Chief Operating Officer John Baker III - Chief Executive Officer Conference Call Participants Stephen Farrell - Oppenheimer + Close, LLC Bill Chen - Rhizome Partners LP Operator Good day, everyone, and welcome to today’s FRP Holdings Incorporated 2024 4Q Earnings Call. At this time, all participants are in a listen-only mode. Later, ...