INDEX

BUSINESS DEVELOPMENTS

FINANCIAL INFORMATION Financial Highlights FFO, As Adjusted Bridge Consolidated Balance Sheets

Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)

Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment) Same Store NOI at Share and Same Store NOI at Share - Cash Basis

DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES LEASING ACTIVITY AND LEASE EXPIRATIONS

Leasing Activity

Lease Expirations

CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS

UNCONSOLIDATED JOINT VENTURES

DEBT AND CAPITALIZATION

Capital Structure

Common Shares Data

Debt Analysis

Hedging Instruments

Consolidated Debt Maturities

PROPERTY STATISTICS

Top 30 Tenants

Square Footage

Occupancy and Residential Statistics

Ground Leases

Property Table

EXECUTIVE OFFICERS AND RESEARCH COVERAGE

APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS

Definitions

Reconciliations

Page

3

4

5

6

11

12

13

  1. - 16
  1. - 19

20

21

22

23

24

25

26

27

28

  1. - 37

i

ii - xiii

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.

This supplemental package should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the Company's Supplemental Fixed Income Data package for the quarter ended March 31, 2024, both of which can be accessed at the Company's website www.vno.com.

- 2 -

BUSINESS DEVELOPMENTS

Financing Activity

280 Park Avenue

On April 4, 2024, a joint venture, in which we have a 50% interest, amended and extended the $1,075,000,000 mortgage loan on 280 Park Avenue. The maturity date on the amended loan was extended to September 2026, with options to fully extend to September 2028, subject to certain conditions. The interest rate on the amended loan remains at SOFR plus 1.78%. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000,000 mezzanine loan, and subsequently repaid the loan for $62,500,000.

435 Seventh Avenue

On April 9, 2024, we completed a $75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95,696,000 fully recourse loan, which bore interest at SOFR plus 1.41%.

Unsecured Revolving Credit Facility

On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915,000,000 facility replaces the existing $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.14% and a facility fee of 25 basis points.

Interest Rate Swap and Cap Arrangements

We entered into the following interest rate swap and cap arrangements during the three months ended March 31, 2024. See page 23 for further information on our interest rate swap and cap arrangements:

(Amounts in thousands)

Notional Amount

All-In Swapped

Expiration Date

Variable Rate

Interest rate swaps:

(at share)

Rate

Spread

PENN 11(1)

$

250,000

6.21%

10/25

S+206

Index Strike Rate

Interest rate caps:

61 Ninth Avenue (45.1% interest)

$

75,543

4.39%

01/26

S+146

____________________

  1. Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.

Dispositions

On April 12, 2024, we closed on the sale of two condominium units at 220 Central Park South ("220 CPS") for net proceeds of $31,605,000; four units remain unsold.

Alexander's

On May 3, 2024, Alexander's, Inc. ("Alexander's"), in which we own a 32.4% common equity interest, and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040.

- 3 -

FINANCIAL HIGHLIGHTS (unaudited)

(Amounts in thousands, except per share amounts)

For the Three Months Ended

March 31,

2024

2023

December 31, 2023

Total revenues

$

436,375

$

445,923

$

441,886

Net (loss) income attributable to common shareholders

$

(9,034)

$

5,168

$

(61,013)

Per common share:

Basic

$

(0.05)

$

0.03

$

(0.32)

Diluted

$

(0.05)

$

0.03

$

(0.32)

FFO attributable to common shareholders plus assumed conversions, as adjusted

$

108,847

$

116,288

$

123,751

(non-GAAP)

Per diluted share (non-GAAP)

$

0.55

$

0.60

$

0.63

FFO attributable to common shareholders plus assumed conversions (non-GAAP)

$

104,129

$

119,083

$

121,105

FFO - Operating Partnership ("OP") basis (non-GAAP)

$

113,485

$

128,229

$

131,871

Per diluted share (non-GAAP)

$

0.53

$

0.61

$

0.62

Dividends per common share

$

- (1)

$

0.375

$

0.30

FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted)

N/A

(1)

62.5 %

47.6 %

FAD payout ratio

N/A

(1)

85.2 %

75.0 %

Weighted average VNO common shares outstanding

190,429

191,874

190,364

Redeemable Class A units and LTIP Unit awards

17,174

14,789

16,976

Weighted average VRLP Class A units outstanding

207,603

206,663

207,340

Dilutive share based payment awards

4,204

71

2,857

Redeemable preferred units - common share equivalents

1,875

2,470

2,104

Weighted average VRLP Class A units outstanding - diluted

213,682

209,204

212,301

________________________________

  1. We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees.
    Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.

- 4 -

FFO, AS ADJUSTED BRIDGE - Q1 2024 VS. Q1 2023 (unaudited)

(Amounts in millions, except per share amounts)

FFO, as Adjusted

Amount

Per Share

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months March 31, 2023

$

116.3

$

0.60

(Decrease) increase in FFO, as adjusted due to:

Lease expirations, rent commencement, and other tenant related items

(4.5)

Change in interest expense, net of interest income

(3.9)

Reduced general and administrative expense (primarily stock compensation)

3.6

Other, net

(1.9)

(6.7)

Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities

(0.8)

Net decrease

(7.5)

(0.05)

FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2024

$

108.8

$

0.55

Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.

- 5 -

CONSOLIDATED BALANCE SHEETS (unaudited)

(Amounts in thousands)

As of

Increase

March 31, 2024

December 31, 2023

(Decrease)

ASSETS

Real estate, at cost:

Land

$

2,436,221

$

2,436,221

$

-

Buildings and improvements

10,017,573

9,952,954

64,619

Development costs and construction in progress

1,322,810

1,281,076

41,734

Leasehold improvements and equipment

131,762

130,953

809

Total

13,908,366

13,801,204

107,162

Less accumulated depreciation and amortization

(3,837,679)

(3,752,827)

(84,852)

Real estate, net

10,070,687

10,048,377

22,310

Right-of-use assets

678,951

680,044

(1,093)

Cash, cash equivalents, and restricted cash

Cash and cash equivalents

892,652

997,002

(104,350)

Restricted cash

256,268

264,582

(8,314)

Total

1,148,920

1,261,584

(112,664)

Tenant and other receivables

76,627

69,543

7,084

Investments in partially owned entities

2,599,134

2,610,558

(11,424)

220 CPS condominium units ready for sale

36,578

35,941

637

Receivable arising from the straight-lining of rents

706,280

701,666

4,614

Deferred leasing costs, net

355,790

355,010

780

Identified intangible assets, net

124,887

127,082

(2,195)

Other assets

409,311

297,860

111,451

Total assets

$

16,207,165

$

16,187,665

$

19,500

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Liabilities:

Mortgages payable, net

$

5,690,639

$

5,688,020

$

2,619

Senior unsecured notes, net

1,194,383

1,193,873

510

Unsecured term loan, net

794,906

794,559

347

Unsecured revolving credit facilities

575,000

575,000

-

Lease liabilities

737,500

732,859

4,641

Accounts payable and accrued expenses

388,988

411,044

(22,056)

Deferred revenue

30,877

32,199

(1,322)

Deferred compensation plan

108,919

105,245

3,674

Other liabilities

308,643

311,132

(2,489)

Total liabilities

9,829,855

9,843,931

(14,076)

Redeemable noncontrolling interests

643,142

638,448

4,694

Shareholders' equity

5,539,087

5,509,064

30,023

Noncontrolling interests in consolidated subsidiaries

195,081

196,222

(1,141)

Total liabilities, redeemable noncontrolling interests and equity

$

16,207,165

$

16,187,665

$

19,500

- 6 -

CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)

(Amounts in thousands)

For the Three Months Ended

March 31,

Property rentals(1)

2024

2023

Variance

December 31, 2023

$

337,376

$

343,152

$

(5,776)

$

340,539

Tenant expense reimbursements(1)

46,638

56,095

(9,457)

45,730

Amortization of acquired below-market leases, net

693

1,367

(674)

1,185

Straight-lining of rents

4,571

(3,821)

8,392

4,038

Total rental revenues

389,278

396,793

(7,515)

391,492

Fee and other income:

Building Maintenance Services ("BMS") cleaning fees

35,780

35,328

452

36,035

Management and leasing fees

2,611

3,049

(438)

3,070

Other income

8,706

10,753

(2,047)

11,289

Total revenues

436,375

445,923

(9,548)

441,886

Operating expenses

(226,224)

(228,773)

2,549

(219,925)

Depreciation and amortization

(108,659)

(106,565)

(2,094)

(110,197)

General and administrative

(37,897)

(41,595)

3,698

(46,040)

Expense from deferred compensation plan liability

(4,520)

(3,728)

(792)

(4,621)

Transaction related costs, impairment losses and other

(653)

(658)

5

(49,190)

Total expenses

(377,953)

(381,319)

3,366

(429,973)

Income (loss) from partially owned entities

16,279

16,666

(387)

(33,518)

Interest and other investment income, net

11,724

9,584

2,140

5,833

Income from deferred compensation plan assets

4,520

3,728

792

4,621

Interest and debt expense

(90,478)

(86,237)

(4,241)

(87,695)

Net gains on disposition of wholly owned and partially owned assets

-

7,520

(7,520)

6,607

Income (loss) before income taxes

467

15,865

(15,398)

(92,239)

Income tax expense

(6,740)

(4,667)

(2,073)

(8,374)

Net (loss) income

(6,273)

11,198

(17,471)

(100,613)

Less net loss (income) attributable to noncontrolling interests in:

Consolidated subsidiaries

11,982

9,928

2,054

49,717

Operating Partnership

786

(429)

1,215

5,412

Net income (loss) attributable to Vornado

6,495

20,697

(14,202)

(45,484)

Preferred share dividends

(15,529)

(15,529)

-

(15,529)

Net (loss) income attributable to common shareholders

$

(9,034)

$

5,168

$

(14,202)

$

(61,013)

Capitalized expenditures:

Development payroll

$

2,499

$

2,849

$

(350)

$

2,416

Interest and debt expense

12,564

8,857

3,707

13,051

________________________________

  1. "Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.

- 7 -

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)

(Amounts in thousands)

For the Three Months Ended March 31, 2024

Property rentals(1)

Total

New York

Other

$

337,376

$

269,362

$

68,014

Tenant expense reimbursements(1)

46,638

36,856

9,782

Amortization of acquired below-market leases, net

693

524

169

Straight-lining of rents

4,571

4,993

(422)

Total rental revenues

389,278

311,735

77,543

Fee and other income:

BMS cleaning fees

35,780

38,640

(2,860)

Management and leasing fees

2,611

2,712

(101)

Other income

8,706

5,147

3,559

Total revenues

436,375

358,234

78,141

Operating expenses

(226,224)

(188,278)

(37,946)

Depreciation and amortization

(108,659)

(85,599)

(23,060)

General and administrative

(37,897)

(13,208)

(24,689)

Expense from deferred compensation plan liability

(4,520)

-

(4,520)

Transaction related costs and other

(653)

-

(653)

Total expenses

(377,953)

(287,085)

(90,868)

Income from partially owned entities

16,279

15,231

1,048

Interest and other investment income, net

11,724

4,006

7,718

Income from deferred compensation plan assets

4,520

-

4,520

Interest and debt expense

(90,478)

(38,087)

(52,391)

Income (loss) before income taxes

467

52,299

(51,832)

Income tax expense

(6,740)

(1,464)

(5,276)

Net (loss) income

(6,273)

50,835

(57,108)

Less net loss attributable to noncontrolling interests in consolidated subsidiaries

11,982

9,082

2,900

Net income (loss) attributable to Vornado Realty L.P.

5,709

$

59,917

$

(54,208)

Less net loss attributable to noncontrolling interests in the Operating Partnership

815

Preferred unit distributions

(15,558)

Net loss attributable to common shareholders

$

(9,034)

For the three months ended March 31, 2023

Net income (loss) attributable to Vornado Realty L.P.

$

21,126

$

63,245

$

(42,119)

Net income attributable to common shareholders

$

5,168

________________________________

  1. "Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.

- 8 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)

(Amounts in thousands)

For the Three Months Ended March 31, 2024

Total

New York

Other

Total revenues

$

436,375

$

358,234

$

78,141

Operating expenses

(226,224)

(188,278)

(37,946)

NOI - consolidated

210,151

169,956

40,195

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries

(11,396)

(4,536)

(6,860)

Add: Our share of NOI from partially owned entities

70,369

67,709

2,660

NOI at share

269,124

233,129

35,995

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other

(1,511)

(2,335)

824

NOI at share - cash basis

$

267,613

$

230,794

$

36,819

For the Three Months Ended March 31, 2023

Total

New York

Other

Total revenues

$

445,923

$

363,814

$

82,109

Operating expenses

(228,773)

(188,321)

(40,452)

NOI - consolidated

217,150

175,493

41,657

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries

(11,764)

(4,823)

(6,941)

Add: Our share of NOI from partially owned entities

68,097

65,324

2,773

NOI at share

273,483

235,994

37,489

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other

5,052

5,033

19

NOI at share - cash basis

$

278,535

$

241,027

$

37,508

For the Three Months Ended December 31, 2023

Total

New York

Other

Total revenues

$

441,886

$

361,105

$

80,781

Operating expenses

(219,925)

(182,600)

(37,325)

NOI - consolidated

221,961

178,505

43,456

Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries

(9,684)

(3,323)

(6,361)

Add: Our share of NOI from partially owned entities

74,819

72,393

2,426

NOI at share

287,096

247,575

39,521

Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other

121

(1,146)

1,267

NOI at share - cash basis

$

287,217

$

246,429

$

40,788

________________________________

See Appendix page vi for details of NOI at share components.

- 9 -

NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT AND SUBSEGMENT (NON-GAAP) (unaudited)

(Amounts in thousands)

For the Three Months Ended

March 31,

2024

2023

December 31, 2023

NOI at share:

New York:

Office(1)

$

167,988

$

174,270

$

182,769

Retail

47,466

47,196

47,378

Residential

5,968

5,458

5,415

Alexander's

11,707

9,070

12,013

Total New York

233,129

235,994

247,575

Other:

THE MART

14,486

15,409

14,516

555 California Street

16,529

16,929

18,125

Other investments

4,980

5,151

6,880

Total Other

35,995

37,489

39,521

NOI at share

$

269,124

$

273,483

$

287,096

NOI at share - cash basis:

New York:

Office(1)

$

166,370

$

182,081

$

183,742

Retail

43,873

44,034

46,491

Residential

5,690

5,051

5,137

Alexander's

14,861

9,861

11,059

Total New York

230,794

241,027

246,429

Other:

THE MART

14,949

14,675

15,511

555 California Street

16,938

17,718

18,265

Other investments

4,932

5,115

7,012

Total Other

36,819

37,508

40,788

NOI at share - cash basis

$

267,613

$

278,535

$

287,217

________________________________

  1. Includes BMS NOI of $7,217, $6,289 and $6,424, respectively, for the three months ended March 31, 2024 and 2023 and December 31, 2023.

- 10 -

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Vornado Realty Trust published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 20:44:01 UTC.