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    Vornado Announces First Quarter 2024 Financial Results

    NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today:

    Quarter Ended March 31, 2024 Financial Results

    NET LOSS attributable to common shareholders for the quarter ended March 31, 2024 was $9,034,000, or $0.05 per diluted share, compared to net income attributable to common shareholders of $5,168,000, or $0.03 per diluted share, for the prior year's quarter.

    FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2024 was $104,129,000, or $0.53 per diluted share, compared to $119,083,000, or $0.61 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended March 31, 2024 was $108,847,000, or $0.55 per diluted share, and $116,288,000, or $0.60 per diluted share, for the prior year's quarter.

    The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):

    (Amounts in thousands, except per share amounts) For the Three Months Ended
    March 31,
        2024       2023  
    FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1) $ 104,129     $ 119,083  
    Per diluted share (non-GAAP) $ 0.53     $ 0.61  
           
    Certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions:      
    Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) $ 4,134     $ 2,875  
    After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities         (6,173 )
    Other   1,009       288  
        5,143       (3,010 )
    Noncontrolling interests' share of above adjustments   (425 )     215  
    Total of certain expense (income) items that impact FFO attributable to common shareholders plus assumed conversions, net $ 4,718     $ (2,795 )
    Per diluted share (non-GAAP) $ 0.02     $ (0.01 )
           
    FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 108,847     $ 116,288  
    Per diluted share (non-GAAP) $ 0.55     $ 0.60  

    ________________________________

    (1) See page 9 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2024 and 2023. 


    FFO, as Adjusted Bridge - Q1 2024 vs. Q1 2023

    The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2023 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2024:

    (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  

    See page 9 for a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2024 and 2023. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on the previous page.

    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:

    (Amounts in thousands)   Notional Amount
    (at share)
      All-In Swapped Rate   Expiration Date   Variable Rate Spread
    Interest rate swaps:                
    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 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.

    Leasing Activity

    The leasing activity and related statistics below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period.

    For the Three Months Ended March 31, 2024:

    • 291,000 square feet of New York Office space (250,000 square feet at share) at an initial rent of $89.23 per square foot and a weighted average lease term of 11.1 years. The changes in the GAAP and cash mark-to-market rent on the 95,000 square feet of second generation space were positive 2.8% and positive 2.4%, respectively. Tenant improvements and leasing commissions were $12.98 per square foot per annum, or 14.5% of initial rent.
    • 36,000 square feet of New York Retail space (33,000 square feet at share) at an initial rent of $253.83 per square foot and a weighted average lease term of 3.8 years. The changes in the GAAP and cash mark-to-market rent on the 27,000 square feet of second generation space were positive 4.4% and negative 18.1%, respectively. Tenant improvements and leasing commissions were $29.16 per square foot per annum, or 11.5% of initial rent.
    • 51,000 square feet at THE MART (all at share) at an initial rent of $64.02 per square foot and a weighted average lease term of 4.5 years. The changes in the GAAP and cash mark-to-market rent on the 43,000 square feet of second generation space were positive 6.4% and negative 0.1%, respectively. Tenant improvements and leasing commissions were $8.37 per square foot per annum, or 13.1% of initial rent.
    • 41,000 square feet at 315 Montgomery Street in San Francisco (29,000 square feet at share) at an initial rent of $67.57 per square foot and a weighted average lease term of 5.4 years. The changes in the GAAP and cash mark-to-market rent on the 29,000 square feet of second generation space were negative 25.3% and negative 30.1%, respectively. Tenant improvements and leasing commissions were $4.01 per square foot per annum, or 5.9% of initial rent.

    Occupancy

    (At Vornado's share) New York   THE MART
      555 California
    Street

      Total   Office   Retail    
    Occupancy as of March 31, 2024 88.2 %   89.3 %   75.0 %   77.6 %   94.5 %

    Same Store Net Operating Income ("NOI") At Share:

      Total   New York   THE MART   555 California Street
    Same store NOI at share % decrease(1):                
    Three months ended March 31, 2024 compared to March 31, 2023 (4.8)%   (4.6)%   (10.0)%   (2.4)%  
    Three months ended March 31, 2024 compared to December 31, 2023 (6.5)%   (6.7)%   (0.3)%   (8.8)%  
                     
    Same store NOI at share - cash basis % decrease(1):                
    Three months ended March 31, 2024 compared to March 31, 2023 (5.0)%   (5.1)%   (3.3)%   (4.4)%  
    Three months ended March 31, 2024 compared to December 31, 2023 (6.3)%   (6.4)%   (3.7)%   (7.3)%  

    ____________________

    (1) See pages 11 through 14 for same store NOI at share and same store NOI at share - cash basis reconciliations.


    NOI At Share & NOI At Share - Cash Basis:

    The elements of our New York and Other NOI at share and NOI at share - cash basis for the three months ended March 31, 2024 and 2023 and the three months ended December 31, 2023 are summarized below.

    (Amounts in thousands) For the Three Months Ended
      March 31,   December 31, 2023
        2024     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 Building Maintenance Services NOI of $7,217, $6,289 and $6,424, respectively, for the three months ended March 31, 2024 and 2023 and December 31, 2023. 


    Active Development/Redevelopment Summary as of March 31, 2024:

    (Amounts in thousands, except square feet)        
            (at Vornado’s share)       Projected
    Incremental

    Cash Yield


    New York segment:
      Property
    Rentable
    Sq. Ft.
      Budget   Cash Amount
    Expended
      Remaining
    Expenditures
      Stabilization
    Year
     
    PENN District:                            
    PENN 2   1,795,000   $ 750,000   $ 659,108   $ 90,892   2026     9.5%  
    Districtwide Improvements   N/A     100,000     52,785     47,215   N/A     N/A  
    Total PENN District         850,000 (1)   711,893     138,107            
                                 
    Sunset Pier 94 Studios (49.9% interest)   266,000     125,000 (2)   7,994     117,006   2026     10.3%  
                                 
    Total Active Development Projects       $ 975,000   $ 719,887   $ 255,113            

    ________________________________

    (1) Excluding debt and equity carry.
    (2) Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. $34,000 will be funded via cash contributions, of which $7,994 has been funded as of March 31, 2024.   


    There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.        

    Conference Call and Audio Webcast
    As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 7, 2024 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 5722274. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.

    Contact

    Thomas J. Sanelli

    (212) 894-7000

    Supplemental Data

    Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully - integrated equity real estate investment trust.

    Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 press release. 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. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2023. 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.


    VORNADO REALTY TRUST
    CONSOLIDATED BALANCE SHEETS
     
    (Amounts in thousands) As of   Increase
    (Decrease)
      March 31, 2024   December 31, 2023  
    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  


    VORNADO REALTY TRUST
    OPERATING RESULTS
     
    (Amounts in thousands, except per share amounts) For the Three Months Ended
    March 31,
        2024       2023  
    Revenues $ 436,375     $ 445,923  
           
    Net (loss) income $ (6,273 )   $ 11,198  
    Less net loss (income) attributable to noncontrolling interests in:      
    Consolidated subsidiaries   11,982       9,928  
    Operating Partnership   786       (429 )
    Net income attributable to Vornado   6,495       20,697  
    Preferred share dividends   (15,529 )     (15,529 )
    Net (loss) income attributable to common shareholders $ (9,034 )   $ 5,168  
           
    (Loss) income per common share - basic:      
    Net (loss) income per common share $ (0.05 )   $ 0.03  
    Weighted average shares outstanding   190,429       191,869  
           
    (Loss) income per common share - diluted:      
    Net (loss) income per common share $ (0.05 )   $ 0.03  
    Weighted average shares outstanding   190,429       191,881  
           
    FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 104,129     $ 119,083  
    Per diluted share (non-GAAP) $ 0.53     $ 0.61  
           
    FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 108,847     $ 116,288  
    Per diluted share (non-GAAP) $ 0.55     $ 0.60  
           
    Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share   196,481       194,409  
     

    FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 1 of this press release.


    VORNADO REALTY TRUST
    NON-GAAP RECONCILIATIONS
    The following table reconciles net (loss) income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:
     
    (Amounts in thousands, except per share amounts) For the Three Months Ended
    March 31,
        2024       2023  
    Net (loss) income attributable to common shareholders $ (9,034 )   $ 5,168  
    Per diluted share $ (0.05 )   $ 0.03  
           
    FFO adjustments:      
    Depreciation and amortization of real property $ 96,783     $ 94,792  
    Our share of partially owned entities:      
    Depreciation and amortization of real property   26,163       27,469  
        122,946       122,261  
    Noncontrolling interests' share of above adjustments   (10,171 )     (8,746 )
    FFO adjustments, net $ 112,775     $ 113,515  
           
    FFO attributable to common shareholders $ 103,741     $ 118,683  
    Impact of assumed conversion of dilutive convertible securities   388       400  
    FFO attributable to common shareholders plus assumed conversions $ 104,129     $ 119,083  
    Per diluted share $ 0.53     $ 0.61  
           
    Reconciliation of weighted average shares outstanding:      
    Weighted average common shares outstanding   190,429       191,869  
    Effect of dilutive securities:      
    Share-based payment awards   4,204       70  
    Convertible securities   1,848       2,470  
    Denominator for FFO per diluted share   196,481       194,409  


    VORNADO REALTY TRUST
    NON-GAAP RECONCILIATIONS - CONTINUED
    Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2024 and 2023 and the three months ended December 31, 2023.
     
    (Amounts in thousands) For the Three Months Ended
      March 31,   December 31, 2023
        2024       2023    
    Net (loss) income $ (6,273 )   $ 11,198     $ (100,613 )
    Depreciation and amortization expense   108,659       106,565       110,197  
    General and administrative expense   37,897       41,595       46,040  
    Transaction related costs, impairment losses and other   653       658       49,190  
    (Income) loss from partially owned entities   (16,279 )     (16,666 )     33,518  
    Interest and other investment income, net   (11,724 )     (9,584 )     (5,833 )
    Interest and debt expense   90,478       86,237       87,695  
    Net gains on disposition of wholly owned and partially owned assets         (7,520 )     (6,607 )
    Income tax expense   6,740       4,667       8,374  
    NOI from partially owned entities   70,369       68,097       74,819  
    NOI attributable to noncontrolling interests in consolidated subsidiaries   (11,396 )     (11,764 )     (9,684 )
    NOI at share   269,124       273,483       287,096  
    Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other   (1,511 )     5,052       121  
    NOI at share - cash basis $ 267,613     $ 278,535     $ 287,217  


    NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.


    VORNADO REALTY TRUST
    NON-GAAP RECONCILIATIONS - CONTINUED

    Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.

    Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended March 31, 2024 compared to March 31, 2023.

    (Amounts in thousands) Total   New York   THE MART   555
    California
    Street
      Other
    NOI at share for the three months ended March 31, 2024 $ 269,124     $ 233,129     $ 14,486     $ 16,529     $ 4,980  
    Less NOI at share from:                  
    Development properties   (7,958 )     (7,958 )                  
    Other non-same store income, net   (6,045 )     (1,058 )     (7 )           (4,980 )
    Same store NOI at share for the three months ended March 31, 2024 $ 255,121     $ 224,113     $ 14,479     $ 16,529     $  
                       
    NOI at share for the three months ended March 31, 2023 $ 273,483     $ 235,994     $ 15,409     $ 16,929     $ 5,151  
    Less NOI at share from:                  
    Dispositions   114       (570 )     684              
    Development properties   (4,331 )     (4,331 )                  
    Other non-same store (income) expense, net   (1,414 )     3,737                   (5,151 )
    Same store NOI at share for the three months ended March 31, 2023 $ 267,852     $ 234,830     $ 16,093     $ 16,929     $  
                       
    Decrease in same store NOI at share $ (12,731 )   $ (10,717 )   $ (1,614 )   $ (400 )   $  
                       
    % decrease in same store NOI at share (4.8 )%   (4.6 )%   (10.0 )%   (2.4 )%     0.0 %


    VORNADO REALTY TRUST
    NON-GAAP RECONCILIATIONS - CONTINUED
    Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended March 31, 2024 compared to March 31, 2023.
     
    (Amounts in thousands) Total   New York   THE MART   555
    California
    Street
      Other
    NOI at share - cash basis for the three months ended March 31, 2024 $ 267,613     $ 230,794     $ 14,949     $ 16,938     $ 4,932  
    Less NOI at share - cash basis from:                  
    Development properties   (5,970 )     (5,970 )                  
    Other non-same store income, net   (6,602 )     (1,663 )     (7 )           (4,932 )
    Same store NOI at share - cash basis for the three months ended March 31, 2024 $ 255,041     $ 223,161     $ 14,942     $ 16,938     $  
                       
    NOI at share - cash basis for the three months ended March 31, 2023 $ 278,535     $ 241,027     $ 14,675     $ 17,718     $ 5,115  
    Less NOI at share - cash basis from:                  
    Dispositions   47       (728 )     775              
    Development properties   (4,146 )     (4,146 )                  
    Other non-same store income, net   (6,069 )     (954 )                 (5,115 )
    Same store NOI at share - cash basis for the three months ended March 31, 2023 $ 268,367     $ 235,199     $ 15,450     $ 17,718     $  
                       
    Decrease in same store NOI at share - cash basis $ (13,326 )   $ (12,038 )   $ (508 )   $ (780 )   $  
                       
    % decrease in same store NOI at share - cash basis (5.0 )%   (5.1 )%   (3.3 )%   (4.4 )%     0.0 %


    VORNADO REALTY TRUST
    NON-GAAP RECONCILIATIONS - CONTINUED
    Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended March 31, 2024 compared to December 31, 2023.
     
    (Amounts in thousands) Total   New York   THE MART   555
    California
    Street
      Other
    NOI at share for the three months ended March 31, 2024 $ 269,124     $ 233,129     $ 14,486     $ 16,529     $ 4,980  
    Less NOI at share from:                  
    Development properties   (7,958 )     (7,958 )                  
    Other non-same store income, net   (5,685 )     (698 )     (7 )           (4,980 )
    Same store NOI at share for the three months ended March 31, 2024 $ 255,481     $ 224,473     $ 14,479     $ 16,529     $  
                       
    NOI at share for the three months ended December 31, 2023 $ 287,096     $ 247,575     $ 14,516     $ 18,125     $ 6,880  
    Less NOI at share from:                  
    Development properties   (6,833 )     (6,833 )                  
    Other non-same store (income) expense, net   (7,089 )     (219 )     10             (6,880 )
    Same store NOI at share for the three months ended December 31, 2023 $ 273,174     $ 240,523     $ 14,526     $ 18,125     $  
                       
    Decrease in same store NOI at share $ (17,693 )   $ (16,050 )   $ (47 )   $ (1,596 )   $  
                       
    % decrease in same store NOI at share (6.5 )%   (6.7 )%   (0.3 )%   (8.8 )%     0.0 %


    VORNADO REALTY TRUST
    NON-GAAP RECONCILIATIONS - CONTINUED
    Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended March 31, 2024 compared to December 31, 2023.
     
    (Amounts in thousands) Total   New York   THE MART   555
    California
    Street
      Other
    NOI at share - cash basis for the three months ended March 31, 2024 $ 267,613     $ 230,794     $ 14,949     $ 16,938     $ 4,932  
    Less NOI at share - cash basis from:                  
    Development properties   (5,970 )     (5,970 )                  
    Other non-same store income, net   (6,241 )     (1,302 )     (7 )           (4,932 )
    Same store NOI at share - cash basis for the three months ended March 31, 2024 $ 255,402     $ 223,522     $ 14,942     $ 16,938     $  
                       
    NOI at share - cash basis for the three months ended December 31, 2023 $ 287,217     $ 246,429     $ 15,511     $ 18,265     $ 7,012  
    Less NOI at share - cash basis from:                  
    Development properties   (6,011 )     (6,011 )                  
    Other non-same store (income) expense, net   (8,568 )     (1,566 )     10             (7,012 )
    Same store NOI at share - cash basis for the three months ended December 31, 2023 $ 272,638     $ 238,852     $ 15,521     $ 18,265     $  
                       
    Decrease in same store NOI at share - cash basis $ (17,236 )   $ (15,330 )   $ (579 )   $ (1,327 )   $  
                       
    % decrease in same store NOI at share - cash basis (6.3 )%   (6.4 )%   (3.7 )%   (7.3 )%     0.0 %

     





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    Vornado Announces First Quarter 2024 Financial Results NEW YORK, May 06, 2024 (GLOBE NEWSWIRE) - Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended March 31, 2024 Financial Results NET LOSS attributable to common shareholders for the quarter ended March 31, 2024 was $9,034,000, …