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Vornado Announces Fourth Quarter 2024 Financial Results
VNOVornado(VNO) Newsfilter·2025-02-10 21:30

Financial Performance - Vornado Realty Trust reported a net income attributable to common shareholders of 1,203,000,or1,203,000, or 0.01 per diluted share for Q4 2024, a significant recovery from a net loss of 61,013,000,or61,013,000, or 0.32 per diluted share in Q4 2023 [1] - For the year ended December 31, 2024, net income attributable to common shareholders was 8,275,000,or8,275,000, or 0.04 per diluted share, down from 43,378,000,or43,378,000, or 0.23 per diluted share in 2023 [3] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q4 2024 was 117,085,000,or117,085,000, or 0.58 per diluted share, compared to 121,105,000,or121,105,000, or 0.62 per diluted share in Q4 2023 [2] - For the year ended December 31, 2024, FFO was 470,021,000,or470,021,000, or 2.37 per diluted share, down from 503,792,000,or503,792,000, or 2.59 per diluted share in 2023 [4] Dispositions - The sale of 666 Fifth Avenue to UNIQLO for 350,000,000wascompletedonJanuary8,2025,withnetproceedsof350,000,000 was completed on January 8, 2025, with net proceeds of 342,000,000 and a financial statement gain of approximately 76,000,000expectedtoberecognizedinQ12025[7]−During2024,twocondominiumunitsat220CentralParkSouthweresoldfornetproceedsof76,000,000 expected to be recognized in Q1 2025 [7] - During 2024, two condominium units at 220 Central Park South were sold for net proceeds of 31,605,000, resulting in a financial statement net gain of 15,175,000[8]AcquisitionsandInvestments−OnAugust6,2024,thecompanypurchaseda15,175,000 [8] Acquisitions and Investments - On August 6, 2024, the company purchased a 50,000,000 B-Note secured by a Midtown Manhattan property, which is currently in default [12] Financing Activity - The company repaid 450,000,000inseniorunsecurednotesonJanuary15,2025[13]−Ajointventurecompleteda450,000,000 in senior unsecured notes on January 15, 2025 [13] - A joint venture completed a 400,000,000 refinancing of 640 Fifth Avenue, maturing in July 2029, with a fixed interest rate of 7.47% [16] Leasing Activity - For the three months ended December 31, 2024, total square feet leased in New York was 583,000, with an initial rent of 87.48persquarefoot[24]−Theweightedaverageleasetermforofficespacewas5.0years,withapercentageincreaseincashbasisinitialrentof6.087.48 per square foot [24] - The weighted average lease term for office space was 5.0 years, with a percentage increase in cash basis initial rent of 6.0% compared to the prior year [24] Occupancy and Net Operating Income (NOI) - As of December 31, 2024, total occupancy was 87.6% in New York, with a same-store NOI decrease of 4.5% for Q4 2024 compared to Q4 2023 [28] - For the year ended December 31, 2024, total NOI at share was 1,099,752,000, down from 1,143,213,000in2023[32]BalanceSheet−AsofDecember31,2024,totalassetswere1,143,213,000 in 2023 [32] Balance Sheet - As of December 31, 2024, total assets were 15,998,608,000, a decrease from 16,187,665,000in2023[41]−Totalliabilitieswere16,187,665,000 in 2023 [41] - Total liabilities were 9,826,739,000, with a slight decrease from $9,843,931,000 in the previous year [41]