NEW YORK , Oct. 31, 2022 (GLOBE NEWSWIRE) — Vornado Realty Trust (NYSE: VNO) reported right now:
Quarter Ended September 30, 2022 Financial Results
NET INCOME attributable to widespread shareholders for the quarter ended September 30, 2022 was $7,769,000, or $0.04 per diluted share, in comparison with $37,689,000, or $0.20 per diluted share, for the prior yr’s quarter. Adjusting for the objects that impression period-to-period comparability listed within the desk on the next web page, web revenue attributable to widespread shareholders, as adjusted (non-GAAP) for the quarter ended September 30, 2022 was $37,429,000, or $0.19 per diluted share, and $25,926,000, or $0.14 per diluted share for the quarter ended September 30, 2021.
FUNDS FROM OPERATIONS (“FFO”) attributable to widespread shareholders plus assumed conversions (non-GAAP) for the quarter ended September 30, 2022 was $152,461,000, or $0.79 per diluted share, in comparison with $158,286,000, or $0.82 per diluted share, for the prior yr’s quarter. Adjusting for the objects that impression period-to-period comparability listed within the desk on web page 3, FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended September 30, 2022 was $157,350,000, or $0.81 per diluted share, and $136,213,000, or $0.71 per diluted share for the quarter ended September 30, 2021.
Nine Months Ended September 30, 2022 Financial Results
NET INCOME attributable to widespread shareholders for the 9 months ended September 30, 2022 was $84,665,000, or $0.44 per diluted share, in comparison with $89,817,000, or $0.47 per diluted share, for the 9 months ended September 30, 2021. Adjusting for the objects that impression period-to-period comparability listed within the desk on the next web page, web revenue attributable to widespread shareholders, as adjusted (non-GAAP) for the 9 months ended September 30, 2022 was $106,652,000, or $0.56 per diluted share, and $65,176,000, or $0.34 per diluted share, for the 9 months ended September 30, 2021.
FFO attributable to widespread shareholders plus assumed conversions (non-GAAP) for the 9 months ended September 30, 2022 was $462,463,000, or $2.39 per diluted share, in comparison with $430,057,000, or $2.24 per diluted share, for the 9 months ended September 30, 2021. Adjusting for the objects that impression period-to-period comparability listed within the desk on web page 3, FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) for the 9 months ended September 30, 2022 was $469,851,000, or $2.43 per diluted share, and $393,733,000, or $2.05 per diluted share, for the 9 months ended September 30, 2021.
The following desk reconciles web revenue attributable to widespread shareholders to web revenue attributable to widespread shareholders, as adjusted (non-GAAP):
| (Amounts in 1000’s, besides per share quantities) | For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net revenue attributable to widespread shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | |||||||
| Per diluted share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||
| Certain expense (revenue) objects that impression web revenue attributable to widespread shareholders: | |||||||||||||||
| Hotel Pennsylvania loss | $ | 26,613 | $ | 6,492 | $ | 44,473 | $ | 20,474 | |||||||
| Deferred tax legal responsibility on our funding in Farley Office and Retail (held by a taxable REIT subsidiary) | 3,776 | 1,688 | 10,183 | 1,688 | |||||||||||
| Tax profit acknowledged by our taxable REIT subsidiaries | — | (27,910 | ) | — | (27,910 | ) | |||||||||
| After-tax web achieve on sale of 220 Central Park South (“220 CPS”) condominium unit(s) and ancillary facilities | — | (8,815 | ) | (6,085 | ) | (31,023 | ) | ||||||||
| Net achieve on sale of the Center Building (33-00 Northern Boulevard, Long Island City, NY) | — | — | (15,213 | ) | — | ||||||||||
| Refund of New York City switch taxes associated to the April 2019 switch to Fifth Avenue and Times Square JV | — | — | (13,613 | ) | — | ||||||||||
| Other | 1,477 | 15,664 | 4,137 | 10,090 | |||||||||||
| 31,866 | (12,881 | ) | 23,882 | (26,681 | ) | ||||||||||
| Noncontrolling pursuits’ share of above changes | (2,206 | ) | 1,118 | (1,895 | ) | 2,040 | |||||||||
| Total of sure expense (revenue) objects that impression web revenue attributable to widespread shareholders | $ | 29,660 | $ | (11,763 | ) | $ | 21,987 | $ | (24,641 | ) | |||||
| Per diluted share (non-GAAP) | $ | 0.15 | $ | (0.06 | ) | $ | 0.12 | $ | (0.13 | ) | |||||
| Net revenue attributable to widespread shareholders, as adjusted (non-GAAP) | $ | 37,429 | $ | 25,926 | $ | 106,652 | $ | 65,176 | |||||||
| Per diluted share (non-GAAP) | $ | 0.19 | $ | 0.14 | $ | 0.56 | $ | 0.34 | |||||||
The following desk reconciles FFO attributable to widespread shareholders plus assumed conversions (non-GAAP) to FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP):
| (Amounts in 1000’s, besides per share quantities) | For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| FFO attributable to widespread shareholders plus assumed conversions (non-GAAP) | $ | 152,461 | $ | 158,286 | $ | 462,463 | $ | 430,057 | |||||||
| Per diluted share (non-GAAP) | $ | 0.79 | $ | 0.82 | $ | 2.39 | $ | 2.24 | |||||||
| Certain expense (revenue) objects that impression FFO attributable to widespread shareholders plus assumed conversions: | |||||||||||||||
| Deferred tax legal responsibility on our funding in Farley Office and Retail (held by a taxable REIT subsidiary) | $ | 3,776 | $ | 1,688 | $ | 10,183 | $ | 1,688 | |||||||
| Tax profit acknowledged by our taxable REIT subsidiaries | — | (27,910 | ) | — | (27,910 | ) | |||||||||
| After-tax web achieve on sale of 220 CPS condominium unit(s) and ancillary facilities | — | (8,815 | ) | (6,085 | ) | (31,023 | ) | ||||||||
| Other | 1,477 | 11,394 | 3,840 | 18,698 | |||||||||||
| 5,253 | (23,643 | ) | 7,938 | (38,547 | ) | ||||||||||
| Noncontrolling pursuits’ share of above changes | (364 | ) | 1,570 | (550 | ) | 2,223 | |||||||||
| Total of sure expense (revenue) objects that impression FFO attributable to widespread shareholders plus assumed conversions, web | $ | 4,889 | $ | (22,073 | ) | $ | 7,388 | $ | (36,324 | ) | |||||
| Per diluted share (non-GAAP) | $ | 0.02 | $ | (0.11 | ) | $ | 0.04 | $ | (0.19 | ) | |||||
| FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 157,350 | $ | 136,213 | $ | 469,851 | $ | 393,733 | |||||||
| Per diluted share (non-GAAP) | $ | 0.81 | $ | 0.71 | $ | 2.43 | $ | 2.05 | |||||||
FFO, as Adjusted Bridge – Q3 2022 vs. Q3 2021
The following desk bridges our FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2021 to FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2022:
| (Amounts in tens of millions, besides per share quantities) | FFO, as Adjusted | ||||||
| Amount | Per Share | ||||||
| FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2021 | $ | 136.2 | $ | 0.71 | |||
| Increase (lower) in FFO, as adjusted as a result of: | |||||||
| Prior interval accrual changes recorded within the third quarter of every yr associated to adjustments within the tax-assessed worth of theMART | 22.8 | ||||||
| Increase in curiosity expense, web of improve in curiosity revenue | (22.5 | ) | |||||
| Rent graduation and different tenant associated objects | 15.6 | ||||||
| Variable companies (primarily signage and commerce reveals) | 9.5 | ||||||
| Straight-line impression of PENN 1 2023 estimated floor lease reset | (5.8 | ) | |||||
| Other, web | 2.6 | ||||||
| 22.2 | |||||||
| Noncontrolling pursuits’ share of above objects | (1.0 | ) | |||||
| Net improve | 21.2 | 0.10 | |||||
| FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended September 30, 2022 | $ | 157.4 | $ | 0.81 | |||
See web page 11 for a reconciliation of web revenue attributable to widespread shareholders to FFO attributable to widespread shareholders plus assumed conversions (non-GAAP) for the three and 9 months ended September 30, 2022 and 2021. Reconciliations of FFO attributable to widespread shareholders plus assumed conversions to FFO attributable to widespread shareholders plus assumed conversions, as adjusted are offered above.
Dispositions:
220 CPS
During the 9 months ended September 30, 2022, we closed on the sale of 1 condominium unit and ancillary facilities at 220 CPS for web proceeds of $16,124,000 leading to a monetary assertion web achieve of $7,030,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of revenue. In reference to these gross sales, $945,000 of revenue tax expense was acknowledged on our consolidated statements of revenue. From inception to September 30, 2022, we have now closed on the sale of 107 models and ancillary facilities for web proceeds of $3,023,020,000 leading to monetary assertion web good points of $1,124,285,000.
SoHo Properties
On January 13, 2022, we bought two Manhattan retail properties situated at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized web proceeds of $81,399,000. In reference to the sale, we acknowledged a web achieve of $551,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of revenue.
Center Building (33-00 Northern Boulevard)
On June 17, 2022, we bought the Center Building, an eight-story 498,000 sq. foot workplace constructing situated at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We realized web proceeds of $58,946,000 after reimbursement of the prevailing $100,000,000 mortgage mortgage and shutting prices. In reference to the sale, we acknowledged a web achieve of $15,213,000 which is included in “net gains on disposition of wholly owned and partially owned assets” on our consolidated statements of revenue. The achieve for tax functions was roughly $74,000,000.
40 Fulton Street
On August 17, 2022, we entered into an settlement to promote 40 Fulton Street, a 251,000 sq. foot Manhattan workplace and retail constructing, for $102,000,000. We count on to shut the sale within the fourth quarter of 2022 and acknowledge a web achieve of roughly $33,000,000 after closing prices. The sale is topic to customary closing situations. As of September 30, 2022, the $64,177,000 carrying worth of the property was categorized as held-for-sale and is included in “other assets” on our consolidated stability sheets.
Financings:
100 West thirty third Street
On June 15, 2022, we accomplished a $480,000,000 refinancing of 100 West thirty third Street, a 1.1 million sq. foot constructing comprised of 859,000 sq. ft of workplace house and 255,000 sq. ft of retail house. The interest-only mortgage bears a fee of SOFR plus 1.65% (4.64% as of September 30, 2022) by March 2024, rising to SOFR plus 1.85% thereafter. The rate of interest on the mortgage was swapped to a hard and fast fee of 5.06% by March 2024, and 5.26% by June 2027. The mortgage matures in June 2027, with two one-year extension choices topic to debt service protection ratio and loan-to-value assessments. The mortgage replaces the earlier $580,000,000 mortgage that bore curiosity at LIBOR plus 1.55% and was scheduled to mature in April 2024.
770 Broadway
On June 28, 2022, we accomplished a $700,000,000 refinancing of 770 Broadway, a 1.2 million sq. foot Class A Manhattan workplace constructing. The interest-only mortgage bears a fee of SOFR plus 2.25% (4.93% as of September 30, 2022) and matures in July 2024 with three one-year extension choices (July 2027 as totally prolonged). The rate of interest on the mortgage was swapped to a hard and fast fee of 4.98% by July 2027. The mortgage replaces the earlier $700,000,000 mortgage that bore curiosity at SOFR plus 1.86% and was scheduled to mature in July 2022.
Financings – continued:
Unsecured Revolving Credit Facility
On June 30, 2022, we amended and prolonged one in every of our two revolving credit score amenities. The $1.25 billion amended facility bears curiosity at a fee of SOFR plus 1.15% (4.18% as of September 30, 2022). The time period of the power was prolonged from March 2024 to December 2027, as totally prolonged. The facility payment is 25 foundation factors. On August 16, 2022, the rate of interest on the $575,000,000 drawn on the power was swapped to a hard and fast rate of interest of three.88% by August 2027. Our different $1.25 billion revolving credit score facility matures in April 2026, as totally prolonged, and bears a fee of SOFR plus 1.19% with a facility payment of 25 foundation factors.
Unsecured Term Loan
On June 30, 2022, we prolonged our $800,000,000 unsecured time period mortgage from February 2024 to December 2027. The prolonged mortgage bears curiosity at a fee of SOFR plus 1.30% (4.33% as of September 30, 2022) and is presently swapped to a hard and fast fee of 4.05%.
330 West thirty fourth Street land proprietor three way partnership
On August 18, 2022, the three way partnership that owns the payment curiosity within the 330 West thirty fourth Street land, by which we have now a 34.8% curiosity, accomplished a $100,000,000 refinancing. The interest-only mortgage bears curiosity at a hard and fast fee of 4.55% and matures in September 2032. In reference to the refinancing, we realized web proceeds of $10,500,000. The mortgage replaces the earlier $50,150,000 mortgage that bore curiosity at a hard and fast fee of 5.71%.
Interest Rate Hedging Activities
During the 9 months ended September 30, 2022, we entered into $2.0 billion of rate of interest swap preparations and prolonged a $500,000,000 rate of interest swap association, decreasing our variable fee debt at share as a share of our whole debt at share to 27% from 47% (excluding our participation within the 150 West thirty fourth Street mortgage mortgage). The publicity to LIBOR/SOFR index will increase on our $2.8 billion of unswapped variable fee debt is partially mitigated over the subsequent yr by $2.0 billion of rate of interest caps and by a rise in curiosity revenue on our money, money equivalents, restricted money and investments in U.S. Treasury payments. For additional element on our rate of interest swap and cap preparations, see web page 33 of our Supplemental Operating and Financial Data bundle for the quarter ended September 30, 2022.
The desk under presents the rate of interest swap preparations entered into in the course of the 9 months ended September 30, 2022.
| (Amounts in 1000’s) | Notional Amount | All-In Swapped Rate | Swap Expiration Date | Variable Rate Spread | |||||
| 770 Broadway mortgage mortgage | $ | 700,000 | 4.98% | 07/27 | S+225 | ||||
| Unsecured revolving credit score facility | 575,000 | 3.88% | 08/27 | S+115 | |||||
| Unsecured time period mortgage(1) | 50,000 | 4.04% | 08/27 | S+130 | |||||
| Unsecured time period mortgage (efficient 10/23) | 500,000 | 4.39% | 10/26 | S+130 | |||||
| 100 West thirty third Street mortgage mortgage | 480,000 | 5.06% | 06/27 | S+165 | |||||
| 888 Seventh Avenue mortgage mortgage(2) | 200,000 | 4.66% | 09/27 | L+170 | |||||
____________________
| (1) | Together with the prevailing $750,000 rate of interest swap association expiring October 2023, the $800,000 unsecured time period mortgage stability presently bears curiosity at a hard and fast fee of 4.05%. | |
| (2) | The remaining $83,200 amortizing mortgage mortgage stability bears curiosity at a floating fee of LIBOR plus 1.70%. |
Leasing Activity:
The leasing exercise and associated statistics under are primarily based on leases signed in the course of the interval and aren’t supposed to coincide with the graduation of rental income in accordance with GAAP. Second technology relet house represents sq. footage that has not been vacant for greater than 9 months and tenant enhancements and leasing commissions are primarily based on our share of sq. ft leased in the course of the interval.
For the Three Months Ended September 30, 2022
- 167,000 sq. ft of New York Office house (140,000 sq. ft at share) at an preliminary lease of $88.99 per sq. foot and a weighted common lease time period of 5.8 years. The adjustments within the GAAP and money mark-to-market lease on the 101,000 sq. ft of second technology house have been constructive 7.2% and constructive 1.8%, respectively. Tenant enhancements and leasing commissions have been $16.21 per sq. foot every year, or 18.2% of preliminary lease.
- 62,000 sq. ft of New York Retail house (57,000 sq. ft at share) at an preliminary lease of $242.89 per sq. foot and a weighted common lease time period of 10.5 years. The adjustments within the GAAP and money mark-to-market lease on the 36,000 sq. ft of second technology house have been adverse 55.8% and adverse 49.3%, respectively. Tenant enhancements and leasing commissions have been $17.96 per sq. foot every year, or 7.4% of preliminary lease.
- 67,000 sq. ft at theMART (all at share) at an preliminary lease of $52.20 per sq. foot and a weighted common lease time period of seven.3 years. The adjustments within the GAAP and money mark-to-market lease on the 38,000 sq. ft of second technology house have been adverse 3.1% and adverse 7.4%, respectively. Tenant enhancements and leasing commissions have been $11.64 per sq. foot every year, or 22.3% of preliminary lease.
- 154,000 sq. ft at 555 California (108,000 sq. ft at share) at an preliminary lease of $98.20 per sq. foot and a weighted common lease time period of 5.6 years. The adjustments within the GAAP and money mark-to-market lease on the 101,000 sq. ft of second technology house have been constructive 16.0% and constructive 11.9%, respectively. Tenant enhancements and leasing commissions have been $4.73 per sq. foot every year, or 4.8% of preliminary lease.
For the Nine Months Ended September 30, 2022
- 740,000 sq. ft of New York Office house (607,000 sq. ft at share) at an preliminary lease of $84.49 per sq. foot and a weighted common lease time period of 9.2 years. The adjustments within the GAAP and money mark-to-market lease on the 362,000 sq. ft of second technology house have been constructive 6.2% and constructive 3.9%, respectively. Tenant enhancements and leasing commissions have been $12.09 per sq. foot every year, or 14.3% of preliminary lease.
- 90,000 sq. ft of New York Retail house (85,000 sq. ft at share) at an preliminary lease of $262.88 per sq. foot and a weighted common lease time period of 11.6 years. The adjustments within the GAAP and money mark-to-market lease on the 42,000 sq. ft of second technology house have been adverse 38.3% and adverse 34.2%, respectively. Tenant enhancements and leasing commissions have been $21.82 per sq. foot every year, or 8.3% of preliminary lease.
- 275,000 sq. ft at theMART (all at share) at an preliminary lease of $51.78 per sq. foot and a weighted common lease time period of seven.2 years. The adjustments within the GAAP and money mark-to-market lease on the 221,000 sq. ft of second technology house have been adverse 4.5% and adverse 4.6%, respectively. Tenant enhancements and leasing commissions have been $10.88 per sq. foot every year, or 21.0% of preliminary lease.
- 210,000 sq. ft at 555 California (147,000 sq. ft at share) at an preliminary lease of $96.40 per sq. foot and a weighted common lease time period of 5.9 years. The adjustments within the GAAP and money mark-to-market lease on the 135,000 sq. ft of second technology house have been constructive 24.3% and constructive 13.6%, respectively. Tenant enhancements and leasing commissions have been $7.15 per sq. foot every year, or 7.4% of preliminary lease.
Same Store Net Operating Income (“NOI”) At Share:
Below is the proportion improve (lower) in similar retailer NOI at share and similar retailer NOI at share – money foundation of our New York phase, theMART and 555 California Street.
| Total | New York | theMART(2) | 555 California Street | ||||||||
| Same retailer NOI at share % improve (lower)(1): | |||||||||||
| Three months ended September 30, 2022 in comparison with September 30, 2021 | 11.7 | % | (0.8 | )% | 456.2 | % | 1.3 | % | |||
| Nine months ended September 30, 2022 in comparison with September 30, 2021 | 7.4 | % | 3.0 | % | 76.1 | % | 3.5 | % | |||
| Three months ended September 30, 2022 in comparison with June 30, 2022 | 2.8 | % | (3.5 | )% | 79.3 | % | (3.8 | )% | |||
| Same retailer NOI at share – money foundation % improve (lower)(1): | |||||||||||
| Three months ended September 30, 2022 in comparison with September 30, 2021 | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | |||
| Nine months ended September 30, 2022 in comparison with September 30, 2021 | 9.4 | % | 4.6 | % | 71.3 | % | 12.2 | % | |||
| Three months ended September 30, 2022 in comparison with June 30, 2022 | 4.0 | % | (2.1 | )% | 70.7 | % | 0.4 | % | |||
____________________
| (1) | See pages 13 by 18 for similar retailer NOI at share and similar retailer NOI at share – money foundation reconciliations. | |
| (2) | Primarily as a result of (i) prior interval accrual changes recorded within the third quarter of every yr associated to adjustments within the tax-assessed worth of theMART and (ii) a rise in tradeshow exercise within the third quarter of 2022. |
NOI At Share:
The parts of our New York and Other NOI at share for the three and 9 months ended September 30, 2022 and 2021 and the three months ended June 30, 2022 are summarized under.
| (Amounts in 1000’s) | For the Three Months Ended | For the Nine Months Ended September 30, |
|||||||||||||||||
| September 30, | June 30, 2022 | ||||||||||||||||||
| 2022 |
2021 |
2022 |
2021 | ||||||||||||||||
| NOI at share: | |||||||||||||||||||
| New York: | |||||||||||||||||||
| Office(1) | $ | 174,790 | $ | 166,553 | $ | 182,042 | $ | 534,641 | $ | 497,238 | |||||||||
| Retail | 52,127 | 49,083 | 51,438 | 155,670 | 124,998 | ||||||||||||||
| Residential | 4,598 | 4,194 | 5,250 | 14,622 | 12,889 | ||||||||||||||
| Alexander’s | 9,639 | 9,009 | 9,362 | 27,980 | 28,567 | ||||||||||||||
| Hotel Pennsylvania(2) | — | — | — | — | (12,677 | ) | |||||||||||||
| Total New York | 241,154 | 228,839 | 248,092 | 732,913 | 651,015 | ||||||||||||||
| Other: | |||||||||||||||||||
| theMART(3) | 35,769 | 6,431 | 19,947 | 75,630 | 42,950 | ||||||||||||||
| 555 California Street | 16,092 | 16,128 | 16,724 | 49,051 | 48,230 | ||||||||||||||
| Other investments | 4,074 | 3,873 | 4,183 | 12,699 | 12,751 | ||||||||||||||
| Total Other | 55,935 | 26,432 | 40,854 | 137,380 | 103,931 | ||||||||||||||
| NOI at share | $ | 297,089 | $ | 255,271 | $ | 288,946 | $ | 870,293 | $ | 754,946 | |||||||||
_______________________
See notes under.
NOI At Share – Cash Basis:
The parts of our New York and Other NOI at share – money foundation for the three and 9 months ended September 30, 2022 and 2021 and the three months ended June 30, 2022 are summarized under.
| (Amounts in 1000’s) | For the Three Months Ended | For the Nine Months Ended September 30, |
|||||||||||||||||
| September 30, | June 30, 2022 | ||||||||||||||||||
| 2022 |
2021 |
2022 |
2021 | ||||||||||||||||
| NOI at share – money foundation: | |||||||||||||||||||
| New York: | |||||||||||||||||||
| Office(1) | $ | 174,606 | $ | 170,521 | $ | 180,326 | $ | 532,759 | $ | 504,939 | |||||||||
| Retail | 48,096 | 45,175 | 47,189 | 142,678 | 116,265 | ||||||||||||||
| Residential | 4,556 | 4,136 | 4,309 | 13,554 | 11,898 | ||||||||||||||
| Alexander’s | 10,434 | 9,790 | 10,079 | 30,296 | 30,987 | ||||||||||||||
| Hotel Pennsylvania(2) | — | — | — | — | (12,723 | ) | |||||||||||||
| Total New York | 237,692 | 229,622 | 241,903 | 719,287 | 651,366 | ||||||||||||||
| Other: | |||||||||||||||||||
| theMART(3) | 36,772 | 8,635 | 21,541 | 78,749 | 45,976 | ||||||||||||||
| 555 California Street | 16,926 | 14,745 | 16,855 | 50,141 | 45,552 | ||||||||||||||
| Other investments | 4,280 | 4,191 | 4,372 | 13,292 | 13,622 | ||||||||||||||
| Total Other | 57,978 | 27,571 | 42,768 | 142,182 | 105,150 | ||||||||||||||
| NOI at share – money foundation | $ | 295,670 | $ | 257,193 | $ | 284,671 | $ | 861,469 | $ | 756,516 | |||||||||
______________________
| (1) | Includes Building Maintenance Services NOI of $7,043, $6,879, $6,468, $19,293 and $19,426, respectively, for the three months ended September 30, 2022 and 2021 and June 30, 2022 and the 9 months ended September 30, 2022 and 2021. | |
| (2) | On April 5, 2021, we completely closed the Hotel Pennsylvania. Beginning within the third quarter of 2021, we commenced capitalization of carrying prices in reference to our improvement of the longer term PENN 15 (previously Hotel Pennsylvania) web site. | |
| (3) | Increase primarily as a result of (i) prior interval accrual changes recorded within the third quarter of every yr associated to adjustments within the tax-assessed worth of theMART and (ii) a rise in tradeshow exercise within the third quarter of 2022. |
PENN District – Active Development/Redevelopment Summary as of September 30, 2022
| (Amounts in 1000’s of {dollars}, besides sq. ft) | |||||||||||||||||||
| Property Rentable Sq. Ft. |
Cash Amount Expended |
Remaining Expenditures | Stabilization Year | Projected Incremental Cash Yield |
|||||||||||||||
| Active PENN District Projects | Segment | Budget(1) | |||||||||||||||||
| Farley (95% curiosity) | New York | 846,000 | 1,120,000 | (2) | 1,069,131 | (2) | 50,869 | 2022 | 6.4% | ||||||||||
| PENN 2 – as expanded | New York | 1,795,000 | 750,000 | 330,303 | 419,697 | 2025 | 9.0% | ||||||||||||
| PENN 1 (together with LIRR Concourse Retail)(3) | New York | 2,546,000 | 450,000 | 354,828 | 95,172 | N/A | 12.2% | (3)(4) | |||||||||||
| Districtwide Improvements | New York | N/A | 100,000 | 40,843 | 59,157 | N/A | N/A | ||||||||||||
| Total Active PENN District Projects | 2,420,000 | 1,795,105 | 624,895 | 8.0% | |||||||||||||||
________________________________
| (1) | Excluding debt and fairness carry. | |
| (2) | Net of 154,000 of historic tax credit score investor contributions, of which 88,000 has been funded so far (at our 95% share). | |
| (3) | Property is floor leased by 2098, as totally prolonged. Fair market worth resets happen in 2023, 2048 and 2073. The 12.2% projected return is earlier than the bottom lease reset in 2023, which can be materials. | |
| (4) | Projected to be achieved as pre-redevelopment leases roll; approximate common remaining lease time period 3.6 years. |
There might be no assurance that the above initiatives shall be accomplished, accomplished on schedule or inside price range. In addition, there might be no assurance that the Company shall be profitable in leasing the properties on the anticipated schedule or on the assumed rental charges.
Conference Call and Audio Webcast
As beforehand introduced, the Company will host a quarterly earnings convention name and an audio webcast on Tuesday, November 1, 2022 at 10:00 a.m. Eastern Time (ET). The convention name might be accessed by dialing 866-374-5140 (home) or 404-400-0571 (worldwide) and getting into the passcode 86795136. A reside webcast of the convention name shall be out there on Vornado’s web site at www.vno.com within the Investor Relations part and a web-based playback of the webcast shall be out there on the web site following the convention name.
Contact
Thomas J. Sanelli
(212) 894-7000
Supplemental Data
Further particulars relating to outcomes of operations, properties and tenants might be accessed on the Company’s web site www.vno.com. Vornado Realty Trust is a completely – built-in fairness actual property funding belief.
Certain statements contained herein could represent “forward-looking statements” throughout the which means of the Private Securities Litigation Reform Act of 1995. Forward-looking statements aren’t ensures of efficiency. They symbolize our intentions, plans, expectations and beliefs and are topic to quite a few assumptions, dangers and uncertainties. Our future outcomes, monetary situation and business could differ materially from these expressed in these forward-looking statements. You can discover many of those statements by on the lookout for phrases reminiscent of “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or different comparable expressions on this press launch. We additionally be aware the next forward-looking statements: within the case of our improvement and redevelopment initiatives, the estimated completion date, estimated venture price, projected incremental money yield, stabilization date and value to finish; and estimates of future capital expenditures, dividends to widespread and most popular shareholders and working partnership distributions. For a dialogue of things that might materially have an effect on the end result of our forward-looking statements and our future outcomes and monetary situation, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-Ok for the yr ended December 31, 2021. Currently, a number of the elements are the continuing adversarial impact of the COVID-19 pandemic, the rise in rates of interest and inflation on our business, monetary situation, outcomes of operations, money flows, working efficiency and the impact that these elements have had and will proceed to have on our tenants, the worldwide, nationwide, regional and native economies and monetary markets and the true property market usually. The extent of the impression of the COVID-19 pandemic will proceed to rely on future developments, together with vaccination charges among the many inhabitants, the efficacy and sturdiness of vaccines in opposition to rising variants, and governmental and tenant responses thereto, which proceed to be unsure however the impression may very well be materials. Moreover, you’re cautioned that the COVID-19 pandemic will heighten lots of the dangers recognized in “Item 1A. Risk Factors” in Part I of our Annual Report on Form 10-Ok for the yr ended December 31, 2021.
VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
| (Amounts in 1000’s) | As of | Increase (Decrease) |
||||||||||
| September 30, 2022 | December 31, 2021 | |||||||||||
| ASSETS | ||||||||||||
| Real property, at price: | ||||||||||||
| Land | $ | 2,477,956 | $ | 2,540,193 | $ | (62,237 | ) | |||||
| Buildings and enhancements | 10,015,452 | 9,839,166 | 176,286 | |||||||||
| Development prices and development in progress | 802,272 | 718,694 | 83,578 | |||||||||
| Leasehold enhancements and gear | 122,948 | 119,792 | 3,156 | |||||||||
| Total | 13,418,628 | 13,217,845 | 200,783 | |||||||||
| Less amassed depreciation and amortization | (3,606,986 | ) | (3,376,347 | ) | (230,639 | ) | ||||||
| Real property, web | 9,811,642 | 9,841,498 | (29,856 | ) | ||||||||
| Right-of-use belongings | 685,298 | 337,197 | 348,101 | (1) | ||||||||
| Cash, money equivalents, restricted money and investments in U.S. Treasury payments: | ||||||||||||
| Cash and money equivalents | 845,423 | 1,760,225 | (914,802 | ) | ||||||||
| Restricted money | 131,625 | 170,126 | (38,501 | ) | ||||||||
| Investments in U.S. Treasury payments | 445,165 | — | 445,165 | |||||||||
| Total | 1,422,213 | 1,930,351 | (508,138 | ) | ||||||||
| Tenant and different receivables | 81,004 | 79,661 | 1,343 | |||||||||
| Investments in partially owned entities | 3,250,197 | 3,297,389 | (47,192 | ) | ||||||||
| Real property fund investments | 930 | 7,730 | (6,800 | ) | ||||||||
| 220 CPS condominium models prepared on the market | 78,590 | 57,142 | 21,448 | |||||||||
| Receivable arising from the straight-lining of rents | 692,733 | 656,318 | 36,415 | |||||||||
| Deferred leasing prices, web | 380,221 | 391,693 | (11,472 | ) | ||||||||
| Identified intangible belongings, web | 142,116 | 154,895 | (12,779 | ) | ||||||||
| Other belongings | 630,730 | 512,714 | 118,016 | |||||||||
| Total belongings | $ | 17,175,674 | $ | 17,266,588 | $ | (90,914 | ) | |||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||
| Liabilities: | ||||||||||||
| Mortgages payable, web | $ | 5,831,769 | $ | 6,053,343 | $ | (221,574 | ) | |||||
| Senior unsecured notes, web | 1,191,322 | 1,189,792 | 1,530 | |||||||||
| Unsecured time period mortgage, web | 792,847 | 797,812 | (4,965 | ) | ||||||||
| Unsecured revolving credit score amenities | 575,000 | 575,000 | — | |||||||||
| Lease liabilities | 731,674 | 370,206 | 361,468 | (1) | ||||||||
| Accounts payable and accrued bills | 475,151 | 613,497 | (138,346 | ) | ||||||||
| Deferred income | 41,879 | 48,118 | (6,239 | ) | ||||||||
| Deferred compensation plan | 95,681 | 110,174 | (14,493 | ) | ||||||||
| Other liabilities | 265,775 | 304,725 | (38,950 | ) | ||||||||
| Total liabilities | 10,001,098 | 10,062,667 | (61,569 | ) | ||||||||
| Redeemable noncontrolling pursuits | 483,302 | 688,683 | (205,381 | ) | ||||||||
| Shareholders’ fairness | 6,438,046 | 6,236,346 | 201,700 | |||||||||
| Noncontrolling pursuits in consolidated subsidiaries | 253,228 | 278,892 | (25,664 | ) | ||||||||
| Total liabilities, redeemable noncontrolling pursuits and fairness | $ | 17,175,674 | $ | 17,266,588 | $ | (90,914 | ) | |||||
____________________________________________________________
| (1) | In January 2022, we exercised a 25-year renewal choice on our PENN 1 floor lease extending the time period by June 2073. As a results of the train, we remeasured the associated floor lease legal responsibility to incorporate the 25-year extension choice and recorded an estimated incremental right-of-use asset and lease legal responsibility of roughly $350,000. |
VORNADO REALTY TRUST
OPERATING RESULTS
| (Amounts in 1000’s, besides per share quantities) | For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenues | $ | 457,431 | $ | 409,212 | $ | 1,353,055 | $ | 1,168,130 | |||||||
| Net revenue | $ | 20,112 | $ | 71,765 | $ | 142,390 | $ | 175,590 | |||||||
| Less web loss (revenue) attributable to noncontrolling pursuits in: | |||||||||||||||
| Consolidated subsidiaries | 3,792 | (5,425 | ) | (4,756 | ) | (20,323 | ) | ||||||||
| Operating Partnership | (606 | ) | (2,818 | ) | (6,382 | ) | (6,683 | ) | |||||||
| Net revenue attributable to Vornado | 23,298 | 63,522 | 131,252 | 148,584 | |||||||||||
| Preferred share dividends | (15,529 | ) | (16,800 | ) | (46,587 | ) | (49,734 | ) | |||||||
| Series Ok most popular share issuance prices | — | (9,033 | ) | — | (9,033 | ) | |||||||||
| Net revenue attributable to widespread shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | |||||||
| Income per widespread share – primary: | |||||||||||||||
| Net revenue per widespread share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||
| Weighted common shares excellent | 191,793 | 191,577 | 191,756 | 191,508 | |||||||||||
| Income per widespread share – diluted: | |||||||||||||||
| Net revenue per widespread share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||
| Weighted common shares excellent | 192,018 | 192,041 | 192,042 | 192,151 | |||||||||||
| FFO attributable to widespread shareholders plus assumed conversions (non-GAAP) | $ | 152,461 | $ | 158,286 | $ | 462,463 | $ | 430,057 | |||||||
| Per diluted share (non-GAAP) | $ | 0.79 | $ | 0.82 | $ | 2.39 | $ | 2.24 | |||||||
| FFO attributable to widespread shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 157,350 | $ | 136,213 | $ | 469,851 | $ | 393,733 | |||||||
| Per diluted share (non-GAAP) | $ | 0.81 | $ | 0.71 | $ | 2.43 | $ | 2.05 | |||||||
| Weighted common shares utilized in figuring out FFO attributable to widespread shareholders plus assumed conversions per diluted share | 193,808 | 192,067 | 193,429 | 192,177 | |||||||||||
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 web revenue or loss adjusted to exclude web good points from gross sales of sure actual property belongings, actual property impairment losses, depreciation and amortization expense from actual property belongings and different specified objects, together with the professional rata share of such changes of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP monetary measures utilized by administration, traders and analysts to facilitate significant comparisons of working efficiency between durations and amongst our friends as a result of they exclude the impact of actual property depreciation and amortization and web good points on gross sales, that are primarily based on historic prices and implicitly assume that the worth of actual property diminishes predictably over time, relatively than fluctuating primarily based on present market situations. The Company additionally makes use of FFO attributable to widespread shareholders plus assumed conversions, as adjusted for sure objects that impression the comparability of interval to interval FFO, as one in every of a number of standards to find out performance-based compensation for members of its senior administration. FFO doesn’t symbolize money generated from working actions and isn’t essentially indicative of money out there to fund money necessities and shouldn’t be thought-about as an alternative choice to web revenue as a efficiency measure or money circulate as a liquidity measure. FFO is probably not corresponding to equally titled measures employed by different firms. In addition to FFO attributable to widespread shareholders plus assumed conversions, we additionally disclose FFO attributable to widespread shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we imagine it offers a significant presentation of working efficiency. Reconciliations of web revenue attributable to widespread shareholders to FFO attributable to widespread shareholders plus assumed conversions are offered on the next web page. Reconciliations of FFO attributable to widespread shareholders plus assumed conversions to FFO attributable to widespread shareholders plus assumed conversions, as adjusted are offered on web page 3 of this press launch.
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS
The following desk reconciles web revenue attributable to widespread shareholders to FFO attributable to widespread shareholders plus assumed conversions:
| (Amounts in 1000’s, besides per share quantities) | For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Net revenue attributable to widespread shareholders | $ | 7,769 | $ | 37,689 | $ | 84,665 | $ | 89,817 | |||||||
| Per diluted share | $ | 0.04 | $ | 0.20 | $ | 0.44 | $ | 0.47 | |||||||
| FFO changes: | |||||||||||||||
| Depreciation and amortization of actual property | $ | 122,438 | $ | 86,180 | $ | 335,020 | $ | 256,295 | |||||||
| Real property impairment losses | — | 7,880 | — | 7,880 | |||||||||||
| Net achieve on sale of actual property | — | — | (28,354 | ) | — | ||||||||||
| Proportionate share of changes to fairness in web revenue of partially owned entities to reach at FFO: | |||||||||||||||
| Depreciation and amortization of actual property | 32,584 | 35,125 | 98,404 | 104,829 | |||||||||||
| Net loss (achieve) on sale of actual property | 6 | — | (169 | ) | (3,052 | ) | |||||||||
| Decrease (improve) in truthful worth of marketable securities | — | 287 | — | (1,118 | ) | ||||||||||
| 155,028 | 129,472 | 404,901 | 364,834 | ||||||||||||
| Noncontrolling pursuits’ share of above changes | (10,731 | ) | (8,886 | ) | (28,018 | ) | (24,627 | ) | |||||||
| FFO changes, web | $ | 144,297 | $ | 120,586 | $ | 376,883 | $ | 340,207 | |||||||
| FFO attributable to widespread shareholders | $ | 152,066 | $ | 158,275 | $ | 461,548 | $ | 430,024 | |||||||
| Impact of assumed conversion of dilutive convertible securities | 395 | 11 | 915 | 33 | |||||||||||
| FFO attributable to widespread shareholders plus assumed conversions | $ | 152,461 | $ | 158,286 | $ | 462,463 | $ | 430,057 | |||||||
| Per diluted share | $ | 0.79 | $ | 0.82 | $ | 2.39 | $ | 2.24 | |||||||
| Reconciliation of weighted common shares excellent: | |||||||||||||||
| Weighted common widespread shares excellent | 191,793 | 191,577 | 191,756 | 191,508 | |||||||||||
| Effect of dilutive securities: | |||||||||||||||
| Convertible securities | 1,790 | (1) | 26 | 1,407 | (1) | 26 | |||||||||
| Share-based fee awards | 225 | 464 | 266 | 643 | |||||||||||
| Denominator for FFO per diluted share | 193,808 | 192,067 | 193,429 | 192,177 | |||||||||||
______________________
| (1) | On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to incorporate our Series D-13 cumulative redeemable most popular models and Series G-1 by G-4 convertible most popular models in our dilutive earnings per share calculations, if the impact is dilutive. |
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS – CONTINUED
Below is a reconciliation of web revenue to NOI at share and NOI at share – money foundation for the three and 9 months ended September 30, 2022 and 2021 and the three months ended June 30, 2022.
| For the Three Months Ended | For the Nine Months Ended September 30, |
||||||||||||||||||
| (Amounts in 1000’s) | September 30, | June 30, 2022 | |||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||
| Net revenue | $ | 20,112 | $ | 71,765 | $ | 68,903 | $ | 142,390 | $ | 175,590 | |||||||||
| Depreciation and amortization expense | 134,526 | 100,867 | 118,662 | 370,631 | 285,998 | ||||||||||||||
| General and administrative expense | 29,174 | 25,553 | 31,902 | 102,292 | 100,341 | ||||||||||||||
| Transaction associated prices and different | 996 | 9,681 | 2,960 | 4,961 | 10,630 | ||||||||||||||
| Income from partially owned entities | (24,341 | ) | (26,269 | ) | (25,720 | ) | (83,775 | ) | (86,768 | ) | |||||||||
| Loss (revenue) from actual property fund investments | 111 | 66 | 142 | (5,421 | ) | (5,107 | ) | ||||||||||||
| Interest and different funding revenue, web | (5,228 | ) | (633 | ) | (3,036 | ) | (9,282 | ) | (3,694 | ) | |||||||||
| Interest and debt expense | 76,774 | 50,946 | 62,640 | 191,523 | 152,904 | ||||||||||||||
| Net good points on disposition of wholly owned and partially owned belongings | — | (10,087 | ) | (28,832 | ) | (35,384 | ) | (35,811 | ) | ||||||||||
| Income tax expense (profit) | 3,711 | (25,376 | ) | 3,564 | 14,686 | (20,551 | ) | ||||||||||||
| NOI from partially owned entities | 76,020 | 75,644 | 74,060 | 228,772 | 231,635 | ||||||||||||||
| NOI attributable to noncontrolling pursuits in consolidated subsidiaries | (14,766 | ) | (16,886 | ) | (16,299 | ) | (51,100 | ) | (50,221 | ) | |||||||||
| NOI at share | 297,089 | 255,271 | 288,946 | 870,293 | 754,946 | ||||||||||||||
| Non-cash changes for straight-line rents, amortization of acquired below-market leases, web and different | (1,419 | ) | 1,922 | (4,275 | ) | (8,824 | ) | 1,570 | |||||||||||
| NOI at share – money foundation | $ | 295,670 | $ | 257,193 | $ | 284,671 | $ | 861,469 | $ | 756,516 | |||||||||
NOI at share represents whole revenues much less working bills together with our share of partially owned entities. NOI at share – money foundation represents NOI at share adjusted to exclude straight-line rental revenue and expense, amortization of acquired under and above market leases, web and different non-cash changes. We think about NOI at share – money foundation to be the first non-GAAP monetary measure for making choices and assessing the unlevered efficiency of our segments because it pertains to the overall return on belongings versus the levered return on fairness. As properties are purchased and bought primarily based on NOI at share – money foundation, we make the most of this measure to make funding choices in addition to to check the efficiency of our belongings to that of our friends. NOI at share and NOI at share – money foundation shouldn’t be thought-about alternate options to web revenue or money circulate from operations and is probably not corresponding to equally titled measures employed by different firms.
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS – CONTINUED
Same retailer NOI at share represents NOI at share from operations that are in service in each the present and prior yr reporting durations. Same retailer NOI at share – money foundation is similar retailer NOI at share adjusted to exclude straight-line rental revenue and expense, amortization of acquired under and above market leases, web and different non-cash changes. We current these non-GAAP measures to (i) facilitate significant comparisons of the operational efficiency of our properties and segments, (ii) make choices on whether or not to purchase, promote or refinance properties, and (iii) examine the efficiency of our properties and segments to these of our friends. Same retailer NOI at share and similar retailer NOI at share – money foundation shouldn’t be thought-about alternate options to web revenue or money circulate from operations and is probably not corresponding to equally titled measures employed by different firms.
Below are reconciliations of NOI at share to similar retailer NOI at share for our New York phase, theMART, 555 California Street and different investments for the three months ended September 30, 2022 in comparison with September 30, 2021.
| (Amounts in 1000’s) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
| NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | |||||||||
| Less NOI at share from: | |||||||||||||||||||
| Change in possession curiosity in One Park Avenue | (2,106 | ) | (2,106 | ) | — | — | — | ||||||||||||
| Dispositions | (88 | ) | (88 | ) | — | — | — | ||||||||||||
| Development properties | (22,914 | ) | (22,914 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (6,149 | ) | (2,075 | ) | — | — | (4,074 | ) | |||||||||||
| Same retailer NOI at share for the three months ended September 30, 2022 | $ | 265,832 | $ | 213,971 | $ | 35,769 | $ | 16,092 | $ | — | |||||||||
| NOI at share for the three months ended September 30, 2021 | $ | 255,271 | $ | 228,839 | $ | 6,431 | $ | 16,128 | $ | 3,873 | |||||||||
| Less NOI at share from: | |||||||||||||||||||
| Dispositions | (2,754 | ) | (2,754 | ) | — | — | — | ||||||||||||
| Development properties | (6,302 | ) | (6,055 | ) | — | (247 | ) | — | |||||||||||
| Other non-same retailer revenue, web | (8,198 | ) | (4,325 | ) | — | — | (3,873 | ) | |||||||||||
| Same retailer NOI at share for the three months ended September 30, 2021 | $ | 238,017 | $ | 215,705 | $ | 6,431 | $ | 15,881 | $ | — | |||||||||
| Increase (lower) in similar retailer NOI at share | $ | 27,815 | $ | (1,734 | ) | $ | 29,338 | $ | 211 | $ | — | ||||||||
| % improve (lower) in similar retailer NOI at share | 11.7 | % | (0.8 | )% | 456.2 | % | 1.3 | % | 0.0 | % | |||||||||
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS – CONTINUED
Below are reconciliations of NOI at share – money foundation to similar retailer NOI at share – money foundation for our New York phase, theMART, 555 California Street and different investments for the three months ended September 30, 2022 in comparison with September 30, 2021.
| (Amounts in 1000’s) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
| NOI at share – money foundation for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | |||||||||
| Less NOI at share – money foundation from: | |||||||||||||||||||
| Change in possession curiosity in One Park Avenue | (1,502 | ) | (1,502 | ) | — | — | — | ||||||||||||
| Dispositions | (88 | ) | (88 | ) | — | — | — | ||||||||||||
| Development properties | (15,796 | ) | (15,796 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (6,573 | ) | (2,293 | ) | — | — | (4,280 | ) | |||||||||||
| Same retailer NOI at share – money foundation for the three months ended September 30, 2022 | $ | 271,711 | $ | 218,013 | $ | 36,772 | $ | 16,926 | $ | — | |||||||||
| NOI at share – money foundation for the three months ended September 30, 2021 | $ | 257,193 | $ | 229,622 | $ | 8,635 | $ | 14,745 | $ | 4,191 | |||||||||
| Less NOI at share – money foundation from: | |||||||||||||||||||
| Dispositions | (3,436 | ) | (3,436 | ) | — | — | — | ||||||||||||
| Development properties | (6,852 | ) | (6,605 | ) | — | (247 | ) | — | |||||||||||
| Other non-same retailer revenue, web | (8,064 | ) | (3,873 | ) | — | — | (4,191 | ) | |||||||||||
| Same retailer NOI at share – money foundation for the three months ended September 30, 2021 | $ | 238,841 | $ | 215,708 | $ | 8,635 | $ | 14,498 | $ | — | |||||||||
| Increase in similar retailer NOI at share – money foundation | $ | 32,870 | $ | 2,305 | $ | 28,137 | $ | 2,428 | $ | — | |||||||||
| % improve in similar retailer NOI at share – money foundation | 13.8 | % | 1.1 | % | 325.8 | % | 16.7 | % | 0.0 | % | |||||||||
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS – CONTINUED
Below are reconciliations of NOI at share to similar retailer NOI at share for our New York phase, theMART, 555 California Street and different investments for the 9 months ended September 30, 2022 in comparison with September 30, 2021.
| (Amounts in 1000’s) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
| NOI at share for the 9 months ended September 30, 2022 | $ | 870,293 | $ | 732,913 | $ | 75,630 | $ | 49,051 | $ | 12,699 | |||||||||
| Less NOI at share from: | |||||||||||||||||||
| Change in possession curiosity in One Park Avenue | (13,370 | ) | (13,370 | ) | — | — | — | ||||||||||||
| Dispositions | (3,523 | ) | (3,523 | ) | — | — | — | ||||||||||||
| Development properties | (65,440 | ) | (65,440 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (17,910 | ) | (5,211 | ) | — | — | (12,699 | ) | |||||||||||
| Same retailer NOI at share for the 9 months ended September 30, 2022 | $ | 770,050 | $ | 645,369 | $ | 75,630 | $ | 49,051 | $ | — | |||||||||
| NOI at share for the 9 months ended September 30, 2021 | $ | 754,946 | $ | 651,015 | $ | 42,950 | $ | 48,230 | $ | 12,751 | |||||||||
| Less NOI at share from: | |||||||||||||||||||
| Dispositions | (6,667 | ) | (6,667 | ) | — | — | — | ||||||||||||
| Development properties | (23,207 | ) | (22,359 | ) | — | (848 | ) | — | |||||||||||
| Hotel Pennsylvania (completely closed on April 5, 2021) | 12,677 | 12,677 | — | — | — | ||||||||||||||
| Other non-same retailer revenue, web | (20,991 | ) | (8,240 | ) | — | — | (12,751 | ) | |||||||||||
| Same retailer NOI at share for the 9 months ended September 30, 2021 | $ | 716,758 | $ | 626,426 | $ | 42,950 | $ | 47,382 | $ | — | |||||||||
| Increase in similar retailer NOI at share | $ | 53,292 | $ | 18,943 | $ | 32,680 | $ | 1,669 | $ | — | |||||||||
| % improve in similar retailer NOI at share | 7.4 | % | 3.0 | % | 76.1 | % | 3.5 | % | 0.0 | % | |||||||||
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS – CONTINUED
Below are reconciliations of NOI at share – money foundation to similar retailer NOI at share – money foundation for our New York phase, theMART, 555 California Street and different investments for the 9 months ended September 30, 2022 in comparison with September 30, 2021.
| (Amounts in 1000’s) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
| NOI at share – money foundation for the 9 months ended September 30, 2022 | $ | 861,469 | $ | 719,287 | $ | 78,749 | $ | 50,141 | $ | 13,292 | |||||||||
| Less NOI at share – money foundation from: | |||||||||||||||||||
| Change in possession curiosity in One Park Avenue | (10,111 | ) | (10,111 | ) | — | — | — | ||||||||||||
| Dispositions | (3,732 | ) | (3,732 | ) | — | — | — | ||||||||||||
| Development properties | (44,381 | ) | (44,381 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (19,478 | ) | (6,186 | ) | — | — | (13,292 | ) | |||||||||||
| Same retailer NOI at share – money foundation for the 9 months ended September 30, 2022 | $ | 783,767 | $ | 654,877 | $ | 78,749 | $ | 50,141 | $ | — | |||||||||
| NOI at share – money foundation for the 9 months ended September 30, 2021 | $ | 756,516 | $ | 651,366 | $ | 45,976 | $ | 45,552 | $ | 13,622 | |||||||||
| Less NOI at share – money foundation from: | |||||||||||||||||||
| Dispositions | (6,796 | ) | (6,796 | ) | — | — | — | ||||||||||||
| Development properties | (24,430 | ) | (23,582 | ) | — | (848 | ) | — | |||||||||||
| Hotel Pennsylvania (completely closed on April 5, 2021) | 12,723 | 12,723 | — | — | — | ||||||||||||||
| Other non-same retailer revenue, web | (21,310 | ) | (7,688 | ) | — | — | (13,622 | ) | |||||||||||
| Same retailer NOI at share – money foundation for the 9 months ended September 30, 2021 | $ | 716,703 | $ | 626,023 | $ | 45,976 | $ | 44,704 | $ | — | |||||||||
| Increase in similar retailer NOI at share – money foundation | $ | 67,064 | $ | 28,854 | $ | 32,773 | $ | 5,437 | $ | — | |||||||||
| % improve in similar retailer NOI at share – money foundation | 9.4 | % | 4.6 | % | 71.3 | % | 12.2 | % | 0.0 | % | |||||||||
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS – CONTINUED
Below are reconciliations of NOI at share to similar retailer NOI at share for our New York phase, theMART, 555 California Street and different investments for the three months ended September 30, 2022 in comparison with June 30, 2022.
| (Amounts in 1000’s) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
| NOI at share for the three months ended September 30, 2022 | $ | 297,089 | $ | 241,154 | $ | 35,769 | $ | 16,092 | $ | 4,074 | |||||||||
| Less NOI at share from: | |||||||||||||||||||
| Dispositions | (88 | ) | (88 | ) | — | — | — | ||||||||||||
| Development properties | (22,914 | ) | (22,914 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (5,250 | ) | (1,176 | ) | — | — | (4,074 | ) | |||||||||||
| Same retailer NOI at share for the three months ended September 30, 2022 | $ | 268,837 | $ | 216,976 | $ | 35,769 | $ | 16,092 | $ | — | |||||||||
| NOI at share for the three months ended June 30, 2022 | $ | 288,946 | $ | 248,092 | $ | 19,947 | $ | 16,724 | $ | 4,183 | |||||||||
| Less NOI at share from: | |||||||||||||||||||
| Dispositions | (1,628 | ) | (1,628 | ) | — | — | — | ||||||||||||
| Development properties | (21,667 | ) | (21,667 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (4,231 | ) | (48 | ) | — | — | (4,183 | ) | |||||||||||
| Same retailer NOI at share for the three months ended June 30, 2022 | $ | 261,420 | $ | 224,749 | $ | 19,947 | $ | 16,724 | $ | — | |||||||||
| Increase (lower) in similar retailer NOI at share | $ | 7,417 | $ | (7,773 | ) | $ | 15,822 | $ | (632 | ) | $ | — | |||||||
| % improve (lower) in similar retailer NOI at share | 2.8 | % | (3.5 | )% | 79.3 | % | (3.8 | )% | 0.0 | % | |||||||||
VORNADO REALTY TRUST
NON-GAAP RECONCILIATIONS – CONTINUED
Below are reconciliations of NOI at share – money foundation to similar retailer NOI at share – money foundation for our New York phase, theMART, 555 California Street and different investments for the three months ended September 30, 2022 in comparison with June 30, 2022.
| (Amounts in 1000’s) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
| NOI at share – money foundation for the three months ended September 30, 2022 | $ | 295,670 | $ | 237,692 | $ | 36,772 | $ | 16,926 | $ | 4,280 | |||||||||
| Less NOI at share – money foundation from: | |||||||||||||||||||
| Dispositions | (88 | ) | (88 | ) | — | — | — | ||||||||||||
| Development properties | (15,796 | ) | (15,796 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (5,665 | ) | (1,385 | ) | — | — | (4,280 | ) | |||||||||||
| Same retailer NOI at share – money foundation for the three months ended September 30, 2022 | $ | 274,121 | $ | 220,423 | $ | 36,772 | $ | 16,926 | $ | — | |||||||||
| NOI at share – money foundation for the three months ended June 30, 2022 | $ | 284,671 | $ | 241,903 | $ | 21,541 | $ | 16,855 | $ | 4,372 | |||||||||
| Less NOI at share – money foundation from: | |||||||||||||||||||
| Dispositions | (1,715 | ) | (1,715 | ) | — | — | — | ||||||||||||
| Development properties | (14,657 | ) | (14,657 | ) | — | — | — | ||||||||||||
| Other non-same retailer revenue, web | (4,715 | ) | (343 | ) | — | — | (4,372 | ) | |||||||||||
| Same retailer NOI at share – money foundation for the three months ended June 30, 2022 | $ | 263,584 | $ | 225,188 | $ | 21,541 | $ | 16,855 | $ | — | |||||||||
| Increase (lower) in similar retailer NOI at share – money foundation | $ | 10,537 | $ | (4,765 | ) | $ | 15,231 | $ | 71 | $ | — | ||||||||
| % improve (lower) in similar retailer NOI at share – money foundation | 4.0 | % | (2.1 | )% | 70.7 | % | 0.4 | % | 0.0 | % | |||||||||
