Vornado Realty Trust (NYSE:VNOPRJCL.PFD)
$ 25.29 (0%) Market Cap: - Enterprise Value: 11.30 Bil PE Ratio: 77.40 PB Ratio: 1.87 GF Score: 68/100
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Q4 2024 Vornado Realty Trust and Alexander's Inc Earnings Call Transcript

Feb 11, 2025 / 03:00PM GMT

Key Points

Positve
  • Vornado Realty Trust (VNO) reported a significant increase in stock price, up 49% in 2024 following a 35% increase in 2023.
  • The company successfully leased 3.4 million square feet in 2024, with 2.65 million square feet in New York offices at market-leading rents.
  • Vornado Realty Trust (VNO) completed several high-profile deals, including three of the top 10 largest office deals in New York.
  • The company repaid $450 million in unsecured bonds, demonstrating strong financial management.
  • Vornado Realty Trust (VNO) is on track to generate an additional $1 billion in cash from upcoming transactions, including asset sales and refinancing.
Negative
  • Comparable FFO was down from 2023, primarily due to lower NOI from known move-outs and higher net interest expenses.
  • The company anticipates 2025 earnings to be slightly lower than 2024 due to lease termination income that positively impacted 2024.
  • Office occupancy is expected to temporarily decrease with PENN 2 being placed into service.
  • Short-term interest rates are expected to remain high, impacting borrowing costs.
  • The company faces challenges in the broader office market, with limited new supply due to high construction costs and interest rates.
Operator

Good morning, and welcome to the Vornado Realty Trust fourth-quarter 2024 earnings conference call. My name is Betsy, and I will be your operator for today's call. This call is being recorded for replay purposes. (Operator Instructions)

I will now turn the call over to Mr. Steve Borenstein, Executive Vice President and Corporate Counsel. Please go ahead.

Steven Borenstein
Vornado Realty Trust - Senior Vice President and Corporate Counsel

Welcome to Vornado Realty Trust's fourth-quarter earnings call. Yesterday afternoon, we issued our fourth quarter earnings release and filed our annual report on Form 10-K with the Securities and Exchange Commission. These documents as well as our supplemental financial information package are available on our website, www.vno.com, under the Investor Relations section. In these documents and during today's call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in

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