INDEX
BUSINESS DEVELOPMENTS
FINANCIAL INFORMATION Financial Highlights FFO, As Adjusted Bridge Consolidated Balance Sheets
Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment)
Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment) Same Store NOI at Share and Same Store NOI at Share - Cash Basis
DEVELOPMENT/REDEVELOPMENT - ACTIVE PROJECTS AND FUTURE OPPORTUNITIES LEASING ACTIVITY AND LEASE EXPIRATIONS
Leasing Activity
Lease Expirations
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS
UNCONSOLIDATED JOINT VENTURES
DEBT AND CAPITALIZATION
Capital Structure
Common Shares Data
Debt Analysis
Hedging Instruments
Consolidated Debt Maturities
PROPERTY STATISTICS
Top 30 Tenants
Square Footage
Occupancy and Residential Statistics
Ground Leases
Property Table
EXECUTIVE OFFICERS AND RESEARCH COVERAGE
APPENDIX: DEFINITIONS AND NON-GAAP RECONCILIATIONS
Definitions
Reconciliations
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this supplemental package. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. Currently, some of the factors are the increased interest rates and effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this supplemental package. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of this supplemental package. This supplemental package includes certain non-GAAP financial measures, which are accompanied by what Vornado Realty Trust and subsidiaries (the "Company") considers the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These include Funds From Operations ("FFO"), Funds Available for Distribution ("FAD"), Net Operating Income ("NOI") and Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre"). Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company's financial condition and results of operations, and, if applicable, the purposes for which management uses the measures, can be found in the Definitions section of this supplemental package on page i in the Appendix.
This supplemental package should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the Company's Supplemental Fixed Income Data package for the quarter ended March 31, 2024, both of which can be accessed at the Company's website www.vno.com.
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BUSINESS DEVELOPMENTS
Financing Activity
280 Park Avenue
On April 4, 2024, a joint venture, in which we have a 50% interest, amended and extended the $1,075,000,000 mortgage loan on 280 Park Avenue. The maturity date on the amended loan was extended to September 2026, with options to fully extend to September 2028, subject to certain conditions. The interest rate on the amended loan remains at SOFR plus 1.78%. Additionally, on April 4, 2024, the joint venture amended and extended the $125,000,000 mezzanine loan, and subsequently repaid the loan for $62,500,000.
435 Seventh Avenue
On April 9, 2024, we completed a $75,000,000 refinancing of 435 Seventh Avenue, of which $37,500,000 is recourse to the Operating Partnership. The interest-only loan bears a rate of SOFR plus 2.10% and matures in April 2028. The interest rate on the loan was swapped to a fixed rate of 6.96% through April 2026. The loan replaces the previous $95,696,000 fully recourse loan, which bore interest at SOFR plus 1.41%.
Unsecured Revolving Credit Facility
On May 3, 2024, we extended one of our two unsecured revolving credit facilities to April 2029 (as fully extended). The new $915,000,000 facility replaces the existing $1.25 billion facility that was due to mature in April 2026. The new facility currently bears interest at a rate of SOFR plus 1.20% with a facility fee of 25 basis points. Our $1.25 billion revolving credit facility matures in December 2027 (as fully extended) and has an interest rate of SOFR plus 1.14% and a facility fee of 25 basis points.
Interest Rate Swap and Cap Arrangements
We entered into the following interest rate swap and cap arrangements during the three months ended March 31, 2024. See page 23 for further information on our interest rate swap and cap arrangements:
(Amounts in thousands) | Notional Amount | All-In Swapped | Expiration Date | Variable Rate | ||||
Interest rate swaps: | (at share) | Rate | Spread | |||||
PENN 11(1) | $ | 250,000 | 6.21% | 10/25 | S+206 | |||
Index Strike Rate | ||||||||
Interest rate caps: | ||||||||
61 Ninth Avenue (45.1% interest) | $ | 75,543 | 4.39% | 01/26 | S+146 |
____________________
- Together with the existing $250,000 swap arrangement on the $500,000 PENN 11 mortgage loan, the loan will bear interest at an all-in swapped rate of 6.28% through October 2025.
Dispositions
On April 12, 2024, we closed on the sale of two condominium units at 220 Central Park South ("220 CPS") for net proceeds of $31,605,000; four units remain unsold.
Alexander's
On May 3, 2024, Alexander's, Inc. ("Alexander's"), in which we own a 32.4% common equity interest, and Bloomberg L.P. reached an agreement to extend the leases covering approximately 947,000 square feet at 731 Lexington Avenue that were scheduled to expire in February 2029 for a term of eleven years to February 2040.
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FINANCIAL HIGHLIGHTS (unaudited)
(Amounts in thousands, except per share amounts) | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2024 | 2023 | December 31, 2023 | ||||||
Total revenues | $ | 436,375 | $ | 445,923 | $ | 441,886 | ||
Net (loss) income attributable to common shareholders | $ | (9,034) | $ | 5,168 | $ | (61,013) | ||
Per common share: | ||||||||
Basic | $ | (0.05) | $ | 0.03 | $ | (0.32) | ||
Diluted | $ | (0.05) | $ | 0.03 | $ | (0.32) | ||
FFO attributable to common shareholders plus assumed conversions, as adjusted | $ | 108,847 | $ | 116,288 | $ | 123,751 | ||
(non-GAAP) | ||||||||
Per diluted share (non-GAAP) | $ | 0.55 | $ | 0.60 | $ | 0.63 | ||
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 104,129 | $ | 119,083 | $ | 121,105 | ||
FFO - Operating Partnership ("OP") basis (non-GAAP) | $ | 113,485 | $ | 128,229 | $ | 131,871 | ||
Per diluted share (non-GAAP) | $ | 0.53 | $ | 0.61 | $ | 0.62 | ||
Dividends per common share | $ | - (1) | $ | 0.375 | $ | 0.30 | ||
FFO payout ratio (based on FFO attributable to common shareholders plus assumed conversions, as adjusted) | N/A | (1) | 62.5 % | 47.6 % | ||||
FAD payout ratio | N/A | (1) | 85.2 % | 75.0 % | ||||
Weighted average VNO common shares outstanding | 190,429 | 191,874 | 190,364 | |||||
Redeemable Class A units and LTIP Unit awards | 17,174 | 14,789 | 16,976 | |||||
Weighted average VRLP Class A units outstanding | 207,603 | 206,663 | 207,340 | |||||
Dilutive share based payment awards | 4,204 | 71 | 2,857 | |||||
Redeemable preferred units - common share equivalents | 1,875 | 2,470 | 2,104 | |||||
Weighted average VRLP Class A units outstanding - diluted | 213,682 | 209,204 | 212,301 | |||||
________________________________
-
We anticipate that we will pay a common share dividend for 2024 in the fourth quarter, subject to approval by our Board of Trustees.
Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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FFO, AS ADJUSTED BRIDGE - Q1 2024 VS. Q1 2023 (unaudited)
(Amounts in millions, except per share amounts) | FFO, as Adjusted | ||||
Amount | Per Share | ||||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months March 31, 2023 | $ | 116.3 | $ | 0.60 | |
(Decrease) increase in FFO, as adjusted due to: | |||||
Lease expirations, rent commencement, and other tenant related items | (4.5) | ||||
Change in interest expense, net of interest income | (3.9) | ||||
Reduced general and administrative expense (primarily stock compensation) | 3.6 | ||||
Other, net | (1.9) | ||||
(6.7) | |||||
Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities | (0.8) | ||||
Net decrease | (7.5) | (0.05) | |||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2024 | $ | 108.8 | $ | 0.55 | |
Please refer to the Appendix for reconciliations of GAAP to non-GAAP measures.
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CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands)
As of | Increase | |||||||
March 31, 2024 | December 31, 2023 | (Decrease) | ||||||
ASSETS | ||||||||
Real estate, at cost: | ||||||||
Land | $ | 2,436,221 | $ | 2,436,221 | $ | - | ||
Buildings and improvements | 10,017,573 | 9,952,954 | 64,619 | |||||
Development costs and construction in progress | 1,322,810 | 1,281,076 | 41,734 | |||||
Leasehold improvements and equipment | 131,762 | 130,953 | 809 | |||||
Total | 13,908,366 | 13,801,204 | 107,162 | |||||
Less accumulated depreciation and amortization | (3,837,679) | (3,752,827) | (84,852) | |||||
Real estate, net | 10,070,687 | 10,048,377 | 22,310 | |||||
Right-of-use assets | 678,951 | 680,044 | (1,093) | |||||
Cash, cash equivalents, and restricted cash | ||||||||
Cash and cash equivalents | 892,652 | 997,002 | (104,350) | |||||
Restricted cash | 256,268 | 264,582 | (8,314) | |||||
Total | 1,148,920 | 1,261,584 | (112,664) | |||||
Tenant and other receivables | 76,627 | 69,543 | 7,084 | |||||
Investments in partially owned entities | 2,599,134 | 2,610,558 | (11,424) | |||||
220 CPS condominium units ready for sale | 36,578 | 35,941 | 637 | |||||
Receivable arising from the straight-lining of rents | 706,280 | 701,666 | 4,614 | |||||
Deferred leasing costs, net | 355,790 | 355,010 | 780 | |||||
Identified intangible assets, net | 124,887 | 127,082 | (2,195) | |||||
Other assets | 409,311 | 297,860 | 111,451 | |||||
Total assets | $ | 16,207,165 | $ | 16,187,665 | $ | 19,500 | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||
Liabilities: | ||||||||
Mortgages payable, net | $ | 5,690,639 | $ | 5,688,020 | $ | 2,619 | ||
Senior unsecured notes, net | 1,194,383 | 1,193,873 | 510 | |||||
Unsecured term loan, net | 794,906 | 794,559 | 347 | |||||
Unsecured revolving credit facilities | 575,000 | 575,000 | - | |||||
Lease liabilities | 737,500 | 732,859 | 4,641 | |||||
Accounts payable and accrued expenses | 388,988 | 411,044 | (22,056) | |||||
Deferred revenue | 30,877 | 32,199 | (1,322) | |||||
Deferred compensation plan | 108,919 | 105,245 | 3,674 | |||||
Other liabilities | 308,643 | 311,132 | (2,489) | |||||
Total liabilities | 9,829,855 | 9,843,931 | (14,076) | |||||
Redeemable noncontrolling interests | 643,142 | 638,448 | 4,694 | |||||
Shareholders' equity | 5,539,087 | 5,509,064 | 30,023 | |||||
Noncontrolling interests in consolidated subsidiaries | 195,081 | 196,222 | (1,141) | |||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 16,207,165 | $ | 16,187,665 | $ | 19,500 | ||
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CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited)
(Amounts in thousands) | |||||||||||
For the Three Months Ended | |||||||||||
March 31, | |||||||||||
Property rentals(1) | 2024 | 2023 | Variance | December 31, 2023 | |||||||
$ | 337,376 | $ | 343,152 | $ | (5,776) | $ | 340,539 | ||||
Tenant expense reimbursements(1) | 46,638 | 56,095 | (9,457) | 45,730 | |||||||
Amortization of acquired below-market leases, net | 693 | 1,367 | (674) | 1,185 | |||||||
Straight-lining of rents | 4,571 | (3,821) | 8,392 | 4,038 | |||||||
Total rental revenues | 389,278 | 396,793 | (7,515) | 391,492 | |||||||
Fee and other income: | |||||||||||
Building Maintenance Services ("BMS") cleaning fees | 35,780 | 35,328 | 452 | 36,035 | |||||||
Management and leasing fees | 2,611 | 3,049 | (438) | 3,070 | |||||||
Other income | 8,706 | 10,753 | (2,047) | 11,289 | |||||||
Total revenues | 436,375 | 445,923 | (9,548) | 441,886 | |||||||
Operating expenses | (226,224) | (228,773) | 2,549 | (219,925) | |||||||
Depreciation and amortization | (108,659) | (106,565) | (2,094) | (110,197) | |||||||
General and administrative | (37,897) | (41,595) | 3,698 | (46,040) | |||||||
Expense from deferred compensation plan liability | (4,520) | (3,728) | (792) | (4,621) | |||||||
Transaction related costs, impairment losses and other | (653) | (658) | 5 | (49,190) | |||||||
Total expenses | (377,953) | (381,319) | 3,366 | (429,973) | |||||||
Income (loss) from partially owned entities | 16,279 | 16,666 | (387) | (33,518) | |||||||
Interest and other investment income, net | 11,724 | 9,584 | 2,140 | 5,833 | |||||||
Income from deferred compensation plan assets | 4,520 | 3,728 | 792 | 4,621 | |||||||
Interest and debt expense | (90,478) | (86,237) | (4,241) | (87,695) | |||||||
Net gains on disposition of wholly owned and partially owned assets | - | 7,520 | (7,520) | 6,607 | |||||||
Income (loss) before income taxes | 467 | 15,865 | (15,398) | (92,239) | |||||||
Income tax expense | (6,740) | (4,667) | (2,073) | (8,374) | |||||||
Net (loss) income | (6,273) | 11,198 | (17,471) | (100,613) | |||||||
Less net loss (income) attributable to noncontrolling interests in: | |||||||||||
Consolidated subsidiaries | 11,982 | 9,928 | 2,054 | 49,717 | |||||||
Operating Partnership | 786 | (429) | 1,215 | 5,412 | |||||||
Net income (loss) attributable to Vornado | 6,495 | 20,697 | (14,202) | (45,484) | |||||||
Preferred share dividends | (15,529) | (15,529) | - | (15,529) | |||||||
Net (loss) income attributable to common shareholders | $ | (9,034) | $ | 5,168 | $ | (14,202) | $ | (61,013) | |||
Capitalized expenditures: | |||||||||||
Development payroll | $ | 2,499 | $ | 2,849 | $ | (350) | $ | 2,416 | |||
Interest and debt expense | 12,564 | 8,857 | 3,707 | 13,051 |
________________________________
- "Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.
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NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited)
(Amounts in thousands)
For the Three Months Ended March 31, 2024
Property rentals(1) | Total | New York | Other | |||||
$ | 337,376 | $ | 269,362 | $ | 68,014 | |||
Tenant expense reimbursements(1) | 46,638 | 36,856 | 9,782 | |||||
Amortization of acquired below-market leases, net | 693 | 524 | 169 | |||||
Straight-lining of rents | 4,571 | 4,993 | (422) | |||||
Total rental revenues | 389,278 | 311,735 | 77,543 | |||||
Fee and other income: | ||||||||
BMS cleaning fees | 35,780 | 38,640 | (2,860) | |||||
Management and leasing fees | 2,611 | 2,712 | (101) | |||||
Other income | 8,706 | 5,147 | 3,559 | |||||
Total revenues | 436,375 | 358,234 | 78,141 | |||||
Operating expenses | (226,224) | (188,278) | (37,946) | |||||
Depreciation and amortization | (108,659) | (85,599) | (23,060) | |||||
General and administrative | (37,897) | (13,208) | (24,689) | |||||
Expense from deferred compensation plan liability | (4,520) | - | (4,520) | |||||
Transaction related costs and other | (653) | - | (653) | |||||
Total expenses | (377,953) | (287,085) | (90,868) | |||||
Income from partially owned entities | 16,279 | 15,231 | 1,048 | |||||
Interest and other investment income, net | 11,724 | 4,006 | 7,718 | |||||
Income from deferred compensation plan assets | 4,520 | - | 4,520 | |||||
Interest and debt expense | (90,478) | (38,087) | (52,391) | |||||
Income (loss) before income taxes | 467 | 52,299 | (51,832) | |||||
Income tax expense | (6,740) | (1,464) | (5,276) | |||||
Net (loss) income | (6,273) | 50,835 | (57,108) | |||||
Less net loss attributable to noncontrolling interests in consolidated subsidiaries | 11,982 | 9,082 | 2,900 | |||||
Net income (loss) attributable to Vornado Realty L.P. | 5,709 | $ | 59,917 | $ | (54,208) | |||
Less net loss attributable to noncontrolling interests in the Operating Partnership | 815 | |||||||
Preferred unit distributions | (15,558) | |||||||
Net loss attributable to common shareholders | $ | (9,034) | ||||||
For the three months ended March 31, 2023 | ||||||||
Net income (loss) attributable to Vornado Realty L.P. | $ | 21,126 | $ | 63,245 | $ | (42,119) | ||
Net income attributable to common shareholders | ||||||||
$ | 5,168 | |||||||
________________________________
- "Property rentals" and "tenant expense reimbursements" represent non-GAAP financial measures which are reconciled above to "rental revenues" the most directly comparable financial measure calculated in accordance with GAAP.
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NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Three Months Ended March 31, 2024 | ||||||||
Total | New York | Other | ||||||
Total revenues | $ | 436,375 | $ | 358,234 | $ | 78,141 | ||
Operating expenses | (226,224) | (188,278) | (37,946) | |||||
NOI - consolidated | 210,151 | 169,956 | 40,195 | |||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,396) | (4,536) | (6,860) | |||||
Add: Our share of NOI from partially owned entities | 70,369 | 67,709 | 2,660 | |||||
NOI at share | 269,124 | 233,129 | 35,995 | |||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | (1,511) | (2,335) | 824 | |||||
NOI at share - cash basis | $ | 267,613 | $ | 230,794 | $ | 36,819 | ||
For the Three Months Ended March 31, 2023 | ||||||||
Total | New York | Other | ||||||
Total revenues | $ | 445,923 | $ | 363,814 | $ | 82,109 | ||
Operating expenses | (228,773) | (188,321) | (40,452) | |||||
NOI - consolidated | 217,150 | 175,493 | 41,657 | |||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (11,764) | (4,823) | (6,941) | |||||
Add: Our share of NOI from partially owned entities | 68,097 | 65,324 | 2,773 | |||||
NOI at share | 273,483 | 235,994 | 37,489 | |||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 5,052 | 5,033 | 19 | |||||
NOI at share - cash basis | $ | 278,535 | $ | 241,027 | $ | 37,508 | ||
For the Three Months Ended December 31, 2023 | ||||||||
Total | New York | Other | ||||||
Total revenues | $ | 441,886 | $ | 361,105 | $ | 80,781 | ||
Operating expenses | (219,925) | (182,600) | (37,325) | |||||
NOI - consolidated | 221,961 | 178,505 | 43,456 | |||||
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries | (9,684) | (3,323) | (6,361) | |||||
Add: Our share of NOI from partially owned entities | 74,819 | 72,393 | 2,426 | |||||
NOI at share | 287,096 | 247,575 | 39,521 | |||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other | 121 | (1,146) | 1,267 | |||||
NOI at share - cash basis | $ | 287,217 | $ | 246,429 | $ | 40,788 | ||
________________________________
See Appendix page vi for details of NOI at share components.
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NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS BY SEGMENT AND SUBSEGMENT (NON-GAAP) (unaudited)
(Amounts in thousands)
For the Three Months Ended | ||||||||
March 31, | ||||||||
2024 | 2023 | December 31, 2023 | ||||||
NOI at share: | ||||||||
New York: | ||||||||
Office(1) | $ | 167,988 | $ | 174,270 | $ | 182,769 | ||
Retail | 47,466 | 47,196 | 47,378 | |||||
Residential | 5,968 | 5,458 | 5,415 | |||||
Alexander's | 11,707 | 9,070 | 12,013 | |||||
Total New York | 233,129 | 235,994 | 247,575 | |||||
Other: | ||||||||
THE MART | 14,486 | 15,409 | 14,516 | |||||
555 California Street | 16,529 | 16,929 | 18,125 | |||||
Other investments | 4,980 | 5,151 | 6,880 | |||||
Total Other | 35,995 | 37,489 | 39,521 | |||||
NOI at share | $ | 269,124 | $ | 273,483 | $ | 287,096 | ||
NOI at share - cash basis: | ||||||||
New York: | ||||||||
Office(1) | $ | 166,370 | $ | 182,081 | $ | 183,742 | ||
Retail | 43,873 | 44,034 | 46,491 | |||||
Residential | 5,690 | 5,051 | 5,137 | |||||
Alexander's | 14,861 | 9,861 | 11,059 | |||||
Total New York | 230,794 | 241,027 | 246,429 | |||||
Other: | ||||||||
THE MART | 14,949 | 14,675 | 15,511 | |||||
555 California Street | 16,938 | 17,718 | 18,265 | |||||
Other investments | 4,932 | 5,115 | 7,012 | |||||
Total Other | 36,819 | 37,508 | 40,788 | |||||
NOI at share - cash basis | $ | 267,613 | $ | 278,535 | $ | 287,217 | ||
________________________________
- Includes BMS NOI of $7,217, $6,289 and $6,424, respectively, for the three months ended March 31, 2024 and 2023 and December 31, 2023.
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Vornado Realty Trust published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 20:44:01 UTC.