Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — NAREIT 2015
13 slides from Vornado Realty Trust's conference presentation, Nov 17, 2015
Slide 1: NAREIT 2015 Vornado Realty Trust
NAREIT 2015 VORNADO REALTY TRUST
Slide 2: Forward Looking Statements
This investor presentation contains certain statements that 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 fut
Slide 3: Company snapshot
Focused Strategy We have a focused strategy of owning and operating premier assets in Manhattan office, Manhattan street retail and Washington, DC office Premier Assets We own the best quality assets in the key locations in two of the best markets, Manhattan and Washington, DC, that are highly sough
Slide 4: Simplification: exited multiple business lines and non-core investments
Exited multiple business lines and non-core investments - $8.6 billion of transactions Sold $4.6 billion of real estate assets in 60 transactions with a net gain of $1.3 billion Spun off strip shopping centers into Urban Edge Properties, a $3.6 billion transaction Sold down the Mart business, retain
Slide 5: Deep and experienced management team – executive management
Deep and experienced management team – executive management 5
Slide 6: We make the big deals
New York Office: Macy’s – 639,000 SF Amazon – 470,000 SF Neuberger Berman – 402,000 SF IPG – 390,000 SF J Crew – 380,000 SF AMC Networks – 324,000 SF Madison Square Garden – 312,000 SF Facebook – 276,000 SF Information Builders – 209,000 SF Bloomberg L.P. – 189,000 SF New York & Company – 178,000 SF
Slide 7: Acquisitions/growth
Asset 666 Fifth Avenue Retail 707.0 St. Regis Retail condo (75%) 525.0 Independence Plaza (50.1%) 423.3 150 West 34th Street (Old Navy) 355.0 655 Fifth Avenue (92.5%) (Ferragamo) 278.0 650 Madison Avenue (20.1%) 260.0 Marriott Times Square Retail & Signage 240.0 260 Eleventh Avenue 190.0 Center Buil
Slide 8: Big Discount to NAV
Big Discount to NAV $119.75 Green Street NAV versus $95.00 stock price, a 21% discount Adjustments: Retail included in office ($400 million of NAV) Retail EBITDA from recent leases/acquisitions ($1,560 million of NAV) theMart valuation - $1,300 million versus $1,800 million Washington to 95% occupan
Slide 9: New York portfolio
Number of Properties Square Feet (in millions) EBITDA (in millions) YE TTM 2014 9/30/15 Office 36 18.7 620.0 652.5 Retail 66 3.0 305.6 353.8 Hotel 1 1.1 30.5 25.9 Residential 3 1.3 22.0 21.4 Total 75 24.1 978.1 1,053.6 Includes our share of Alexander’s and Vornado Capital Partners Does not add becau
Slide 10: Washington, DC portfolio
Total 17.2 M SF 1.0 M SF 13.4 M SF 2.8 M SF Number of Properties Square Feet (in millions) EBITDA (in millions) YE TTM 2014 9/30/15 Office 63 14.5 279.9 278.1 Residential 7 2.4 41.6 39.9 Hotel 1 0.3 4.7 4.8 Total 71 17.2 326.2 322.8 93 properties totaling 24.5 million square feet including third par
Slide 11: Non-GAAP financial measures
This investor package and the related discussion contain certain non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”). EBITDA is presented before noncontrolling interests, discontinued operations, gains on sale of real estate and non-recur
Slide 12: Reconciliation of Net Income to EBITDA
appendix 12 Reconciliation of Net Income to EBITDA and EBITDA as adjusted for comparability for the Trailing Twelve Months September 30, 2015 and Year Ended December 31, 2014 (Amounts in thousands) New York Washington, DC TTM 9/30/15 YE 12/31/2014 TTM 9/30/15 YE 12/31/2014 Net income 887,826 868,596
Slide 13: Vornado Realty Trust
VORNADO REALTY TRUST