Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — Investor Presentation (November 2018)
42 slides from Vornado Realty Trust's investor presentation, Nov 2, 2018
Slide 1: Vornado
VORNADO
Slide 2: ‘vonewoyu yons Aue petsuen Kavepusdopur You Sey OpeWHOA ‘peunsse YOU ox uoNeUO} ein Jo
‘vonewoyu yons 0 Aue petsuen Kavepusdopur You Sey OpeWHOA ‘peunsse YOU ox uoNeUO} ein Jo SSOURre}CWUED PUR A>eINDDe ING BEND: 94 01 PaROOG s8D:NOS WOH) poUIegO UBER 54 oprrord Aaya voneuuoyur axa Yeu eyes Aye10U08 S92:NOS Bsus s80:nOS aIgayENe AP>HgNA WOH} POUTe.GO eeP BUIPr|>U1"LONEIUOSOIG SNA UI p
Slide 3: The Vornado Story
NOLLW34D ANTWA 40 GHODSY HOVaL 433HS i ALINNLYOddO SONVIVa SS3ULUOS : ADRULSIG NN3d OdGVNUOA WO4LVId ONILvaadO ONIGV3T SLASSV UaIWSUd gasno04 ALID WHOA MAN OGVNUYOA AYOLS OGVNUYOA 3HL
Slide 4: woneyovo2ei gey9-10 90) sowTsonY 9400 opsiouery ues
woneyovo2ei gey9-10 0 28 90) sowTsonY 9400 opsiouery ues ‘super eide Of H91aIe05 Popes Sy ayo Bae OG 1 ue o6eo!4 UI sjasse ysaq au — yeaNIS eWO}I|ED SSS PUE LYVWeU + squeusy Ayjenb yo1y ‘Uym wi9} 104 pasea| ‘(siexewgns so}uiasd omg 94) aveNbs Sow, ue anuany wisi seddn wosy sawod siseq YseD - ION JO
Slide 5: Midtown West / Penn Plaza
PInsia wed ynsia ezeld Ge UMoIPIW ‘enuany uosipen auenbs sows @ enuany uid soddn winsia wed unos UMOAPIN Suppedeay 72251249 420 C A LENYVWENS AB SOMOSLYOd TVL3Y LAIULS 8 ADI4AO MHOA MAN OdavNuo
Slide 6: reipy hevosens euro oug ures 40M 709079 WOU SiN SHIRTS NeEMG SN S8D:OS
reipy hevosens euro oug ures 40M 709079 WOU SiN SHIRTS 297 0 NeEMG SN S8D:OS ‘MoI Gor IEUOHEN sns12A DAN. sioyenbpeoy ‘mau pling 03 ployesea| azenbs Uospniy Jo aseysund Aeusiq - BuIpling OHHeW e25}94D 4S LOI Z'L Jo UONISINDIE @j6005 ~ nuany ied O27 3e siauenbpeoy oyet0d09 4s uo $z mou BuIplINg esey>
Slide 7: sosna Jo spuesnou
sosna Jo spuesnou ‘Aowwenuy e214 UeHeYUEH, OGYNUOA ose ‘uosied 10d 45 Povewnsa s eyo|duio 03 51094, oor ‘Sujseo7 MeN posnbou fe1o, oe Uuononaasuos mou 04 suonedojau 03 anp umoypiyd Ul ADUEDeA aumand aad eset 2q 0% a1qeteny oor o1eq 01 paseey-oid :5507 viz (2202-8102) 1awidojonog spun Aiddns mou ‘uN
Slide 8: Consistent New York Tourism Growth
peor uo m0z OdVNUYOA sto oz s102 aio ioe 102 6002 800z L002 9002 $00z POO $00 200% 1002 000665966 oz of os onsowog jm reuonewseyu on S3TVS TIVL3Y SLYOddNS HLMOUSD WSINNOL DAN LN3LSISNOD ‘S¥SUNOL Jo SUOMI
Slide 9: OdVNUYOA
OdVNUYOA stood Buowe soyBy - 8" J0 PIaIK PUBPINP YOUUOD enADeMY + LDP Ul UeGEq YANos sed eNUED O2Z UI Seles YUN Jo BUISOID Jepmod Aip jeuoIppe yUeDyIUBIs 2e10U96 jI!m SwUN}UIWOPUOD Aunxn} anos >1ed Jee OZZ Jo Ino||as payedioqUe pue sjesse 2109-UOU Jo UOIIIIG L$ JO 12S senjunyoddo yex1ew Jo aBequeApe
Slide 10: Implied value of Vornado's New York office
w'%S'Z Jo a1ey ded e aim ‘SzS$ 5! 3004 aenbs 4d ead Potidust 291440 DAN Ano “(@1/z/LL) 78'99$ Jo aod yO0¥s sopeWioA IW OdVNYOA sot axozvo rey de> (sasavous sees rey > (8 ssaous (Seuss S31VS LSWYVW SLVAINd OL LNNODSIC TWILNVLSENS AV 011041L40d 331440 DAN S.ONA AO 3NTVA GAlIdWI
Slide 11: Balance sheet
xv9 porsnipe se ‘vaiia3/19°q 38N “ez $ cobersnipe se “yauiea WL syesse pesequinouaun Jo Na LIS- + sz’ $ yaeq 3eN suvak gg — Ayunyews gap eGeiene paryBiom + Gen BRR HDORS elereaegom us Ue Bebe eee cro" pledas GP 004'1$ oun Jo ss09x0 ies ui Na Lis: UL yaNos Hed JesRUED OZZ WHOL) spoeD0id Yse> PO}2aI01
Slide 12: Leader among REITs
‘sosnpy eans warp somos o (2102-2002) (410z-Z102) YOVD S188 YseD - ION e1025-2W!eS 104-01 OVD SI8ea YSeD - ION B101S-aWeS 42,5 siseq 120f-01 pue 48aK-5 e YI0q UO S19ad diy> enIq 02 OAIIEIO1 YIMOIB SISEG USED - [ON 0103$-oULeS JOLJedNs paieAI|op Sey OPEUIOA SLIZY SSV19D-NI-LS38 SNOWY 430V371 OGVNYOA
Slide 13: Case studies: repositioning and modernizing properties
4 (OV Burpnppun S09 reyde9 ION se pez! eI jequowe:>u1 (res 100210 spvesroys uv sunewy) senws suwew S3IGNLS 3SVD 15373S OaVNUYoA S31LY3d0Ud ONIZINYSGOW GNV ONINOILISOd34 NI 430V37
Slide 14: Acquisition
a sie pol s1 w9} ase9) e301 Bulujewios aBe1aNy ore $ ‘ues 48d PaIEdID an|eA wwss9 | $ payee onjen wwsz'l |S evey de> %Sz"y 1 enIEn %s's PI2IA ION Used 6LOz PereWISS WH9s $ ION used 610z Parewnsa wwsso$ wSIS@g OPEUIOA CLLORRIVW) AVMavOUd SEs 350401U! ps Jeul6L0 531 pasinb>e Opewion aun ou ve Parenoso
Slide 15: Vornado's assets located at the epicenter of growth
OaGVNUYUOA HLMOUD 4O Y3SLN39Id3 3HL LV G31LV901 SLASSV 351440 S,OGVNYOA
Slide 16: Vornado properties: New York City
OGVNUOA S3ILYSdOUd 35143430 ALID MYOA MAN 193138
Slide 17: Fifth Avenue retail
LL8t ‘SNaW3IS VHVWYA ry en gees _ SH a ~ Se oy owe, uozeule Sl fe Buequooig aivis3 1v3u SONVUNSNI / SYVOHLTV3SH IWWL WIDNWNIS OGYNUOA 43LSOU LNVN3L 391440 dIH9-3N18
Slide 18: Vornado properties: Retail street
OaGVNUOA S3ILYadOUd TIVLAY LASYLS ALID MHOA MAN 19313S
Slide 19: Retail street concentration in Manhattan
‘ses fa poume pera pue sane S242 Sapn 1 a AvMavous SEsi AvMAVOUS OPsi — Uo. RUT AMOg 1 Jo SePIS HOM UMD auenbs soul OdGVNUOCA NVLLVHNVW NI SLANYVWENS TIVL3Y LA3NLS HOIH Aa» SHL NI NOILVYLN3DNOD
Slide 20: soreasea uyol al
a soreasea uyol al A d-- BDAOW gym ey GU ED VLOIANI We Sem BOTY. 139404 BS 1a svonaavas © HOVvOS npg davxep -onrobeaof-nepeyes soon J surat} NIvagnv1a dOHSdOL bo yoy) ANWD SOND) WuOHdas uosfip aaa uozeule sy OGYNUOA 431SO¥ LNVNAL IVL38 dIHD-3n1a
Slide 21: #202 w 220000) yeu a4 ey ves
#202 w 220000) yeu a4 ey ves 2 a $206 ues oo oe LEPPPEOOEES a rend somnonl 807 Wz sonai04 0802 sun | zeoz ye1D9g 5201210 osoz ums | ts0z osu AueH, 6207 eroudes | ts0z upiems zor esiaur | ezoz owesexi04 sz0z fousia | cz0z uoska szoz engow-t | 9zoz yess szoz sonewsoy avM | 9z0z o1bun | cre pomernnime
Slide 22: 1H J0-A41D On WAIN UORIDUNIUOD UI +
1H J0-A41D On WAIN UORIDUNIUOD UI + (sigs sieve 201140) 8102/08/6 40 Se 4Sd LY'EP$ oF 518104 UOIIIW O'YOIS 4° «Cd V¥9-UOU) ION USD WL 810Z/08/6 + Z10z aouis pase} a22ds [e301 Jo 4s Uo 20eds 924jo aniyeai9 0} a2eds moys apeny/WOOIMOYS Li Surpung au UI 4S 000'0S6 49n0 PeueAUOD ‘@LOE PUE [LOZ UeaM (062
Slide 23: ‘uj Kuedwo @ AOSUIOW —
rd ‘uj Kuedwo @ AOSUIOW — wor = 06104 si1onn - yosoidid ~ san - €71359M B>IMUOS - ‘Aajuers vebion ~ x09 ¥ 26peq - 77518 B PUePHDA = eauauly jo yue ~ ssqueual olen '8102/0£/6 40 Se 4S 92°Sc$ oBe10Ne squad poye}e>59 020) souguny - yse09 350m 949 UO oaspuedg ues uy But OGYNUOA 4331S VINYOSITVD SSS
Slide 24: Development
isnaa airway OdGVNUOA
Slide 25: Existing assets and new developments
aves 40011 uMEUS 48.) 26810) abs 02/0876 /05¥ aan ozs aan 45 000'ses‘z As ooo'0se 4S o00'0rs pau 4S ooo'0t stows saya Adis 1S3M ONIMOUD LSV4 3HL NI G31VaYLN3INOD OaVvNUoA SLNAWdO13A3G MAN GNV SLASSV ONILSIXA HLIM GSNOILISOd-114M
Slide 26: Opportunity
OGVNUOA ALINNLYOddO G3LN30323NdNN NY | LO1dLSId NN3d
Slide 27: Unique value creation opportunity
se avorsiorv sourpjou weyes yo1nsia uuog S.opeUIOA 0 onjen aun ‘soueyue Ayenuersqns ‘sie jim poowoqysiou ‘Ayunuoddo uoneai9 anjen anbiun OGVNUYOA ALINN.LYOddO G3LN3G393udNN NV | LOIdLSIG NNAd
Slide 28: Penn District
000'0s9 OGYNUOA ANIOdGGNVLS LISNVUL WOUF GANOILISOd 1538 | LOINLSIG NN3d
Slide 29: Development projects
108 oF aqueyees sod N96 0 KOS way crsouNe Y esa. 2ye1 sony uEINg Kase E Seoowotanoe pe pr sopneard sre 90 unos 50> 4001 I unas See OST 1e6png oov'oe ooze ¢ coors $ ooo $ con's § ov'oar $ rewowsrout fein o's $ uve $ sos so $s oom $ woessr § Suuewon, sse'sot ws $ corse $ soos $ onus $ aso $ popusdra a
Slide 30: Development pipeline
2suey> 01 tans ss eps pareuns9 J UNOUS 20M OGYNUOA 3NIT3dId LNAWdO13A30 3aNLNS
Slide 31: Building development
0z0z Of Aionjop peyoedxa + ‘eu0ys 3 OIL Z£6$ 40 206PNq JeIOL + ‘24 WO} 46'rr [eUORIPPE Ue pasinboe AUaDaY + seus suveay 4OIYLSIG NN3d 40 NOILVWHOSSNVUL 3HL ONINNIDAG OaVvNUOA ANSWdO13A30 ONIGTING 391440 NVHINAOW
Slide 32: Development
OaGVNUOA AN3WdO13A3034 LNNAd
Slide 33: Preliminary estimates
pat ede so 24200504 pang yy Bupueda)-2 v0 pau) nag ove prom ey 1/4 Buns Buna so scan sy je > Ne ebanen ON eon SuBaK p' s1 wu9} seo] o540 BulUleUios oBe10Ky sey $ ‘aueus 48d payeai> anjen wuss $ P2822 onjer ve Teydeo uo pal, wwsy$ ION jequowe:9u) asdoz$ quay ewewe5u) asdve$ quawidojenag Jeyy quay eH
Slide 34: Development
OGYNUOA AN3WdO13A3034 ZNN3d
Slide 35: Appendix
S$Y39048 GYVHSIY AG GANSISSG - SANSAV HLN3A313 097
Slide 36: Sustainability program
jOMIYE! qa ‘MVIA 3HL JO WINLYVd ALMIGWNIVISNS SaVNUea OdVNUYOA 6002 eau! uo|ssiuo se6 esnoyues6 o103s-0ULes Ut UORINPOL KOZ @ we Buowe S# ‘s10z e2u! iqeuteysns ayers3 [eae leqo1D @ 810z ‘sejuedwio> @e7s3 1224 SNP «iPS U921D,, (@SYD) HeUIYDUEG ‘Mod @ UL ZAK ING ‘BLOT PAEME IYI BY) UI 4@PEST LIGYVN ©
Slide 37: Vornado
VORNADO
Slide 38: Non-GAAP measures
-sejuecuos sare ha parojdwe seinseou pana KyeHuNs 0 aeedwo> ‘Aupjis 0} 2ygezecuso> 94 30U KeUs JON 20>.) 3PISUOD 39 10U PINOUS JON 189d Jno J0 ey) 03 Y955e 0 Jo. Jeduse> 6} Se 0 Se Su0IS!I9p OU ‘few 0 sxnseow sin ez1;hN am ION UO Paseq POs pue 1yBNOG ove sonueGoud sy “KYMBS UO Win} Posora} ei 6} Pas
Slide 39: Non-GAAP reconciliations
“ = s9509 yse9 - 1045 1 ION, euro pue ou ses00| oyseu-mojoa peunboe jo vonezyowe Svar suyBIeN5 Jo) SWOUNSRIBE USE UN aw ened wT spo seg - e082 10N = " ww & e oo is sor wa eS coeur ony 2 rue pet Aerts eau mm sonpea mus Cr oss (2109 0 sry aga ro Tat ‘107 ‘of sequieides papue syquow onion auowiB0s Aq s
Slide 40: Non-GAAP reconciliations
_uounsrpe pve sss) owed ‘a5 210 Uo Sue uny a1 4 0 SOLOCONE POS NOWEDS 99 VE\BUYSEM 2 70 WOY BUCO S2ENDL 1 Leet $ paysnipe se 'vauiea @D @0u ‘squeunsnipy sev't vauiea wm asuadke xe} aw02u| as voneziowe pue uoneesdeg zy esuadxe 1qep pue 3501094) zor $ diyssaureg Bunesedo ay) 0} e1qeynqunre eWODU! oN B
Slide 41: Non-GAAP reconciliations
‘swe zioe eequesed wewsye 107 OR MqUNIEHS ouonounent 9204 ‘8107 ‘of sequieides pepue syuoW enjoms Bunter oys 40} pue Z10z ‘1s sequie2eq papue 180K ua 10} 1491 991) 42eq BUIPPE sIseE YSeD - ION PUE SISeE YSED - ION ‘VALIGA 01 euIODUI 19U 99S 109 SSS Jo uoreyou0DeN S107 ‘of sequieides pepue syuoU! enj
Slide 42: Vornado
VORNADO
Vornado Realty Trust — Investor Presentation (November 2018) on 6ix