Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — Nareit REITweek 2014
16 slides from Vornado Realty Trust's conference presentation, May 30, 2014
Slide 1: Vornado Realty Trust
REALTY TRUST
Slide 2: Forward-Looking Statements
Forward-Looking Statements The investor presentation and the related discussion may contain 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
Slide 3: Vornado Realty Trust – Who Are We?
Vornado Realty Trust – Who Are We? » Over 95% of Core Business EBITDA from office and retail in New York and Washington, DC; coastal cities that have high-barriers to entry » $34 billion market value balance sheet ($105.96 stock price as of 5/12/2014) • Cash position today at $1.6 billion with $88 m
Slide 4: New York Office Properties
New York Office Properties 666 Fifth Avenue 350 Park Avenue 20 Broad Street 1290 Avenue of 330 Madison Avenue the Americas
Slide 5: New York Office Properties
New York Office Properties Penn Plaza Portfolio 731 Lexington Avenue 888 Seventh Avenue 280 Park Avenue
Slide 6: New York
New York » 67 properties totaling 30.1 million SF » VNO net ownership 23.1 million SF Value Square EBITDA TTM 3/31/14 Feet YE (in millions) TTM Capiti EBITDA/ Cap Rate (in millions) 2013 3/31/2014 Rates(1) (in millions) Office 18.0 611.6 626.8 4.7% 13,336 (2) (2) Retail 2.7 291.8 299.5 3.9% 7,680 Ho
Slide 7: Manhattan Street Retail
Manhattan Street Retail 666 Fifth Avenue 689 Fifth Avenue 655 Fifth Avenue 640 Fifth Avenue
Slide 8: Manhattan Street Retail
Manhattan Street Retail 650 Madison Avenue 759‐771 Madison Avenue 828‐850 Madison Avenue 595 Madison Avenue
Slide 9: Manhattan Street Retail
Manhattan Street Retail » 62 properties totaling 3.9 million SF » VNO net ownership 2.7 million SF (1) Embedded Rent Per Square Foot $163.00 (2) Market Rent Per Square Foot $237.00 (3) TTM 3/31/2014 EBITDA (in millions) $ 299.5 Cap Rate (4) 3.9% Value TTM 3/31/14 EBITDA/Cap Rate (in millions) $ 7,68
Slide 10: Washington, DC Office Properties
Washington, DC Office Properties The Bowen Building 2101 L Street The Warner Building 1999 K Street
Slide 11: Washington, DC
Washington, DC » 98 properties totaling 27.4 million SF » VNO net ownership 18.5 million SF EBITDA (in millions) Value YE TTM 3/31/14 Square TTM EBITDA/ Feet 2 0 1 3 Cap Cap Rate (in millions) 3/31/2014 Rates (1) (in millions) Office: The District 2.8 80.9 83.6 5.7% 1,468 Crystal City 7.2 146.8 145.
Slide 12: Other Assets
Other Assets San Francisco, CA Chicago, IL 555 California Street – Bank of America Tower The Mart
Slide 13: Other Assets
Other Assets EBITDA Value (in millions) TTM 3/31/14 Number of Square Feet YE TTM EBITDA/Cap Rate Properties (in millions) 2013 3/31/2014 Cap Rates(1) (in millions) SpinCo: Strips 80 12.1 148.4 150.0 Malls 4 2.3 58.5 57.9 G&A (19.0) (18.3) Total 187.9 189.6 5.9% 3,214 Residual Properties 22 2.6 7.3 7
Slide 14: Appendix
Appendix 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
Slide 15: Appendix
Appendix Reconciliation of Net Income to EBITDA and EBITDA as adjusted for comparability for the trailing twelve months March 31, 2014 and Year Ended December 31, 2013 (Amounts in thousands) New York Washington, DC TTM 3/31/14 12/31/2013 TTM 3/31/14 12/31/2013 Net income 544,084 546,061 104,829 98,3
Slide 16: Vornado Realty Trust
VORNADO REALTY TRUST