Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — Q4 2019 Earnings Presentation
71 slides from Vornado Realty Trust's earnings presentation, Feb 19, 2020
Slide 1: Supplemental Operating and Financial Data
VORNADO REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter and Year Ended December 31, 2019
Slide 2: Index
INDEX Page BUSINESS DEVELOPMENTS 3 - 6 FINANCIAL INFORMATION Financial Highlights 7 Net Income Attributable to Common Shareholders (Consolidated and by Segment) 8 - 11 Net Operating Income at Share (by Segment and by Subsegment) 12 - 14 Same Store NOI at Share and NOI at Share - Cash Basis and NOI a
Slide 3: Business Developments
BUSINESS DEVELOPMENTS Disposition Activity 220 Central Park South ("220 CPS") During the three months ended December 31, 2019, we closed on the sale of 17 condominium units at 220 CPS for net proceeds of $565,863,000 resulting in a financial statement net gain of $203,893,000 which is included in "n
Slide 4: Business Developments - Disposition Activity continued
BUSINESS DEVELOPMENTS Disposition Activity - continued Fifth Avenue and Times Square JV On April 18, 2019 (the “Closing Date”), we entered into a transaction agreement (the “Transaction Agreement”) with a group of institutional investors (the “Investors”). The Transaction Agreement provides for a se
Slide 5: Business Developments - Financing Activity
BUSINESS DEVELOPMENTS Financing Activity On January 28, 2019, a joint venture in which we have a 45.1% interest, completed a $167,500,000 refinancing of 61 Ninth Avenue, a 166,000 square foot Manhattan office and retail property. The seven-year interest-only loan carries a rate of LIBOR plus 1.35% (
Slide 6: Business Developments - Financing Activity continued
BUSINESS DEVELOPMENTS Financing Activity - continued On November 26, 2019, a joint venture in which we have a 20.1% interest, completed a $800,000,000 refinancing of 650 Madison Avenue, a 601,000 square foot Manhattan office and retail property. The ten-year interest-only loan carries a fixed rate o
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS (unaudited) (Amounts in thousands, except per share amounts) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2019 2018 2019 2019 2018 Total revenues $ 460,968 $ 543,417 $ 465,961 $ 1,924,700 $ 2,163,720 Net income attributable to common shar
Slide 8: Consolidated Net Income Attributable to Common Shareholders
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) (Amounts in thousands) For the Three Months Ended December 31, September 30, 2019 2018 Variance 2019 Property rentals(1) $ 360,139 $ 433,521 $ (73,382) $ 372,186 Tenant expense reimbursements(1) 55,233 62,119 (6,886) 55,772 Amor
Slide 9: Consolidated Net Income Attributable to Common Shareholders
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) (Amounts in thousands) For the Year Ended December 31, 2019 2018 Variance Property rentals(1) $ 1,528,870 $ 1,714,027 $ (185,157) Tenant expense reimbursements(1) 228,201 247,128 (18,927) Amortization of acquired below-market le
Slide 10: Net Income Attributable to Common Shareholders by Segment
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited) (Amounts in thousands) For the Three Months Ended December 31, 2019 Total New York Other Property rentals(1) $ 360,139 $ 291,139 $ 69,000 Tenant expense reimbursements(1) 55,233 43,654 11,579 Amortization of acquired below-market
Slide 11: Net Income Attributable to Common Shareholders by Segment
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited) (Amounts in thousands) For the Year Ended December 31, 2019 Total New York Other Property rentals(1) $ 1,528,870 $ 1,227,300 $ 301,570 Tenant expense reimbursements(1) 228,201 184,288 43,913 Amortization of acquired below-market l
Slide 12: Net Operating Income at Share by Segment
NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited) (Amounts in thousands) For the Three Months Ended December 31, 2019 Total New York(1) Other Total revenues $ 460,968 $ 377,626 $ 83,342 Operating expenses (223,975) (184,231) (39,744) NOI - consolidated 236,993 193,395 43,598 Deduct: NOI attributa
Slide 13: Net Operating Income at Share by Segment
NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited) (Amounts in thousands) For the Year Ended December 31, 2019 Total New York(1) Other Total revenues $ 1,924,700 $ 1,577,860 $ 346,840 Operating expenses (917,981) (758,304) (159,677) NOI - consolidated 1,006,719 819,556 187,163 Deduct: NOI attribut
Slide 14: Net Operating Income at Share by Subsegment
NET OPERATING INCOME AT SHARE BY SUBSEGMENT (unaudited) (Amounts in thousands) For the Three Months Ended For the Year Ended December 31, September 30, December 31, 2019 2018 2019 2019 2018 NOI at share: New York: Office(1) $ 183,925 $ 186,832 $ 177,469 $ 724,526 $ 743,001 Retail(1) 59,728 85,549 68
Slide 15: Same Store NOI at Share and NOI at Share - Cash Basis
SAME STORE NOI AT SHARE AND NOI AT SHARE - CASH BASIS (NON-GAAP) (unaudited) 555 California Total New York(2) theMART Street Same store NOI at share % increase (decrease)(1): Three months ended December 31, 2019 compared to December 31, 2018 7.1% 2.6% 114.3 % (3) 3.3 % Year ended December 31, 2019 c
Slide 16: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited) (Amounts in thousands) As of Increase December 31, 2019 December 31, 2018 (Decrease) ASSETS Real estate, at cost: Land $ 2,591,261 $ 3,306,280 $ (715,019) Buildings and improvements 7,953,163 10,110,992 (2,157,829) Development costs and construction in progres
Slide 17: Leasing Activity
LEASING ACTIVITY (unaudited) (Square feet in thousands) The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in
Slide 18: Leasing Activity
LEASING ACTIVITY (unaudited) (Square feet in thousands) The leasing activity and related statistics in the table below are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with GAAP. Second generation relet space represen
Slide 19: Lease Expirations - New York Segment
LEASE EXPIRATIONS (unaudited) NEW YORK SEGMENT Our Share of Weighted Average Annual Square Feet Rent of Expiring Leases Percentage of Period of Lease of Expiring Annualized Expiration Leases(1) Total Per Sq. Ft. Escalated Rent Office: Month to Month 39,000 $ 2,593,000 $ 66.49 0.2% First Quarter 2020
Slide 20: Lease Expirations - theMART
LEASE EXPIRATIONS (unaudited) theMART Our Share of Weighted Average Annual Square Feet Rent of Expiring Leases Percentage of Period of Lease of Expiring Annualized Expiration Leases(1) Total Per Sq. Ft. Escalated Rent Office / Showroom / Retail: Month to Month 11,000 $ 779,000 $ 70.82 0.5% First Qua
Slide 21: Lease Expirations - 555 California Street
LEASE EXPIRATIONS (unaudited) 555 California Street Our Share of Weighted Average Annual Square Feet Rent of Expiring Leases Percentage of Period of Lease of Expiring Annualized Expiration Leases(1) Total Per Sq. Ft. Escalated Rent Office / Retail: Month to Month — $ — $ — 0.0% First Quarter 2020 —
Slide 22: Components of Net Asset Value (At Share)
COMPONENTS OF NET ASSET VALUE (AT SHARE) (NON-GAAP) (unaudited) (unaudited and in millions, except square feet, shares and per share amounts) For the Year Ended December 31, 2019 Adjustment for Transfer of 45.4% Interest in Fifth Avenue Pro Forma NOI at Share - and Times Other NOI at Share - Cash Ba
Slide 23: Components of Net Asset Value (At Share)
COMPONENTS OF NET ASSET VALUE (AT SHARE) (NON-GAAP) (unaudited) (unaudited and in millions) Liabilities As of December 31, 2019 Adjustments Net Consolidated contractual mortgage notes payable, net of noncontrolling interests' share $ 5,187 $ — $ 5,187 Non-consolidated real estate debt 2,803 (316) (6
Slide 24: Capital Structure
CAPITAL STRUCTURE (unaudited) (Amounts in thousands, except per share and unit amounts) As of December 31, 2019 Debt (contractual balances) (non-GAAP): Consolidated debt (1): Mortgages payable $ 5,670,016 Senior unsecured notes 450,000 $750 Million unsecured term loan 750,000 $2.75 Billion unsecured
Slide 25: Common Shares Data (NYSE: VNO)
COMMON SHARES DATA (NYSE: VNO) (unaudited) Vornado Realty Trust common shares are traded on the New York Stock Exchange ("NYSE") under the symbol VNO. Below is a summary of performance and dividends for VNO common shares (based on NYSE prices): Fourth Quarter Third Quarter Second Quarter First Quart
Slide 26: Debt Analysis
DEBT ANALYSIS (unaudited) (Amounts in thousands) As of December 31, 2019 Total Variable Fixed Weighted Weighted Weighted Average Average Average (Contractual debt balances) (non-GAAP) Amount Interest Rate Amount Interest Rate Amount Interest Rate Consolidated debt(1) $ 7,445,016 3.46% $ 1,643,500 3.
Slide 27: Debt Maturities (Contractual Balances)
DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP) (unaudited) (Amounts in thousands) Maturity Spread over Interest Property Date (1) LIBOR Rate 2020 2021 2022 2023 2024 Thereafter Total PENN11 12/20 3.95% $ 450,000 $ — $ — $ — $ — $ — $ 450,000 Borgata Land 02/21 5.14% — 53,441 — — — — 53,441 770 Br
Slide 28: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited) (Amounts in thousands) Percentage Ownership at Company's Company's 100% of Spread Asset December 31, Carrying Pro rata Joint Venture Maturity over Interest Joint Venture Name Category 2019 Amount Share of Debt(1) Debt(1) Date(2) LIBOR Rate Fifth Avenue and T
Slide 29: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited) (Amounts in thousands) Our Share of NOI Percentage Our Share of Net Income (Loss) for the Three (non-GAAP) for the Ownership at Months Ended December 31, Three Months Ended December 31, December 31, 2019 2019 2018 2019 2018 Joint Venture Name New York: Fifth
Slide 30: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited) (Amounts in thousands) Our Share of NOI Percentage Our Share of Net Income (Loss) for the Year (non-GAAP) for the Ownership at Ended December 31, Year Ended December 31, December 31, 2019 2019 2018 2019 2018 Joint Venture Name New York: Fifth Avenue and Time
Slide 31: Penn District Active Development/Redevelopment Summary
PENN DISTRICT ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2019 (unaudited) (Amounts in thousands of dollars, except square feet) Property Projected Rentable Amount Remainder to Stabilization Incremental (1) Active Penn District Projects Segment Sq. Ft. Budget Expended be Expended Y
Slide 32: Other Development/Redevelopment Summary
OTHER DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2019 (unaudited) (Amounts in thousands of dollars, except square feet) Property Rentable Amount Remainder to Stabilization Other Active Projects Segment Sq. Ft. Budget Expended be Expended Year (1) 220 CPS - residential condominiums Other
Slide 33: Capital Expenditures, Tenant Improvements and Leasing Commissions
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) CONSOLIDATED (Amounts in thousands) Year Ended December 31, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 93,226 $ 92,386 $ 111,629 Tenant improvements 98,261 100,191 128,287 Leasi
Slide 34: Capital Expenditures - New York Segment
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) NEW YORK SEGMENT (Amounts in thousands) Year Ended December 31, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 80,416 $ 70,954 $ 79,567 Tenant improvements 84,870 76,187 83,639 Leas
Slide 35: Capital Expenditures - theMART
CAPITAL EXPENDITURES,TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) theMART (Amounts in thousands) Year Ended December 31, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 9,566 $ 13,282 $ 12,772 Tenant improvements 9,244 15,106 8,730 Leasing commissio
Slide 36: Capital Expenditures - 555 California Street
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) 555 CALIFORNIA STREET (Amounts in thousands) Year Ended December 31, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 3,244 $ 8,150 $ 9,689 Tenant improvements 4,147 8,898 19,327 Leas
Slide 37: Capital Expenditures - Other
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) OTHER (Amounts in thousands) Year Ended December 31, 2019 2018 2017 Amounts paid for development and redevelopment expenditures: 220 CPS $ 181,177 $ 295,827 $ 265,791 (1) Other 285 3,822 28,131 $ 181,462 $ 299,649 $ 293,92
Slide 38: Square Footage
SQUARE FOOTAGE (unaudited) (Square feet in thousands) At Vornado's Share In Service At Under 100% Total Development Office Retail Showroom Other Segment: New York: Office 20,666 17,603 1,408 16,012 — 183 — Retail 2,712 2,240 398 — 1,842 — — Residential - 1,679 units 1,526 793 — — — — 793 Alexander's
Slide 39: Top 30 Tenants
TOP 30 TENANTS (unaudited) (Amounts in thousands, except square feet) Annualized % of Annualized Square Revenues Revenues Footage At Share At Share Tenants At Share(1) (non-GAAP)(1) (non-GAAP)(2) Facebook 757,653 $ 77,447 3.4% IPG and affiliates 967,552 65,705 2.9% Macy's 646,434 38,271 1.7% Bloombe
Slide 40: Occupancy and Residential Statistics
OCCUPANCY (unaudited) New York theMART 555 California Street Occupancy rate at: December 31, 2019 96.7% 94.6% 99.8% September 30, 2019 96.8% 95.0% 100.0% December 31, 2018 97.0% 94.7% 99.4% September 30, 2018 97.3% 95.5% 99.4% RESIDENTIAL STATISTICS in service (unaudited) Vornado's Ownership Interes
Slide 41: Ground Leases
GROUND LEASES (unaudited) (Amounts in thousands, except square feet) Fully Extended Current Annual Next Option Lease Property Rent at Share Renewal Date Expiration Rent Increases and Other Information Consolidated: New York: Farley (95.0% interest) $ 4,750 None 2116 None 260 Eleventh Avenue 4,191 No
Slide 42: Property Table - New York Segment
NEW YORK SEGMENT PROPERTY TABLE Weighted Square Feet Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK: Penn District: PENN1 (ground leased thro
Slide 43: Property Table - New York Segment
NEW YORK SEGMENT PROPERTY TABLE Weighted Square Feet Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK (Continued): Penn District (Continued): 1
Slide 44: Property Table - New York Segment
NEW YORK SEGMENT PROPERTY TABLE Weighted Square Feet Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK (Continued): Park Avenue (Continued): 350
Slide 45: Property Table - New York Segment
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK (Continued): Midtown South: 770 Broadway
Slide 46: Property Table - New York Segment
NEW YORK SEGMENT PROPERTY TABLE Weighted Square Feet Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK (Continued): Soho (Continued): 606 Broadw
Slide 47: Property Table - New York Segment
NEW YORK SEGMENT PROPERTY TABLE Weighted Square Feet Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK (Continued): Upper East Side (Continued):
Slide 48: Property Table - New York Segment
NEW YORK SEGMENT PROPERTY TABLE Weighted Square Feet Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK (Continued): Properties under Development
Slide 49: Property Table - Alexander's, Inc.
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average Under Escalated Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants NEW YORK (Continued): ALEXANDER'S, INC.: New York:
Slide 50: Property Table - Other
OTHER PROPERTY TABLE Weighted Square Feet Average Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants theMART: theMART, Chicago Motorola Mobility (guaranteed by Go
Slide 51: Property Table - Real Estate Fund
REAL ESTATE FUND PROPERTY TABLE Weighted Square Feet Average Fund Escalated Under Development Encumbrances % % Annual Rent Total or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property In Service for Lease (in thousands)(2) Major Tenants VORNADO CAPITAL PARTNERS REAL ESTATE FUND: Ne
Slide 52: Property Table - Other
OTHER PROPERTY TABLE Square Feet Weighted Average In Service Escalated Under Development Encumbrances % % Annual Rent Total Owned by Owned by or Not Available (non-GAAP) Property Ownership Occupancy PSF(1) Property Company Tenant(2) for Lease (in thousands)(3) Major Tenants OTHER: Virginia: Rosslyn
Slide 53: Investor Information
INVESTOR INFORMATION Executive Officers: Steven Roth Chairman of the Board and Chief Executive Officer David R. Greenbaum Vice Chairman Michael J. Franco President Joseph Macnow Executive Vice President - Chief Financial Officer and Chief Administrative Officer Haim Chera Executive Vice President -
Slide 54: Appendix: Definitions and Non-GAAP Reconciliations
APPENDIX DEFINITIONS AND NON-GAAP RECONCILIATIONS
Slide 55: Financial Supplement Definitions
FINANCIAL SUPPLEMENT DEFINITIONS The financial supplement includes various non-GAAP financial measures. Descriptions of these non-GAAP measures are provided below. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on the following pages. Net Operat
Slide 56: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, AS ADJUSTED (unaudited) (Amounts in thousands, except per share amounts) For the Three Months Ended For the Year Ended December 31, December 31, September 30,
Slide 57: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS (unaudited) (Amounts in thousands, except per share amounts) For the Three Months Ended For the Year Ended December 31, December 31, September
Slide 58: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS, AS ADJUSTED (unaudited) (Amounts in thousands, except per share amounts) For the Three Months Ended For the Year Ended Dece
Slide 59: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited) (Amounts in thousands) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2019 2018 2019 2019 2018 FFO attributable to common shareholders
Slide 60: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME TO NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited) (Amounts in thousands) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2019 2018 2019 2019 2018 Net income $ 160,676
Slide 61: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited) (Amounts in thousands) For the Three Months Ended December 31, Total Revenues Operating Expenses NOI Non-cash Adjustments(1) NOI - cash basis 2019 2018 2019 2018 2019 2018
Slide 62: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 COMPARED TO DECEMBER 31, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share for the three months ended December 31, 201
Slide 63: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE YEAR ENDED DECEMBER 31, 2019 COMPARED TO DECEMBER 31, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share for the year ended December 31, 2019 $ 1,259,777 $
Slide 64: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 COMPARED TO SEPTEMBER 30, 2019 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share for the three months ended December 31, 20
Slide 65: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 COMPARED TO DECEMBER 31, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for
Slide 66: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE YEAR ENDED DECEMBER 31, 2019 COMPARED TO DECEMBER 31, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for the year
Slide 67: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE THREE MONTHS ENDED DECEMBER 31, 2019 COMPARED TO SEPTEMBER 30, 2019 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for
Slide 68: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF CONSOLIDATED REVENUES TO OUR PRO RATA SHARE OF REVENUES (ANNUALIZED) (unaudited) (Amounts in thousands) For the Three Months Ended December 31, 2019 Consolidated revenues $ 460,968 Noncontrolling interest adjustments (29,910) Consolidated revenues at our sh
Slide 69: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME TO EBITDAre (unaudited) (Amounts in thousands) EBITDAre (i.e., EBITDA for real estate companies) is a non-GAAP financial measure established by NAREIT, which may not be comparable to EBITDA reported by other REITs that do not compute EBITDA in ac
Slide 70: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) (Amounts in thousands) For the Three Months Ended For the Year Ended December December 31, 31, 2019 September 30, 2019 2018 2019 2019 2018 EBITDAre (non-GAAP) $ 402,151 $ 392,244 $ 439,727 $ 1,685,624 $ 1,331,26
Slide 71: Vornado Realty Trust Supplemental Operating and Financial Data
VORNADO REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter and Year Ended December 31, 2019