Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — Q3 2019 Earnings Presentation
69 slides from Vornado Realty Trust's earnings presentation, Oct 29, 2019
Slide 1: Supplemental Operating and Financial Data
VORNADO REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter Ended September 30, 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 September 30, 2019, we closed on the sale of 14 condominium units at 220 CPS for net proceeds aggregating $348,759,000 resulting in a financial statement net gain of $130,888,000 which is incl
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 office and retail property in the Meatpacking district of Manhattan which is fully leased to Aetna and Star
Slide 6: Business Developments - Third Quarter Leasing Activity
BUSINESS DEVELOPMENTS Third Quarter Leasing Activity 197,000 square feet of New York Office space (171,000 square feet at share) at an initial rent of $80.44 per square foot and a weighted average lease term of 6.5 years. The GAAP and cash mark-to-market rent on the 108,000 square feet of second gen
Slide 7: Financial Highlights
FINANCIAL HIGHLIGHTS (unaudited) (Amounts in thousands, except per share amounts) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 June 30, 2019 2019 2018 Total revenues $ 465,961 $ 542,048 $ 463,103 $ 1,463,732 $ 1,620,303 Net income attributable to common
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 September 30, June 30, 2019 2018 Variance 2019 Property rentals(1) $ 372,186 $ 427,030 $ (54,844) $ 368,165 Tenant expense reimbursements(1) 55,772 66,387 (10,615) 51,084 Amortiz
Slide 9: Consolidated Net Income Attributable to Common Shareholders
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited) (Amounts in thousands) For the Nine Months Ended September 30, 2019 2018 Variance Property rentals(1) $ 1,168,731 $ 1,280,506 $ (111,775) Tenant expense reimbursements(1) 172,968 185,009 (12,041) Amortization of acquired below-m
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 September 30, 2019 Total New York Other Property rentals(1) $ 372,186 $ 298,096 $ 74,090 Tenant expense reimbursements(1) 55,772 44,105 11,667 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 Nine Months Ended September 30, 2019 Total New York Other Property rentals(1) $ 1,168,731 $ 936,161 $ 232,570 Tenant expense reimbursements(1) 172,968 140,634 32,334 Amortization of acquired below-ma
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 September 30, 2019 Total New York(1) Other Total revenues $ 465,961 $ 380,568 $ 85,393 Operating expenses 226,359 188,159 38,200 NOI - consolidated 239,602 192,409 47,193 Deduct: NOI attributable t
Slide 13: Net Operating Income at Share by Segment
NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited) (Amounts in thousands) For the Nine Months Ended September 30, 2019 Total New York(1) Other Total revenues $ 1,463,732 $ 1,200,234 $ 263,498 Operating expenses 694,006 574,073 119,933 NOI - consolidated 769,726 626,161 143,565 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 Nine Months Ended September 30, June 30, September 30, 2019 2018 2019 2019 2018 NOI at share: New York: Office(1) $ 177,469 $ 184,146 $ 179,592 $ 540,601 $ 556,169 Retail(1) 68,159 92,85
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 September 30, 2019 compared to September 30, 2018 0.9 % 0.5 % (2.8)% 13.9 % Nine months ended September 30
Slide 16: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited) (Amounts in thousands) As of Increase September 30, 2019 December 31, 2018 (Decrease) ASSETS Real estate, at cost: Land $ 2,602,039 $ 3,306,280 $ (704,241) Buildings and improvements 7,888,950 10,110,992 (2,222,042) Development costs and construction in progre
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 17,000 $ 1,001,000 $ 58.88 0.1% Fourth Quarter 201
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 8,000 $ 463,000 $ 57.88 0.3% Fourth 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 3,000 $ 258,000 $ 89.00 0.3% Fourth
Slide 22: Trailing Twelve Month Pro-Forma Cash Net Operating Income at Share
TRAILING TWELVE MONTH PRO-FORMA CASH NET OPERATING INCOME AT SHARE (unaudited) (Amounts in thousands) For the Trailing Twelve Months Ended For the Trailing Twelve Months Ended September 30, 2019 June 30, 2019 Adjustment for Transfer of 45.4% Interest in NOI at Share - Fifth Avenue and Times Pro Form
Slide 23: Capital Structure
CAPITAL STRUCTURE (unaudited) (Amounts in thousands, except per share and unit amounts) As of September 30, 2019 Debt (contractual balances) (non-GAAP): Consolidated debt (1): Mortgages payable $ 5,673,671 Senior unsecured notes 450,000 $750 Million unsecured term loan 750,000 $2.75 Billion unsecure
Slide 24: 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): Third Quarter Second Quarter First Quarter Fourth Quart
Slide 25: Debt Analysis
DEBT ANALYSIS (unaudited) (Amounts in thousands) As of September 30, 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) $ 7,528,671 3.53% $ 1,723,196 3
Slide 26: Debt Maturities (Contractual Balances)
DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP) (unaudited) (Amounts in thousands) Maturity Spread over Interest Property Date (1) LIBOR Rate 2019 2020 2021 2022 2023 Thereafter Total PENN11 12/20 3.95% $ — $ 450,000 $ — $ — $ — $ — $ 450,000 Borgata Land 02/21 5.14% — — 53,726 — — — 53,726 770 Br
Slide 27: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited) (Amounts in thousands) Percentage Ownership at Company's Company's 100% of Spread Asset September 30, 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
Slide 28: 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 September 30, Three Months Ended September 30, September 30, 2019 2019 2018 2019 2018 Joint Venture Name New York: Fi
Slide 29: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited) (Amounts in thousands) Percentage Our Share of NOI Ownership at Our Share of Net Income (Loss) for the Nine (non-GAAP) for the September 30, Months Ended September 30, Nine Months Ended September 30, 2019 2019 2018 2019 2018 Joint Venture Name New York: Fift
Slide 30: Penn District Active Development/Redevelopment Summary
PENN DISTRICT ACTIVE DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF SEPTEMBER 30, 2019 (unaudited) (Amounts in thousands, except square feet) Property Projected Rentable Amount Remainder to Stabilization Incremental (1) Active Penn District Projects Segment Sq. Ft. Budget Expended be Expended Year Cash Y
Slide 31: Other Development/Redevelopment Summary
OTHER DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF SEPTEMBER 30, 2019 (unaudited) (Amounts in thousands, 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 397,000 1,
Slide 32: Capital Expenditures, Tenant Improvements and Leasing Commissions - Consolidated
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) CONSOLIDATED (Amounts in thousands) Nine Months Ended Year Ended December 31, September 30, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 75,190 $ 92,386 $ 111,629 Tenant improveme
Slide 33: Capital Expenditures, TI and Leasing Commissions - New York Segment
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) NEW YORK SEGMENT (Amounts in thousands) Nine Months Ended Year Ended December 31, September 30, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 66,061 $ 70,954 $ 79,567 Tenant improv
Slide 34: Capital Expenditures, TI and Leasing Commissions - theMART
CAPITAL EXPENDITURES,TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) theMART (Amounts in thousands) Nine Months Ended Year Ended December 31, September 30, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 6,720 $ 13,282 $ 12,772 Tenant improvements 8,02
Slide 35: Capital Expenditures, TI and Leasing Commissions - 555 California Street
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) 555 CALIFORNIA STREET (Amounts in thousands) Nine Months Ended Year Ended December 31, September 30, 2019 2018 2017 Amounts paid for capital expenditures: Expenditures to maintain assets $ 2,409 $ 8,150 $ 9,689 Tenant impr
Slide 36: Capital Expenditures, TI and Leasing Commissions - Other
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS (unaudited) OTHER (Amounts in thousands) Nine Months Ended Year Ended December 31, September 30, 2019 2018 2017 Amounts paid for development and redevelopment expenditures: 220 CPS $ 142,439 $ 295,827 $ 265,791 (1) Other — 3,822 28,13
Slide 37: 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 20,686 17,621 1,429 16,009 — 183 — Retail 2,710 2,241 282 — 1,959 — — Residential - 1,679 units 1,533 800 7 — — — 793 Alexander's
Slide 38: 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 $ 77,238 3.4% IPG and affiliates 967,552 65,657 2.9% Macy's 646,434 38,404 1.7% Bloombe
Slide 39: Occupancy and Residential Statistics
OCCUPANCY (unaudited) New York theMART 555 California Street Occupancy rate at: September 30, 2019 96.8% 95.0% 100.0% June 30, 2019 96.5% 94.8% 99.5% 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 Interest Av
Slide 40: New York Segment Property Table
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average 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 through 2098)*
Slide 41: New York Segment Property Table
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average 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): 137 West 33
Slide 42: New York Segment Property Table
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average 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 Park Aven
Slide 43: New York Segment Property Table
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average 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): Madison/Fifth (Continued): 697-703 Fif
Slide 44: New York Segment Property Table
NEW YORK SEGMENT PROPERTY TABLE Weighted Square Feet Average 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 Broadway (19 Eas
Slide 45: New York Segment Property Table
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average 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): 1131 Thir
Slide 46: New York Segment Property Table
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Average 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): Property under Development: 512 West 2
Slide 47: New York Segment Property Table - Alexander's
NEW YORK SEGMENT PROPERTY TABLE Square Feet Weighted Under Average 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: 731 Lexin
Slide 48: Other Property Table
OTHER PROPERTY TABLE Square Feet Weighted Average 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 Google), CCC
Slide 49: Real Estate Fund Property Table
REAL ESTATE FUND PROPERTY TABLE Square Feet Weighted Fund Average 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: New York, NY
Slide 50: Other Property Table
OTHER PROPERTY TABLE Square Feet Weighted In Service Average 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 Plaza -Off
Slide 51: 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 52: Appendix: Definitions and Non-GAAP Reconciliations
APPENDIX DEFINITIONS AND NON-GAAP RECONCILIATIONS
Slide 53: 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 54: 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 Nine Months Ended September 30, September 30, June
Slide 55: 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 Nine Months Ended September 30, September 30,
Slide 56: 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 Nine Months End
Slide 57: 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 Nine Months Ended September 30, September 30, June 30, 2019 2018 2019 2019 2018 FFO attributable to common sharehol
Slide 58: 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 Nine Months Ended September 30, September 30, 2019 2018 June 30, 2019 2019 2018 Net income $ 363
Slide 59: 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 September 30, Total Revenues Operating Expenses NOI Non-cash Adjustments(1) NOI - cash basis 2019 2018 2019 2018 2019 2018
Slide 60: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 COMPARED TO SEPTEMBER 30, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share for the three months ended September 30,
Slide 61: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 COMPARED TO SEPTEMBER 30, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share for the nine months ended September 30, 20
Slide 62: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 COMPARED TO JUNE 30, 2019 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share for the three months ended September 30, 2019
Slide 63: 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 SEPTEMBER 30, 2019 COMPARED TO SEPTEMBER 30, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis fo
Slide 64: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE - CASH BASIS TO SAME STORE NOI AT SHARE - CASH BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 COMPARED TO SEPTEMBER 30, 2018 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for
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 SEPTEMBER 30, 2019 COMPARED TO JUNE 30, 2019 (unaudited) (Amounts in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for the
Slide 66: 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 September 30, 2019 Consolidated revenues $ 465,961 Noncontrolling interest adjustments (29,669) Consolidated revenues at our s
Slide 67: 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 68: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited) (Amounts in thousands) For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 June 30, 2019 2018 2019 2019 2018 EBITDAre (non-GAAP) $ 439,727 $ 339,815 $ 324,735 $ 1,283,473 $ 939,
Slide 69: Vornado Realty Trust Supplemental Operating and Financial Data
VORNADO REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter Ended September 30, 2019