Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — Q4 2018 Earnings Presentation
69 slides from Vornado Realty Trust's earnings presentation, Feb 12, 2019
Slide 1: Supplemental Operating and Financial Data
THA RAE e VORNADO REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter and Year Ended December 31, 2018
Slide 2: Index
INDEX Page BUSINESS DEVELOPMENTS 3 - 5 FINANCIAL INFORMATION Financial Highlights 6 Net Income Attributable to Common Shareholders (Consolidated and by Segment) 7 - 10 Net Operating Income at Share (by Segment and by Subsegment) 11 - 13 Same Store NOI at Share and NOI at Share - Cash Basis 14 NOI at
Slide 3: Business Developments: Acquisition Activity
BUSINESS DEVELOPMENTS Acquisition Activity 537 West 26th Street On February 9, 2018, we acquired 537 West 26th Street, a 14,000 square foot commercial property adjacent to our 260 Eleventh Avenue office property, and 55,000 square feet of additional zoning air rights for $44,000,000. 1535 Broadway O
Slide 4: Business Developments: Disposition Activity
BUSINESS DEVELOPMENTS Disposition Activity 11 East 68th Street On January 17, 2018, Vornado Capital Partners Real Estate Fund (the "Fund") completed the sale of the retail condominium at 11 East 68th Street, a property located on Madison Avenue and 68th Street, for $82,000,000. From the inception of
Slide 5: Business Developments: Financing Activity
BUSINESS DEVELOPMENTS Financing Activity - continued On August 9, 2018, we completed a $120,000,000 refinancing of 4 Union Square South, a 206,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.40% (3.75% as of December 31, 2018) and matures in 2025, as
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS (unaudited and in thousands, except per share amounts) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2018 2017 2018 2018 2017 Total revenues $ 543,417 $ 536,226 $ 542,048 $ 2,163,720 $ 2,084,126 Net income attributable to common shareholde
Slide 7: Consolidated Net Income Attributable to Common Shareholders
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited and in thousands) For the Three Months Ended December 31, September 30, 2018 2017 Inc (Dec) 2018 Property rentals $ 433,521 $ 419,970 $ 13,551 $ 427,030 Straight-lining of rents (2,674) 8,040 (10,714) 157 Amortization of acquired
Slide 8: Consolidated Net Income Attributable to Common Shareholders
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS (unaudited and in thousands) For the Year Ended December 31, 2018 2017 Inc (Dec) Property rentals $ 1,714,027 $ 1,629,753 $ 84,274 Straight-lining of rents 7,605 39,096 (31,491) Amortization of acquired below-market leases, net 38,573 46,10
Slide 9: Net Income Attributable to Common Shareholders by Segment
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited and in thousands) For the Three Months Ended December 31, 2018 Total New York Other Property rentals $ 433,521 $ 364,886 $ 68,635 Straight-lining of rents (2,674) (1,860) (814) Amortization of acquired below-market leases, n
Slide 10: Net Income Attributable to Common Shareholders by Segment
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS BY SEGMENT (unaudited and in thousands) For the Year Ended December 31, 2018 Total New York Other Property rentals $ 1,714,027 $ 1,421,587 $ 292,440 Straight-lining of rents 7,605 6,394 1,211 Amortization of acquired below-market leases, net 38,5
Slide 11: Net Operating Income at Share by Segment
NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited and in thousands) For the Three Months Ended December 31, 2018 Total New York Other Total revenues $ 543,417 $ 466,554 $ 76,863 Operating expenses 254,320 206,696 47,624 NOI - consolidated 289,097 259,858 29,239 Deduct: NOI attributable to noncontr
Slide 12: Net Operating Income at Share by Segment
NET OPERATING INCOME AT SHARE BY SEGMENT (unaudited and in thousands) For the Year Ended December 31, 2018 Total New York Other Total revenues $ 2,163,720 $ 1,836,036 $ 327,684 Operating expenses 963,478 806,464 157,014 NOI - consolidated 1,200,242 1,029,572 170,670 Deduct: NOI attributable to nonco
Slide 13: Net Operating Income at Share by Subsegment
NET OPERATING INCOME AT SHARE BY SUBSEGMENT (unaudited and in thousands) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2018 2017 2018 2018 2017 NOI at share: New York: Office $ 186,832 $ 189,481 $ 184,146 $ 743,001 $ 721,183 Retail 85,549 90,853 92,858 353,425
Slide 14: 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(3) Street Same store NOI at share % (decrease) increase(1): Three months ended December 31, 2018 compared to December 31, 2017 (6.3)% (3.1)% (56.6)% 16.8% Year ended December 31, 201
Slide 15: NOI at Share by Region
NOI AT SHARE BY REGION (unaudited) For the Three Months Ended December 31, For the Year Ended December 31, 2018 2017 2018 2017 Region: New York City metropolitan area 92% 89% 89% 89% Chicago, IL 3% 7% 7% 8% San Francisco, CA 5% 4% 4% 3% 100% 100% 100% 100% - 15 -
Slide 16: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) As of Increase December 31, 2018 December 31, 2017 (Decrease) ASSETS Real estate, at cost: Land $ 3,306,280 $ 3,143,648 $ 162,632 Buildings and improvements 10,110,992 9,898,605 212,387 Development costs and construction in progress 2,266,491
Slide 17: Leasing Activity
LEASING ACTIVITY (unaudited) 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 the United States of Americ
Slide 18: Leasing Activity
LEASING ACTIVITY (unaudited) 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 represents square footage that has
Slide 19: Lease Expirations: New York Segment
LEASE EXPIRATIONS NEW YORK SEGMENT (unaudited) 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 47,000 $ 5,010,000 $ 106.60 0.4% First Quarter 201
Slide 20: Lease Expirations: theMART
LEASE EXPIRATIONS theMART (unaudited) 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 2,000 $ 71,000 $ 35.50 0.1% First Quart
Slide 21: Lease Expirations: 555 California Street
LEASE EXPIRATIONS 555 California Street (unaudited) 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 — $ — $ — —% First Quarter 2019 — —
Slide 22: Components of Net Asset Value (At Share)
COMPONENTS OF NET ASSET VALUE (AT SHARE) (unaudited and in millions, except square feet, shares and per share amounts) For the Year Ended December 31, 2018 Pro Forma NOI NOI at Share - at Share - Cash Basis Adjustments Cash Basis Cap Rate Value(1) Office: (2) New York 726 (27) 699 (3) theMART 94 12
Slide 23: Components of Net Asset Value (At Share)
COMPONENTS OF NET ASSET VALUE (AT SHARE) (unaudited and in millions) Liabilities As of December 31, 2018 Adjustments Net Consolidated contractual mortgage notes payable, net of noncontrolling interests' share $ 7,598 $ (737) (4) $ 6,861 Non-consolidated real estate debt 2,683 (581) (5) 2,102 Corpora
Slide 24: Capital Structure
CAPITAL STRUCTURE (unaudited and in thousands, except per share and unit amounts) As of December 31, 2018 Debt (contractual balances) (non-GAAP): Consolidated debt (1): Mortgages payable $ 8,215,847 Senior unsecured notes 850,000 $750 Million unsecured term loan 750,000 $2.5 Billion unsecured revolv
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 and in thousands) As of December 31, 2018 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) $ 9,895,847 3.87% $ 3,292,382 4.31% $
Slide 27: Debt Maturities (Contractual Balances)
DEBT MATURITIES (CONTRACTUAL BALANCES) (NON-GAAP) (unaudited and in thousands) Maturity Spread over Interest Property Date (1) LIBOR Rate 2019 2020 2021 2022 2023 Thereafter Total 435 Seventh Avenue 08/19 L+225 4.71% $ 95,782 $ — $ — $ — $ — $ — $ 95,782 100 West 33rd Street - office and retail 07/2
Slide 28: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited and 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 2018 Amount Share of Debt (1) Debt (1) Date LIBOR Rate Alexander's Office/Retail
Slide 29: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited and in thousands) Our Share of NOI Our Share of Net Income (Loss) for the Three (non-GAAP) for the Percentage Months Ended December 31, Three Months Ended December 31, Ownership at December 31, 2018 2018 2017 2018 2017 Joint Venture Name New York: (1) Alexand
Slide 30: Unconsolidated Joint Ventures
UNCONSOLIDATED JOINT VENTURES (unaudited and in thousands) Our Share of NOI Our Share of Net Income for the Year Ended (non-GAAP) for the Percentage December 31, Year Ended December 31, Ownership at December 31, 2018 2018 2017 2018 2017 Joint Venture Name New York: (1) Alexander's 32.4% $ 10,485 $ 2
Slide 31: Development/Redevelopment Summary
DEVELOPMENT/REDEVELOPMENT SUMMARY - AS OF DECEMBER 31, 2018 (unaudited and in thousands, except square feet) (At Share) Full Property Excluding Land Costs Quarter Rentable Incremental Amount % Available for Stabilized Current Projects Segment Sq. Ft. Budget Expended Complete Start Occupancy Operatio
Slide 32: Capital Expenditures, Tenant Improvements and Leasing Commissions: Consolidated
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS CONSOLIDATED (unaudited and in thousands) Year Ended December 31, Amounts paid for capital expenditures: 2018 2017 2016 Expenditures to maintain assets $ 92,386 $ 111,629 $ 119,076 Tenant improvements 100,191 128,287 219,751 Leasing c
Slide 33: Capital Expenditures: New York Segment
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS NEW YORK SEGMENT (unaudited and in thousands) Year Ended December 31, Amounts paid for capital expenditures: 2018 2017 2016 Expenditures to maintain assets $ 70,954 $ 79,567 $ 65,561 Tenant improvements 76,187 83,639 112,687 Leasing c
Slide 34: Capital Expenditures: theMART
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS theMART (unaudited and in thousands) Year Ended December 31, Amounts paid for capital expenditures: 2018 2017 2016 Expenditures to maintain assets $ 13,282 $ 12,772 $ 20,098 Tenant improvements 15,106 8,730 29,738 Leasing commissions
Slide 35: Capital Expenditures: 555 California Street
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS 555 CALIFORNIA STREET (unaudited and in thousands) Year Ended December 31, Amounts paid for capital expenditures: 2018 2017 2016 Expenditures to maintain assets $ 8,150 $ 9,689 $ 9,954 Tenant improvements 8,898 19,327 9,904 Leasing co
Slide 36: Capital Expenditures: Other
CAPITAL EXPENDITURES, TENANT IMPROVEMENTS AND LEASING COMMISSIONS OTHER (unaudited and in thousands) Year Ended December 31, 2018 2017 2016 Amounts paid for development and redevelopment expenditures: 220 Central Park South $ 295,827 $ 265,791 $ 303,974 (1) (1) Other 3,822 28,131 149,066 $ 299,649 $
Slide 37: Square Footage
SQUARE FOOTAGE (unaudited and square feet in thousands) At Vornado's Share In Service At Under 100% Total Development Office Retail Showroom Other Segment: New York: Office 21,495 17,980 1,348 16,449 — 183 — Retail 2,802 2,557 138 — 2,419 — — Residential - 1,687 units 1,533 800 — — — — 800 Alexander
Slide 38: Top 30 Tenants
TOP 30 TENANTS (unaudited and 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 758,292 $ 75,749 3.1% IPG and affiliates 967,552 63,689 2.6% Swatch Group USA 25,634 47,968 2.0% Macy
Slide 39: Occupancy and Residential Statistics
OCCUPANCY (unaudited) New York theMART 555 California Street Occupancy rate at: December 31, 2018 97.0% 94.7% 99.4% September 30, 2018 97.3% 95.5% 99.4% December 31, 2017 97.2% 98.6% 94.2% RESIDENTIAL STATISTICS in service (unaudited) Vornado's Ownership Interest Average Monthly Number of Units Numb
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): 443 Broadway Retail
Slide 45: 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): Upper East Side (Continued): Other -Re
Slide 46: 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): Property under Development: 512 West 2
Slide 47: 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): 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 Offi
Slide 51: Investor Information
INVESTOR INFORMATION Executive Officers: Steven Roth Chairman of the Board and Chief Executive Officer David R. Greenbaum President - New York Division Michael J. Franco Executive Vice President - Chief Investment Officer Joseph Macnow Executive Vice President - Chief Financial Officer and Chief Adm
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 and in thousands, except per share amounts) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2018 2
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 and in thousands, except per share amounts) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2
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 and in thousands, except per share amounts) For the Three Months Ended For the Year Ended December 3
Slide 57: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF FFO ATTRIBUTABLE TO COMMON SHAREHOLDERS PLUS ASSUMED CONVERSIONS TO FAD (unaudited and in thousands) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2018 2017 2018 2018 2017 FFO attributable to common shareholders plus
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 and in thousands) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2018 2017 2018 2018 2017 Net income $ 97,821 $ 53,5
Slide 59: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS COMPONENTS OF NET OPERATING INCOME AT SHARE AND NET OPERATING INCOME AT SHARE - CASH BASIS (unaudited and in thousands) For the Three Months Ended December 31, Total Revenues Operating Expenses NOI Non-cash Adjustments(1) NOI - cash basis 2018 2017 2018 2017 2018 2017 2018 2
Slide 60: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE THREE MONTHS ENDED DECEMBER 31, 2018 COMPARED TO DECEMBER 31, 2017 (unaudited and in thousands) 555 California Total New York theMART Street Other NOI at share for the three months ended December 31, 2018 $ 32
Slide 61: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NOI AT SHARE TO SAME STORE NOI AT SHARE FOR THE YEAR ENDED DECEMBER 31, 2018 COMPARED TO DECEMBER 31, 2017 (unaudited and in thousands) 555 California Total New York theMART Street Other NOI at share for the year ended December 31, 2018 $ 1,382,620 $ 1,176,
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, 2018 COMPARED TO SEPTEMBER 30, 2018 (unaudited and in thousands) 555 California Total New York theMART Street Other NOI at share for the three months ended December 31, 2018 $ 3
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 DECEMBER 31, 2018 COMPARED TO DECEMBER 31, 2017 (unaudited and in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for the th
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 YEAR ENDED DECEMBER 31, 2018 COMPARED TO DECEMBER 31, 2017 (unaudited and in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for the year ended
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, 2018 COMPARED TO SEPTEMBER 30, 2018 (unaudited and in thousands) 555 California Total New York theMART Street Other NOI at share - cash basis for the t
Slide 66: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF CONSOLIDATED REVENUES TO OUR PRO RATA SHARE OF REVENUES (ANNUALIZED) (unaudited and in thousands) For the Three Months Ended December 31, 2018 Consolidated revenues $ 543,417 Noncontrolling interest adjustments (30,436) Consolidated revenues at our share (n
Slide 67: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME TO EBITDAre (unaudited and 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 accordan
Slide 68: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS RECONCILIATION OF EBITDAre TO EBITDAre, AS ADJUSTED (unaudited and in thousands) For the Three Months Ended For the Year Ended December 31, December 31, September 30, 2018 2017 2018 2018 2017 EBITDAre (non-GAAP) $ 392,244 $ 361,618 $ 339,815 $ 1,331,260 $ 1,425,645 EBITDAre
Slide 69: Vornado Realty Trust Supplemental Operating and Financial Data
THA RAE e VORNADO REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter and Year Ended December 31, 2018