Mon, May 5, 8:19 PM (10 days ago)
**Vornado Realty Trust (VNO) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $461.6M (Q1 2024: $436.4M) - **Net Income:** $99.8M (Q1 2024: -$6.3M) - **EPS:** $0.43 (Q1 2024: -$0.05) - **FFO:** $135.0M (Q1 2024: $104.1M) - **FFO per Share:** $0.67 (Q1 2024: $0.53) **Profit Margins:** - **Operating Margin:** 48.7% (Q1 2024: 56.4%) - **Net Margin:** 21.6% (Q1 2024: -1.4%) **Cash Flow:** - **Operating Cash Flow:** $52.0M (Q1 2024: $31.5M) - **Investing Cash Flow:** $275.5M (Q1 2024: -$128.6M) - **Financing Cash Flow:** -$470.3M (Q1 2024: -$15.5M) **Earnings Changes:** - **Year-over-Year Change in Net Income:** $106.1M - **Quarter-over-Quarter Change in Net Income:** $106.1M **Quarterly Performance:** - **Revenue Growth:** 10.8% YoY - **Net Income Growth:** 1,642.5% YoY - **EPS Growth:** 920% YoY **Trends & Uncertainties:** - Positive trends include strong revenue growth, significant net income improvement, and increased FFO. - Uncertainties include interest rate fluctuations, economic downturns, and potential impacts from inflation. **Future Operations Impact:** - Vornado plans to pay a common share dividend in Q4 2025, subject to board approval. - The company has $170.9M remaining for share repurchases under its authorized plan. - Vornado has $2.3B in liquidity, including $807.0M in cash and $1.5B available on revolving credit facilities. **Key Metrics:** - **NOI at Share:** $293.3M (Q1 2024: $269.1M) - **NOI at Share - Cash Basis:** $269.4M (Q1 2024: $267.6M) - **Occupancy Rates:** New York Office: 84.4%, Retail: 72.2%, Residential: 96.5%, Alexander's: 94.7% **Segment Performance:** - **New York:** NOI at Share: $253.3M (Q1 2024: $233.1M) - **Other:** NOI at Share: $39.9M (Q1 2024: $36.0M) **Dispositions:** - Sold two condo units at 220 CPS for $24.7M, with a gain of $13.6M. - Sold part of 666 Fifth Avenue to UNIQLO for $342.0M, with a gain of $76.2M. **Financings:** - Repaid $450.0M in senior unsecured notes. - Completed a $450.0M financing for 1535 Broadway, with a 6.90% fixed rate. **Leasing Activity:** - Leased 709K sq. ft. in New York, with an average lease term of 14.7 years. - Initial rent: $95.53 per sq. ft., weighted average lease term: 14.7 years. **Insurance:** - Maintains general liability and property insurance with significant coverage. - Has coverage for terrorism acts and NBCR events. **Risk Factors:** - Interest rate fluctuations, economic downturns, and inflation could impact financial performance. - Dependence on rental revenue and potential impacts from tenant financial conditions. **Outlook:** - Vornado expects to maintain adequate liquidity to fund operations, dividends, and capital expenditures. - The company is evaluating development and redevelopment opportunities in Manhattan.