Vornado Realty Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Vornado Realty Trust submitted its Q1 2024 10-Q, detailing financial performance and balance sheet changes.</b>

AI Summary

VORNADO REALTY TRUST (VNO-PO) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Vornado Realty Trust filed its 10-Q report for the quarter ended March 31, 2024. The filing includes financial data for Vornado Realty LP, a related entity. Key financial statement items such as Rental Revenue and Fee and Other Income are reported. The report details changes in equity components including Common Stock, Preferred Stock, and Retained Earnings. Balance sheet information as of March 31, 2024, and December 31, 2023, is provided.

Why It Matters

For investors and stakeholders tracking VORNADO REALTY TRUST, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Vornado Realty Trust, crucial for assessing its operational performance and financial health. The detailed breakdown of revenue, equity, and other financial metrics allows for comparison with previous periods and industry benchmarks.

Risk Assessment

Risk Level: medium — VORNADO REALTY TRUST shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a broad range of financial and operational information, but lacks specific forward-looking guidance or significant event disclosures that would elevate the risk assessment.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-Q to understand Vornado Realty Trust's current financial position and potential challenges.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)

Key Players & Entities

• VORNADO REALTY TRUST (company) — FILER
• VORNADO REALTY LP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-06 (date) — FILED AS OF DATE
• 888 SEVENTH AVE (address) — BUSINESS ADDRESS
• NEW YORK (city) — BUSINESS ADDRESS
• 212-894-7000 (phone) — BUSINESS PHONE

FAQ

Industry Context

Vornado Realty Trust operates as a real estate investment trust (REIT), primarily owning and managing a portfolio of commercial properties.

Regulatory Implications

As a publicly traded REIT, Vornado Realty Trust is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the detailed revenue figures for Rental Revenue and Fee and Other Income for Q1 2024 compared to Q1 2023.
2. Examine the changes in equity accounts, such as Common Stock and Retained Earnings, between December 31, 2023, and March 31, 2024.
3. Review any disclosed risk factors in the full filing to understand potential challenges facing the company.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report (10-Q) for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $25.00 — ficial interest, liquidation preference $25.00 per share: Vornado Realty Trust 5.40%

Filing Documents

• vno-20240331.htm (10-Q) — 2311KB
• ex151-033124.htm (EX-15.1) — 8KB
• ex152-033124.htm (EX-15.2) — 3KB
• ex311-033124.htm (EX-31.1) — 10KB
• ex312-033124.htm (EX-31.2) — 10KB
• ex313-033124.htm (EX-31.3) — 9KB
• ex314-033124.htm (EX-31.4) — 9KB
• ex321-033124.htm (EX-32.1) — 5KB
• ex322-033124.htm (EX-32.2) — 5KB
• ex323-033124.htm (EX-32.3) — 5KB
• ex324-033124.htm (EX-32.4) — 6KB
• 0000899689-24-000021.txt (&nbsp;) — 11415KB
• vno-20240331.xsd (EX-101.SCH) — 78KB
• vno-20240331_cal.xml (EX-101.CAL) — 96KB
• vno-20240331_def.xml (EX-101.DEF) — 570KB
• vno-20240331_lab.xml (EX-101.LAB) — 837KB
• vno-20240331_pre.xml (EX-101.PRE) — 753KB
• vno-20240331_htm.xml (XML) — 1605KB

Financial Information: Page Number

PART I. Financial Information: Page Number Item 1.

Financial Statements of Vornado Realty Trust

Financial Statements of Vornado Realty Trust: Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023 6 Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 7 Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 8 Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 9 Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 11

Financial Statements of Vornado Realty L.P

Financial Statements of Vornado Realty L.P.: Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023 13 Consolidated Statements of Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 14 Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023 15 Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 16 Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 18 Vornado Realty Trust and Vornado Realty L.P.:

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 20 Reports of Independent Registered Public Accounting Firm 36 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 4.

Controls and Procedures

Controls and Procedures 56

Other Information

PART II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 3. Defaults Upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 58 Item 6. Exhibits 59

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VORNADO REALTY TRUST CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands, except unit, share, and per share amounts) As of March 31, 2024 December 31, 2023 ASSETS Real estate, at cost: Land $ 2,436,221 $ 2,436,221 Buildings and improvements 10,017,573 9,952,954 Development costs and construction in progress 1,322,810 1,281,076 Leasehold improvements and equipment 131,762 130,953 Total 13,908,366 13,801,204 Less accumulated depreciation and amortization ( 3,837,679 ) ( 3,752,827 ) Real estate, net 10,070,687 10,048,377 Right-of-use assets 678,951 680,044 Cash and cash equivalents 892,652 997,002 Restricted cash 256,268 264,582 Tenant and other receivables 76,627 69,543 Investments in partially owned entities 2,599,134 2,610,558 220 Central Park South condominium units ready for sale 36,578 35,941 Receivable arising from the straight-lining of rents 706,280 701,666 Deferred leasing costs, net of accumulated amortization of $ 257,027 and $ 249,347 355,790 355,010 Identified intangible assets, net of accumulated amortization of $ 101,641 and $ 98,589 124,887 127,082 Other assets 409,311 297,860 $ 16,207,165 $ 16,187,665 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgages payable, net $ 5,690,639 $ 5,688,020 Senior unsecured notes, net 1,194,383 1,193,873 Unsecured term loan, net 794,906 794,559 Unsecured revolving credit facilities 575,000 575,000 Lease liabilities 737,500 732,859 Accounts payable and accrued expenses 388,988 411,044 Deferred revenue 30,877 32,199 Deferred compensation plan 108,919 105,245 Other liabilities 308,643 311,132 Total liabilities 9,829,855 9,843,931 Commitments and contingencies Redeemable noncontrolling interests: Class A units - 17,116,176 and 17,000,030 units outstanding 492,432 480,251 Series D cumulative redeemable preferred units - 141,400 units outstanding 3,535 3,535 Total redeemable noncontrolling partnership units 495,967 483,786

View Full Filing

View this 10-Q filing on SEC EDGAR