Vornado Realty Trust Files Q2 2024 10-Q

TL;DR

**Vornado Realty Trust Q2 10-Q filed. REIT financials updated.**

AI Summary

Vornado Realty Trust filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the company, which operates as a Real Estate Investment Trust. Key financial data and business segments are presented within the report.

Why It Matters

This filing provides investors with crucial financial data and operational insights into Vornado Realty Trust's performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Vornado is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Players & Entities

• VORNADO REALTY TRUST (company) — Filer
• VORNADO REALTY LP (company) — Filer
• 20240630 (date) — Period of Report
• 20240805 (date) — Filing Date
• 888 SEVENTH AVE (address) — Business Address
• 210 ROUTE 4 EAST (address) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• vno-20240630.htm (10-Q) — 3377KB
• ex1034vornado-2024revolvin.htm (EX-10.34) — 967KB
• ex1035vornado-amended2022c.htm (EX-10.35) — 1185KB
• ex1036vornado-amendedterml.htm (EX-10.36) — 1044KB
• ex151-063024.htm (EX-15.1) — 7KB
• ex152-063024.htm (EX-15.2) — 3KB
• ex311-063024.htm (EX-31.1) — 10KB
• ex312-063024.htm (EX-31.2) — 10KB
• ex313-063024.htm (EX-31.3) — 9KB
• ex314-063024.htm (EX-31.4) — 9KB
• ex321-063024.htm (EX-32.1) — 5KB
• ex322-063024.htm (EX-32.2) — 5KB
• ex323-063024.htm (EX-32.3) — 5KB
• ex324-063024.htm (EX-32.4) — 6KB
• 0000899689-24-000033.txt ( ) — 17906KB
• vno-20240630.xsd (EX-101.SCH) — 84KB
• vno-20240630_cal.xml (EX-101.CAL) — 101KB
• vno-20240630_def.xml (EX-101.DEF) — 622KB
• vno-20240630_lab.xml (EX-101.LAB) — 892KB
• vno-20240630_pre.xml (EX-101.PRE) — 817KB
• vno-20240630_htm.xml (XML) — 2218KB

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 June 30, 2024 and December 31, 2023 6 Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 8 Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 9 Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 12

Financial Statements of Vornado Realty L.P

Financial Statements of Vornado Realty L.P.: Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023 14 Consolidated Statements of Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 15 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 16 Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 17 Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 20 Vornado Realty Trust and Vornado Realty L.P.:

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 22 Reports of Independent Registered Public Accounting Firm 40 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 42 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Item 4.

Controls and Procedures

Controls and Procedures 67

Other Information

PART II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 68 Item 1A.

Risk Factors

Risk Factors 68 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 3. Defaults Upon Senior Securities 68 Item 4. Mine Safety Disclosures 68 Item 5. Other Information 68 Item 6. Exhibits 69

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 June 30, 2024 December 31, 2023 ASSETS Real estate, at cost: Land $ 2,434,209 $ 2,436,221 Buildings and improvements 10,228,821 9,952,954 Development costs and construction in progress 1,156,060 1,281,076 Leasehold improvements and equipment 133,755 130,953 Total 13,952,845 13,801,204 Less accumulated depreciation and amortization ( 3,899,475 ) ( 3,752,827 ) Real estate, net 10,053,370 10,048,377 Right-of-use assets 678,670 680,044 Cash and cash equivalents 872,609 997,002 Restricted cash 244,245 264,582 Tenant and other receivables 71,213 69,543 Investments in partially owned entities 2,711,080 2,610,558 Receivable arising from the straight-lining of rents 706,157 701,666 Deferred leasing costs, net of accumulated amortization of $ 259,944 and $ 249,347 354,395 355,010 Identified intangible assets, net of accumulated amortization of $ 77,549 and $ 98,589 122,414 127,082 Other assets 396,028 333,801 $ 16,210,181 $ 16,187,665 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgages payable, net $ 5,672,086 $ 5,688,020 Senior unsecured notes, net 1,194,894 1,193,873 Unsecured term loan, net 795,254 794,559 Unsecured revolving credit facilities 575,000 575,000 Lease liabilities 741,762 732,859 Accounts payable and accrued expenses 363,457 411,044 Deferred revenue 30,805 32,199 Deferred compensation plan 108,553 105,245 Other liabilities 316,906 311,132 Total liabilities 9,798,717 9,843,931 Commitments and contingencies Redeemable noncontrolling interests: Class A units - 17,160,821 and 17,000,030 units outstanding 451,158 480,251 Series D cumulative redeemable preferred units - 141,400 units outstanding 3,535 3,535 Total redeemable noncontrolling partnership units 454,693 483,786 Redeemable noncontrolling interest in a consolidated subsidiary 138,772

View Full Filing

View this 10-Q filing on SEC EDGAR