Vornado Realty Trust Files Q3 2024 10-Q

TL;DR

**VNO Q3 10-Q FILED: Get the latest on their real estate performance.**

AI Summary

Vornado Realty Trust (VNO) filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations for the third quarter of 2024. Key financial data and operational highlights are presented within the report.

Why It Matters

This filing provides investors and analysts with crucial financial and operational details for Vornado Realty Trust, enabling informed decisions about the company's performance and outlook.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Vornado Realty Trust is subject to market fluctuations, interest rate changes, and tenant-specific risks that can impact its financial health.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 20241104 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• VORNADO REALTY TRUST (company) — Filer of the 10-Q
• VORNADO REALTY LP (company) — Related entity filing the 10-Q
• 20240930 (date) — End of the reporting period
• 20241104 (date) — Filing date
• 888 SEVENTH AVE (location) — Business and mailing address
• NEW YORK (location) — City for business and mailing address
• 212-894-7000 (phone_number) — Business phone number

FAQ

Key Financial Figures

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

Filing Documents

• vno-20240930.htm (10-Q) — 3528KB
• ex151-093024.htm (EX-15.1) — 7KB
• ex152-093024.htm (EX-15.2) — 3KB
• ex311-093024.htm (EX-31.1) — 10KB
• ex312-093024.htm (EX-31.2) — 10KB
• ex313-093024.htm (EX-31.3) — 9KB
• ex314-093024.htm (EX-31.4) — 9KB
• ex321-093024.htm (EX-32.1) — 5KB
• ex322-093024.htm (EX-32.2) — 5KB
• ex323-093024.htm (EX-32.3) — 5KB
• ex324-093024.htm (EX-32.4) — 6KB
• 0000899689-24-000039.txt ( ) — 14746KB
• vno-20240930.xsd (EX-101.SCH) — 89KB
• vno-20240930_cal.xml (EX-101.CAL) — 102KB
• vno-20240930_def.xml (EX-101.DEF) — 661KB
• vno-20240930_lab.xml (EX-101.LAB) — 933KB
• vno-20240930_pre.xml (EX-101.PRE) — 863KB
• vno-20240930_htm.xml (XML) — 2279KB

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 September 30, 2024 and December 31, 2023 6 Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 8 Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 9 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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 September 30, 2024 and December 31, 2023 14 Consolidated Statements of Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 15 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 16 Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 17 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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 42 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 44 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 68 Item 4.

Controls and Procedures

Controls and Procedures 70

Other Information

PART II. Other Information: Item 1.

Legal Proceedings

Legal Proceedings 71 Item 1A.

Risk Factors

Risk Factors 71 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 71 Item 3. Defaults Upon Senior Securities 71 Item 4. Mine Safety Disclosures 71 Item 5. Other Information 71 Item 6. Exhibits 72

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 September 30, 2024 December 31, 2023 ASSETS Real estate, at cost: Land $ 2,434,209 $ 2,436,221 Buildings and improvements 10,306,041 9,952,954 Development costs and construction in progress 1,153,831 1,281,076 Leasehold improvements and equipment 137,086 130,953 Total 14,031,167 13,801,204 Less accumulated depreciation and amortization ( 3,969,369 ) ( 3,752,827 ) Real estate, net 10,061,798 10,048,377 Right-of-use assets 677,135 680,044 Cash and cash equivalents 783,596 997,002 Restricted cash 245,479 264,582 Tenant and other receivables 72,061 69,543 Investments in partially owned entities 2,682,672 2,610,558 Receivable arising from the straight-lining of rents 698,912 701,666 Deferred leasing costs, net of accumulated amortization of $ 266,009 and $ 249,347 352,765 355,010 Identified intangible assets, net of accumulated amortization of $ 76,223 and $ 98,589 120,252 127,082 Other assets 388,431 333,801 $ 16,083,101 $ 16,187,665 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Mortgages payable, net $ 5,675,054 $ 5,688,020 Senior unsecured notes, net 1,195,403 1,193,873 Unsecured term loan, net 795,601 794,559 Unsecured revolving credit facilities 575,000 575,000 Lease liabilities 746,060 732,859 Accounts payable and accrued expenses 362,395 411,044 Deferred revenue 29,236 32,199 Deferred compensation plan 113,352 105,245 Other liabilities 323,541 311,132 Total liabilities 9,815,642 9,843,931 Commitments and contingencies Redeemable noncontrolling interests: Class A units - 17,015,350 and 17,000,030 units outstanding 670,405 480,251 Series D cumulative redeemable preferred units - 141,400 units outstanding 3,535 3,535 Total redeemable noncontrolling partnership units 673,940 483,786 Redeemable noncontrolling interest in a consolidated subsidiary 13

View Full Filing

View this 10-Q filing on SEC EDGAR