NEW YORK, May 02, 2022 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today:
Quarter Ended March 31, 2022 Financial Results
NET INCOME attributable to common shareholders for the quarter ended March 31, 2022 was $26,478,000, or $0.14 per diluted share, compared to $4,083,000, or $0.02 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table below, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended March 31, 2022 was $31,682,000, or $0.16 per diluted share, and $12,446,000, or $0.06 per diluted share for the quarter ended March 31, 2021.
FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended March 31, 2022 was $154,908,000, or $0.80 per diluted share, compared to $118,407,000, or $0.62 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on page 2, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended March 31, 2022 was $152,313,000, or $0.79 per diluted share, and $124,359,000, or $0.65 per diluted share for the quarter ended March 31, 2021.
The following table reconciles net income attributable to common shareholders to net income attributable to common shareholders, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
Net income attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||
Per diluted share | $ | 0.14 | $ | 0.02 | |||
Certain expense (income) items that impact net income attributable to common shareholders: | |||||||
Hotel Pennsylvania loss | $ | 8,929 | $ | 8,990 | |||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (5,412 | ) | — | ||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | |||||
Other | (1,100 | ) | (66 | ) | |||
5,590 | 8,924 | ||||||
Noncontrolling interests' share of above adjustments | (386 | ) | (561 | ) | |||
Total of certain expense (income) items that impact net income attributable to common shareholders | $ | 5,204 | $ | 8,363 | |||
Per diluted share (non-GAAP) | $ | 0.02 | $ | 0.04 | |||
Net income attributable to common shareholders, as adjusted (non-GAAP) | $ | 31,682 | $ | 12,446 | |||
Per diluted share (non-GAAP) | $ | 0.16 | $ | 0.06 |
The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP):
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1) | $ | 154,908 | $ | 118,407 | |||
Per diluted share (non-GAAP) | $ | 0.80 | $ | 0.62 | |||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||
After-tax net gain on sale of 220 CPS condominium units | $ | (5,412 | ) | $ | — | ||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | |||||
Other | (549 | ) | 6,351 | ||||
(2,788 | ) | 6,351 | |||||
Noncontrolling interests' share of above adjustments | 193 | (399 | ) | ||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (2,595 | ) | $ | 5,952 | ||
Per diluted share (non-GAAP) | $ | (0.01 | ) | $ | 0.03 | ||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 152,313 | $ | 124,359 | |||
Per diluted share (non-GAAP) | $ | 0.79 | $ | 0.65 |
____________________________________________________________
(1) See page 8 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2022 and 2021.
FFO, as Adjusted Bridge - Q1 2022 vs. Q1 2021
The following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2021 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2022:
(Amounts in millions, except per share amounts) | FFO, as Adjusted | |||||
Amount | Per Share | |||||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2021 | $ | 124.4 | $ | 0.65 | ||
Increase (decrease) in FFO, as adjusted due to: | ||||||
Rent commencement and other tenant related items | 14.8 | |||||
Variable businesses (primarily signage and trade shows) | 11.7 | |||||
Acquisition of our partner's 45% ownership interest in One Park Avenue on August 5, 2021 | 4.6 | |||||
General and administrative (primarily due to the overhead reduction program) | 2.4 | |||||
Other, net | (3.2 | ) | ||||
30.3 | ||||||
Noncontrolling interests' share of above items | (2.4 | ) | ||||
Net increase | 27.9 | 0.14 | ||||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2022 | $ | 152.3 | $ | 0.79 | ||
See page 8 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three months ended March 31, 2022 and 2021. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above.
During the three months ended March 31, 2022, we closed on the sale of one condominium unit at 220 CPS for net proceeds of $15,095,000 resulting in a financial statement net gain of $6,001,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with this sale, $589,000 of income tax expense was recognized on our consolidated statements of income. From inception to March 31, 2022, we have closed on the sale of 107 units for net proceeds of $3,021,991,000 resulting in financial statement net gains of $1,123,256,000.
SoHo Properties
On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for $84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Center Building (33-00 Northern Boulevard)
On April 27, 2022, we entered into an agreement to sell the Center Building, an eight-story 498,000 square foot office building located at 33‑00 Northern Boulevard in Long Island City, New York, for $172,750,000. We expect to close the sale in the third quarter of 2022 and recognize a financial statement gain of approximately $15,000,000 and a tax gain of approximately $74,000,000. The sale is subject to customary closing conditions.
Leasing Activity For the Three Months Ended March 31, 2022:
Same Store Net Operating Income ("NOI") At Share:
Below is the percentage increase (decrease) in same store NOI at share and same store NOI at share - cash basis of our New York segment, theMART and 555 California Street.
Total | New York | theMART | 555 California Street | ||||||||
Same store NOI at share % increase (decrease)(1): | |||||||||||
Three months ended March 31, 2022 compared to March 31, 2021 | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | |||
Three months ended March 31, 2022 compared to December 31, 2021 | (1.5 | )% | (3.2 | )% | 24.8 | % | (2.2 | )% | |||
Same store NOI at share - cash basis % increase (decrease)(1): | |||||||||||
Three months ended March 31, 2022 compared to March 31, 2021 | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | |||
Three months ended March 31, 2022 compared to December 31, 2021 | (1.4 | )% | (3.0 | )% | 11.0 | % | 8.1 | % |
____________________
(1) See pages 10 through 13 for same store NOI at share and same store NOI at share - cash basis reconciliations.
The elements of our New York and Other NOI at share for the three months ended March 31, 2022 and 2021 and the three months ended December 31, 2021 are summarized below.
(Amounts in thousands) | For the Three Months Ended | ||||||||
March 31, | December 31, | ||||||||
2022 | 2021 | 2021 | |||||||
NOI at share: | |||||||||
New York: | |||||||||
Office(1) | $ | 177,809 | $ | 166,635 | $ | 179,929 | |||
Retail | 52,105 | 36,702 | 48,365 | ||||||
Residential | 4,774 | 4,456 | 4,894 | ||||||
Alexander's | 8,979 | 10,489 | 8,751 | ||||||
Hotel Pennsylvania(2) | — | (7,144 | ) | — | |||||
Total New York | 243,667 | 211,138 | 241,939 | ||||||
Other: | |||||||||
theMART | 19,914 | 18,107 | 15,959 | ||||||
555 California Street | 16,235 | 16,064 | 16,596 | ||||||
Other investments | 4,442 | 4,799 | 3,928 | ||||||
Total Other | 40,591 | 38,970 | 36,483 | ||||||
NOI at share | $ | 284,258 | $ | 250,108 | $ | 278,422 | |||
_______________________See notes below.
NOI At Share - Cash Basis:The elements of our New York and Other NOI at share - cash basis for the three months ended March 31, 2022 and 2021 and the three months ended December 31, 2021 are summarized below.
(Amounts in thousands) | For the Three Months Ended | ||||||||
March 31, | December 31, | ||||||||
2022 | 2021 | 2021 | |||||||
NOI at share - cash basis: | |||||||||
New York: | |||||||||
Office(1) | $ | 177,827 | $ | 167,096 | $ | 181,568 | |||
Retail | 47,393 | 34,876 | 44,536 | ||||||
Residential | 4,689 | 4,011 | 4,758 | ||||||
Alexander's | 9,783 | 11,349 | 9,538 | ||||||
Hotel Pennsylvania(2) | — | (7,167 | ) | — | |||||
Total New York | 239,692 | 210,165 | 240,400 | ||||||
Other: | |||||||||
theMART | 20,436 | 17,840 | 18,413 | ||||||
555 California Street | 16,360 | 15,855 | 15,128 | ||||||
Other investments | 4,640 | 5,050 | 4,229 | ||||||
Total Other | 41,436 | 38,745 | 37,770 | ||||||
NOI at share - cash basis | $ | 281,128 | $ | 248,910 | $ | 278,170 | |||
______________________
(1) Includes Building Management Services ("BMS") NOI of $5,782, $6,350 and $6,918, respectively, for three months ended March 31, 2022 and 2021 and December 31, 2021.
(2) On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in connection with our development of the future PENN 15 (formerly Hotel Pennsylvania) site.
PENN District - Active Development/Redevelopment Summary as of March 31, 2022
(Amounts in thousands of dollars, except square feet) | |||||||||||||||||
Active PENN District Projects | Segment | Property Rentable Sq. Ft. | Budget(1) | Cash Amount Expended | Remaining Expenditures | Stabilization Year | Projected Incremental Cash Yield | ||||||||||
Farley (95% interest) | New York | 845,000 | 1,120,000 | (2) | 981,993 | (2) | 138,007 | 2022 | 6.4 | % | |||||||
PENN 2 - as expanded | New York | 1,795,000 | 750,000 | 208,231 | 541,769 | 2025 | 9.0 | % | |||||||||
PENN 1 (including LIRR Concourse Retail)(3) | New York | 2,547,000 | 450,000 | 319,622 | 130,378 | N/A | 12.2 | % | (3)(4) | ||||||||
Districtwide Improvements | New York | N/A | 100,000 | 32,306 | 67,694 | N/A | N/A | ||||||||||
Total Active PENN District Projects | 2,420,000 | 1,542,152 | 877,848 | 8.0 | % |
________________________________
(1) Excluding debt and equity carry. (2) Net of 154,000 of historic tax credit investor contributions, of which 88,000 has been funded to date (at our 95% share).(3) Property is ground leased through 2098, as fully extended. Fair market value resets occur in 2023, 2048 and 2073. The 12.2% projected return is before the ground rent reset in 2023, which may be material.(4) Projected to be achieved as pre-redevelopment leases roll; approximate average remaining lease term 4.0 years.
There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.
Conference Call and Audio Webcast
As previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 3, 2022 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 866-374-5140 (domestic) or 404-400-0571 (international) and entering the passcode 45364290. A live webcast of the conference call will be available on Vornado’s website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call.
Thomas J. Sanelli(212) 894-7000
Supplemental Financial Information
Further details regarding results of operations, properties and tenants can be accessed at the Company’s website www.vno.com. Vornado Realty Trust is a fully - integrated equity real estate investment trust.
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2021. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will continue to depend on future developments, including vaccination rates among the population, the efficacy and durability of vaccines against emerging variants, and governmental and tenant responses thereto, which continue to be uncertain but the impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021.
VORNADO REALTY TRUSTCONSOLIDATED BALANCE SHEETS
(Amounts in thousands) | As of | Increase | ||||||||||
March 31, 2022 | December 31, 2021 | (Decrease) | ||||||||||
ASSETS | ||||||||||||
Real estate, at cost: | ||||||||||||
Land | $ | 2,540,193 | $ | 2,540,193 | $ | — | ||||||
Buildings and improvements | 9,956,681 | 9,839,166 | 117,515 | |||||||||
Development costs and construction in progress | 751,555 | 718,694 | 32,861 | |||||||||
Leasehold improvements and equipment | 120,979 | 119,792 | 1,187 | |||||||||
Total | 13,369,408 | 13,217,845 | 151,563 | |||||||||
Less accumulated depreciation and amortization | (3,455,145 | ) | (3,376,347 | ) | (78,798 | ) | ||||||
Real estate, net | 9,914,263 | 9,841,498 | 72,765 | |||||||||
Right-of-use assets | 687,642 | 337,197 | 350,445 | (1) | ||||||||
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills: | ||||||||||||
Cash and cash equivalents | 973,858 | 1,760,225 | (786,367 | ) | ||||||||
Restricted cash | 167,397 | 170,126 | (2,729 | ) | ||||||||
Investments in U.S. Treasury bills | 645,360 | — | 645,360 | |||||||||
Total | 1,786,615 | 1,930,351 | (143,736 | ) | ||||||||
Tenant and other receivables | 83,126 | 79,661 | 3,465 | |||||||||
Investments in partially owned entities | 3,299,629 | 3,297,389 | 2,240 | |||||||||
Real estate fund investments | 13,402 | 7,730 | 5,672 | |||||||||
220 CPS condominium units ready for sale | 51,072 | 57,142 | (6,070 | ) | ||||||||
Receivable arising from the straight-lining of rents | 677,627 | 656,318 | 21,309 | |||||||||
Deferred leasing costs, net | 388,724 | 391,693 | (2,969 | ) | ||||||||
Identified intangible assets, net | 149,613 | 154,895 | (5,282 | ) | ||||||||
Other assets | 440,648 | 512,714 | (72,066 | ) | ||||||||
Total assets | $ | 17,492,361 | $ | 17,266,588 | $ | 225,773 | ||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Mortgages payable, net | $ | 6,050,693 | $ | 6,053,343 | $ | (2,650 | ) | |||||
Senior unsecured notes, net | 1,190,301 | 1,189,792 | 509 | |||||||||
Unsecured term loan, net | 798,075 | 797,812 | 263 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | — | |||||||||
Lease liabilities | 723,432 | 370,206 | 353,226 | (1) | ||||||||
Accounts payable and accrued expenses | 541,825 | 613,497 | (71,672 | ) | ||||||||
Deferred revenue | 46,238 | 48,118 | (1,880 | ) | ||||||||
Deferred compensation plan | 107,170 | 110,174 | (3,004 | ) | ||||||||
Other liabilities | 274,496 | 304,725 | (30,229 | ) | ||||||||
Total liabilities | 10,307,230 | 10,062,667 | 244,563 | |||||||||
Redeemable noncontrolling interests | 747,161 | 688,683 | 58,478 | |||||||||
Shareholders' equity | 6,184,858 | 6,236,346 | (51,488 | ) | ||||||||
Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 | (25,780 | ) | ||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 17,492,361 | $ | 17,266,588 | $ | 225,773 |
____________________________________________________________
(1) In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a result of the exercise, we remeasured the related ground lease liability to include our 25-year extension option and recorded an estimated incremental right-of-use asset and lease liability of approximately $350,000.
VORNADO REALTY TRUSTOPERATING RESULTS
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
Revenues | $ | 442,130 | $ | 379,977 | |||
Net income | $ | 53,375 | $ | 26,993 | |||
Less net income attributable to noncontrolling interests in: | |||||||
Consolidated subsidiaries | (9,374 | ) | (6,114 | ) | |||
Operating Partnership | (1,994 | ) | (329 | ) | |||
Net income attributable to Vornado | 42,007 | 20,550 | |||||
Preferred share dividends | (15,529 | ) | (16,467 | ) | |||
Net income attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||
Income per common share - basic: | |||||||
Net income per common share | $ | 0.14 | $ | 0.02 | |||
Weighted average shares outstanding | 191,724 | 191,418 | |||||
Income per common share - diluted: | |||||||
Net income per common share | $ | 0.14 | $ | 0.02 | |||
Weighted average shares outstanding | 192,038 | 192,031 | |||||
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 154,908 | $ | 118,407 | |||
Per diluted share (non-GAAP) | $ | 0.80 | $ | 0.62 | |||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 152,313 | $ | 124,359 | |||
Per diluted share (non-GAAP) | $ | 0.79 | $ | 0.65 | |||
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share | 193,174 | 192,057 | |||||
FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because they exclude the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. The Company also uses FFO attributable to common shareholders plus assumed conversions, as adjusted for certain items that impact the comparability of period to period FFO, as one of several criteria to determine performance-based compensation for members of its senior management. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT’s definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 2 of this press release.
VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS
The following table reconciles net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions:
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
Net income attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||
Per diluted share | $ | 0.14 | $ | 0.02 | |||
FFO adjustments: | |||||||
Depreciation and amortization of real property | $ | 105,962 | $ | 87,719 | |||
Net gain on sale of real estate | (551 | ) | — | ||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||
Depreciation and amortization of real property | 32,139 | 34,858 | |||||
Increase in fair value of marketable securities | — | (189 | ) | ||||
137,550 | 122,388 | ||||||
Noncontrolling interests' share of above adjustments | (9,506 | ) | (8,075 | ) | |||
FFO adjustments, net | $ | 128,044 | $ | 114,313 | |||
FFO attributable to common shareholders | $ | 154,522 | $ | 118,396 | |||
Impact of assumed conversion of dilutive convertible securities | 386 | 11 | |||||
FFO attributable to common shareholders plus assumed conversions | $ | 154,908 | $ | 118,407 | |||
Per diluted share | $ | 0.80 | $ | 0.62 | |||
Reconciliation of weighted average shares outstanding: | |||||||
Weighted average common shares outstanding | 191,724 | 191,418 | |||||
Effect of dilutive securities: | |||||||
Convertible securities | 1,136 | (1) | 26 | ||||
Share-based payment awards | 314 | 613 | |||||
Denominator for FFO per diluted share | 193,174 | 192,057 | |||||
______________________(1) On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to include our Series D-13 cumulative redeemable preferred units and Series G-1 through G-4 convertible preferred units in our dilutive earnings per share calculations, if the effect is dilutive.
VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS - CONTINUED
Below is a reconciliation of net income to NOI at share and NOI at share - cash basis for the three months ended March 31, 2022 and 2021 and the three months ended December 31, 2021.
For the Three Months Ended | |||||||||||
(Amounts in thousands) | March 31, | December 31, | |||||||||
2022 | 2021 | 2021 | |||||||||
Net income | $ | 53,375 | $ | 26,993 | $ | 31,963 | |||||
Depreciation and amortization expense | 117,443 | 95,354 | 126,349 | ||||||||
General and administrative expense | 41,216 | 44,186 | 34,204 | ||||||||
Transaction related costs and other | 1,005 | 843 | 3,185 | ||||||||
Income from partially owned entities | (33,714 | ) | (29,073 | ) | (43,749 | ) | |||||
(Income) loss from real estate fund investments | (5,674 | ) | 169 | (5,959 | ) | ||||||
Interest and other investment income, net | (1,018 | ) | (1,522 | ) | (918 | ) | |||||
Interest and debt expense | 52,109 | 50,064 | 78,192 | ||||||||
Net gains on disposition of wholly owned and partially owned assets | (6,552 | ) | — | (14,959 | ) | ||||||
Income tax expense | 7,411 | 1,984 | 10,055 | ||||||||
NOI from partially owned entities | 78,692 | 78,756 | 79,223 | ||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035 | ) | (17,646 | ) | (19,164 | ) | |||||
NOI at share | 284,258 | 250,108 | 278,422 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,130 | ) | (1,198 | ) | (252 | ) | |||||
NOI at share - cash basis | $ | 281,128 | $ | 248,910 | $ | 278,170 | |||||
NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.
VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS - CONTINUED
Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to March 31, 2021.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Change in ownership interest in One Park Avenue | (5,956 | ) | (5,956 | ) | — | — | — | ||||||||||||
Dispositions | 78 | 78 | — | — | — | ||||||||||||||
Development properties | (20,860 | ) | (20,860 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,454 | ) | (2,012 | ) | — | — | (4,442 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2022 | $ | 251,066 | $ | 214,917 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||
NOI at share for the three months ended March 31, 2021 | $ | 250,108 | $ | 211,138 | $ | 18,107 | $ | 16,064 | $ | 4,799 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Dispositions | 741 | 741 | — | — | — | ||||||||||||||
Development properties | (7,839 | ) | (7,514 | ) | — | (325 | ) | — | |||||||||||
Hotel Pennsylvania | 7,144 | 7,144 | — | — | — | ||||||||||||||
Other non-same store income, net | (6,694 | ) | (1,895 | ) | — | — | (4,799 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2021 | $ | 243,460 | $ | 209,614 | $ | 18,107 | $ | 15,739 | $ | — | |||||||||
Increase in same store NOI at share | $ | 7,606 | $ | 5,303 | $ | 1,807 | $ | 496 | $ | — | |||||||||
% increase in same store NOI at share | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | 0.0 | % | |||||||||
Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, net and other non-cash adjustments. We present these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies.
VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS - CONTINUED
Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to March 31, 2021.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Change in ownership interest in One Park Avenue | (4,779 | ) | (4,779 | ) | — | — | — | ||||||||||||
Dispositions | 75 | 75 | — | — | — | ||||||||||||||
Development properties | (13,929 | ) | (13,929 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (7,094 | ) | (2,454 | ) | — | — | (4,640 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 255,401 | $ | 218,605 | $ | 20,436 | $ | 16,360 | $ | — | |||||||||
NOI at share - cash basis for the three months ended March 31, 2021 | $ | 248,910 | $ | 210,165 | $ | 17,840 | $ | 15,855 | $ | 5,050 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Dispositions | 1,353 | 1,353 | — | — | — | ||||||||||||||
Development properties | (8,794 | ) | (8,469 | ) | — | (325 | ) | — | |||||||||||
Hotel Pennsylvania | 7,167 | 7,167 | — | — | — | ||||||||||||||
Other non-same store income, net | (7,167 | ) | (2,117 | ) | — | — | (5,050 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2021 | $ | 241,469 | $ | 208,099 | $ | 17,840 | $ | 15,530 | $ | — | |||||||||
Increase in same store NOI at share - cash basis | $ | 13,932 | $ | 10,506 | $ | 2,596 | $ | 830 | $ | — | |||||||||
% increase in same store NOI at share - cash basis | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | 0.0 | % | |||||||||
VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS - CONTINUED
Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to December 31, 2021.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Dispositions | 78 | 78 | — | — | — | ||||||||||||||
Development properties | (21,053 | ) | (21,053 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,146 | ) | (1,704 | ) | — | — | (4,442 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2022 | $ | 257,137 | $ | 220,988 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||
NOI at share for the three months ended December 31, 2021 | $ | 278,422 | $ | 241,939 | $ | 15,959 | $ | 16,596 | $ | 3,928 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Dispositions | (220 | ) | (220 | ) | — | — | — | ||||||||||||
Development properties | (10,475 | ) | (10,475 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,769 | ) | (2,841 | ) | — | — | (3,928 | ) | |||||||||||
Same store NOI at share for the three months ended December 31, 2021 | $ | 260,958 | $ | 228,403 | $ | 15,959 | $ | 16,596 | $ | — | |||||||||
(Decrease) increase in same store NOI at share | $ | (3,821 | ) | $ | (7,415 | ) | $ | 3,955 | $ | (361 | ) | $ | — | ||||||
% (decrease) increase in same store NOI at share | (1.5 | )% | (3.2 | )% | 24.8 | % | (2.2 | )% | 0.0 | % | |||||||||
VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS - CONTINUED
Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment, theMART, 555 California Street and other investments for the three months ended March 31, 2022 compared to December 31, 2021.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Dispositions | 75 | 75 | — | — | — | ||||||||||||||
Development properties | (14,126 | ) | (14,126 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,786 | ) | (2,146 | ) | — | — | (4,640 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 260,291 | $ | 223,495 | $ | 20,436 | $ | 16,360 | $ | — | |||||||||
NOI at share - cash basis for the three months ended December 31, 2021 | $ | 278,170 | $ | 240,400 | $ | 18,413 | $ | 15,128 | $ | 4,229 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Dispositions | (241 | ) | (241 | ) | — | — | — | ||||||||||||
Development properties | (6,222 | ) | (6,222 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (7,847 | ) | (3,618 | ) | — | — | (4,229 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended December 31, 2021 | $ | 263,860 | $ | 230,319 | $ | 18,413 | $ | 15,128 | $ | — | |||||||||
(Decrease) increase in same store NOI at share - cash basis | $ | (3,569 | ) | $ | (6,824 | ) | $ | 2,023 | $ | 1,232 | $ | — | |||||||
% (decrease) increase in same store NOI at share - cash basis | (1.4 | )% | (3.0 | )% | 11.0 | % | 8.1 | % | 0.0 | % | |||||||||
НЬЮ-ЙОРК, 02 мая 2022 года (GLOBE NEWSWIRE) -- Сегодня сообщалось об Vornado Realty Trust (NYSE: VNO):
Финансовые результаты За Квартал, Закончившийся 31 Марта 2022 года
ЧИСТАЯ ПРИБЫЛЬ, причитающаяся простым акционерам за квартал, закончившийся 31 марта 2022 года, составила 26 478 000 долларов, или 0,14 доллара на разводненную акцию, по сравнению с 4 083 000 долларов, или 0,02 доллара на разводненную акцию, за квартал предыдущего года. С поправкой на статьи, влияющие на сопоставимость между периодами, перечисленные в таблице ниже, чистая прибыль, приходящаяся на обыкновенных акционеров, скорректированная (без учета GAAP) за квартал, закончившийся 31 марта 2022 года, составила 31 682 000 долларов, или 0,16 доллара на разводненную акцию, и 12 446 000 долларов, или 0,06 доллара на разводненную акцию. доля за квартал, закончившийся 31 марта 2021 года.
СРЕДСТВА ОТ ОПЕРАЦИЙ ("FFO"), причитающиеся простым акционерам, плюс предполагаемые конверсии (без учета GAAP) за квартал, закончившийся 31 марта 2022 года, составили 154 908 000 долларов, или 0,80 доллара на разводненную акцию, по сравнению с 118 407 000 долларов, или 0,62 доллара на разводненную акцию, за квартал предыдущего года. С поправкой на статьи, влияющие на сопоставимость между периодами, перечисленные в таблице на странице 2, FFO, относящийся к простым акционерам плюс предполагаемые преобразования, скорректированный (без учета GAAP) за квартал, закончившийся 31 марта 2022 года, составил 152 313 000 долларов США, или 0,79 доллара на разводненную акцию, и 124 359 000 долларов США, или $0,65 на разводненную акцию за квартал, закончившийся 31 марта 2021 года.
В следующей таблице приведена сверка чистой прибыли, причитающейся простым акционерам, с чистой прибылью, причитающейся простым акционерам, скорректированной (не по ОПБУ):
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
Net income attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||
Per diluted share | $ | 0.14 | $ | 0.02 | |||
Certain expense (income) items that impact net income attributable to common shareholders: | |||||||
Hotel Pennsylvania loss | $ | 8,929 | $ | 8,990 | |||
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units | (5,412 | ) | — | ||||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | |||||
Other | (1,100 | ) | (66 | ) | |||
5,590 | 8,924 | ||||||
Noncontrolling interests' share of above adjustments | (386 | ) | (561 | ) | |||
Total of certain expense (income) items that impact net income attributable to common shareholders | $ | 5,204 | $ | 8,363 | |||
Per diluted share (non-GAAP) | $ | 0.02 | $ | 0.04 | |||
Net income attributable to common shareholders, as adjusted (non-GAAP) | $ | 31,682 | $ | 12,446 | |||
Per diluted share (non-GAAP) | $ | 0.16 | $ | 0.06 |
В следующей таблице сверяется FFO, относящийся к простым акционерам, плюс предполагаемые преобразования (не по GAAP), с FFO, относящимся к простым акционерам, плюс предполагаемые преобразования, скорректированные (не по GAAP):
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1) | $ | 154,908 | $ | 118,407 | |||
Per diluted share (non-GAAP) | $ | 0.80 | $ | 0.62 | |||
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: | |||||||
After-tax net gain on sale of 220 CPS condominium units | $ | (5,412 | ) | $ | — | ||
Deferred tax liability on our investment in Farley Office and Retail (held through a taxable REIT subsidiary) | 3,173 | — | |||||
Other | (549 | ) | 6,351 | ||||
(2,788 | ) | 6,351 | |||||
Noncontrolling interests' share of above adjustments | 193 | (399 | ) | ||||
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net | $ | (2,595 | ) | $ | 5,952 | ||
Per diluted share (non-GAAP) | $ | (0.01 | ) | $ | 0.03 | ||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 152,313 | $ | 124,359 | |||
Per diluted share (non-GAAP) | $ | 0.79 | $ | 0.65 |
____________________________________________________________
(1) На стр. 8 приведена сверка чистой прибыли, причитающейся простым акционерам, с FFO, причитающейся простым акционерам, плюс предполагаемые преобразования (без учета GAAP) за три месяца, закончившихся 31 марта 2022 и 2021 годов.
FFO, скорректированный Мост - 1 квартал 2022 года по сравнению с 1 кварталом 2021 года
В следующей таблице объединены наши FFO, относящиеся к простым акционерам, плюс предполагаемые преобразования, скорректированные (не по GAAP) за три месяца, закончившихся 31 марта 2021 года, с FFO, относящимися к простым акционерам, плюс предполагаемые преобразования, скорректированные (не по GAAP) за три месяца, закончившихся 31 марта 2022 года:
(Amounts in millions, except per share amounts) | FFO, as Adjusted | |||||
Amount | Per Share | |||||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2021 | $ | 124.4 | $ | 0.65 | ||
Increase (decrease) in FFO, as adjusted due to: | ||||||
Rent commencement and other tenant related items | 14.8 | |||||
Variable businesses (primarily signage and trade shows) | 11.7 | |||||
Acquisition of our partner's 45% ownership interest in One Park Avenue on August 5, 2021 | 4.6 | |||||
General and administrative (primarily due to the overhead reduction program) | 2.4 | |||||
Other, net | (3.2 | ) | ||||
30.3 | ||||||
Noncontrolling interests' share of above items | (2.4 | ) | ||||
Net increase | 27.9 | 0.14 | ||||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended March 31, 2022 | $ | 152.3 | $ | 0.79 | ||
На стр. 8 приведена сверка чистой прибыли, причитающейся простым акционерам, с FFO, причитающейся простым акционерам, плюс предполагаемые преобразования (без учета GAAP) за три месяца, закончившихся 31 марта 2022 и 2021 годов. Выверка FFO, относящаяся к простым акционерам, плюс предполагаемые преобразования в FFO, относящиеся к простым акционерам, плюс предполагаемые преобразования, скорректированные, представлены выше.
В течение трех месяцев, закончившихся 31 марта 2022 года, мы завершили продажу одной единицы кондоминиума по цене 220 CPS с чистой выручкой в размере 15 095 000 долларов США, что привело к чистой прибыли в финансовом отчете в размере 6 001 000 долларов США, которая включена в раздел "чистая прибыль от продажи полностью принадлежащих и частично принадлежащих активов" в наших консолидированных отчетах о прибылях и убытках. доход. В связи с этой продажей в наших консолидированных отчетах о прибылях и убытках были отражены расходы по налогу на прибыль в размере 589 000 долларов США. С момента создания по 31 марта 2022 года мы закрыли продажу 107 единиц с чистой выручкой в размере 3 021 991 000 долларов США, что привело к чистой прибыли в финансовом отчете в размере 1 123 256 000 долларов США.
Недвижимость в СоХо
13 января 2022 года мы продали две торговые объекты на Манхэттене, расположенные по адресам 478-482 Бродвей и 155 Спринг-стрит, за 84 500 000 долларов и получили чистую выручку в размере 81 399 000 долларов. В связи с продажей мы признали чистую прибыль в размере 551 000 долларов США, которая включена в "чистую прибыль от продажи полностью принадлежащих и частично принадлежащих активов" в наших консолидированных отчетах о прибылях и убытках.
Здание Центра (Северный бульвар, 33-00)
27 апреля 2022 года мы заключили соглашение о продаже Center Building, восьмиэтажного офисного здания площадью 498 000 квадратных футов, расположенного на Северном бульваре 33-00 в Лонг-Айленд-Сити, Нью-Йорк, за 172 750 000 долларов. Мы ожидаем закрыть продажу в третьем квартале 2022 года и признать прибыль в финансовой отчетности в размере примерно 15 000 000 долларов США и налоговую прибыль в размере примерно 74 000 000 долларов США. Продажа осуществляется в соответствии с обычными условиями закрытия.
Лизинговая Деятельность За Три Месяца, Закончившихся 31 Марта 2022 Года:
Чистый Операционный Доход Того Же Магазина ("NOI") На Акцию:
Ниже приведено процентное увеличение (уменьшение) в том же магазине NOI на акцию и в том же магазине NOI на акцию - кассовая база нашего нью-йоркского сегмента, theMART и 555 California Street.
Total | New York | theMART | 555 California Street | ||||||||
Same store NOI at share % increase (decrease)(1): | |||||||||||
Three months ended March 31, 2022 compared to March 31, 2021 | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | |||
Three months ended March 31, 2022 compared to December 31, 2021 | (1.5 | )% | (3.2 | )% | 24.8 | % | (2.2 | )% | |||
Same store NOI at share - cash basis % increase (decrease)(1): | |||||||||||
Three months ended March 31, 2022 compared to March 31, 2021 | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | |||
Three months ended March 31, 2022 compared to December 31, 2021 | (1.4 | )% | (3.0 | )% | 11.0 | % | 8.1 | % |
____________________
(1) Смотрите страницы с 10 по 13 для того же NOI магазина на акцию и того же NOI магазина на акцию - выверки на основе наличных средств.
Ниже кратко представлены элементы нашей доли в Нью-Йорке и других городах за три месяца, закончившихся 31 марта 2022 и 2021 годов, и за три месяца, закончившихся 31 декабря 2021 года.
(Amounts in thousands) | For the Three Months Ended | ||||||||
March 31, | December 31, | ||||||||
2022 | 2021 | 2021 | |||||||
NOI at share: | |||||||||
New York: | |||||||||
Office(1) | $ | 177,809 | $ | 166,635 | $ | 179,929 | |||
Retail | 52,105 | 36,702 | 48,365 | ||||||
Residential | 4,774 | 4,456 | 4,894 | ||||||
Alexander's | 8,979 | 10,489 | 8,751 | ||||||
Hotel Pennsylvania(2) | — | (7,144 | ) | — | |||||
Total New York | 243,667 | 211,138 | 241,939 | ||||||
Other: | |||||||||
theMART | 19,914 | 18,107 | 15,959 | ||||||
555 California Street | 16,235 | 16,064 | 16,596 | ||||||
Other investments | 4,442 | 4,799 | 3,928 | ||||||
Total Other | 40,591 | 38,970 | 36,483 | ||||||
NOI at share | $ | 284,258 | $ | 250,108 | $ | 278,422 | |||
_______________________ См. Примечания ниже.
NOI На основе денежных средств от акций: Элементы нашего Нью-Йоркского и других NOI на основе денежных средств от акций за три месяца, закончившихся 31 марта 2022 и 2021 годов, и за три месяца, закончившихся 31 декабря 2021 года, кратко представлены ниже.
(Amounts in thousands) | For the Three Months Ended | ||||||||
March 31, | December 31, | ||||||||
2022 | 2021 | 2021 | |||||||
NOI at share - cash basis: | |||||||||
New York: | |||||||||
Office(1) | $ | 177,827 | $ | 167,096 | $ | 181,568 | |||
Retail | 47,393 | 34,876 | 44,536 | ||||||
Residential | 4,689 | 4,011 | 4,758 | ||||||
Alexander's | 9,783 | 11,349 | 9,538 | ||||||
Hotel Pennsylvania(2) | — | (7,167 | ) | — | |||||
Total New York | 239,692 | 210,165 | 240,400 | ||||||
Other: | |||||||||
theMART | 20,436 | 17,840 | 18,413 | ||||||
555 California Street | 16,360 | 15,855 | 15,128 | ||||||
Other investments | 4,640 | 5,050 | 4,229 | ||||||
Total Other | 41,436 | 38,745 | 37,770 | ||||||
NOI at share - cash basis | $ | 281,128 | $ | 248,910 | $ | 278,170 | |||
______________________
(1) Включает Услуги по управлению Зданием ("BMS") NOI в размере 5 782, 6 350 и 6 918 долларов США соответственно за три месяца, закончившихся 31 марта 2022 и 2021 годов и 31 декабря 2021 года.
(2) 5 апреля 2021 года мы навсегда закрыли отель "Пенсильвания". Начиная с третьего квартала 2021 года мы приступили к капитализации текущих затрат в связи с нашей разработкой будущего участка PENN 15 (бывший отель Pennsylvania).
PENN District - Сводка активной застройки/реконструкции по состоянию на 31 марта 2022 года
(Amounts in thousands of dollars, except square feet) | |||||||||||||||||
Active PENN District Projects | Segment | Property Rentable Sq. Ft. | Budget(1) | Cash Amount Expended | Remaining Expenditures | Stabilization Year | Projected Incremental Cash Yield | ||||||||||
Farley (95% interest) | New York | 845,000 | 1,120,000 | (2) | 981,993 | (2) | 138,007 | 2022 | 6.4 | % | |||||||
PENN 2 - as expanded | New York | 1,795,000 | 750,000 | 208,231 | 541,769 | 2025 | 9.0 | % | |||||||||
PENN 1 (including LIRR Concourse Retail)(3) | New York | 2,547,000 | 450,000 | 319,622 | 130,378 | N/A | 12.2 | % | (3)(4) | ||||||||
Districtwide Improvements | New York | N/A | 100,000 | 32,306 | 67,694 | N/A | N/A | ||||||||||
Total Active PENN District Projects | 2,420,000 | 1,542,152 | 877,848 | 8.0 | % |
________________________________
(1) Исключая перенос долга и собственного капитала. (2) За вычетом 154 000 взносов инвесторов с историческими налоговыми льготами, из которых на сегодняшний день было профинансировано 88 000 (при нашей 95%-ной доле).(3) Имущество сдается в аренду до 2098 года, как полностью продленное. Сброс справедливой рыночной стоимости произойдет в 2023, 2048 и 2073 годах. Прогнозируемая доходность в 12,2% приходится на период до сброса арендной платы за землю в 2023 году, что может оказаться существенным.(4) По прогнозам, это будет достигнуто по мере продления договоров аренды до реконструкции; приблизительный средний оставшийся срок аренды 4,0 года.
Не может быть никакой гарантии, что вышеуказанные проекты будут завершены, завершены по графику или в рамках бюджета. Кроме того, не может быть никакой гарантии, что Компания успешно сдаст недвижимость в аренду в соответствии с ожидаемым графиком или по предполагаемым арендным ставкам.
Конференц-связь и аудио-трансляция в Интернете
Как было объявлено ранее, во вторник, 3 мая 2022 года, в 10:00 утра по восточному времени (ET) Компания проведет ежеквартальную телефонную конференцию о доходах и аудио-трансляцию. Доступ к конференц-связи можно получить, набрав 866-374-5140 (внутренний) или 404-400-0571 (международный) и введя пароль 45364290. Прямая трансляция телефонной конференции будет доступна на веб-сайте Vornado по адресу www.vno.com в разделе по связям с инвесторами, а онлайн-трансляция веб-трансляции будет доступна на веб-сайте после телефонной конференции.
Томас Дж. Санелли(212) 894-7000
Дополнительная Финансовая Информация
С более подробной информацией о результатах деятельности, объектах недвижимости и арендаторах можно ознакомиться на веб-сайте Компании www.vno.com . Vornado Realty Trust - это полностью интегрированный фонд прямых инвестиций в недвижимость.
Некоторые заявления, содержащиеся в настоящем документе, могут представлять собой “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Прогнозные заявления не являются гарантией эффективности. Они отражают наши намерения, планы, ожидания и убеждения и подвержены многочисленным допущениям, рискам и неопределенностям. Наши будущие результаты, финансовое состояние и бизнес могут существенно отличаться от тех, которые указаны в этих прогнозных заявлениях. Вы можете найти многие из этих утверждений, поискав такие слова, как "приблизительно", "полагает", "ожидает", "ожидает", "оценивает", "намеревается", "планирует", "хотел бы", "может" или другие подобные выражения в этом пресс-релизе. Мы также отмечаем следующие прогнозные заявления: в случае наших проектов развития и реконструкции, предполагаемая дата завершения, предполагаемая стоимость проекта, прогнозируемый дополнительный денежный доход, дата стабилизации и стоимость завершения; и оценки будущих капитальных затрат, дивидендов простым и привилегированным акционерам и распределения операционных партнерств. Для обсуждения факторов, которые могут существенно повлиять на результаты наших прогнозных заявлений, а также на наши будущие результаты и финансовое состояние, см. раздел “Факторы риска” в Части I, пункт 1A, нашего Годового отчета по форме 10-K за год, закончившийся 31 декабря 2021 года. В настоящее время одним из наиболее значимых факторов является продолжающееся негативное воздействие пандемии COVID-19 на наш бизнес, финансовое состояние, результаты деятельности, денежные потоки, операционные показатели и влияние, которое она оказала и может продолжать оказывать на наших арендаторов, глобальную, национальную, региональную и местную экономику и финансовые рынки и рынок недвижимости в целом. Степень воздействия пандемии COVID-19 будет по-прежнему зависеть от будущих событий, включая показатели вакцинации среди населения, эффективность и долговечность вакцин против новых вариантов, а также ответные меры правительства и населения на них, которые по-прежнему остаются неопределенными, но последствия могут быть существенными. Кроме того, вас предупреждают, что пандемия COVID-19 усилит многие риски, указанные в "Пункте 1А. Факторы риска" в Части I нашего Годового отчета по форме 10-K за год, закончившийся 31 декабря 2021 года.
консолидированные балансовые отчеты vornado realty trust
(Amounts in thousands) | As of | Increase | ||||||||||
March 31, 2022 | December 31, 2021 | (Decrease) | ||||||||||
ASSETS | ||||||||||||
Real estate, at cost: | ||||||||||||
Land | $ | 2,540,193 | $ | 2,540,193 | $ | — | ||||||
Buildings and improvements | 9,956,681 | 9,839,166 | 117,515 | |||||||||
Development costs and construction in progress | 751,555 | 718,694 | 32,861 | |||||||||
Leasehold improvements and equipment | 120,979 | 119,792 | 1,187 | |||||||||
Total | 13,369,408 | 13,217,845 | 151,563 | |||||||||
Less accumulated depreciation and amortization | (3,455,145 | ) | (3,376,347 | ) | (78,798 | ) | ||||||
Real estate, net | 9,914,263 | 9,841,498 | 72,765 | |||||||||
Right-of-use assets | 687,642 | 337,197 | 350,445 | (1) | ||||||||
Cash, cash equivalents, restricted cash and investments in U.S. Treasury bills: | ||||||||||||
Cash and cash equivalents | 973,858 | 1,760,225 | (786,367 | ) | ||||||||
Restricted cash | 167,397 | 170,126 | (2,729 | ) | ||||||||
Investments in U.S. Treasury bills | 645,360 | — | 645,360 | |||||||||
Total | 1,786,615 | 1,930,351 | (143,736 | ) | ||||||||
Tenant and other receivables | 83,126 | 79,661 | 3,465 | |||||||||
Investments in partially owned entities | 3,299,629 | 3,297,389 | 2,240 | |||||||||
Real estate fund investments | 13,402 | 7,730 | 5,672 | |||||||||
220 CPS condominium units ready for sale | 51,072 | 57,142 | (6,070 | ) | ||||||||
Receivable arising from the straight-lining of rents | 677,627 | 656,318 | 21,309 | |||||||||
Deferred leasing costs, net | 388,724 | 391,693 | (2,969 | ) | ||||||||
Identified intangible assets, net | 149,613 | 154,895 | (5,282 | ) | ||||||||
Other assets | 440,648 | 512,714 | (72,066 | ) | ||||||||
Total assets | $ | 17,492,361 | $ | 17,266,588 | $ | 225,773 | ||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||
Liabilities: | ||||||||||||
Mortgages payable, net | $ | 6,050,693 | $ | 6,053,343 | $ | (2,650 | ) | |||||
Senior unsecured notes, net | 1,190,301 | 1,189,792 | 509 | |||||||||
Unsecured term loan, net | 798,075 | 797,812 | 263 | |||||||||
Unsecured revolving credit facilities | 575,000 | 575,000 | — | |||||||||
Lease liabilities | 723,432 | 370,206 | 353,226 | (1) | ||||||||
Accounts payable and accrued expenses | 541,825 | 613,497 | (71,672 | ) | ||||||||
Deferred revenue | 46,238 | 48,118 | (1,880 | ) | ||||||||
Deferred compensation plan | 107,170 | 110,174 | (3,004 | ) | ||||||||
Other liabilities | 274,496 | 304,725 | (30,229 | ) | ||||||||
Total liabilities | 10,307,230 | 10,062,667 | 244,563 | |||||||||
Redeemable noncontrolling interests | 747,161 | 688,683 | 58,478 | |||||||||
Shareholders' equity | 6,184,858 | 6,236,346 | (51,488 | ) | ||||||||
Noncontrolling interests in consolidated subsidiaries | 253,112 | 278,892 | (25,780 | ) | ||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 17,492,361 | $ | 17,266,588 | $ | 225,773 |
____________________________________________________________
(1) В январе 2022 года мы воспользовались возможностью продления на 25 лет нашей аренды земли PENN 1, продлив срок до июня 2073 года. В результате этой проверки мы переоценили соответствующие обязательства по аренде земли, включив в них наш вариант продления на 25 лет, и зафиксировали предполагаемый дополнительный актив с правом пользования и обязательства по аренде в размере примерно 350 000 долларов США.
результаты работы vornado realty trust
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
Revenues | $ | 442,130 | $ | 379,977 | |||
Net income | $ | 53,375 | $ | 26,993 | |||
Less net income attributable to noncontrolling interests in: | |||||||
Consolidated subsidiaries | (9,374 | ) | (6,114 | ) | |||
Operating Partnership | (1,994 | ) | (329 | ) | |||
Net income attributable to Vornado | 42,007 | 20,550 | |||||
Preferred share dividends | (15,529 | ) | (16,467 | ) | |||
Net income attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||
Income per common share - basic: | |||||||
Net income per common share | $ | 0.14 | $ | 0.02 | |||
Weighted average shares outstanding | 191,724 | 191,418 | |||||
Income per common share - diluted: | |||||||
Net income per common share | $ | 0.14 | $ | 0.02 | |||
Weighted average shares outstanding | 192,038 | 192,031 | |||||
FFO attributable to common shareholders plus assumed conversions (non-GAAP) | $ | 154,908 | $ | 118,407 | |||
Per diluted share (non-GAAP) | $ | 0.80 | $ | 0.62 | |||
FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) | $ | 152,313 | $ | 124,359 | |||
Per diluted share (non-GAAP) | $ | 0.79 | $ | 0.65 | |||
Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share | 193,174 | 192,057 | |||||
FFO рассчитывается в соответствии с определением, принятым Советом управляющих Национальной ассоциации Инвестиционных фондов недвижимости (“NAREIT”). NAREIT определяет FFO как чистую прибыль или убыток по ОПБУ, скорректированную с учетом исключения чистой прибыли от продажи определенных активов недвижимости, убытков от обесценения недвижимости, расходов на износ и амортизацию активов недвижимости и других определенных статей, включая пропорциональную долю таких корректировок неконсолидированных дочерних компаний. FFO и FFO на разводненную акцию являются финансовыми показателями, не относящимися к GAAP, используемыми руководством, инвесторами и аналитиками для облегчения значимых сравнений операционных показателей между периодами и между нашими аналогами, поскольку они исключают влияние износа и амортизации недвижимости и чистой прибыли от продаж, которые основаны на исторических затратах и подразумевают, что стоимость недвижимости предсказуемо снижается с течением времени, а не колеблется в зависимости от существующих рыночных условий. Компания также использует FFO, относящийся к простым акционерам, плюс предполагаемые преобразования, скорректированные с учетом определенных статей, которые влияют на сопоставимость FFO за период, в качестве одного из нескольких критериев для определения вознаграждения, основанного на результатах деятельности, для членов ее высшего руководства. FFO не отражает денежные средства, полученные от операционной деятельности, и не обязательно указывает на денежные средства, доступные для финансирования потребностей в денежных средствах, и не следует рассматривать в качестве альтернативы чистой прибыли в качестве показателя эффективности или денежного потока в качестве показателя ликвидности. FFO может быть несопоставим с аналогичными показателями, используемыми другими компаниями. В дополнение к FFO, относящемуся к простым акционерам, плюс предполагаемые преобразования, мы также раскрываем FFO, относящийся к простым акционерам, плюс предполагаемые преобразования, с учетом корректировок. Хотя этот показатель, не относящийся к GAAP, явно отличается от определения FFO NAREIT, мы считаем, что он обеспечивает содержательное представление операционных показателей. Сверка чистой прибыли, приходящейся на обыкновенных акционеров, с FFO, приходящейся на обыкновенных акционеров, плюс предполагаемые преобразования представлены на следующей странице. Выверка FFO, приходящаяся на обыкновенных акционеров, плюс предполагаемые преобразования в FFO, приходящиеся на обыкновенных акционеров, плюс предполагаемые преобразования, с учетом поправок, представлены на странице 2 настоящего пресс-релиза.
vornado realty trust-выверки по ОПБУ
В следующей таблице приведена сверка чистой прибыли, причитающейся простым акционерам, с FFO, причитающейся простым акционерам, плюс предполагаемые преобразования:
(Amounts in thousands, except per share amounts) | For the Three Months Ended March 31, | ||||||
2022 | 2021 | ||||||
Net income attributable to common shareholders | $ | 26,478 | $ | 4,083 | |||
Per diluted share | $ | 0.14 | $ | 0.02 | |||
FFO adjustments: | |||||||
Depreciation and amortization of real property | $ | 105,962 | $ | 87,719 | |||
Net gain on sale of real estate | (551 | ) | — | ||||
Proportionate share of adjustments to equity in net income of partially owned entities to arrive at FFO: | |||||||
Depreciation and amortization of real property | 32,139 | 34,858 | |||||
Increase in fair value of marketable securities | — | (189 | ) | ||||
137,550 | 122,388 | ||||||
Noncontrolling interests' share of above adjustments | (9,506 | ) | (8,075 | ) | |||
FFO adjustments, net | $ | 128,044 | $ | 114,313 | |||
FFO attributable to common shareholders | $ | 154,522 | $ | 118,396 | |||
Impact of assumed conversion of dilutive convertible securities | 386 | 11 | |||||
FFO attributable to common shareholders plus assumed conversions | $ | 154,908 | $ | 118,407 | |||
Per diluted share | $ | 0.80 | $ | 0.62 | |||
Reconciliation of weighted average shares outstanding: | |||||||
Weighted average common shares outstanding | 191,724 | 191,418 | |||||
Effect of dilutive securities: | |||||||
Convertible securities | 1,136 | (1) | 26 | ||||
Share-based payment awards | 314 | 613 | |||||
Denominator for FFO per diluted share | 193,174 | 192,057 | |||||
______________________ (1) 1 января 2022 года мы приняли Обновление Стандартов бухгалтерского учета 2020-06, которое требует от нас включать наши привилегированные паи серии D-13, подлежащие накопительному погашению, и конвертируемые привилегированные паи серии G-1-G-4 в наши расчеты разводняющей прибыли на акцию, если эффект является разводняющим.
vornado realty trustnon-выверка ОПБУ - продолжение
Ниже приведена сверка чистой прибыли с NOI на акцию и NOI на основе денежных средств на акцию за три месяца, закончившихся 31 марта 2022 и 2021 годов, и за три месяца, закончившихся 31 декабря 2021 года.
For the Three Months Ended | |||||||||||
(Amounts in thousands) | March 31, | December 31, | |||||||||
2022 | 2021 | 2021 | |||||||||
Net income | $ | 53,375 | $ | 26,993 | $ | 31,963 | |||||
Depreciation and amortization expense | 117,443 | 95,354 | 126,349 | ||||||||
General and administrative expense | 41,216 | 44,186 | 34,204 | ||||||||
Transaction related costs and other | 1,005 | 843 | 3,185 | ||||||||
Income from partially owned entities | (33,714 | ) | (29,073 | ) | (43,749 | ) | |||||
(Income) loss from real estate fund investments | (5,674 | ) | 169 | (5,959 | ) | ||||||
Interest and other investment income, net | (1,018 | ) | (1,522 | ) | (918 | ) | |||||
Interest and debt expense | 52,109 | 50,064 | 78,192 | ||||||||
Net gains on disposition of wholly owned and partially owned assets | (6,552 | ) | — | (14,959 | ) | ||||||
Income tax expense | 7,411 | 1,984 | 10,055 | ||||||||
NOI from partially owned entities | 78,692 | 78,756 | 79,223 | ||||||||
NOI attributable to noncontrolling interests in consolidated subsidiaries | (20,035 | ) | (17,646 | ) | (19,164 | ) | |||||
NOI at share | 284,258 | 250,108 | 278,422 | ||||||||
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other | (3,130 | ) | (1,198 | ) | (252 | ) | |||||
NOI at share - cash basis | $ | 281,128 | $ | 248,910 | $ | 278,170 | |||||
NOI на акцию представляет собой общую выручку за вычетом операционных расходов, включая нашу долю в компаниях, находящихся в частичной собственности. NOI на основе денежных средств на акцию представляет собой NOI на акцию, скорректированный с учетом прямых доходов и расходов от аренды, амортизации приобретенных договоров аренды ниже и выше рыночных, чистых и других неденежных корректировок. Мы считаем, что NOI на основе денежных средств на акцию является основным финансовым показателем, не связанным с GAAP, для принятия решений и оценки эффективности наших сегментов, поскольку он относится к общей рентабельности активов, в отличие от рентабельности капитала с леверидж. Поскольку недвижимость покупается и продается на основе NOI в расчете на акцию, мы используем этот показатель для принятия инвестиционных решений, а также для сравнения эффективности наших активов с аналогичными показателями. NOI на акцию и NOI на основе денежных средств на акцию не следует рассматривать как альтернативы чистому доходу или денежному потоку от операций и могут быть несопоставимы с аналогичными показателями, используемыми другими компаниями.
vornado realty trustnon-выверка ОПБУ - продолжение
Ниже приведены сверки NOI на акцию с тем же магазином NOI на акцию для нашего сегмента в Нью-Йорке, theMART, 555 California Street и других инвестиций за три месяца, закончившихся 31 марта 2022 года, по сравнению с 31 марта 2021 года.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Change in ownership interest in One Park Avenue | (5,956 | ) | (5,956 | ) | — | — | — | ||||||||||||
Dispositions | 78 | 78 | — | — | — | ||||||||||||||
Development properties | (20,860 | ) | (20,860 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,454 | ) | (2,012 | ) | — | — | (4,442 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2022 | $ | 251,066 | $ | 214,917 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||
NOI at share for the three months ended March 31, 2021 | $ | 250,108 | $ | 211,138 | $ | 18,107 | $ | 16,064 | $ | 4,799 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Dispositions | 741 | 741 | — | — | — | ||||||||||||||
Development properties | (7,839 | ) | (7,514 | ) | — | (325 | ) | — | |||||||||||
Hotel Pennsylvania | 7,144 | 7,144 | — | — | — | ||||||||||||||
Other non-same store income, net | (6,694 | ) | (1,895 | ) | — | — | (4,799 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2021 | $ | 243,460 | $ | 209,614 | $ | 18,107 | $ | 15,739 | $ | — | |||||||||
Increase in same store NOI at share | $ | 7,606 | $ | 5,303 | $ | 1,807 | $ | 496 | $ | — | |||||||||
% increase in same store NOI at share | 3.1 | % | 2.5 | % | 10.0 | % | 3.2 | % | 0.0 | % | |||||||||
В одном и том же хранилище NOI на акцию представляет NOI на акцию от операций, которые использовались как в текущем, так и в отчетных периодах предыдущего года. Тот же NOI магазина при расчете на акцию - это тот же NOI магазина при расчете на акцию, скорректированный с учетом прямых доходов и расходов от аренды, амортизации приобретенных договоров аренды ниже и выше рыночных, чистых и других неденежных корректировок. Мы представляем эти показатели, не относящиеся к GAAP, чтобы (i) облегчить значимые сравнения операционных показателей наших объектов недвижимости и сегментов, (ii) принимать решения о покупке, продаже или рефинансировании объектов недвижимости и (iii) сравнивать показатели наших объектов недвижимости и сегментов с показателями наших аналогов. Один и тот же NOI магазина на акцию и один и тот же NOI магазина на основе денежных средств на акцию не должны рассматриваться как альтернативы чистому доходу или денежному потоку от операций и могут быть несопоставимы с аналогичными показателями, используемыми другими компаниями.
vornado realty trustnon-выверка ОПБУ - продолжение
Ниже приведены сверки NOI на основе денежных средств на акцию с NOI в том же магазине на основе денежных средств на акцию для нашего сегмента в Нью-Йорке, theMART, 555 California Street и других инвестиций за три месяца, закончившихся 31 марта 2022 года, по сравнению с 31 марта 2021 года.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Change in ownership interest in One Park Avenue | (4,779 | ) | (4,779 | ) | — | — | — | ||||||||||||
Dispositions | 75 | 75 | — | — | — | ||||||||||||||
Development properties | (13,929 | ) | (13,929 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (7,094 | ) | (2,454 | ) | — | — | (4,640 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 255,401 | $ | 218,605 | $ | 20,436 | $ | 16,360 | $ | — | |||||||||
NOI at share - cash basis for the three months ended March 31, 2021 | $ | 248,910 | $ | 210,165 | $ | 17,840 | $ | 15,855 | $ | 5,050 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Dispositions | 1,353 | 1,353 | — | — | — | ||||||||||||||
Development properties | (8,794 | ) | (8,469 | ) | — | (325 | ) | — | |||||||||||
Hotel Pennsylvania | 7,167 | 7,167 | — | — | — | ||||||||||||||
Other non-same store income, net | (7,167 | ) | (2,117 | ) | — | — | (5,050 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2021 | $ | 241,469 | $ | 208,099 | $ | 17,840 | $ | 15,530 | $ | — | |||||||||
Increase in same store NOI at share - cash basis | $ | 13,932 | $ | 10,506 | $ | 2,596 | $ | 830 | $ | — | |||||||||
% increase in same store NOI at share - cash basis | 5.8 | % | 5.0 | % | 14.6 | % | 5.3 | % | 0.0 | % | |||||||||
vornado realty trustnon-выверка ОПБУ - продолжение
Ниже приведены сверки NOI на акцию с тем же магазином NOI на акцию для нашего сегмента в Нью-Йорке, theMART, 555 California Street и других инвестиций за три месяца, закончившихся 31 марта 2022 года, по сравнению с 31 декабря 2021 года.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share for the three months ended March 31, 2022 | $ | 284,258 | $ | 243,667 | $ | 19,914 | $ | 16,235 | $ | 4,442 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Dispositions | 78 | 78 | — | — | — | ||||||||||||||
Development properties | (21,053 | ) | (21,053 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,146 | ) | (1,704 | ) | — | — | (4,442 | ) | |||||||||||
Same store NOI at share for the three months ended March 31, 2022 | $ | 257,137 | $ | 220,988 | $ | 19,914 | $ | 16,235 | $ | — | |||||||||
NOI at share for the three months ended December 31, 2021 | $ | 278,422 | $ | 241,939 | $ | 15,959 | $ | 16,596 | $ | 3,928 | |||||||||
Less NOI at share from: | |||||||||||||||||||
Dispositions | (220 | ) | (220 | ) | — | — | — | ||||||||||||
Development properties | (10,475 | ) | (10,475 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,769 | ) | (2,841 | ) | — | — | (3,928 | ) | |||||||||||
Same store NOI at share for the three months ended December 31, 2021 | $ | 260,958 | $ | 228,403 | $ | 15,959 | $ | 16,596 | $ | — | |||||||||
(Decrease) increase in same store NOI at share | $ | (3,821 | ) | $ | (7,415 | ) | $ | 3,955 | $ | (361 | ) | $ | — | ||||||
% (decrease) increase in same store NOI at share | (1.5 | )% | (3.2 | )% | 24.8 | % | (2.2 | )% | 0.0 | % | |||||||||
vornado realty trustnon-выверка ОПБУ - продолжение
Ниже приведены сверки NOI на основе денежных средств на акцию с NOI в том же магазине на основе денежных средств на акцию для нашего сегмента в Нью-Йорке, theMART, 555 California Street и других инвестиций за три месяца, закончившихся 31 марта 2022 года, по сравнению с 31 декабря 2021 года.
(Amounts in thousands) | Total | New York | theMART | 555 California Street | Other | ||||||||||||||
NOI at share - cash basis for the three months ended March 31, 2022 | $ | 281,128 | $ | 239,692 | $ | 20,436 | $ | 16,360 | $ | 4,640 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Dispositions | 75 | 75 | — | — | — | ||||||||||||||
Development properties | (14,126 | ) | (14,126 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (6,786 | ) | (2,146 | ) | — | — | (4,640 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended March 31, 2022 | $ | 260,291 | $ | 223,495 | $ | 20,436 | $ | 16,360 | $ | — | |||||||||
NOI at share - cash basis for the three months ended December 31, 2021 | $ | 278,170 | $ | 240,400 | $ | 18,413 | $ | 15,128 | $ | 4,229 | |||||||||
Less NOI at share - cash basis from: | |||||||||||||||||||
Dispositions | (241 | ) | (241 | ) | — | — | — | ||||||||||||
Development properties | (6,222 | ) | (6,222 | ) | — | — | — | ||||||||||||
Other non-same store income, net | (7,847 | ) | (3,618 | ) | — | — | (4,229 | ) | |||||||||||
Same store NOI at share - cash basis for the three months ended December 31, 2021 | $ | 263,860 | $ | 230,319 | $ | 18,413 | $ | 15,128 | $ | — | |||||||||
(Decrease) increase in same store NOI at share - cash basis | $ | (3,569 | ) | $ | (6,824 | ) | $ | 2,023 | $ | 1,232 | $ | — | |||||||
% (decrease) increase in same store NOI at share - cash basis | (1.4 | )% | (3.0 | )% | 11.0 | % | 8.1 | % | 0.0 | % | |||||||||