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Vornado Realty Trust (VNO-1.78%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total revenues of $1.79 billion for the year, a decrease from $1.81 billion in the prior year. This decrease is attributed to lower rental revenues from same store operations.
Operating expenses for the year were $927.8 million, compared to $905.2 million in the previous year. The increase in expenses is primarily due to higher non-reimbursable expenses and BMS expenses.
The company reported net income attributable to common shareholders of $8.3 million, or $0.04 per diluted share, compared to $43.4 million, or $0.23 per diluted share, in the previous year.
Funds from operations (FFO) attributable to common shareholders plus assumed conversions was $470.0 million, or $2.37 per diluted share, down from $503.8 million, or $2.59 per diluted share, in the previous year.
Vornado completed several significant transactions during 2024, including the sale of its 49.9% interest in 50-70 West 93rd Street and the refinancing of several properties, including 280 Park Avenue and 640 Fifth Avenue.
The company also engaged in development and redevelopment projects, notably the PENN 2 redevelopment and the Sunset Pier 94 Studios joint venture.
Vornado's liquidity as of December 31, 2024, included $950 million in cash and cash equivalents and $1.5 billion available on its revolving credit facilities.
The filing outlines the company's strategy to maximize shareholder value through property investments, development, and redevelopment in select markets, particularly New York City.
Vornado's portfolio includes 56 Manhattan operating properties, the 3.7 million square foot THE MART in Chicago, and a 70% interest in the 555 California Street complex in San Francisco.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vornado Realty Trust annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.