
Company profile
Ticker
VNOD
Exchange
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
VORNADO REALTY TRUST AND VORNADO REALTY L.P. • 11 East 68th Street LLC • 11 East 68th TRS LLC • 1290 Management II, LLC • 131 West 33rd Street Owner LLC • 137 West 33rd Street Owner LLC • 138-142 West 32nd EAT LLC • 144-150 West 34th Street EAT LLC • 144-150 West 34th Street Owner II LLC • 148 Spring Street, LLC ...
Calendar
2 May 22
26 Jun 22
31 Dec 22
Financial summary
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Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
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Cash on hand (at last report) | 1.14B | 1.14B | 1.14B | 1.14B | 1.14B | 1.14B |
Cash burn (monthly) | 263.03M | 51.2M | (no burn) | (no burn) | (no burn) | (no burn) |
Cash used (since last report) | 755.82M | 147.11M | n/a | n/a | n/a | n/a |
Cash remaining | 385.43M | 994.14M | n/a | n/a | n/a | n/a |
Runway (months of cash) | 1.5 | 19.4 | n/a | n/a | n/a | n/a |
Financial report summary
?Risks
- Our business, financial condition, results of operations and cash flows have been and may continue to be adversely affected by the COVID-19 pandemic and the impact could be material to us.
- A significant portion of our properties is located in the New York City Metropolitan area and is affected by the economic cycles and risks inherent to this area.
- We are subject to risks that affect the general and New York City retail environments.
- Real estate is a competitive business and that competition may adversely impact us.
- We depend on leasing space to tenants on economically favorable terms and collecting rent from tenants who may not be able to pay.
- We may be adversely affected by trends in office real estate, including work from home trends.
- We may be unable to renew leases or relet space as leases expire.
- Bankruptcy or insolvency of tenants may decrease our revenue, net income and available cash.
- Terrorist attacks may adversely affect the value of our properties and our ability to generate cash flow.
- Natural disasters and the effects of climate change could have a concentrated impact on the areas where we operate and could adversely impact our results.
- Our properties are subject to transitional risks related to climate-related policy change.
- Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate.
- We face risks associated with property acquisitions.
- We are exposed to risks associated with property redevelopment and repositioning that could adversely affect us, including our financial condition and results of operations.
- From time to time we have made, and in the future we may seek to make one or more material acquisitions. The announcement of such a material acquisition may result in a rapid and significant decline in the price of our securities.
- It may be difficult to sell real estate timely, which may limit our flexibility.
- We may not be able to effectively operate our business if we are unable to attract and retain qualified personnel due to a tight labor market and COVID-19 vaccine mandate in areas in which we operate.
- Significant inflation could adversely affect our business and financial results.
- From time to time we have made, and in the future we may seek to make investments in companies over which we do not have sole control. Some of these companies operate in industries with different risks than investing and operating real estate.
- We are subject to risks involved in real estate activity through joint ventures and private equity real estate funds.
- Capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our debt and equity securities.
- We may not be able to obtain capital to make investments.
- We depend on dividends and distributions from our direct and indirect subsidiaries. The creditors and preferred equity holders of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or distributions to us.
- We have a substantial amount of indebtedness that could affect our future operations.
- We have outstanding debt, and the amount of debt and its cost may increase and refinancing may not be available on acceptable terms.
- Failure to hedge effectively against interest rate changes may adversely affect results of operations.
- Covenants in our debt instruments could adversely affect our financial condition and our acquisitions and development activities.
- A downgrade in our credit ratings could materially and adversely affect our business and financial condition.
- Vornado’s Amended and Restated Declaration of Trust (the “declaration of trust”) sets limits on the ownership of its shares.
- The Maryland General Corporation Law (the “MGCL”) contains provisions that may reduce the likelihood of certain takeover transactions.
- Vornado may issue additional shares in a manner that could adversely affect the likelihood of certain takeover transactions.
- We may change our policies without obtaining the approval of our equity holders.
- Steven Roth and Interstate Properties may exercise substantial influence over us. They and some of Vornado’s other trustees and officers have interests or positions in other entities that may compete with us.
- There may be conflicts of interest between Alexander’s and us.
- The trading price of Vornado’s common shares has been volatile and may continue to fluctuate.
- Vornado has many shares available for future sale, which could hurt the market price of its shares and the redemption price of the Operating Partnership’s units.
- Loss of our key personnel could harm our operations and adversely affect the value of our common shares and Operating Partnership Class A units.
- Vornado may fail to qualify or remain qualified as a REIT and may be required to pay federal income taxes at corporate rates, which could adversely impact the value of our common shares.
- We may face possible adverse federal tax audits and changes in federal tax laws, which may result in an increase in our tax liability.
- We may face possible adverse state and local tax audits and changes in state and local tax law.
- We may incur significant costs to comply with environmental laws and environmental contamination may impair our ability to lease and/or sell real estate.
- The occurrence of cyber incidents, or a deficiency in our cyber security, as well as other disruptions of our IT networks and related systems, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships or reputation, all of which could negatively impact our financial results.
- Competition for acquisitions may reduce the number of acquisition opportunities available to us and increase the costs of those acquisitions.
- We may be adversely affected by the discontinuation of London Interbank Offered Rate ("LIBOR").
- Some of our potential losses may not be covered by insurance.
Management Discussion
- Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
- Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 Quarterly Report on Form 10‑Q. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict.
- 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.
Content analysis
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New words:
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Financial reports
Current reports
8-K
Submission of Matters to a Vote of Security Holders
20 May 22
8-K
Vornado Announces First Quarter 2022 Financial Results
3 May 22
8-K
Regulation FD Disclosure
11 Apr 22
8-K
Regulation FD Disclosure
8 Apr 22
8-K
Departure of Directors or Certain Officers
31 Mar 22
8-K
Vornado Announces Fourth Quarter 2021 Financial Results
15 Feb 22
8-K
Vornado Announces Third Quarter 2021 Financial Results
2 Nov 21
8-K
Unregistered Sales of Equity Securities
22 Sep 21
8-K
Vornado Announces Second Quarter 2021 Financial Results
3 Aug 21
8-K
Other Events
24 May 21
Registration and prospectus
424B5
Prospectus supplement for primary offering
17 May 21
FWP
Free writing prospectus
13 May 21
424B5
Prospectus supplement for primary offering
13 May 21
S-3ASR
Automatic shelf registration
1 Apr 21
S-3ASR
Automatic shelf registration
2 Apr 18
424B5
Prospectus supplement for primary offering
13 Dec 17
424B5
Prospectus supplement for primary offering
11 Dec 17
FWP
Free writing prospectus
11 Dec 17
S-3ASR
Automatic shelf registration
7 Apr 15
25-NSE
Exchange delisting
2 Oct 14
Proxies
No filings
Other
UPLOAD
Letter from SEC
31 May 17
CORRESP
Correspondence with SEC
30 May 17
UPLOAD
Letter from SEC
17 May 17
UPLOAD
Letter from SEC
19 Jun 16
CORRESP
Correspondence with SEC
26 May 16
UPLOAD
Letter from SEC
16 May 16
UPLOAD
Letter from SEC
17 May 15
CORRESP
Correspondence with SEC
13 May 15
UPLOAD
Letter from SEC
26 Apr 15
UPLOAD
Letter from SEC
26 Aug 14