Maybe just give us the sense of the potential prospects, and where do you see rents shaking out at grade on Fifth Avenue? OK? Vornado Realty Trust is a real estate investment trust. And our senior team is present and available for questions. And importantly, as the market recovers from the COVID pandemic, our New York office expiries for the end of 2022 average a very low 4% per year with a weighted average expiring rent of only $79.22 per square foot, which portends well for the stability of our cash flow. I think when there's a return to work, you get a fully functioning market. Because it's so prevalent. So if you look at what happened in the prior number of years, right, retail was fly added really throughout the city. Welcome to Vornado Realty Trust's first quarter earnings call. Manhattan portfolio book, View But the core, I still believe the core will be of value. And our last question comes from Steve Sakwa from Evercore ISI. And I believe return to normalcy will be the order of the day in months, not in years. What we've not that is gone back in teams, so we have an A team and a B team so that we have half the population in the office on week A and the other half in week B. I think you said you had 220,000 with a pipeline of 850. And we had an interesting conversation a few short years ago about how much would you pay us to give us back the space on how much will -- and they want to know how much we would pay them. Transfer Agent . Notably, Vornado boasts a strong liquidity position of $3.5 billion, along with well-laddered debt maturities. The answer -- look, the answer is that, obviously, these are important assets. Please go ahead. But given investor caution, it does not look like we're going to achieve our original top tick pricing objective. Either way it's fine. Now I have been approached by all of the New York political leaders to talk to Washington to try to twist arms to get help for some of the huge budget problems that New York has as well as all of the big cities in the country. So there's a sensitivity to the risk out there and the employee's point of view. Are they designing that space any differently because of COVID? I mean, certainly there's going to be an adjustment to rent, TIs, etc. I guess, Glen or Michael, maybe if you could talk a little bit about the leasing numbers that you threw out. Do you have any insight into details behind what the build-out at Farley ultimately will look like for Facebook? Just good morning. Joe Macnow -- Executive Vice President, Chief Financial Officer, Chief Administrative Officer. And what are the CEOs saying about plans to bring their people back or is it just waiting for a vaccine and the virus to fade? Most of these tenants are looking past the pandemic, saying to themselves, how do we want our space to fit out, assuming that pandemic can come and gone? OK? Contact Investor Relations Transfer Agent and REGISTRAR. The thing that we don't agree with is what we've done is -- and that most of these folks have gone back 100%. Good morning, Steve. There is a tension between the very serious COVID health risk and related government protocols and lockdowns. Which leads to the second question, you know my favorite, the 555 and 1290. Our earnings for this quarter that reflect a number of items, most of which were known or should have been just as expected. And so the interest really has been unabated throughout the pandemic. It's important to us. This year through September and in the teeth of the COVID crisis, we closed 30 units and suites for net proceeds of $939 million, and that includes 19 closings in the third quarter for $591 million. Mr. Franco has been with Vornado since 2010 and is experienced in capital markets, strategy, deal-making, accounting, and investor relations. However, the companies are continuing to take a wait and see approach and are focused primarily on getting their employees safely back to the office. Good morning. But let me just -- Alex, let me just add on to that. We have a very, very, very competent organization to handle that business, which is namely the interaction between us and the any advertisers. We want to reclaim that equity. I don't know if you want to add anything high end to that but I think we are well positioned in terms of our assets on a relative basis. So I don't think that gives you much more information than you already had. Vornado 5303 Small Whole Room Air Circulator Fan with Base-Mounted Controls, 3 Speed Settings, Multi-Directional Airflow, Removable Grill for Cleaning, Black 4.6 out of 5 stars 756 $49.99 $ 49 . OK. So I guess turning to the election, certainly, it looks like the Democratic sweep is off the table here. But as soon as they come back, it's a variable business. Distributed by Public, unedited and unaltered, on … So we agree with that. We are in the midst of a once-in-a-century pandemic. Both of these leases are also sterling credits and reflect the strength and diversity of the industry in New York, but with tech and healthcare being two of the fastest growing. These documents as well as our supplemental financial information package are available on our website,, under the Investor Relations section. LEARN MORE . Free shipping on orders over $49. ET. In the Penn District, the Moynihan Train Hall and extension of Penn Station with its majestic 100 Foot Skylight will be opening to the public at the year-end only weeks away. Please go ahead. Details of third-quarter collections are: we collected 95% of office rents, 97%, including agreed to deferrals; we collected 82% of retail rents, 85%, including deferrals, which amounts to 93% on a combined basis, 95%, including deferrals; year-to-date, we have deferred $30.9 million in rent and abated $8.8 million, rents, which we have agreed to defer are generally scheduled to be repaid over the course of the next year. Great. Vornado does not have any significant assets, liabilities or operations, other than its investment in the Operating Partnership. We expect all of our products to be perfect. It's up in mind and we have the best business in town and we are certain that it will rebound when things get back to normal. I think it was in management and leasing fees. I think when everyone gets back in their seats, we see demand again. Third-quarter FFO as adjusted was $0.59 per share compared to $0.89 for last year's third quarter, a decrease of $0.30. Current liquidity is a strong $3.67 billion, including $1.49 billion of cash and restricted cash and $2.18 billion undrawn under our $2.75 billion revolving credit facilities. No, that's something that we're not going to get into. So there, when we do those leases, we have prebuilds, we build the space out and the tenant to take this space, move out whatever. But when you exclude retail, the temporary loss of income resulting from the pandemic from our variable businesses. This call is being recorded for replay purposes. Franco has been with Vornado since 2010 and is experienced in capital markets, strategy, deal-making, accounting, and investor relations. As New York gets a little bit out of favor, which is the slant, I think, in your question, the -- that seems to be the right time to buy assets and to buy stocks. They need to be able to have space that they can occupy on a long-term basis where they can invest capital in and they can have stability. So technology enabled our business, your business, to be able to react to this shutdown by working from home and keeping the railroads running on time. So that's my view. Vornado VH202 Personal Space Heater, Black. We think that the amenity packages and the -- what we're doing with our buildings and the transformation of the buildings will be unique, best-in-class by far, unbelievably eye opening. OK? Investor Relations. Investor Relations Controller Office Leasing Acquisitions & Capital Markets Controller - Alexander's Office Leasing, theMART ... Vornado Realty Trust published this content on 03 June 2019 and is solely responsible for the information contained herein. So we do think that there will be opportunities. One area of growth in the office sector has been life science. 212.894.7000, Terms & Conditions Well, that lasted about two or three years. So the pipeline is active. If you are a manager and you have 20 people in your department that work for you, I think if they're each at their kitchen table, I mean I don't know how you manage that. I myself have been back in the office and feel a lot better than living at work. Welcome to Vornado Realty Trust third-quarter earnings call. It's obviously unthinkable that all the automobile companies could go broke, but along comes Tesla. That's a big question, which probably if I was smarter than I am, I would duck. Thank you. One time, he's against it, the other time he's trying to promote. And I'm just wondering, given co-working and WeWork, it was hot, and it wasn't -- and then you've had potential for more work from home on the margin, I'm just wondering, do you foresee any changes in office lease structures, whether it's term or TIs or pumps or anything in the office lease structure as a result of some of these, call it, cyclical and potentially secular changes? Any thoughts in terms of how -- the signage business. In New York, our office buildings remain full at 95.8% occupancy. That in one year, there will be thousands of creative and talented employees of two of the tech giants, populating 1 million square feet in our business, and the knock-on effects will be significant, both for our office and retail assets. Chairman's Letter, S&P The moves are effective Dec. 31. Everybody wants to get back to work. I mean Michael said in his remarks, I mean, it is definitely slower in terms of activity. We just need to own assets in the right locations, which we do and be realistic on rents to make deals, which we are. Now in smaller tenants, and that whether they be 3,000 or 5,000 or 2,000 or whatever it might be. That will turn the tide. We are in the office business. That's OK. It's very difficult to say, while there is no health risk, and don't worry about it. We pushed out to September, and we did that a few months ago. We see deal making again all the much better feel a bit. And basically, so that's what we are able to do. Please go ahead. First of all, that's not the segment of the market that we trade in, although we do have some of that, obviously. But I'll tell you what I think. Current. So there is -- the population wants the return. Needless to say, the third quarter had accounts receivable reserves, more than two and a half times the first quarter -- the second quarter. The company invests in office buildings and street retail in Manhattan. And everyone's desire to get back to work, get back to school, get back to their favorite restaurants and get back to normalcy. So maybe just talk about the change in net effective rents and how much more might that drift lower? And only are we located on top of the most important transit hub in the region. But do you get a sense that with what's happening in New York and the need to create a better potential business district environment to help people feel good about coming back to the office, do you feel that the politicians are finally understanding what they need to do or is your sense that they think there's still going to be some bailout, and therefore, they can play to whatever political spaces they have and not really realize the impact that people like you who are paying real estate taxes and trying to generate growth for the city, how it's not helping? So I don't know where that will go. We ended the quarter with New York office occupancy at 95.8% and New York retail occupancy at 79.9%. OK? Our next question on the line comes from Manny Kortman. Now obviously, in a fluid environment, but I think the latter of '21 is a reasonable assessment. © 2020 Vornado Realty Trust As Michael said, they will start coming from loan foreclosures and those are the categories of assets that will be the most distressed. The Investor Relations website contains information about SL Green Realty Corp.'s business for stockholders, potential investors, and financial analysts. On Monday afternoon, we issued our third-quarter earnings release and filed our quarterly report on Form 10-Q with the Securities and Exchange Commission. First Last Phone Email Street Address 1 Street Address 2 City State Zip Code Country Message * Please send me: Annual Report 10K 10Q Suplemental Package Other About Us; Press … Stockholders can access general and account information online at; 800-468-9716 Nevertheless, we continue to actively pursue a transaction involving these assets, which may take the form of a sale, a partial sale, a joint venture or a refinancing. Among his responsibilities, he will lead the Investor Relations function. The hotel business -- most of the hotels are shut down, so they get zero revenue, and we know what's going on in retail. So in this period of time, there are going to be additional concessions share, right? Good morning, Steve. And certainly an interesting day out today. We want to be in the office, we want our people in the office and we want to get back to normal work. 4.1 out of 5 stars 3,421. It's obviously -- it was obviously unthinkable that hundreds of billions of dollars of mall values could be destroyed, but look -- but low and behold, it has happened. They take the other side, which is this is an opportunity, right? Good morning. It's a health crisis. Good morning. Stock Advisor launched in February of 2002. Please be aware that statements made during this call may be deemed forward-looking statements, and actual results may differ materially from these statements due to a variety of risks, uncertainties and other factors. So in the large tenant business, I think the long-term lease commitment will be the rule of the day. It's an important show. And so all of the tenants are will then dialogue with those have progressed, the leases we've signed, the LOI is in process, the rents are unchanged. growing its dominant position in New York City office and Manhattan street I'll give you a feel of the type of tenants. Manny, I'll start and Steve behind can join in. The Investor Relations website contains information about SL Green Realty Corp.'s business for stockholders, potential investors, and financial analysts. And please get back to the office, get back to work. The answer is that the thing that I worry about much -- about most is stupid legislation such as happened in Albany at the beginning of, I guess, it was last year about the -- with the residential assets and unsustainable tax increases. The law of the jungle is that the bigger they are, the harder they fall. However, the budgets can't afford it to go down. But it's important to appreciate that today's quarterly results are a reaction to a short-term crisis and are certainly not very predictive of the future. So it is our hope that we can win the battle with this disease in months, not years. Right now, we're in a waiting game, waiting for the medical profession to solve this problem. Vornado has a concentration of premier assets and a focused strategy of growing its dominant position in New York City office and Manhattan street retail. Thank you. See the company profile for Vornado Realty Trust (VNO) including business summary, industry/sector information, number of employees, business summary, corporate governance, key … On … So for example, let's go back at the history, go back to 9/11. Garantierte Dauertiefpreise, Beratung und Service bei HORNBACH. We really need everybody in the office. But I would say to date, we've not seen anything of scale or of quality that fits our bill but they're going to come. 76 $189.00 $189.00. Vornado Realty Trust. They really want to feel the close before they buy them, but then there was an alternative driven by technology that allowed us not to do that anymore. VORNADO RLTY TR. © 2020 Vornado Realty Trust 888 Seventh Avenue, New York, NY 10019 212.894.7000 Terms & Conditions Accessibility Privacy Policy In total, we leased 1.453 million square feet in the quarter at an initial rent of $92.74 per square foot. 99 While Vornado typically holds its earnings call the morning after releasing earnings, today's call was moved to accommodate voting in the presidential and national elections yesterday. And I think that's -- from my point of view and probably for most folk's point of view, a very, very good thing. The first is just going back to Jamie's question. Our next question on the line comes from Nick Yulico from Scotiabank. PENN1 is progressing on plan with completion of the entire project expected in 2022 and PENN2 will soon follow. The new 33rd Street Long Island Rail Road Entrants will also open on schedule in December, further enhancing this experience for the years. Thank you. Vornado has a concentration of premier assets and a focused strategy of Every single medical professional and scientists in the world is working 24/7 on this project. Glen and his team have exposed our plans for 1 Penn and the 2 Penn for the marketplace to unbelievably enthusiastic acceptance. So that's an amazing thing, but there's the human condition. The most important part of this thing is that by law, the city and state governments all around the country have to have balanced budgets, so they will have to close the budget deficits. $0.11 for retailer bankruptcies, namely JCPenney and Topshop and tenant account receivables write-off, $0.07 from noncash straight-line rent write-offs and $0.03 from Penn District space out of service. If you're referring to PENN2 maybe, the answer is, no. It's not impossible that certain groups will work from home. We're in this unique period where companies are not back in their offices. There's a certain group of folks in Washington that would like to see these states and cities reduce their budgets and get their budgets in line with their revenues. So it will take time for all this to shift out. If the business goes to month-to-month leases, that's impossible. We are preparing our buildings in terms of air filtration and temperature checks and sanitation, et cetera, and all of the protocols. And for sure, normalcy will return. It may not be the top, top tick value, but they will command acceptable values. These leases solidify both buildings for the long term, with almost no year-in and year-out future capital requirements. If you read the press, and you watch the TV, it's very prevalent. And the 633,000 square foot renewal with NYU at One Park. We have said, we're looking at multiple different options. Aktueller Kurs, historische Charts, Analystenchecks und aktuelle Nachrichten zur VORNADO RLTY TR. I too hope you all are safe and healthy. Jamie, I'll tell you honestly -- Steve, I'm sorry. So all I can say is it's something that we're aware of. It's as simple as that. Do you understand what I'm saying? But we have an enormous amount of equity in those assets, and we want to reclaim those assets. Is the 850,000 square foot leasing pipeline, does that include the large anchor at PENN1 that you discussed in the last call? So the answer is that we don't -- that space is under lease through 2025, and it is not something that we are concerned about today. What I'm saying is that you've written that you would prefer us to take the buildings off the market and not sell them, and keep the cash flow. So we're enthusiastic about the business. Our world view is that there will be better places to put that cash for growth and shareholder value creation than those assets over a five or a 10-year hold, OK? So we feel really good about the expirations the next two years. For the right situations, we're going to play off those. 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