Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — BofA Merrill Lynch conference 2016
23 slides from Vornado Realty Trust's conference presentation, September 2016
Slide 1: Vornado Realty Trust
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Slide 2: Forward Looking Statements
F O R WA R D L O O K I N G S TAT E M E N T S Certain statements in this investor presentation are “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 statem
Slide 3: Vornado Realty Trust
V O R N A D O R E A LT Y T R U S T • Premier assets and a focused strategy of growing its dominant positions in New York City and Washington, DC office and Manhattan Street Retail • One of the largest US REITs with total enterprise value of approximately $35 billion • EBITDA composition: 70% New Yor
Slide 4: Deep and Experienced Management Team
DEEP AND EXPERIENCED MANAGEMENT TEAM 4
Slide 5: A Leader in Sustainability
A L E A D E R I N S U S TA I N A B I L I T Y Nationally recognized, industry-leading sustainability program: • Energy Star Partner of the Year, Sustained Excellence Recipient 2015 • Over 30 million square feet LEED certified buildings nationwide including 13 million SF in the New York office divisio
Slide 6: Corporate Governance: Engagement and Our Response to Shareholders
C O R P O R AT E G O V E R N A N C E : ENGAGEMENT AND OUR RESPONSE TO SHAREHOLDERS We met with shareholders representing more than 50% of our outstanding shares during the last year. The Chair of our Corporate Governance and Nominating Committee was an active participant in these meetings and shareh
Slide 7: EBITDA by Business - Simplification
E B I T D A B Y B U S I N E S S - S I M P L I F I C AT I O N WHERE WE WERE WHERE WE ARE December 31, 2011 June 30, 2016 New York Office 29% 9% 1% 21% Manhattan Street Retail Washington, DC 45% 20% 5% Strips and Malls theMART & 555 California 14% 10% Other 21% 25% 7
Slide 8: New York Division
NEW YORK DIVISION • 81 properties totaling 24.2 million SF (at share) Office: 18.9 million SF Retail: 3.1 million SF Residential: 995 units Hotel: 1.2 million SF Office Retail Residential Hotel 8
Slide 9: Manhattan Office Leasing - Q16
M A N H AT TA N O F F I C E L E A S I N G 2 0 1 0 - Q 2 2 0 1 6 Starting Rent PSF $90.00 100.0% Occupancy $83.50 98.0% $85.00 96.0% $78.55 $80.00 94.0% 92.0% $75.00 90.0% $70.00 $66.78 88.0% 86.0% $65.00 $60.78 84.0% $60.00 $57.15 82.0% $55.37 80.0% $55.00 78.0% $49.81 $50.00 76.0% 74.0% $45.00 72.0
Slide 10: Vornado Leasing - $100+ SF Deals 2014-Q2 2016
VORNADO LEASING – $100+ SF DEALS 2014-Q2 2016 2014 2015 Q1-Q2 2016 280 Park Ave Trian Fund Management L.P 8,664 280 Park Ave New Advisory LP (PJT) 42,849 731 Lexington Avenue Bloomberg LP 191,789 280 Park Ave Blue Mountain Capital Mgmt 28,857 280 Park Ave Harvest Partners LLC 38,885 770 Broadway Fac
Slide 11: We Make the Big Deals
WE MAKE THE BIG DEALS SUCCESSFULLY REPOSITIONING AND MODERNIZING 10 MILLION SF 90 PARK AVENUE – 2016 1290 AVE OF THE AMERICAS – 2014 956,000 SF 2,107,000 SF 640 FIFTH AVENUE – 2005 • PricewaterhouseCoopers LLP • Neuberger Berman 315,000 SF • Foley & Lardner LLP • AXA Equitable • FactSet • Cushman &
Slide 12: Chicago - theMART - Transformation to Tech Hub
C H I C A G O – t h e M A R T – T R A N S F O R M AT I O N T O T E C H H U B C R E AT I N G S I G N I F I C A N T E A R N I N G S G R O W T H A N D VA L U E C R E AT I O N 3,663,000 SF – 97.8% Occupancy 1,189,000 SF leased since 2012: • Motorola/Google • ConAgra • 1871/Matter • Yelp • PayPal • Allst
Slide 13: San Francisco - 555 California Street
SAN FRANCISCO – 555 CALIFORNIA STREET 1,800,000 SF – 92.1% Occupancy 1,500,000 SF leased (at 100%) since 2010: • Bank of America • Kirkland & Ellis • Dodge & Cox • Fenwick & West LLP • Sidley Austin • Microsoft • Jones Day • Morgan Stanley • UBS AG • Wells Fargo • Regus • Supercell • AllianceBernste
Slide 14: Chelsea / Meatpacking Ownership
C H E L S E A / M E AT PA C K I N G O W N E R S H I P 260 ELEVENTH AVENUE 85 TENTH AVENUE 14
Slide 15: Manhattan Street Retail
M A N H AT TA N S T R E E T R E TA I L 15
Slide 16: Ownership of Both Sides of the Bowtie in Times Square
OWNERSHIP OF BOTH SIDES OF THE BOWTIE IN TIMES SQUARE 16
Slide 17: Washington, DC Division
WASHINGTON, DC DIVISION • 63 properties totaling 13.7 million SF (at share) Office: 10.5 million SF Residential: 2,881 units Hotel: 0.3 million SF Office Residential Hotel All data excludes Skyline 17
Slide 18: Washington, DC Office Leasing 2010 - Q2 2016
WASHINGTON, DC OFFICE LEASING 2010 – Q2 2016 100.0% $42.24 Starting Rent PSF $41.92 Occupancy - DC, excluding Skyline Occupancy - Crystal City 95.0% $41.45 $40.96 $40.74 90.0% $39.92 85.0% $38.89 80.0% 75.0% 70.0% 2010 2011 2012 2013 2014 2015 Q2 2016 SF Leased 1,469,026 1,549,711 1,876,544 1,519,61
Slide 19: Washington, DC Development
WASHINGTON, DC DEVELOPMENT PROJECTS IN PROGRESS: WE LIVE / WE WORK THE BARTLETT 1770 CRYSTAL DRIVE CRYSTAL CITY PENTAGON CITY CRYSTAL CITY OPEN MAY 2016 OPEN JUNE 2016 OPEN 2018 216 UNITS WE LIVE 699 UNITS 270,000 SF 27,000 SF WE WORK 37,000 SF WHOLE FOODS AT BASE FUTURE DEVELOPMENT OPPORTUNITIES: C
Slide 20: Penn Plaza - The Heart of the City
PENN PLAZA – THE HEART OF THE CITY 20
Slide 21: Penn Plaza - An Unprecedented Opportunity
PENN PLAZA – AN UNPRECEDENTED OPPORTUNITY 21
Slide 22: Two Penn Plaza
TWO PENN PLAZA BJARKE INGELS GROUP 22
Slide 23: Vornado Realty Trust
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