Vornado Realty Trust · NYSE:VNO
Vornado Realty Trust — Citi 2016 Global Property CEO Conference
13 slides from Vornado Realty Trust's conference presentation, Mar 14, 2016
Slide 1: Citi 2016 Global Property CEO Conference
C I T I 2 0 1 6 G LO BA L P RO P E RT Y C EO CO N F E R E N C E
Slide 2: Forward Looking Statements
F O R W A R D L O O K I N G S TAT E M E N T S This investor presentation contains certain statements that 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. Forwar
Slide 3: Company Snapshot
C O M PA N Y S N A P S H O T Focused Strategy We have a focused strategy of owning and operating premier office and street retail assets in Manhattan and office assets in Washington, DC We have dramatically simplified and sharpened our focus We exited multiple business lines and non-core inves
Slide 4: Company Snapshot - Balance Sheet
C O M PA N Y S N A P S H O T - B A L A N C E S H E E T Large Scale $30 billion market value balance sheet Significant Liquidity / Fortress Balance Sheet We have significant liquidity - $4.5 billion, comprised of $2.0 +/- billion of cash/restricted cash/marketable securities and $2.5 billion undr
Slide 5: Deep and Experienced Management Team
DEEP AND EXPERIENCED MANAGEMENT TEAM
Slide 6: We Are Market Leaders - We Make the Big Leases!
WE ARE MARKET LEADERS - WE MAKE THE BIG LEASES! New York Office: Manhattan Street Retail: Macy’s – 639,000 SF (2013) Victoria’s Secret – 64,000 SF (2015) Amazon – 470,000 SF (2014) Swatch – 19,527 SF (2015) Neuberger Berman – 402,000 SF (2014) IPG – 420,000 SF (2012, 2015) Harry Winsto
Slide 7: Significant Acquisitions
SIGNIFICANT ACQUISITIONS ($ Amounts in Millions) Assets 666 Fifth Avenue Retail - 2012 707 St. Regis Retail condo (75%) – 2014 525 Independence Plaza (50.1%) – 2012 423 150 West 34th Street (Old Navy) – 2015 355 655 Fifth Avenue (92.5%) (Ferragamo) – 2013 278 650 Madison Avenue (20.1%) - 2013 260 (1
Slide 8: Catalysts for Stock Price Appreciation
C ATA LY S T S F O R S T O C K P R I C E A P P R E C I AT I O N 1. Big Discount to NAV $107 Citi NAV and $125 Green Street NAV versus $91.99 stock price, a 14% and 26% discount respectively NAV does not reflect private market values for either office or street retail 2. Embedded Mark-to-Market i
Slide 9: New York
N E W YORK EBITDA ($ in millions) Number of Square Feet YE YE Properties (in millions) 2015 2014 Office (1) 35 18.2 652.0 607.4 (1) Retail 69 3.1 385.3 305.6 Hotel 1 1.1 22.7 30.5 (1) Residential 12 1.3 22.3 22.0 Total 77 (2) 23.7 (3) 1,082.3 965.5 (1) Includes our share of Alexander’s and Vornado C
Slide 10: Washington, DC
WA S H I N G TO N , D C EBITDA Number Square ($ in millions) of Feet YE YE Properties (in millions) 2015 2014 Office 63 14.5 278.9 279.9 Residential 7 2.4 39.0 41.6 2.8 M SF Hotel 1 0.3 5.0 4.7 13.4 M SF (1) Total 71 17.2 (1) 322.9 326.4 1.0 M SF Skyline (8) (2.6) (24.2) (27.2) Total, excluding 63 1
Slide 11: Appendix
APPENDIX This investor package and the related discussion contain certain non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”). EBITDA is presented before non- controlling interests, discontinued operations, gains on sale of real estate an
Slide 12: Appendix: Reconciliation of Net Income to EBITDA
APPENDIX Reconciliation of Net Income to EBITDA and EBITDA as adjusted for comparability for the Years Ended December 31, 2015 and 2014 (Amounts in thousands) New York Washington, DC Year Ended December 31, Year Ended December 31, 2015 2014 2015 2014 Net income 603,301 868,596 169,906 100,001 Intere
Slide 13: Vornado Realty Trust
VORNADO REALTY TRUST
Vornado Realty Trust — Citi 2016 Global Property CEO Conference on 6ix