Supreme Court of British Columbia approves Alkane's acquisition of Mandalay
This marks a significant milestone in the merger process between the two companies.
The arrangement received the green light from Mandalay's shareholders on 28 July, mirroring the approval by Alkane's shareholders on the same day.
Under the terms of the arrangement, agreed in April, Mandalay shareholders will receive 7.875 fully paid ordinary shares in Alkane for each share they hold.
The effective date of the arrangement is set for 5 August 2025, subject to the fulfilment of customary closing conditions.
Alkane managing director and CEO Nic Earner said: 'The merger with Mandalay has now cleared all conditions for completion and will subsequently close on the 5th of August.
'Work on integration of the two companies has been under way since the original merger announcement, with the integration of our board and management teams we expect minimal impact on the operations in the coming months.
'Alkane is set to become a three-mine, multi-jurisdiction gold miner with antimony exposure, strong cash flow generation, a very solid balance sheet and great internal growth opportunities. The incoming Alkane board welcomes all of its shareholders and employees and looks forward to delivering value on their behalf.'
This follows the recent announcement by Mandalay Resources that the Australian Foreign Investment Review Board (FIRB) approved the proposed merger, providing the final regulatory consent required under the agreement dated 27 April 2025.
The FIRB's written confirmation on 26 June conveyed the Australian Commonwealth Government's approval of the merger, indicating no objections and allowing the companies to proceed with the finalisation of their union.
"Supreme Court of British Columbia approves Alkane's acquisition of Mandalay" was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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28 minutes ago
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MSA Safety Announces Second Quarter 2025 Results
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"Our second quarter financial performance demonstrates our team's commitment to our Accelerate strategy and creating long-term value for our stakeholders," said Steve Blanco, MSA Safety President and CEO. "Although we had a difficult comparison within our broader portfolio, leveraging the MSA Business System enabled strong backlog conversion of key customer orders, and we are energized by the momentum in our growth accelerator product categories of detection and fall protection. Lastly, we deployed capital for the acquisition of M&C TechGroup to expand our addressable market in detection, further diversify our end markets, and create a synergistic platform for growth in the gas analysis and process safety markets." (a) Definition of organic sales change provided on the bottom of page nine. Financial HighlightsThree Months Ended June 30,Six Months Ended June 30, (In millions, except per share data and percentages) 20252024% Change (a)20252024% Change (a) Net Sales $ 474.1$ 462.53 %$ 895.5$ 875.82 % GAAPOperating income 85.999.9(14) %163.6180.1(9) % % of Net sales 18.1 %21.6 %(350) bps18.3 %20.6 %(230) bps Net income 62.872.2(13) %122.4130.4(6) % Diluted EPS 1.591.83(13) %3.103.30(6) % Non-GAAPAdjusted EBITDA $ 116.5$ 121.9(4) %$ 218.0$ 223.2(2) % % of Net sales 24.6 %26.4 %(180) bps24.3 %25.5 %(120) bps Adjusted operating income 101.4108.2(6) %188.9196.2(4) % % of Net sales 21.4 %23.4 %(200) bps21.1 %22.4 %(130) bps Adjusted earnings 75.979.7(5) %142.4143.2(1) % Adjusted diluted EPS 1.932.01(4) %3.613.62— % Free cash flow 37.939.0(3) %88.978.613 % Free cash flow conversion 60 %54 %73 %60 % Americas SegmentNet sales $ 320.1$ 314.72 %$ 613.3$ 610.2— % GAAP operating income 91.396.2(5) %167.8180.3(7) % % of Net sales 28.5 %30.6 %(210) bps27.4 %29.6 %(220) bps Adjusted operating income 93.398.5(5) %172.0184.7(7) % % of Net sales 29.1 %31.3 %(220) bps28.0 %30.3 %(230) bps International SegmentNet sales $ 154.0$ 147.84 %$ 282.2$ 265.56 % GAAP operating income 12.222.8(46) %29.533.9(13) % % of Net sales 8.0 %15.4 %(740) bps10.5 %12.8 %(230) bps Adjusted operating income 20.224.3(17) %38.937.83 % % of Net sales 13.1 %16.4 %(330) bps13.8 %14.2 %(40) bps(a) Percentage change may not calculate exactly due to rounding. "Our balance sheet remains strong, enabling us to invest in growth and return cash to shareholders through our disciplined capital allocation strategy," stated Elyse Brody, Interim CFO of MSA Safety. "Highlights this quarter include the acquisition of M&C TechGroup, our 55th consecutive annual dividend increase, share repurchases, and a strategic footprint investment in Cranberry Township, Pa., to expand manufacturing and engineering capabilities at our detection Center of Excellence. 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When prompted, please instruct the operator to be joined into the MSA Safety Incorporated conference call. A replay of the conference call will be available at shortly after the conclusion of the presentation and will be available for the next 90 days. MSA Safety Incorporated Condensed Consolidated Statements of Income (Unaudited) (In thousands, except per share amounts) Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024 Net sales $ 474,116$ 462,463$ 895,456$ 875,765 Cost of products sold 253,406239,434481,351457,205 Gross profit 220,710223,029414,105418,560 Selling, general and administrative 112,078105,075206,042199,226 Research and development 16,99617,07032,66532,988 Restructuring charges 4881,5432,4124,560 Currency exchange losses (gains), net 5,286(603)9,3631,730 Operating income 85,86299,944163,623180,056 Interest expense 8,1169,66414,95120,403 Other income, net (5,000)(4,148)(12,022)(10,382) Total other expense, net 3,1165,5162,92910,021 Income before income taxes 82,74694,428160,694170,035 Provision for income taxes 19,97322,19438,31639,662 Net income $ 62,773$ 72,234$ 122,378$ 130,373 Earnings per share attributable to common shareholders:Basic $ 1.60$ 1.83$ 3.11$ 3.31 Diluted $ 1.59$ 1.83$ 3.10$ 3.30 Basic shares outstanding 39,25839,38939,29639,375 Diluted shares outstanding 39,35939,54139,43039,549 MSA Safety Incorporated Condensed Consolidated Balance Sheets (Unaudited) (In thousands) June 30, 2025December 31, 2024 AssetsCash and cash equivalents $ 146,988$ 164,560 Trade receivables, net 333,754279,213 Inventories 343,883296,796 Other current assets 62,83662,461 Total current assets 887,461803,030 Property, plant and equipment, net 279,419211,865 Prepaid pension cost 234,355224,638 Goodwill 733,245620,895 Intangible assets, net 310,934246,437 Other noncurrent assets 104,79798,919 Total assets $ 2,550,211$ 2,205,784 Liabilities and shareholders' equityNotes payable and current portion of long-term debt, net $ 8,383$ 26,391 Accounts payable 126,421108,163 Other current liabilities 150,660153,539 Total current liabilities 285,464288,093 Long-term debt, net 670,965481,622 Pensions and other employee benefits 152,344134,251 Deferred tax liabilities 132,696107,691 Other noncurrent liabilities 56,10050,808 Total shareholders' equity 1,252,6421,143,319 Total liabilities and shareholders' equity $ 2,550,211$ 2,205,784 MSA Safety Incorporated Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024 Net income $ 62,773$ 72,234$ 122,378$ 130,373 Depreciation and amortization 18,09916,04734,35031,605 Change in working capital and other operating (13,654)(34,979)(27,677)(57,790) Cash flow from operating activities 67,21853,302129,051104,188 Capital expenditures (29,334)(14,341)(40,118)(25,560) Acquisitions, net of cash acquired (187,774)—(187,774)— Property disposals and other investing 1741974 Cash flow used in investing activities (217,107)(14,267)(227,873)(25,486) Change in debt 172,686(8,250)165,220(13,260) Cash dividends paid (20,848)(20,099)(40,881)(38,589) Company stock purchases under repurchase program (29,998)(10,000)(39,994)(10,000) Other financing (2,249)(284)(10,366)(5,869) Cash flow from (used in) financing activities 119,591(38,633)73,979(67,718) Effect of exchange rate changes on cash, cash equivalents and restricted cash 6,949(1,881)7,692(10,557) (Decrease)/Increase in cash, cash equivalents and restricted cash $ (23,349)$ (1,479)$ (17,151)$ 427 MSA Safety Incorporated Sales by Product Group (Unaudited) (In thousands, except percentages)Three Months Ended June 30, 2025ConsolidatedAmericasInternational DollarsPercentDollarsPercentDollarsPercent Detection(a)$ 193,83541 %$ 127,17440 %$ 66,66143 % Fire Service(b)163,30634 %110,81535 %52,49134 % Industrial PPE and Other(c)116,97525 %82,15025 %34,82523 % Total$ 474,116100 %$ 320,139100 %$ 153,977100 %Three Months Ended June 30, 2024ConsolidatedAmericasInternational DollarsPercentDollarsPercentDollarsPercent Detection(a)$ 170,84837 %$ 111,40535 %$ 59,44340 % Fire Service(b)172,26937 %118,48738 %53,78237 % Industrial PPE and Other(c)119,34626 %84,81927 %34,52723 % Total$ 462,463100 %$ 314,711100 %$ 147,752100 %Six Months Ended June 30, 2025ConsolidatedAmericasInternational DollarsPercentDollarsPercentDollarsPercent Detection(a)$ 354,90640 %$ 237,06539 %$ 117,84142 % Fire Service(b)313,92235 %216,72235 %97,20034 % Industrial PPE and Other(c)226,62825 %159,51226 %67,11624 % Total$ 895,456100 %$ 613,299100 %$ 282,157100 %Six Months Ended June 30, 2024ConsolidatedAmericasInternational DollarsPercentDollarsPercentDollarsPercent Detection(a)310,06435 %207,70034 %102,36438 % Fire Service(b)335,96239 %240,73839 %95,22436 % Industrial PPE and Other(c)229,73926 %161,81127 %67,92826 % Total$ 875,765100 %$ 610,249100 %$ 265,516100 %(a) Detection includes Fixed Gas and Flame Detection and Portable Gas detection. Detection includes sales from M&C TechGroup Germany GmbH and its affiliated companies ("M&C"), acquired by the Company, from May 6th, 2025, onward (Americas and International). (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Organic sales change (Unaudited)ConsolidatedThree Months Ended June 30, 2025Detection(a) FireService(b) Industrial PPEand Other(c)Net Sales GAAP reported sales change 13 % (5) % (2) %3 % Currency translation effects — % (1) % 1 %(1) % Less: Acquisitions (7) % — % — %(2) % Organic sales change 6 % (6) % (1) %— %Six Months Ended June 30, 2025Detection(a) FireService(b) Industrial PPEand Other(c)Net Sales GAAP reported sales change 14 % (7) % (1) %2 % Plus: Currency translation effects 1 % — % 2 %1 % Less: Acquisitions (4) % — % — %(1) % Organic sales change 11 % (7) % 1 %2 % Americas Segment Three Months Ended June 30, 2025Detection(a) FireService(b) Industrial PPEand Other(c)Net Sales GAAP reported sales change 14 % (6) % (3) %2 % Plus: Currency translation effects 1 % — % 2 %1 % Less: Acquisitions (3) % — % — %(1) % Organic sales change 12 % (6) % (1) %2 %Six Months Ended June 30, 2025Detection(a) FireService(b) Industrial PPEand Other(c)Net Sales GAAP reported sales change 14 % (10) % (1) %1 % Plus: Currency translation effects 1 % — % 3 %1 % Less: Acquisitions (1) % — % — %(1) % Organic sales change 14 % (10) % 2 %1 % International Segment Three Months Ended June 30, 2025Detection(a) FireService(b) Industrial PPEand Other(c)Net Sales GAAP reported sales change 12 % (2) % 1 %4 % Plus: Currency translation effects (4) % (4) % (3) %(3) % Less: Acquisitions (11) % — % — %(5) % Organic sales change (3) % (6) % (2) %(4) %Six Months Ended June 30, 2025Detection(a) FireService(b) Industrial PPEand Other(c)Net Sales GAAP reported sales change 15 % 2 % (1) %6 % Plus: Currency translation effects (1) % (1) % (1) %(1) % Less: Acquisitions (7) % — % — %(2) % Organic sales change 7 % 1 % (2) %3 %(a) Detection includes Fixed Gas and Flame Detection and Portable Gas Detection. Detection includes sales from M&C, acquired by the Company, from May 6th, 2025, onward (Americas and International). (b) Fire Service includes Breathing Apparatus and Firefighter Helmets and Protective Apparel. (c) Industrial PPE and Other includes Industrial Head Protection, Fall Protection and Non-Core. Management believes that organic sales change is a useful metric for investors, as foreign currency translation, acquisitions and divestitures can have a material impact on sales change trends. Organic sales change highlights ongoing business performance excluding the impact of fluctuating foreign currencies, acquisitions and divestitures. There can be no assurances that MSA's definition of organic sales change is consistent with that of other companies. As such, management believes that it is appropriate to consider sales change determined on a GAAP basis in addition to this non-GAAP financial measure. MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Adjusted operating income (Unaudited) Adjusted EBITDA (Unaudited) (In thousands) Three months endedJune 30,Six months endedJune 30,2025202420252024 Adjusted EBITDA $ 116,513$ 121,931$ 217,979$ 223,185 Less: Depreciation and amortization 15,07913,74129,04326,985 Adjusted operating income 101,434108,190188,936196,200 Less: Restructuring charges 4881,5432,4124,560 Currency exchange losses (gains), net 5,286(603)9,3631,730 Acquisition-related amortization 3,1532,3065,4394,620 Net cost for product related legal matter —5,000—5,000 Transaction costs (a) 6,645—8,099234 GAAP operating income 85,86299,944163,623180,056 Less: Interest expense 8,1169,66414,95120,403 Other income, net (5,000)(4,148)(12,022)(10,382) Income before income taxes 82,74694,428160,694170,035 Provision for income taxes 19,97322,19438,31639,662 Net income $ 62,773$ 72,234$ 122,378$ 130,373(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred in connection with acquisitions and divestitures. These costs are included in selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Adjusted operating income, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA margin are non-GAAP financial measures and operating ratios derived from non-GAAP measures. Adjusted operating income is defined as operating income excluding restructuring charges, currency exchange gains / losses, acquisition-related amortization, net cost for product related legal matter and transaction costs. Adjusted operating margin is defined as adjusted operating income divided by net sales to external customers. Adjusted EBITDA is defined as adjusted operating income plus depreciation and amortization, and adjusted EBITDA margin is defined as adjusted EBITDA divided by net sales to external customers. These metrics are consistent with how management evaluates segment results and makes strategic decisions about the business. Additionally, these non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin are not recognized terms under GAAP, and therefore do not purport to be alternatives to operating income or operating margin as a measure of operating performance. The company's definition of adjusted operating income, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures of other companies. As such, management believes that it is appropriate to consider operating income and net income determined on a GAAP basis in addition to these non-GAAP measures. MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Adjusted earnings (Unaudited) Adjusted diluted earnings per share (Unaudited) (In thousands, except per share amounts and percentages) Three Months EndedJune 30,Six Months EndedJune 30,20252024% Change20252024% Change Net income $ 62,773$ 72,234(13) %$ 122,378$ 130,373(6) % Currency exchange losses (gains), net 5,286(603)9,3631,730 Restructuring charges 4881,5432,4124,560 Transaction costs (a) 6,645—8,099234 Acquisition-related amortization 3,1532,3065,4394,620 Asset related losses 884701892752 Pension settlement 7211,3087211,308 Net cost for product related legal matter —5,000—5,000 Income tax expense on adjustments (4,021)(2,827)(6,937)(5,417) Adjusted earnings $ 75,929$ 79,662(5) %$ 142,367$ 143,160(1) % Adjusted diluted earnings per share $ 1.93$ 2.01(4) %$ 3.61$ 3.620 % Diluted shares outstanding 39,35939,54139,43039,549(a)Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Management believes that adjusted earnings and adjusted diluted earnings per share are useful measures for investors, as management uses these measures to internally assess the company's performance and ongoing operating trends. There can be no assurances that additional special items will not occur in future periods, nor that MSA's definition of adjusted earnings is consistent with that of other companies. As such, management believes that it is appropriate to consider both net income determined on a GAAP basis as well as adjusted earnings. MSA Safety Incorporated Reconciliation of Non-GAAP Financial Measures Debt to adjusted EBITDA / Net debt to adjusted EBITDA (Unaudited) (In thousands)Twelve Months EndedJune 30, 2025 Operating income$ 372,744 Depreciation and amortization 57,217 Restructuring charges4,249 Currency exchange losses, net11,271 Acquisition-related amortization9,994 Transaction costs (a)8,751 Adjusted EBITDA$ 464,226Total end-of-period debt679,348Debt to adjusted EBITDA1.5Total end-of-period debt$ 679,348 Total end-of-period cash and cash equivalents146,988 Net debt$ 532,360Net debt to adjusted EBITDA1.1(a) Transaction costs include advisory, legal, accounting, valuation, and other professional or consulting fees incurred in connection with acquisitions and divestitures. These costs are included in Selling, general and administrative expense in the unaudited Condensed Consolidated Statements of Income. Management believes that Debt to adjusted EBITDA and Net debt to adjusted EBITDA are useful measures for investors, as management uses these measures to internally assess the company's liquidity and balance sheet strength. There can be no assurances that that MSA's definition of Debt to adjusted EBITDA and Net debt to adjusted EBITDA is consistent with that of other companies. About MSA Safety: MSA Safety Incorporated (NYSE: MSA) is the global leader in advanced safety products, technologies and solutions. Driven by its singular mission of safety, the company has been at the forefront of safety innovation since 1914, protecting workers and facility infrastructure around the world across a broad range of diverse end markets while creating sustainable value for shareholders. With 2024 revenues of $1.8 billion, MSA Safety is headquartered in Cranberry Township, Pennsylvania and employs a team of over 5,000 associates across its more than 40 international locations. For more information, please visit Cautionary Statement Regarding Forward-Looking Statements: Except for historical information, certain matters discussed in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or other comparable words. Actual results, performance or outcomes may differ materially from those expressed or implied by these forward-looking statements and may not align with historical performance and events due to a number of factors, including those discussed in the sections of our annual report on Form 10-K entitled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors," and those discussed in our Form 10-Q quarterly reports filed after such annual report. MSA's SEC filings are readily obtainable at no charge at as well as on its own investor relations website at Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to us and speak only as of the date hereof. We are under no duty to update publicly any of the forward-looking statements after the date of this earnings press release, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures:This press release includes certain non-GAAP financial measures. These financial measures include organic sales change, adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings, adjusted earnings per diluted share, debt to adjusted EBITDA, and net debt to adjusted EBITDA. These non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management also uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use, and computational methods with respect thereto, may differ from the non-GAAP financial measures and key performance indicators, and computational methods, that our peers use to assess their performance and trends. The presentation of these non-GAAP financial measures does not comply with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. When non-GAAP financial measures are disclosed, the Securities and Exchange Commission's Regulation G requires: (i) the presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and (ii) a reconciliation of the differences between the non-GAAP financial measure presented and the most directly comparable financial measure calculated and presented in accordance with GAAP. For an explanation of these measures, with a reconciliation to the most directly comparable GAAP financial measure, see the Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures in the financial tables section above. View original content to download multimedia: SOURCE MSA Safety
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Vornado Announces Second Quarter 2025 Financial Results
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Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarter ended June 30, 2025 was $113,324,000, or $0.56 per diluted share, and $112,766,000, or $0.57 per diluted share, for the prior year's INCOME attributable to common shareholders for the six months ended June 30, 2025 was $830,661,000, or $4.14 per diluted share, compared to $26,226,000, or $0.13 per diluted share, for the six months ended June 30, 2024. The increase is primarily due to the $803,248,000 gain related to the 770 Broadway master lease with NYU, the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominium to UNIQLO, and the $17,240,000 reversal of PENN 1 rent expense previously accrued following the April 2025 rent reset determination. FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2025 was $256,028,000, or $1.27 per diluted share, compared to $253,068,000, or $1.29 per diluted share, for the six months ended June 30, 2024. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the six months ended June 30, 2025 was $239,628,000, or $1.19 per diluted share, and $221,608,000, or $1.13 per diluted share, for the six months ended June 30, 2024. The following table reconciles FFO attributable to common shareholders plus assumed conversions (non-GAAP) to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP): (Amounts in thousands, except per share amounts) For the Three Months EndedJune 30, For the Six Months EndedJune 30, 2025 2024 2025 2024 FFO attributable to common shareholders plus assumed conversions (non-GAAP)(1) $ 120,928 $ 148,944 $ 256,028 $ 253,068 Per diluted share (non-GAAP) $ 0.60 $ 0.76 $ 1.27 $ 1.29 Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions: Gain on sale of Canal Street condominium units $ (8,362 ) $ — $ (10,337 ) $ — Deferred tax liability on our investment in the Farley Building (held through a taxable REIT subsidiary) 3,337 2,599 6,542 6,733 Our share of the gain on the discounted extinguishment of the 280 Park Avenue mezzanine loan — (31,215 ) — (31,215 ) After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities — (13,069 ) (11,110 ) (13,069 ) Other (3,217 ) 2,252 (2,895 ) 3,261 (8,242 ) (39,433 ) (17,800 ) (34,290 ) Noncontrolling interests' share of above adjustments on a dilutive basis 638 3,255 1,400 2,830 Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions, net $ (7,604 ) $ (36,178 ) $ (16,400 ) $ (31,460 ) Per diluted share (non-GAAP) $ (0.04 ) $ (0.19 ) $ (0.08 ) $ (0.16 ) FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 113,324 $ 112,766 $ 239,628 $ 221,608 Per diluted share (non-GAAP) $ 0.56 $ 0.57 $ 1.19 $ 1.13 ________________________________ (1) See page 10 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2025 and following table bridges our FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2024 to FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025: (Amounts in millions, except per share amounts) FFO, as Adjusted Amount Per Share FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2024 $ 112.8 $ 0.57 Increase / (decrease) in FFO, as adjusted due to: Changes in the tax assessed value of THE MART, net of tenant reimbursements 9.2 Interest income (primarily redemption of Retail JV preferred equity) (5.8 ) Asset sales (3.3 ) Variable businesses (primarily signage) 2.4 FFO impact of NYU master lease at 770 Broadway 1.1 Rent commencements, net of lease expirations 0.8 Interest expense (0.4 ) Other, net (primarily leasing overrides in Q2 2024) (3.9 ) 0.1 Noncontrolling interests' share of above items and impact of assumed conversions of convertible securities 0.4 Net increase 0.5 0.00 Share count dilution (0.01 ) FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the three months ended June 30, 2025 $ 113.3 $ 0.56 See page 10 for a reconciliation of net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the three and six months ended June 30, 2025 and 2024. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided above. 770 Broadway On May 5, 2025, we completed a master lease with NYU to lease 1,076,000 square feet at 770 Broadway, on an 'as is', triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment of $935,000,000 and will also make annual lease payments of $9,281,000 during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU assumed the existing office leases at the property. We used a portion of the prepaid lease payment to repay the $700,000,000 mortgage loan which previously encumbered the property. We retained the 92,000 square feet retail condominium leased to Wegmans. In connection with the transaction, we recorded a gain on sales-type lease of $803,248,000. PENN 1 Ground Rent Reset Determination On April 22, 2025, an arbitration panel (the 'Panel') appointed to determine the ground rent payable by Vornado's subsidiary for the PENN 1 land parcel for the 25-year period beginning June 17, 2023 determined that the annual rent payable will be $15,000,000. On July 21, 2025, the ground lessor filed a motion in New York County Supreme Court to vacate the Panel's ground rent determination. We believe the motion is entirely without merit and intend to vigorously oppose it. Further, litigation is currently pending between the parties in New York County Supreme Court regarding a separate point relating to the matter. The court denied our motion to dismiss that action and we have filed a notice of appeal. The Panel's decision provides that if the fee owner prevails in a final judgment in that litigation, the annual rent for the 25-year term will be $20,220,000, retroactive to June 17, 2023. We were accruing $26,205,000 per annum of ground rent based on a previous estimate and therefore, in connection with the Panel's determination, we reversed $17,240,000 of previously accrued rent expense during the six months ended June 30, 2025. Additionally, commencing in the first quarter of 2025, we are now paying based on the $15,000,000 annual rent. Dispositions 666 Fifth Avenue (Fifth Avenue and Times Square JV) On January 8, 2025, the Fifth Avenue and Times Square JV completed the sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the joint venture for $350,000,000 and realized net proceeds of $342,000,000. The net proceeds were used to partially redeem Vornado's preferred equity on the asset. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. We recognized a financial statement gain of $76,162,000, which is included in 'income from partially owned entities' on our consolidated statements of income. 220 Central Park South During the six months ended June 30, 2025, we closed on the sale of two condominium units and ancillary amenities at 220 CPS for net proceeds of $24,839,000, resulting in a financial statement net gain of $13,702,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales, $2,592,000 of income tax expense was recognized on our consolidated statements of income. Two units remain unsold. Canal Street Condominium Units During the six months ended June 30, 2025, we closed on the sale of six residential condominium units at 304-306 Canal Street and 334 Canal Street for net proceeds of $21,633,000, resulting in a financial statement net gain of $10,337,000 which is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income. Two units remain unsold. 512 West 22nd Street On May 13, 2025, a joint venture, in which we have a 55.0% interest, entered into an agreement to sell 512 West 22nd Street, a 173,000 square foot office building, for $205,000,000. A portion of the proceeds will be used by the joint venture to repay the $123,650,000 mortgage loan encumbering the property. The sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions. We expect to recognize an approximate $11,000,000 financial statement gain. 49 West 57th Street On June 26, 2025, a joint venture, in which we own a 50.0% interest, completed the sale of the 49 West 57th Street commercial condominium. We received net proceeds of $8,650,000 and recognized a financial statement net gain of $2,527,000 which is included in "income from partially owned entities" on our consolidated statements of income. Financing Activity Senior Unsecured Notes due 2025 We repaid our $450,000,000 3.50% senior unsecured notes on their January 15, 2025 maturity date. 1535 Broadway (Fifth Avenue and Times Square JV) On April 14, 2025, the Fifth Avenue and Times Square JV completed a $450,000,000 financing of 1535 Broadway. The interest-only non-recourse loan bears interest at a fixed rate of 6.90% and matures in May 2030. After transaction costs and reserves, $407,000,000 of the net proceeds from the financing were used to partially redeem Vornado's Fifth Avenue and Times Square JV preferred equity. Sustainability Margin Adjustment In April 2025, we qualified for a sustainability margin adjustment on our unsecured term loan and revolving credit facilities by achieving certain KPI metrics, which reduced our interest rate by 0.05% and 0.04%, respectively. Independence PlazaOn June 5, 2025, a joint venture, in which we have a 50.1% interest, completed a $675,000,000 refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The interest-only non-recourse loan bears interest at a fixed rate of 5.84% and matures in June 2030. The loan replaces the previous $675,000,000 non-recourse loan that was scheduled to mature in July 2025 and bore interest at 4.25%. PENN 11 On July 16, 2025, we completed a $450,000,000 refinancing of PENN 11, a 1,200,000 square foot Manhattan office building. The five-year interest-only loan matures in August 2030 and has a fixed rate of 6.35%. We paid down by $50,000,000 the prior $500,000,000 loan that bore interest at a rate of SOFR plus 2.06% (swapped to an all-in fixed rate of 6.28%) and was scheduled to mature in October 2025. The swap was terminated at the time of refinancing and we received $130,000 of proceeds. Leasing Activity The leasing activity and related statistics in the tables below and on the following page are based on leases signed during the period and are not intended to coincide with the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America ('GAAP'). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant improvements and leasing commissions are based on our share of square feet leased during the period. (Square feet in thousands) New York Office(1) Retail THE MART Three Months Ended June 30, 2025 Total square feet leased 1,479 57 127 Our share of square feet leased: 1,414 48 127 Initial rent(2) $ 101.44 $ 96.77 $ 50.87 Weighted average lease term (years) 6.8 8.1 5.6 Second generation relet space: Square feet 240 44 104 GAAP basis: Straight-line rent(3) $ 97.64 $ 98.10 $ 45.03 Prior straight-line rent $ 87.35 $ 90.95 $ 47.09 Percentage increase (decrease) 11.8 % 7.9 % (4.4 )% Cash basis (non-GAAP): Initial rent(2) $ 102.61 $ 91.99 $ 51.80 Prior escalated rent $ 94.41 $ 91.68 $ 53.80 Percentage increase (decrease) 8.7 % 0.3 % (3.7 )% Tenant improvements and leasing commissions: Per square foot $ 89.15 $ 47.02 $ 51.05 Per square foot per annum $ 13.11 $ 5.80 $ 9.12 Percentage of initial rent 12.9 % 6.0 % 17.9 % _________________See notes on the following page Leasing Activity – continued (Square feet in thousands) New York 555 California Office(1) Retail THE MART Street Six Months Ended June 30, 2025 Total square feet leased 2,188 82 210 222 Our share of square feet leased: 2,099 66 210 155 Initial rent(2) $ 97.48 $ 130.89 $ 51.05 $ 120.65 Weighted average lease term (years) 12.1 9.8 6.6 13.1 Second generation relet space: Square feet 494 54 146 155 GAAP basis: Straight-line rent(3) $ 88.68 $ 110.54 $ 46.99 $ 132.08 Prior straight-line rent $ 80.08 $ 90.73 $ 49.29 $ 110.28 Percentage increase (decrease) 10.7 % 21.8 % (4.7 )% 19.8 % Cash basis (non-GAAP): Initial rent(2) $ 93.40 $ 100.07 $ 51.76 $ 121.04 Prior escalated rent $ 86.76 $ 92.04 $ 55.72 $ 117.37 Percentage increase (decrease) 7.7 % 8.7 % (7.1 )% 3.1 % Tenant improvements and leasing commissions: Per square foot $ 141.89 $ 137.74 $ 66.76 $ 229.71 Per square foot per annum $ 11.73 $ 14.06 $ 10.12 $ 17.54 Percentage of initial rent 12.0 % 10.7 % 19.8 % 14.5 %_______________________________ (1) The leasing statistics other than square feet leased, exclude the impact of the 1,076 square foot master lease to NYU at 770 Broadway. (2) Represents the cash basis weighted average starting rent per square foot, which is generally indicative of market rents. Most leases include free rent and periodic step-ups in rent which are not included in the initial cash basis rent per square foot but are included in the GAAP basis straight-line rent per square foot. (3) Represents the GAAP basis weighted average rent per square foot that is recognized over the term of the respective leases and includes the effect of free rent and periodic step-ups in rent. Occupancy (At Vornado's share) New York 555 California Total Office Retail THE MART Street Occupancy as of June 30, 2025 85.2 % 86.7 % 67.7 % 78.2 % 92.3 %Same Store Net Operating Income ("NOI") (non-GAAP) At Share: Total New York THE MART(2) 555 California Street Same store NOI at share % increase (decrease)(1): Three months ended June 30, 2025 compared to June 30, 2024 5.4 % 1.8 % 57.7 % 3.1 % Six months ended June 30, 2025 compared to June 30, 2024 4.5 % 2.4 % (3) 34.8 % 4.1 % Three months ended June 30, 2025 compared to March 31, 2025 4.3 % 0.8 % 57.9 % (0.4 )% Same store NOI at share – cash basis % (decrease) increase(1): Three months ended June 30, 2025 compared to June 30, 2024 (4.8 )% (8.5 )% (4)(5) 50.6 % (12.7 )% (6) Six months ended June 30, 2025 compared to June 30, 2024 (2.6 )% (5.3 )% (4)(5) 34.5 % (3.6 )% (6) Three months ended June 30, 2025 compared to March 31, 2025 (3.4 )% (7.4 )% (4)(5) 43.8 % (3.9 )% (6)____________________ (1) See pages 12 through 17 for same store NOI at share and same store NOI at share – cash basis reconciliations. (2) 2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment. (3) Excludes the impact of the $17,240,000 reversal of previously accrued PENN 1 ground rent. See page 3 for further details. (4) Decrease in same store NOI at share – cash basis vs. GAAP basis is primarily due to (i) current period PENN 1 ground rent increase and (ii) GAAP rent commencing on new leases with free rent periods. (5) Excludes the impact of the April 2025 $22,361,000 true-up payment for prior period PENN 1 ground rent owed based on the recent rent reset determination. See page 3 for further details. (6) Decrease in same store NOI at share cash basis vs. GAAP basis is primarily due to GAAP rent commencing on new leases with free rent periods. NOI At Share and NOI At Share – Cash Basis: The elements of our New York and Other NOI at share and NOI at share – cash basis for the three and six months ended June 30, 2025 and 2024 and the three months ended March 31, 2025 are summarized below. (Amounts in thousands) For the Three Months Ended For the Six Months Ended June 30, June 30, 2025 2024 March 31, 2025 2025 2024 NOI at share: New York: Office(1) $ 173,104 $ 178,338 $ 191,501 $ 364,605 $ 346,326 Retail(2) 42,798 48,392 46,115 88,913 95,858 Residential 6,362 6,220 6,192 12,554 12,188 Alexander's 8,315 9,203 9,509 17,824 20,910 Total New York 230,579 242,153 253,317 483,896 475,282 Other: THE MART(3) 25,197 16,060 15,916 41,113 30,546 555 California Street 18,686 16,800 17,843 36,529 33,329 Other investments 3,211 5,158 6,214 9,425 10,138 Total Other 47,094 38,018 39,973 87,067 74,013 NOI at share $ 277,673 $ 280,171 $ 293,290 $ 570,963 $ 549,295 NOI at share – cash basis: New York: Office(1)(4) $ 127,579 $ 176,915 $ 167,457 $ 295,036 $ 343,285 Retail(2) 39,692 44,700 43,727 83,419 88,573 Residential 5,990 5,947 5,848 11,838 11,637 Alexander's 9,344 10,272 10,538 19,882 25,133 Total New York 182,605 237,834 227,570 410,175 468,628 Other: THE MART(3) 25,258 16,835 17,517 42,775 31,784 555 California Street 20,684 19,956 18,137 38,821 36,894 Other investments 3,172 4,965 6,147 9,319 9,897 Total Other 49,114 41,756 41,801 90,915 78,575 NOI at share – cash basis $ 231,719 $ 279,590 $ 269,371 $ 501,090 $ 547,203 ________________________________ (1) Includes Building Maintenance Services NOI of $7,584, $7,926, $6,936, $14,520 and $15,143 for the three months ended June 30, 2025 and 2024 and March 31, 2025 and the six months ended June 30, 2025 and 2024, respectively. (2) 2025 includes the impact of the sale of a portion of the 666 Fifth Avenue retail condominium. See page 3 for details. (3) 2025 includes the impact of a reversal of a prior period tax accrual resulting from a property tax reassessment. (4) Includes the impact of the April 2025 payment of $22,361 for prior period PENN 1 ground rent owed based on the recent rent reset determination. Active Development/Redevelopment Summary as of June 30, 2025: (Amounts in thousands, except square feet) (at Vornado's share) New York segment Property Rentable Sq. Ft. Budget Cash Amount Expended Remaining Expenditures Stabilization Year Projected Incremental Cash Yield PENN District: PENN 2 1,815,000 $ 750,000 $ 717,884 $ 32,116 2026 10.2% Districtwide Improvements N/A 100,000 78,949 21,051 N/A N/A Total PENN District 850,000 (1) 796,833 53,167 Sunset Pier 94 Studios (49.9% interest) 266,000 125,000 (2) 82,805 42,195 2026 10.3% Total Active Development Projects $ 975,000 $ 879,638 $ 95,362 ________________________________ (1) Excluding debt and equity carry. (2) Represents our 49.9% share of the $350,000 development budget, excluding the $40,000 value of our contributed leasehold interest and net of an estimated $9,000 for our share of development fees and reimbursement for overhead costs incurred by us. During 2024, we fully funded our $34,000 share of cash contributions. There can be no assurance that the above projects will be completed, completed on schedule or within budget. In addition, there can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental previously announced, the Company will host a quarterly earnings conference call and an audio webcast on Tuesday, August 5, 2025 at 10:00 a.m. Eastern Time (ET). The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 9032041. A live webcast of the conference call will be available on Vornado's website at in the Investor Relations section and an online playback of the webcast will be available on the website following the conference J. Sanelli(212) 894-7000Further details regarding results of operations, properties and tenants can be accessed at the Company's website Vornado Realty Trust is a fully - integrated equity real estate investment trust. Certain statements contained herein may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future 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 press release. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost, projected incremental cash yield, stabilization date and cost to complete; estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see 'Risk Factors' in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have 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. VORNADO REALTY TRUSTCONSOLIDATED BALANCE SHEETS (Amounts in thousands) As of Increase(Decrease) June 30, 2025 December 31, 2024 ASSETS Real estate, at cost: Land $ 2,385,812 $ 2,434,209 $ (48,397 ) Buildings and improvements 10,560,211 10,439,113 121,098 Development costs and construction in progress 872,493 1,097,395 (224,902 ) Leasehold improvements and equipment 112,832 120,915 (8,083 ) Total 13,931,348 14,091,632 (160,284 ) Less accumulated depreciation and amortization (4,028,816 ) (4,025,349 ) (3,467 ) Real estate, net 9,902,532 10,066,283 (163,751 ) Right-of-use assets 677,249 678,804 (1,555 ) Net investment in lease 165,634 — 165,634 Cash, cash equivalents, and restricted cash Cash and cash equivalents 1,204,863 733,947 470,916 Restricted cash 158,435 215,672 (57,237 ) Total 1,363,298 949,619 413,679 Tenant and other receivables 65,210 58,853 6,357 Investments in partially owned entities 2,003,206 2,691,478 (688,272 ) Receivable arising from the straight-lining of rents 700,392 707,020 (6,628 ) Deferred leasing costs, net 326,688 354,882 (28,194 ) Identified intangible assets, net 114,381 118,215 (3,834 ) Other assets 289,906 373,454 (83,548 ) Total assets $ 15,608,496 $ 15,998,608 $ (390,112 ) LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Liabilities: Mortgages payable, net $ 4,977,526 $ 5,676,014 $ (698,488 ) Senior unsecured notes, net 746,588 1,195,914 (449,326 ) Unsecured term loan, net 796,643 795,948 695 Unsecured revolving credit facilities 575,000 575,000 — Lease liabilities 710,261 749,759 (39,498 ) Accounts payable and accrued expenses 336,524 374,013 (37,489 ) Deferred compensation plan 104,765 114,580 (9,815 ) Other liabilities 347,131 345,511 1,620 Total liabilities 8,594,438 9,826,739 (1,232,301 ) Redeemable noncontrolling interests 750,097 834,658 (84,561 ) Shareholders' equity 6,092,098 5,158,242 933,856 Noncontrolling interests in consolidated subsidiaries 171,863 178,969 (7,106 ) Total liabilities, redeemable noncontrolling interests and equity $ 15,608,496 $ 15,998,608 $ (390,112 )VORNADO REALTY TRUSTOPERATING RESULTS (Amounts in thousands, except per share amounts) For the Three Months EndedJune 30, For the Six Months EndedJune 30, 2025 2024 2025 2024 Revenues $ 441,437 $ 450,266 $ 903,016 $ 886,641 Net income $ 813,227 $ 40,099 $ 913,051 $ 33,826 Less net loss (income) attributable to noncontrolling interests in: Consolidated subsidiaries 10,981 13,890 21,414 25,872 Operating Partnership (64,863 ) (3,200 ) (72,752 ) (2,414 ) Net income attributable to Vornado 759,345 50,789 861,713 57,284 Preferred share dividends (15,526 ) (15,529 ) (31,052 ) (31,058 ) Net income attributable to common shareholders $ 743,819 $ 35,260 $ 830,661 $ 26,226 Income per common share – basic: Net income per common share $ 3.87 $ 0.19 $ 4.33 $ 0.14 Weighted average shares outstanding 191,984 190,492 191,680 190,460 Income per common share – diluted: Net income per common share $ 3.70 $ 0.18 $ 4.14 $ 0.13 Weighted average shares outstanding 201,066 194,405 200,927 194,518 FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 120,928 $ 148,944 $ 256,028 $ 253,068 Per diluted share (non-GAAP) $ 0.60 $ 0.76 $ 1.27 $ 1.29 FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) $ 113,324 $ 112,766 $ 239,628 $ 221,608 Per diluted share (non-GAAP) $ 0.56 $ 0.57 $ 1.19 $ 1.13 Weighted average shares used in determining FFO attributable to common shareholders plus assumed conversions per diluted share 201,042 196,339 200,927 196,405 FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ('NAREIT'). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. In addition to FFO attributable to common shareholders plus assumed conversions, we also disclose FFO attributable to common shareholders plus assumed conversions, as adjusted. Although this non-GAAP measure clearly differs from NAREIT's definition of FFO, we believe it provides a meaningful presentation of operating performance. Reconciliations of net income (loss) attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions are provided on the following page. Reconciliations of FFO attributable to common shareholders plus assumed conversions to FFO attributable to common shareholders plus assumed conversions, as adjusted are provided on page 2 of this press release. VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS The following table reconciles net income attributable to common shareholders to FFO attributable to common shareholders plus assumed conversions: (Amounts in thousands, except per share amounts) For the Three Months EndedJune 30, For the Six Months EndedJune 30, 2025 2024 2025 2024 Net income attributable to common shareholders $ 743,819 $ 35,260 $ 830,661 $ 26,226 Per diluted share $ 3.70 $ 0.18 $ 4.14 $ 0.13 FFO adjustments: Depreciation and amortization of real property $ 103,142 $ 97,897 $ 207,399 $ 194,680 Real estate impairment losses 542 — 542 — Gain on sales-type lease (803,248 ) — (803,248 ) — Net gains on sale of real estate — (873 ) — (873 ) Our share of partially owned entities: Net gains on sale of real estate (2,527 ) — (79,535 ) — Depreciation and amortization of real property 24,107 26,458 48,632 52,621 FFO adjustments, net (677,984 ) 123,482 (626,210 ) 246,428 Impact of assumed conversion of dilutive convertible securities 385 393 735 776 Noncontrolling interests' share of above adjustments on a dilutive basis 54,708 (10,191 ) 50,842 (20,362 ) FFO attributable to common shareholders plus assumed conversions (non-GAAP) $ 120,928 $ 148,944 $ 256,028 $ 253,068 Per diluted share $ 0.60 $ 0.76 $ 1.27 $ 1.29 Reconciliation of weighted average shares outstanding: Weighted average common shares outstanding 191,984 190,492 191,680 190,460 Effect of dilutive securities: Share-based payment awards 7,740 3,913 7,572 4,058 Convertible securities 1,318 1,934 1,675 1,887 Denominator for FFO per diluted share 201,042 196,339 200,927 196,405 VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS – CONTINUED Below is a reconciliation of net income to NOI at share and NOI at share – cash basis for the three and six months ended June 30, 2025 and 2024 and the three months ended March 31, 2025. (Amounts in thousands) For the Three Months Ended For the Six Months EndedJune 30, June 30, March 31, 2025 2025 2024 2025 2024 Net income $ 813,227 $ 40,099 $ 99,824 $ 913,051 $ 33,826 Depreciation and amortization expense 115,574 109,774 116,155 231,729 218,433 General and administrative expense 39,978 38,475 38,597 78,575 76,372 Transaction related costs and other 721 3,361 43 764 4,014 Income from partially owned entities (16,671 ) (47,949 ) (96,977 ) (113,648 ) (64,228 ) Interest and other investment income, net (11,056 ) (10,511 ) (8,261 ) (19,317 ) (22,235 ) Interest and debt expense 87,929 98,401 95,816 183,745 188,879 Gain on sales-type lease (803,248 ) — — (803,248 ) — Net gains on disposition of wholly owned and partially owned assets (8,488 ) (16,048 ) (15,551 ) (24,039 ) (16,048 ) Income tax expense 4,123 5,284 7,193 11,316 12,024 NOI from partially owned entities 66,227 68,298 67,111 133,338 138,667 NOI attributable to noncontrolling interests in consolidated subsidiaries (10,643 ) (9,013 ) (10,660 ) (21,303 ) (20,409 ) NOI at share 277,673 280,171 293,290 570,963 549,295 Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net, and other (45,954 ) (581 ) (23,919 ) (69,873 ) (2,092 ) NOI at share – cash basis $ 231,719 $ 279,590 $ 269,371 $ 501,090 $ 547,203 NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share – cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We consider NOI at share to be the primary non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share – cash basis, we utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share – cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS – CONTINUED Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting periods. Same store NOI at share – cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above market leases, accruals for ground rent resets yet to be determined, and other non-cash adjustments. We use these non-GAAP measures to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store NOI at share and same store NOI at share – cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly titled measures employed by other companies. Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2025 compared to June 30, 2024. (Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share for the three months ended June 30, 2025 $ 277,673 $ 230,579 $ 25,197 $ 18,686 $ 3,211 Less NOI at share from: Dispositions (8 ) 166 (174 ) — — Development properties (5,011 ) (5,011 ) — — — Other non-same store income, net (11,813 ) (7,235 ) — (1,367 ) (3,211 ) Same store NOI at share for the three months ended June 30, 2025 $ 260,841 $ 218,499 $ 25,023 $ 17,319 $ — NOI at share for the three months ended June 30, 2024 $ 280,171 $ 242,153 $ 16,060 $ 16,800 $ 5,158 Less NOI at share from: Dispositions (3,251 ) (3,061 ) (190 ) — — Development properties (8,880 ) (8,880 ) — — — Other non-same store income, net (20,653 ) (15,495 ) — — (5,158 ) Same store NOI at share for the three months ended June 30, 2024 $ 247,387 $ 214,717 $ 15,870 $ 16,800 $ — Increase in same store NOI at share $ 13,454 $ 3,782 $ 9,153 $ 519 $ — % increase in same store NOI at share 5.4 % 1.8 % 57.7 % 3.1 % 0.0 % VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS – CONTINUED Below are reconciliations of NOI at share – cash basis to same store NOI at share – cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2025 compared to June 30, 2024. (Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share – cash basis for the three months ended June 30, 2025 $ 231,719 $ 182,605 $ 25,258 $ 20,684 $ 3,172 Less NOI at share – cash basis from: Dispositions (8 ) 166 (174 ) — — Development properties (4,772 ) (4,772 ) — — — Other non-same store expense (income), net 7,078 13,510 — (3,260 ) (3,172 ) Same store NOI at share – cash basis for the three months ended June 30, 2025 $ 234,017 $ 191,509 $ 25,084 $ 17,424 $ — NOI at share – cash basis for the three months ended June 30, 2024 $ 279,590 $ 237,834 $ 16,835 $ 19,956 $ 4,965 Less NOI at share – cash basis from: Dispositions (2,785 ) (2,611 ) (174 ) — — Development properties (8,639 ) (8,639 ) — — — Other non-same store income, net (22,256 ) (17,291 ) — — (4,965 ) Same store NOI at share – cash basis for the three months ended June 30, 2024 $ 245,910 $ 209,293 $ 16,661 $ 19,956 $ — (Decrease) increase in same store NOI at share – cash basis $ (11,893 ) $ (17,784 ) $ 8,423 $ (2,532 ) $ — % (decrease) increase in same store NOI at share – cash basis (4.8 )% (8.5 )% 50.6 % (12.7 )% 0.0 % VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS – CONTINUED Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the six months ended June 30, 2025 compared to June 30, 2024. (Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share for the six months ended June 30, 2025 $ 570,963 $ 483,896 $ 41,113 $ 36,529 $ 9,425 Less NOI at share from: Dispositions (114 ) 128 (242 ) — — Development properties (11,741 ) (11,741 ) — — — Other non-same store income, net (39,348 ) (28,101 ) — (1,822 ) (9,425 ) Same store NOI at share for the six months ended June 30, 2025 $ 519,760 $ 444,182 $ 40,871 $ 34,707 $ — NOI at share for the six months ended June 30, 2024 $ 549,295 $ 475,282 $ 30,546 $ 33,329 $ 10,138 Less NOI at share from: Dispositions (6,541 ) (6,317 ) (224 ) — — Development properties (18,607 ) (18,607 ) — — — Other non-same store income, net (26,682 ) (16,544 ) — — (10,138 ) Same store NOI at share for the six months ended June 30, 2024 $ 497,465 $ 433,814 $ 30,322 $ 33,329 $ — Increase in same store NOI at share $ 22,295 $ 10,368 $ 10,549 $ 1,378 $ — % increase in same store NOI at share 4.5 % 2.4 % 34.8 % 4.1 % 0.0 % VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS – CONTINUED Below are reconciliations of NOI at share – cash basis to same store NOI at share – cash basis for our New York segment, THE MART, 555 California Street and other investments for the six months ended June 30, 2025 compared to June 30, 2024. (Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share – cash basis for the six months ended June 30, 2025 $ 501,090 $ 410,175 $ 42,775 $ 38,821 $ 9,319 Less NOI at share – cash basis from: Dispositions (116 ) 128 (244 ) — — Development properties (11,261 ) (11,261 ) — — — Other non-same store (income) expense, net (7,806 ) 4,773 — (3,260 ) (9,319 ) Same store NOI at share – cash basis for the six months ended June 30, 2025 $ 481,907 $ 403,815 $ 42,531 $ 35,561 $ — NOI at share – cash basis for the six months ended June 30, 2024 $ 547,203 $ 468,628 $ 31,784 $ 36,894 $ 9,897 Less NOI at share – cash basis from: Dispositions (5,561 ) (5,388 ) (173 ) — — Development properties (17,883 ) (17,883 ) — — — Other non-same store income, net (28,760 ) (18,863 ) — — (9,897 ) Same store NOI at share – cash basis for the six months ended June 30, 2024 $ 494,999 $ 426,494 $ 31,611 $ 36,894 $ — (Decrease) increase in same store NOI at share – cash basis $ (13,092 ) $ (22,679 ) $ 10,920 $ (1,333 ) $ — % (decrease) increase in same store NOI at share – cash basis (2.6 )% (5.3 )% 34.5 % (3.6 )% 0.0 % VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS – CONTINUED Below are reconciliations of NOI at share to same store NOI at share for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2025 compared to March 31, 2025. (Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share for the three months ended June 30, 2025 $ 277,673 $ 230,579 $ 25,197 $ 18,686 $ 3,211 Less NOI at share from: Dispositions (8 ) 166 (174 ) — — Development properties (5,011 ) (5,011 ) — — — Other non-same store income, net (10,632 ) (6,054 ) — (1,367 ) (3,211 ) Same store NOI at share for the three months ended June 30, 2025 $ 262,022 $ 219,680 $ 25,023 $ 17,319 $ — NOI at share for the three months ended March 31, 2025 $ 293,290 $ 253,317 $ 15,916 $ 17,843 $ 6,214 Less NOI at share from: Dispositions (106 ) (38 ) (68 ) — — Development properties (6,730 ) (6,730 ) — — — Other non-same store income, net (35,324 ) (28,654 ) — (456 ) (6,214 ) Same store NOI at share for the three months ended March 31, 2025 $ 251,130 $ 217,895 $ 15,848 $ 17,387 $ — Increase (decrease) in same store NOI at share $ 10,892 $ 1,785 $ 9,175 $ (68 ) $ — % increase (decrease) in same store NOI at share 4.3 % 0.8 % 57.9 % (0.4 )% 0.0 % VORNADO REALTY TRUSTNON-GAAP RECONCILIATIONS – CONTINUED Below are reconciliations of NOI at share – cash basis to same store NOI at share – cash basis for our New York segment, THE MART, 555 California Street and other investments for the three months ended June 30, 2025 compared to March 31, 2025. (Amounts in thousands) Total New York THE MART 555 California Street Other NOI at share – cash basis for the three months ended June 30, 2025 $ 231,719 $ 182,605 $ 25,258 $ 20,684 $ 3,172 Less NOI at share – cash basis from: Dispositions (8 ) 166 (174 ) — — Development properties (4,772 ) (4,772 ) — — — Other non-same store expense (income), net 8,173 14,605 — (3,260 ) (3,172 ) Same store NOI at share – cash basis for the three months ended June 30, 2025 $ 235,112 $ 192,604 $ 25,084 $ 17,424 $ — NOI at share – cash basis for the three months ended March 31, 2025 $ 269,371 $ 227,570 $ 17,517 $ 18,137 $ 6,147 Less NOI at share – cash basis from: Dispositions (108 ) (38 ) (70 ) — — Development properties (6,489 ) (6,489 ) — — — Other non-same store income, net (19,303 ) (13,156 ) — — (6,147 ) Same store NOI at share – cash basis for the three months ended March 31, 2025 $ 243,471 $ 207,887 $ 17,447 $ 18,137 $ — (Decrease) increase in same store NOI at share – cash basis $ (8,359 ) $ (15,283 ) $ 7,637 $ (713 ) $ — % (decrease) increase in same store NOI at share – cash basis (3.4 )% (7.4 )% 43.8 % (3.9 )% 0.0 %Sign in to access your portfolio
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28 minutes ago
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Commentary: How markets will punish Trump if he fudges the economic data
President Trump is laying the groundwork for replacing real economic data with his own numbers. It's a terrible idea that will blow up in his face if he tries it — and cause the Trump presidency more damage than any legitimate numbers could. Trump fired the economist in charge of the Bureau of Labor Statistics on Aug. 1 after the latest employment report showed a sharp slowdown in hiring. The problem isn't the data or the economists who produce it. The problem is that, right on schedule, Trump's disruptive policies are messing up the economy. His tariffs are raising costs and jamming up business operations with new inefficiencies. His workplace raids, meant to ensnare unauthorized migrants, are reducing the labor supply and leaving some companies disastrously short of workers. After firing the BLS commissioner, Erika McEntarfer, Trump said in a social media post that she 'rigged' the job numbers to make him look bad. Trump specifically cited revisions in the jobs data for May and June that cut total employment by 258,000. That put average job growth during the last three months at an anemic 35,000 — 80% below the average pace of job growth during Joe Biden's last year as president, an underperformance that Trump must find intolerable. There are legitimate concerns about the quality of the surveys BLS conducts to compute the jobs data. Those are huge surveys relying on accurate and complete responses from thousands of firms and regular people. The methodology is complicated. Trump's own cutbacks to the agency make mistakes more likely. One of the main reasons BLS revises the data in the first place is to provide more accuracy as it refines the results of a given month. The downward revisions for May and June were large, but hardly unprecedented. Trump isn't talking about any of that. The employment numbers aren't rigged, and the few serious economic people in Trump's administration — Treasury Secretary Scott Bessent, White House economist Kevin Hassett — ought to be telling him that. A lot of economic data is unflattering to Trump, however, and there's a good chance it will get worse as tariffs and migration raids further stifle the economy. Trump acts like he knows it, and has been thinking for some time about how to provide alternate data that's more flattering to the Trump economy. For most of his second term, Trump has been raging about Federal Reserve Chair Jerome Powell, demanding that the Fed slash interest rates and musing about firing Powell. Trump has also floated the idea of appointing a 'shadow' Fed chair who would give more upbeat assessments of the economy than the Fed's sober analysis, and perhaps replace Powell when his term expires next Trump's commerce secretary, Howard Lutnick, wants to change the way the government calculates economic growth. In June, the BLS, which also calculates inflation data, said it was reducing the collection of pricing data in some parts of the country. Starting Aug. 14, it will cut the number of wholesale prices it measures. The agency says staffing shortages are the main reason it's dialing back data collection. Trump, of course, has slashed staffing at myriad government agencies as part of the so-called DOGE efficiency commission's work. Trump makes no secret of seeking to exert maximum control over all facets of government, including agencies established to be independent of political manipulation. He could very well co-op economic data by putting loyalists in charge of the relevant agencies and instructing them to make the data friendlier. He clearly wants a Federal Reserve that will juice the economy on his command, and if he appoints the right people for the rest of his presidential term, he might get that too. If any of that happens, it will backfire, maybe spectacularly. The simple reality is that nobody, not even the president, can fool markets, at least not for very long. Official government data is important, but businesses, investors, and consumers rely on thousands of data points that tell them almost everything they need to know about how the economy's doing. Presidents have tried many times to generate a counternarrative meant to persuade voters they're better off than they think they are. It never works. Ordinary workers know how far their paycheck stretches and whether they're getting ahead or falling behind. Most can tell you that without knowing whether the inflation or unemployment rate is going up or down. Businesses know what's happening with their order book and cash flow, and spend more or less accordingly. Investors read pricing signals the government can't control and buy, sell, or hedge based on what they see. The bond market is the ultimate arbiter of economic truth, and right now it's expressing concerns about the Trump economy and Trump's own policies. Joe Brusuelas, chief economist at RSM, points out there's a 'risk' or 'fear' premium in markets right now that's pushing long-term interest rates about 0.65 percentage points higher than they'd otherwise be. That interest rate premium is the extra amount investors demand in order to lock up their money in longer-term bonds. It compensates them for what they think is the risk of higher inflation in the future, along with uncertainty over other factors that could affect the value of their investments. The current term premium is not historically high. But it's higher than it has been for most of the last 15 years. And not all of it involves Trump's policies. Last fall, for instance, long-term rates rose by about a full point while the Fed was cutting short-term rates by a full point. That was a very unusual move, suggesting investors foresaw higher inflation over a five- to 10-year time frame and demanded higher rates to buy bonds maturing during that time. Still, Trump has inherited a dyspeptic bond market, and his tariffs clearly contribute to inflation expectations because they're a tax on imports that literally raises prices paid by businesses and consumers. Another problem is the massive amount of US government borrowing, which may finally be approaching unsustainable levels. If or when the day arrives when there aren't enough buyers for Treasury securities, the only outcome can be higher rates for all bonds to entice buyers. And higher long-term interest rates raise costs for every business or consumer borrowing money. The weird pricing action from last fall shows that if Trump did manage to force the Fed to slash short-term rates, long-term rates might actually rise, because investors would anticipate higher inflation due to looser monetary policy. Trump doesn't care about short-term rates, which only apply to banks making overnight loans. What he really wants is lower long-term rates, so that businesses and consumers borrow and spend more, stoking growth. Trying to force that to happen would probably have the opposite effect. The same thing would happen if Trump tried to fool the world by publishing bogus data showing the economy doing better than it really is. Every serious investor would know it's a sham. Uncertainty would worsen as opacity on some facets of the economy replaced transparency. That would cause upward pressure on the interest rate risk premium, pushing rates higher. Brusuelas's data shows a risk premium of more than 2 percentage points during some periods during the last 25 years. If there were such a premium today, the typical mortgage rate would be more than 8%, instead of 6.7%. In 2008, during the financial crisis, the term premium approached 4%, which would push interest rates today above 10%. That's the range, or trouble, Trump could cause in bond markets if he tries to manipulate the economy and fails. Would it cause a recession? Nobody knows, but that may be the wrong question. Americans are in a foul mood largely because they think management of the economy stinks and they feel prosperity slipping away. When Joe Biden was president, he repeatedly touted record job growth and other things going right, convincing approximately nobody that they were better off than their personal finances led them to believe. Americans want to feel like they're getting ahead at home and at work. Legitimate data won't convince them if they don't see it happening in their own lives, and bogus data won't do any better. Consumer attitudes have been at recessionary levels for much of the last five years, and if Trump starts producing doctored data, it may depress people even more. Truth has value, even to Trump. Rick Newman is a senior columnist for Yahoo Finance. Follow him on Bluesky and X: @rickjnewman. Click here for political news related to business and money policies that will shape tomorrow's stock prices. Sign in to access your portfolio
