--- title: "Vornado Realty Trust | 8-K: FY2025 Q1 Revenue: USD 461.58 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/238789911.md" datetime: "2025-05-05T20:25:11.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/238789911.md) - [en](https://longbridge.com/en/news/238789911.md) - [zh-HK](https://longbridge.com/zh-HK/news/238789911.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/238789911.md) | [繁體中文](https://longbridge.com/zh-HK/news/238789911.md) # Vornado Realty Trust | 8-K: FY2025 Q1 Revenue: USD 461.58 M Revenue: As of FY2025 Q1, the actual value is USD 461.58 M. EPS: As of FY2025 Q1, the actual value is USD 0.43, beating the estimate of USD -0.03. ### Net Income Net income attributable to common shareholders for the quarter ended March 31, 2025 was $86,842,000, or $0.43 per diluted share, compared to a net loss of $9,034,000, or $0.05 per diluted share, for the prior year’s quarter. The increase is primarily due to 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. ### Operating Expenses Operating expenses for the three months ended March 31, 2025 were $224,740,000, a slight decrease from $226,224,000 for the same period in 2024. ### Depreciation and Amortization Depreciation and amortization expenses increased to $116,155,000 for the three months ended March 31, 2025, compared to $108,659,000 for the same period in 2024. ### General and Administrative Expenses General and administrative expenses were $38,597,000 for the three months ended March 31, 2025, compared to $37,897,000 for the same period in 2024. ### Cash Flow Cash and cash equivalents decreased to $568,861,000 as of March 31, 2025, from $733,947,000 as of December 31, 2024. ### Unique Metrics Funds From Operations (FFO) attributable to common shareholders plus assumed conversions, as adjusted, was $126,245,000 for the three months ended March 31, 2025, compared to $108,847,000 for the same period in 2024. Same store Net Operating Income (NOI) at share for the three months ended March 31, 2025 increased by 3.5% compared to March 31, 2024. ### Liquidity As of March 31, 2025, Vornado Realty Trust had $2.3 billion of liquidity comprised of $807.0 million of cash and cash equivalents and restricted cash and $1.5 billion available on its $2.2 billion revolving credit facilities. ### Debt and Capitalization The company’s total outstanding debt to total assets ratio was 48% as of March 31, 2025, with secured debt to total assets at 35%. ### Credit Ratings Moody’s rated Vornado Realty Trust at Ba1 with a stable outlook, S&P rated it BBB- with a negative outlook, and Fitch rated it BB+ with a stable outlook. ### Outlook / Guidance The company anticipates continuing its recent common share dividend policy of paying one common share dividend in the fourth quarter of 2025, subject to approval by the Board of Trustees. The report includes forward-looking statements regarding development and redevelopment projects, estimated completion dates, project costs, and projected incremental cash yields. It cautions that these statements are subject to numerous assumptions, risks, and uncertainties, including interest rate fluctuations and inflation effects. Vornado Realty Trust has completed a master lease with New York University for 770 Broadway, which includes a prepaid lease payment of $935,000,000 and annual lease payments of approximately $9,300,000. The company also qualified for a sustainability margin adjustment on its unsecured term loan and revolving credit facilities, reducing interest rates by 0.05% and 0.04%, respectively. ### Related Stocks - [Vornado Realty Trust (VNO.US)](https://longbridge.com/en/quote/VNO.US.md) ## Related News & Research - [BUZZ-BMO cuts PT on office REITs amid AI‑driven demand risks](https://longbridge.com/en/news/280470785.md) - [$100 Invested In ProShares Ultra Silver 10 Years Ago Would Be Worth This Much Today](https://longbridge.com/en/news/281548227.md) - [Iridium Communications Stock (IRDM) Moonshots 12% on SpaceX IPO Filing and Amazon Takeover Rumors](https://longbridge.com/en/news/281548482.md) - [Micron Sell-off Is a "Buying Opportunity" Says Mizuho](https://longbridge.com/en/news/281560003.md) - [Every Major Hyperscaler Is Moving To Arm — Here's Why It Matters](https://longbridge.com/en/news/281502285.md)