$VNO reports solid earnings and strategic capital deployments
Feb 13th 2023, 9:58 pm
Analyst Summary: The company reported a net income of $2.97 per diluted share for the year ended December 31, 2022, compared to $2.86 per diluted share for the prior year. The increase was attributed to a $2.559 billion gain upon the transfer of seven properties to the Retail Joint Venture. The company also announced a refinancing of 100 West 33rd Street and 770 Broadway with interest-only loans bearing a rate of SOFR plus 1.5% and SOFR plus 2.6%, respectively. The company disclosed leasing activity including a weighted average lease term of 7.6 years and a positive 17% change in the GAAP and cash mark-to-market rent on second generation relet space. The CEO commented on these results stating, "We are pleased with our financial results for the year ended December 31, 2022, which were driven by robust leasing activity and strategic capital deployments." The company also provided forward-looking statements regarding negotiations on the Fifth Avenue and Times Square JV restructuring, and the development of the Hotel Pennsylvania site, as well as fair market value resets for certain properties.