Home Featured Vornado Realty Trust Says Leasing Numbers Are “Best in the Business”

Vornado Realty Trust Says Leasing Numbers Are “Best in the Business”

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According to Steven Roth, chairman and CEO, Vornado Realty Trust’s leasing numbers continue to be the best in the business. Roth shared that on the firm’s recent Q3 call.

“Year-to-date for three quarters across the entire business, including New York Office, Retail, theMART, and 555 California Street, our leasing activity totals over 2 million square feet and 179 leases with outstanding mark-to-markets of 33.8% GAAP and 24.1% cash. Thanks to Glen and our best in the business leasing team,” he said.

This quarter’s companywide cash basis NOI was $340.9 million, up 2.7% from the third quarter of 2017, he added. Adjusting for the sale of our half interest in the 666 Fifth Avenue office condominium, the increase was an even greater 3.8%; more about 666 in a minute.

“Cash basis same-store NOI increased by 4.3%, comprised of New York office was up 5.1%, retail was up 4.2% benefiting by $4.9 million one-time real estate tax abatement catch up, with the total New York segment up 3.9%. theMART was up 2.2% and 555 California Street was up 19.9%. This quarter’s leasing activity was robust.”

He explained that “Our office business continues to perform very well. I’ll say again what I’ve said for the last several quarters, we are experiencing robust demand from all manner of industries in all of our submarkets. Our tenants are optimistic, aggressive, growing, and upbeat about New York.”