Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Even in this challenging financing environment, our balance sheet remains in very good shape with strong liquidity |
| Now the next thing is that when we ramped up the space as the markets revert to normal, from 90% to 96%, that's a very significant increase in our earnings |
| And we and our partner are making good progress on that and we expect to get to a successful resolution with terms that we think are attractive |
| And the shareholders do quite well, then the employees will do quite well |
| So our occupancy is really the difference between our occupancy is really the difference between 96% and 90% [ph], let's say, 6% -- which we think is -- we can do better, we will do better but we think that's pretty good performance in a soft market |
| Activity in the best buildings has been strong with vacancy at less than 10% and rents rising |
| Our best-in-class portfolio has been a major beneficiary of this trend and the stats bear out this that we consistently outperform the marketplace, as Steve mentioned earlier |
| So we are very, very happy with our position |
| While rents have a way to go to reach peak pricing of 5 years ago, we feel very good about the activity level and strength of the retail recovery |
| Additionally, at PENN 1, we maintained strong momentum with another 300,000 square feet of deals, highlighted by new leases with Samsung and Cannacord Genuity |
| So we believe that these assets will return a very satisfactory return at the get-go and will grow from there as we continue to own them over the next period of time; so there's that |
| But our -- the last one we had published, we're confident in terms of hitting that and hopefully exceeding it |
| Our retention rate was strong |
| My colleagues and I at Vornado are optimistic and excited |
| Steven Roth Alex, I'm confident that the gold medal team of Glen and the rest of his team in-house has the strength and the ability, the franchise to do the job |
| The reception at PENN 2 has been better than excellent tour volume is off the charts |
| which I think is a terrific opportunity |
| And as we enter 2024, market conditions are more favorable in any year since the pandemic ensued in March 2020, providing support for the continued recovery in Class A office market |
| New York is clearly leading the leasing charge nationally as the city continues to experience strong employment growth |
| If it's not done, I guess, potentially but we feel good about the pipeline and what we have baked in right now |
| We think it's a good way of comping our people |
| Our overall New York business same-store cash NOI and was up a healthy 2.8% for the year and was up 2% in the fourth quarter compared to last year |
| And so therefore, I'm very pleased that the impairments were as small as they were actually |
| We ended the year on a high note with a good fourth quarter |
| The huge positive in front of PENN 2, combined with the 33rd Street Promenade and the 33rd Street setback at ton [ph] have created an enormous open public space which I might say will be quite logistic |
| And it's been very successful |
| Importantly, we made significant strides in addressing our upcoming vacancy and tenant roll at some of our most important assets with leases with the following important customers |
| So I would say definitively, the renewal program is stronger than it had been |
| Michael Franco Tony, the -- we're pleased that the markets are opening |
| John Kim Given all your commentary on street retail and how it's recovered, the pricing has been very strong |
| Statement |
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| So the rise in interest rates had penalized our earnings actually pretty substantially |
| Does that begin to create a potential earnings drag in '25 just from the lack of ability to continue to capitalize costs on that project |
| Competitive sublease space is tending and the market for higher-end space is tightening, fueled by a decline in the new development pipeline |
| Although as expected, our results were negatively affected by the dramatic increase in interest rates |
| The office leasing market is on the foothills of recovery but the capital markets still remain challenged and are even tightening -- and even tightening slightly as we speak |
| Retail, the worst is past us as we've said |
| While forecasting remains challenging in the current economic environment, we expect our 2024 comparable FFO to continue to be impacted by higher interest rates and be down from 2023 which already seems to be in the market |
| Fourth quarter comparable FFO as adjusted was $0.63 per share compared to $0.72 per share for last year's fourth quarter, a decrease of $0.09 |
| I think you mentioned at the beginning of last year, you thought the final number could come in lower than the original $26 million estimate just based on evolving sort of market conditions |
| Comparable FFO as adjusted was $2.61 per share for the year, down $0.54 from 2022 and largely due to increased interest expense which is in line with the expectations that we previously communicated |
| Net-net, we expect it to be negative how big we have to see what transpires across the whole portfolio |
| You toured us last year of the project, it certainly seemed to impress what you guys have done with PENN 1 |
| Overall, the core business was flat and the entire decrease in the quarter was driven by increased G&A and lower FFO from sold properties |
| I think you said with the lack of supply |
| But I think what you're referencing generally is the compensation plans put in place which we felt important to retain our talent in a difficult environment |
| While the financing markets for office remain very challenging as banks continue to deal with problem loans, we are starting to see some stability with the Fed potentially cutting rates in 2024 |
| There remain challenges but for forward-looking investors, the time is now |
| We probably made a mistake |
| Steven Roth I don't know how to answer that but we don't give guidance for the next quarter and it's very difficult to predict what's going to happen over the next 5 years |
| We believe that the asset prices of the assets that we own has decreased dramatically from the bottom |
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