Vornado Realty Trust (NYSE:VNO) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET
Company Participants
Steven Borenstein – Senior Vice President and Corporation Counsel
Steven Roth – Chairman and Chief Executive Officer
Michael Franco – President and Chief Financial Officer
Glen Weiss – Executive Vice President-Office Leasing and Co-Head-Real Estate
Conference Call Participants
Jamie Feldman – Bank of America
Michael Bilerman – Citi
Steve Sakwa – Evercore ISI
Alexander Goldfarb – Piper Sandler
John Kim – BMO Capital Markets
Ronald Kamdem – Morgan Stanley
Nick Yulico – Scotiabank
Vikram Malhotra – Mizuho Securities
Operator
Good morning, and welcome to the Vornado Realty Trust’s Second Quarter 2022 Earnings Call. My name is Daryl, and I will be the operator for today’s call. This call is being recorded for replay purposes. [Operator Instructions]
I will now turn the call over to Steven Borenstein, Senior Vice President and Corporation Counsel. Please go ahead.
Steven Borenstein
Welcome to Vornado Realty Trust second quarter earnings call. Yesterday afternoon, we issued our second quarter earnings release and filed our quarterly report on Form 10-Q with the Securities and Exchange Commission. These documents as well as our supplemental financial information packages are available on our website, www.vno.com, under the Investor Relations section.
In these documents and during today’s call, we will discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release, Form 10-Q and financial supplement. Please be aware that statements made during this call may be deemed forward-looking statements, and actual results may differ materially from these statements due to a variety of risks, uncertainties and other factors.
Please refer to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2021, for more information regarding these risks and uncertainties. The call may include time-sensitive information that may be accurate only as of today’s date. The company does not undertake a duty to update any forward-looking statements.
On the call today from management for our opening comments are Steven Roth, Chairman and Chief Executive Officer; and Michael Franco, President and Chief Financial Officer. Our senior team is also present and available for questions.
I will now turn the call over to Steven Roth.
Steven Roth
Thank you, Steve, and good morning, everyone. As Michael will cover in a moment, we had another very good quarter with comparable FFO up 20% from last year’s second quarter. While the first half of the year was right on our expectations and our business continued to perform well, we are now projecting the second half to be below what we had forecasted, given interest rates and the incremental non-cash accounting charge from the PENN 1 ground lease. Overall, this year is still expected to be up year-over-year.