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    Seth [indiscernible]

    Research Analyst at Citigroup Inc.

    No publicly available information could be found to confirm the existence of an analyst named Seth [indiscernible] currently working at Citigroup Inc. as an equity analyst or in any senior research capacity. There are no LinkedIn profiles, industry rankings, or regulatory records matching this query, nor are there analyst performance metrics or history on major platforms associating Citigroup with an analyst by this name. Without a complete last name or more specific identifying details, it is not possible to create a validated professional profile or provide information about sector coverage, performance, career history, or credentials.

    Seth [indiscernible]'s questions to VORNADO REALTY TRUST (VNO) leadership

    Seth [indiscernible]'s questions to VORNADO REALTY TRUST (VNO) leadership • Q1 2025

    Question

    Seth [indiscernible] from Citi inquired about changes in tenant behavior, such as improvements in concessions or an increase in early renewal activity, in addition to rent growth. He also asked if the differing capital intensity of office versus apartments alters Vornado's long-term investment strategy.

    Answer

    Executive Glen Weiss confirmed that rents are rising and free rent periods are decreasing, though tenant improvement (TI) allowances are stable. He noted a significant trend of tenant expansion across various industries. President and CFO Michael Franco added that the strategy is to own the highest-quality buildings where capital investment is justified by rent growth. Chairman and CEO Steven Roth concurred, expecting base rents and free rent to improve but not TI allowances.

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