Vornado Realty Trust

Vornado Realty Trust is a real estate investment trust. The company owns office, retail, merchandise mart properties and other real estate and related investments. Its office properties include various building office complexes and the Bank of America Center in San Francisco. The company's retail properties include shopping centers and regional malls single tenant retail assets. Its other real estate and related investments include marketable securities and mezzanine loans or real estate. The company was founded by Steven Roth in 1980 and is headquartered in New York, NY.

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Vornado Realty Trust reports mixed Q4 results, eyes NYC growth

Vornado Realty Trust navigated challenges from higher interest rates in Q4 2022, maintaining strong liquidity and strategic financial positioning.
The company's focus on New York City and successful lease negotiations showcase its resilience and ability to capitalize on market opportunities.
While facing uncertainties in 2023, Vornado remains proactive in managing its portfolio and exploring growth avenues in the retail and office sectors.
Investors should monitor Vornado's lease negotiations, financial adjustments, and potential growth in Manhattan's retail market for future performance indicators.

Vornado Realty Trust reports strategic share buyback amid leasing strength

Vornado Realty Trust's Q1 2023 performance showcased a decline in comparable FFO but strong leasing activity and a strategic share buyback program.
The company's strengths lie in leasing to financial services and law firms, creating premium tenant experiences, and maintaining a robust operational foundation.
Challenges include navigating asset sales in current market conditions and adapting to evolving office space preferences post-pandemic.
Opportunities exist in attracting major tenants, capitalizing on the return to office trend, optimizing asset sales, and adapting properties to collaborative workspaces.

Vornado Realty Trust reports mixed Q2 results, eyes portfolio resilience

Vornado Realty Trust faced challenges from higher interest rates and nonrecurring items impacting FFO, but maintained strong leasing activity in New York.
The company focused on financial stability through cash conservation, balance sheet protection, and asset sales to reduce debt.
Analysts raised concerns about pandemic effects on office space demand, while management highlighted the strength of their key portfolios.
Despite financing market constraints, Vornado's strong liquidity position and proactive measures position them well for future opportunities.

Vornado Realty Trust shows resilience amidst market challenges in Q3

Vornado Realty Trust navigates market challenges with resilience, leveraging strong leasing activity and progress on key developments. Despite a decrease in FFO, the company's strategic focus on balance sheet strength and liquidity positions it well for future opportunities and growth.

Vornado Realty Trust reports resilient Q4 performance amidst market challenges

Vornado Realty Trust navigated Q4 2023 well, with a strong focus on New York City office leasing and retail rebounding in prime locations.
While 2024 is expected to be a challenging year due to higher interest rates and turnover, the company sees opportunities for growth through decreased rates, increased occupancy, and upcoming developments.
Maintaining a strong balance sheet, focusing on New York-centric operations, and strategic refinancing efforts position Vornado for future success despite current challenges.

Vornado Realty Trust reports lower FFO but strong leasing performance

Vornado Realty Trust (VNO) navigated challenges of lower FFO with strong leasing performance and strategic financial management in Q3 2024.
The company's focus on the Manhattan office market's strengths, disciplined cash management, and growth opportunities signal resilience and strategic positioning.
Despite financial headwinds, VNO's positive leasing trends, liquidity position, and openness to acquisitions underscore a proactive approach to market dynamics.
VNO's emphasis on strategic leasing, capitalizing on market conditions, and maintaining liquidity highlight a balanced approach to navigating challenges and seizing growth opportunities.

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Vornado Realty Trust is a real estate investment trust, which engages in the ownership of office, retail, merchandise mart properties, and other real estate and related investments. It operates through the New York and Other segments. The company was founded by Steven Roth on March 29, 1993 and is headquartered in New York, NY.

Despite a choppy macroeconomic scenario, Vornado's (VNO) ability to offer top-class office assets in key markets is likely to drive its performance. Portfolio-repositioning efforts are encouraging.

Vornado (VNO) Surges 61% in 6 Months: Will the Trend Last?

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Vornado (VNO) reported earnings 30 days ago. What's next for the stock?

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Vornado Realty Trust has had a disruptive fiscal year, with suspended dividends and flagging funds from operations as interest expenses bite. The REIT's preferred shares offer compelling yields and a strong potential for high total returns. Vornado reported a decline in revenue for its fiscal 2023 third quarter, but its liquidity position is strong against macro headwinds.

Vornado Realty Trust: Potential Upside With Commons And 9.3% Yielding Preferreds

Vornado Realty Trust (NYSE:VNO ) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET Company Participants Steve 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 of Real Estate Tom Sanelli – Executive Vice President-Finance and Chief Administrative Officer Conference Call Participants Steve Sakwa – Evercore ISI Camille Bonnel – BoA Michael Griffin – Citi Alexander Goldfarb – Piper Sandler Dylan Burzinski – Green Street John Kim – BMO Capital Markets Anthony Paolone – JPMorgan Julien Blouin – Goldman Sachs Vikram Malhotra – Mizuho Nick Yulico – Scotiabank Ron Kamdem – Morgan Stanley Operator Good morning, and welcome to the Vornado Realty Trust Third Quarter 2023 Earnings Call. My name is Rocco, and I will be your operator for today's call.

Vornado Realty Trust (VNO) Q3 2023 Earnings Call Transcript

Vornado's (VNO) Q3 results reflect lower-than-anticipated revenues despite decent leasing activity. Also, higher operating expenses act as a dampener.

Vornado's (VNO) FFO Meets Estimates in Q3, Revenues Miss

Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.66 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.81 per share a year ago.

Vornado (VNO) Q3 FFO Meet Estimates

NEW YORK, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended September 30, 2023 Financial Results NET INCOME attributable to common shareholders for the quarter ended September 30, 2023 was $52,846,000, or $0.28 per diluted share, compared to $7,769,000, or $0.04 per diluted share, for the prior year's quarter. Adjusting for the items that impact period-to-period comparability listed in the table on the following page, net income attributable to common shareholders, as adjusted (non-GAAP) for the quarter ended September 30, 2023 was $12,845,000, or $0.07 per diluted share, and $37,429,000, or $0.19 per diluted share for the quarter ended September 30, 2022.

Vornado Announces Third Quarter 2023 Financial Results

Market watchers attribute much of the success to food options that would have been unthinkable there just a few years ago.

Vornado reels in Blue Ribbon for Penn 1 mega-project in former dining wasteland

Office REITs experienced a significant positive revaluation in the first half of 2023, but the recovery rally slowed in September. Vornado Realty Trust, a large office REIT, has a low forward "P/FFO" of ~8X but a high short interest and currently does not pay dividends. Vornado faces pressure as higher interest rates push higher office and retail capitalization rates.

New York Office Risks Remain, But Vornado Is Appropriately Discounted

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NEW YORK, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced the appointment of Jason Kirschner, 47, as the Company's Executive Vice President – Head of Capital Markets. Mr. Kirschner reports to Michael Franco, Vornado's President and Chief Financial Officer.

Vornado Names Jason Kirschner Executive Vice President – Head of Capital Markets

Vornado's (VNO) assets are poised to draw in tenants, thanks to the strong demand for high-quality properties. However, elevated interest rates continue to be a concern.

Is it Wise to Retain Vornado (VNO) Stock in Your Portfolio Now?

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Commercial real estate market is just beginning to experience the pain of the correction, according to billionaire investor Jeff Greene. Office buildings are expected to be the hardest hit, with declining leasing volume and potential defaults on loans. Retail, industrial, and residential real estate are expected to fare better, with little risk of oversupply and high occupancy rates.

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Office Real Estate Investment Trust (REIT) companies are facing numerous challenges this year. Interest rates have jumped to a 22-year high, lowering their appeal among income investors.

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Vornado Realty Trust's Series N preferred offer an 8.7% yield against commons that have seen their dividends suspended. The preferreds are also currently trading at a 60% discount to their $25 par value. Reinstatement of the common share dividends from the start of 2024 should help bolster the bull case for the commons.

Vornado Realty's 8.7% Yielding Preferreds For 60 Cents On The Dollar

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Vornado (VNO) joins forces with Hudson Pacific, Blackstone, the City of New York and NYCEDC to develop NYC's first-of-its-kind studio campus for a joint investment amount of $350 million.

Vornado (VNO) Enters PPP Venture to Develop Studio Campus in NYC

Vornado Realty Trust VNO, +5.54%, Hudson Pacific Properties HPP, +5.19% and Blackstone Inc. BX, +1.22% said Tuesday they plan to spend $350 million to build a TV and film production studio on Manhattan's Pier 94 on the Hudson River at 52nd Street in a public-private partnership with New York City's economic development arm. The developers billed the project as Manhattan's first public-private partnership venture to build a purpose-built studio campus.

Vornado, Hudson Pacific and Blackstone to build $350M TV and film production studio on Manhattan's Pier 94

NEW YORK & LOS ANGELES--(BUSINESS WIRE)--Today, Vornado Realty Trust (NYSE: VNO), Hudson Pacific Properties (NYSE: HPP), Blackstone (NYSE: BX), the City of New York, and New York City Economic Development Corporation (NYCEDC) announced they have entered into Manhattan's first public-private partnership venture to build a purpose-built studio campus at Pier 94. Vornado, who contributed its long-term leasehold for Pier 94 to the venture, will own 49.9%; Hudson Pacific will own 25.6%; and Blacksto.

Vornado Realty Trust, Hudson Pacific, Blackstone, and New York City Economic Development Corporation to Create Public-Private Partnership and First Purpose-Built Studio Campus in Manhattan at Pier 94

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Office real estate investment trusts in New York City are facing challenges as remote work and changing office dynamics impact demand. Some office markets in Florida, such as Tampa Bay and Sarasota, are experiencing a boom in demand and high occupancy rates. SL Green Realty, Vornado Realty Trust, and Empire State Realty Trust are three New York City-based office REITs that have reported second quarter financial results.

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While Office REITs have long been out of favor, it is only post-pandemic that the ones with top-notch quality and location are also attractively priced. Vornado and Kilroy Realty are owners of extremely high quality Class A office buildings, which have a future in coexistence with hybrid work schedules. At today's valuation, investors are paying 6x FFO for VNO and 7x FFO for KRC—it pays to have a contrarian bet.

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