I last wrote about Vornado Realty Trust (NYSE: VNO ) at the beginning of the year, when I downgraded the stock after a strong rally through the end of last year. At the time, VNO's shares had rallied backAuthor of the Macro Trends & Inflection Points Newsletter. I spent 5 years as a co-founder and hedge fund CIO / manager. Before that, I was a hedge fund analyst/portfolio manager at a leading Canadian alternative asset manager. I write articles as part of my own due diligence on the stocks that I find inter ...

Vornado Realty Trust (NYSE:VNO) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Steven Borenstein - Senior Vice President and Corporate Counsel Steven Roth - Chairman and CEO Michael Franco - President and CFO Glen Weiss - Executive Vice President, Office Leasing and Co-Head, Real Estate Tom Sanelli - Executive Vice President, Finance and CAO Conference Call Participants John Kim - BMO Capital Markets Steve Sakwa - Evercore ISI Floris van Dijkum - Compass Point Dylan Burzi ...

Vornado Realty Trust’s (VNO) third-quarter 2024 funds from operations (FFO) plus assumed conversions, on an adjusted basis, were 52 cents per share, which beat the Zacks Consensus Estimate of 51 cents. However, the figure declined 21.2% year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The results displayed better-than-anticipated top-line growth. Vornado witnessed decent leasing activity during the quarter. However, total same-store net operating income (NOI) declined ...

Vornado (VNO) reported $443.26 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 1.7%. EPS of $0.52 for the same period compares to $0.28 a year ago.The reported revenue represents a surprise of +0.58% over the Zacks Consensus Estimate of $440.72 million. With the consensus EPS estimate being $0.51, the EPS surprise was +1.96%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.52 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to FFO of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 1.96%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.55 per share when it actually produced FFO of $0.57, delivering a surprise of 3.64%.Over the last four quarters, the ...

Financing and Debt Management - The company extended the $1,075,000,000 mortgage loan on 280 Park Avenue to September 2026, with options to extend to September 2028, maintaining an interest rate of SOFR plus 1.78%[4] - A refinancing of 435 Seventh Avenue was completed for $75,000,000, with a fixed interest rate of 6.96% through April 2026, replacing a previous loan of $95,696,000[4] - The company extended its unsecured revolving credit facility to April 2029, with a new facility of $915,000,000 bearing interest at SOFR plus 1.20%[4] - A $400,000,000 refinancing of the office condominium portion of 731 Lexington Avenue was completed, carrying a fixed rate of 5.04% and maturing in October 2028[4] - A joint venture modified the terms of the $625,000,000 mortgage loan on 85 Tenth Avenue, deferring interest payments until December 2026[4] - The company has a total of $5,466,550 in debt subject to interest rate swaps and a 1.00% SOFR interest rate cap[51] - The total variable rate debt subject to interest rate caps amounts to $844,700[51] - Fixed rate debt per loan agreements is reported at $3,349,954[51] - The company has a total of $10,066,342 in variable rate debt not subject to interest rate swaps or caps[51] - The 555 California Street mortgage loan has a notional amount of $840,000 with an all-in swapped rate of 6.03%[51] - The unsecured revolving credit facility has a balance of $575,000 with an interest rate of 3.88%[51] - The unsecured term loan has a total of $800,000 with varying interest rates across different maturities[51] - The 1290 Avenue of the Americas mortgage loan has a balance of $665,000 and an effective interest rate of 5.94%[51] - The company has a total of $500,000 in the PENN 11 mortgage loan with an interest rate of 6.28%[51] - The 100 West 33rd Street mortgage loan has a balance of $480,000 with an interest rate of 5.26%[51] - Total secured debt amounts to $5,708.919 million, with a weighted average interest rate of 4.56%[53] - The company has a total unsecured debt of $2,575 million, with a weighted average interest rate of 3.40%[53] - The company has a total debt of $8,283.919 million, with fixed rate debt amounting to $7,066.850 million[53] - The company has a $1.25 billion unsecured revolving credit facility due in December 2027, with an interest rate of 3.88%[53] - The company’s largest secured debt is $1,200 million for 555 California Street, with an interest rate of 6.36%[53] Financial Performance - Total revenues for Q3 2024 were $443,255,000, a decrease of 1.6% from $450,995,000 in Q3 2023[8] - Net loss attributable to common shareholders for Q3 2024 was $(19,154,000), compared to a net income of $52,846,000 in Q3 2023[8] - FFO attributable to common shareholders plus assumed conversions, as adjusted, for Q3 2024 was $102,755,000, down from $127,241,000 in Q3 2023, representing a decrease of 19.2%[9] - Per diluted share FFO for Q3 2024 was $0.52, compared to $0.66 in Q3 2023, reflecting a decline of 21.2%[9] - Total revenues for the nine months ended September 30, 2024, were $1,329,896, a decrease of $39,381 compared to $1,369,277 in 2023[15] - Net income attributable to common shareholders for the nine months ended September 30, 2024, was $7,072, down from $104,391 in 2023, representing a decline of 93.2%[17] - Operating expenses increased to $691,753 for the nine months ended September 30, 2024, compared to $685,233 in 2023, reflecting a rise of $6,520[15] - Total rental revenues for the nine months ended September 30, 2024, were $1,170,343, down from $1,215,994 in 2023, a decrease of $45,651[15] - The company reported a net loss of $(19,468) for the three months ended September 30, 2023, compared to a net income of $59,570 in the same period last year[11] - The company reported a net gain on the sale of real estate of $(53.045) million for the three months ended September 30, 2023[79] - The company reported a total of $2,682,672,000 in investments in partially owned entities, with a share of debt amounting to $1,993,607,000[39] Asset Management and Property Performance - The company has a carrying value of $54,196,000 for the 606 Broadway property after an impairment charge recorded in Q4 2023[4] - The company has extended leases covering approximately 947,000 square feet at 731 Lexington Avenue for an additional eleven years to February 2040[7] - The company reported a cash basis NOI at share of $852,619,000 for the nine months ended September 30, 2023, compared to $723,440,000 in the prior year, indicating a 17.9% increase[25] - The NOI at share for the New York segment for the three months ended September 30, 2024, was $265,491,000, down from $280,995,000 in the same period of 2023, a decrease of 5.5%[24] - The company’s share of NOI from partially owned entities increased to $210,942,000 for the nine months ended September 30, 2023, compared to $202,043,000 in the previous year, marking a growth of 4.4%[22] - The company has active development projects in the PENN District with a total rentable square footage of 1,795,000 and a projected incremental cash yield of 9.5%[27] - The total future opportunities for development amount to 4,306,000 square feet, including various properties in New York and Chicago[27] - The average initial rent per square foot for New York office leases signed in the three months ended September 30, 2024, was $92.32, with a weighted average lease term of 9.7 years[29] - Tenant improvements and leasing commissions for New York office leases were $96.29 per square foot, representing 10.8% of the initial rent[29] - The total square footage as of September 30, 2024, is 34,800 thousand square feet, a slight decrease from 34,808 thousand square feet on June 30, 2024[57] - The occupancy rate in New York as of September 30, 2024, is 86.7%, down from 88.3% on June 30, 2024[59] - The total number of residential units under Vornado's ownership interest is 769, with an occupancy rate of 96.5% as of September 30, 2024[60] - The total annualized escalated rent for the PENN District is $8,841,000, with 7,074,000 in properties currently in service[64] - The total annualized escalated rent for Midtown East is $1,932,000, with an occupancy rate of 100.0% for retail spaces[64] - The total annualized escalated rent for Midtown West is $1,163,000, with an occupancy rate of 100.0% for retail spaces[66] - The total annualized escalated rent for Times Square properties is $61,200,000 with an occupancy rate of 99.3%[69] - The total annualized escalated rent for New York segment is $2,107,800, with an occupancy rate of 87.2%[71] Operational Metrics - The FFO payout ratio based on FFO attributable to common shareholders plus assumed conversions was 18.9% for Q3 2024[8] - The company reported a decrease in lease expirations and net rent commencements contributing to a $16.7 million decrease in FFO[9] - The company aims to utilize non-GAAP measures like NOI at share and FFO to assess unlevered performance and make investment decisions[78] - FAD (non-GAAP) for the three months ended September 30, 2024, was $79,547, compared to $91,821 for the same period in 2023, reflecting a decrease of 13.8%[82] - The FAD payout ratio for the nine months ended September 30, 2024, was 25.2%[82] - General and administrative expenses for the three months ended September 30, 2024, were $35,511, slightly down from $35,838 in the same period of 2023[83] - Depreciation and amortization expense for the nine months ended September 30, 2024, was $334,439, compared to $324,076 for the same period in 2023, an increase of 3.9%[83] - Consolidated total NOI for the three months ended September 30, 2024, was $220,886, down from $217,258 in the same period of 2023[84] - Vornado's share of NOI at cash basis for the three months ended September 30, 2024, was $272,298, compared to $278,015 in the same period of 2023, a decrease of 2.5%[84] Market and Tenant Information - The largest tenant, Meta Platforms, Inc., occupies 1,176,828 square feet, contributing $139,999 thousand or 7.9% of total annualized escalated rents[55] - The second-largest tenant, IPG and affiliates, occupies 1,029,557 square feet, contributing $69,304 thousand or 4.0% of total annualized escalated rents[55] - The company has a total of 30 tenants, with the top 10 accounting for a significant portion of the rental income[55] - Major tenants in the PENN District include Cisco, Bank of America, and Starbucks, contributing to a diverse tenant mix[63] - Major tenants in Times Square include U.S. Polo, Forever 21, and Disney[69] - The average monthly rent per unit in New York increased to $4,689 as of September 30, 2024, from $4,624 on June 30, 2024[60] - The average escalated annual rent PSF for Midtown East is $67.46 for office and $200.79 for retail[64] - The average escalated annual rent PSF for Midtown West is $100.62 for office and $253.55 for retail[66] - The company reported a weighted average escalated annual rent PSF of $102.22 across its properties[66]

NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended September 30, 2024 Financial Results NET LOSS attributable to common shareholders for the quarter ended September 30, 2024 was $19,154,000, or $0.10 per diluted share, compared to net income attributable to common shareholders of $52,846,000, or $0.28 per diluted share, for the prior year's quarter. FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2024 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to 001-11954(Vornado Realty Trust) 001-34482(Vornado Realty L.P.) Commission File Number: Commission File Number: Vornado Realty Trust Vornado Realty L. ...

Analysts on Wall Street project that Vornado (VNO) will announce quarterly earnings of $0.51 per share in its forthcoming report, representing a decline of 22.7% year over year. Revenues are projected to reach $440.72 million, declining 2.3% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 1.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ah ...

NEW YORK, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it will file its quarterly report on Form 10-Q for the quarter ended September 30, 2024 with the U.S. Securities and Exchange Commission and issue its third quarter earnings release on Monday, November 4, 2024, after the New York Stock Exchange has closed. The Company will host a quarterly earnings conference call and an audio webcast on Tuesday, November 5, 2024 at 10:00 a.m. Eastern Time (ET). The conference c ...