THE MART 3.7 MM SF Property on the River North, Chicago, IL CHICAGO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Medline and Vornado Realty Trust (NYSE: VNO) today announced an agreement to expand Medline's presence at THE MART by 110,000 square feet, making it one of the largest tenants at Vornado's iconic, 3.7-million-square-foot property in downtown Chicago. Medline will more than triple its offices in THE MART from 51,000 to 161,000 square feet as part of a single, contiguous space across the majority of the 12t ...

Vornado Realty Trust's (VNO) ability to cater to the rising demand for premier office spaces with class-apart amenities is likely to drive leasing activity. Its portfolio-repositioning efforts and healthy balance sheet position also augur well. However, the geographic concentration of assets, competition from developers and high interest rates raise concerns. Last August, this office real estate investment trust (REIT) reported its second-quarter 2024 funds from operations (FFO) plus assumed conversions as ...

It has been about a month since the last earnings report for Vornado (VNO) . Shares have added about 9.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Vornado due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Vornado's Q2 FFO and Revenues Surpass Estimates Vornado ...

Shares of Vornado Realty Trust (VNO) have soared 35.6% in the past six months compared with the industry's growth of 9.5%. The company owns a concentration of high-quality office properties strategically located in markets of New York, Chicago and San Francisco. It is poised to benefit from tenants' healthy demand for premier office spaces with class-apart amenities. However, the overall choppy office real estate landscape and a high interest rate environment raise concerns for the company. This month, the ...

Alphotographic Vornado Realty Trust's (NYSE:VNO) Series O Preferreds (NYSE:VNO.PR.O) are my single largest preferred position, forming 22% of my fixed-income securities portfolio. VNO's balance sheet, the preferreds deep discount to par value, and pending Fed rate cuts formed the basis of this investment decision. The preferreds are trading for $14 per share, a substantial 44% discount to their $25 per share liquidation value with a $1.1125 per share annual coupon driving a healthy 8% yield on cost. Hence, ...

NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends: Series A Convertible $ .8125000 per share Series L Cumulative Redeemable $ .3375000 per share Series M Cumulative Redeemable $ .3281250 per share Series N Cumulative Redeemable $ .3281250 per share Series O Cumulative Redeemable $ .2781250 per share In each case, dividends are payable on October 1, 2024 to shareholders of record on S ...

Vornado Realty Trust (NYSE:VNO) Q1 2024 Earnings Call Transcript May 7, 2024 10:00 AM ET Company Participants Steven Borenstein - EVP and Corporation Counsel Steven Roth - Chairman and CEO Michael Franco - Chairman and CFO Glen Weiss - EVP-Office Leasing & Co-Head of Real Estate Conference Call Participants Steve Sakwa - Evercore ISI John Kim - BMO Capital Markets Michael Griffin - Citi Floris van Dijkum - Compass Point Dylan Burzinski - Green Street Alexander Goldfarb - Piper Sandler Michael Lewis - Truist ...

INDEX | | Page | | --- | --- | | BUSINESS DEVELOPMENTS | 3 | | FINANCIAL INFORMATION | | | Financial Highlights | 4 | | FFO, As Adjusted Bridge | 5 | | Consolidated Balance Sheets | 6 | | Net (Loss) Income Attributable to Common Shareholders (Consolidated and by Segment) | 7 - 8 | | Net Operating Income at Share and Net Operating Income at Share - Cash Basis (by Segment and by Subsegment) | 9 - 10 | | Same Store NOI at Share and Same Store NOI at Share - Cash Basis | 11 | | DEVELOPMENT/REDEVELOPMENT - ACTIV ...

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: March 31, 2024 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from: to Commission File Number: 001-11954 (Vornado Realty Trust) Commission File Number: 001-34482 (Vornado Realty L.P.) Vornado Realty Trust Vornado Realty L.P. (Ex ...

Financial Data and Key Metrics Changes - The overall New York business same-store cash NOI increased by 2.8% for the year and 2% in Q4 compared to the previous year [13] - Comparable FFO as adjusted was $2.61 per share for the year, down $0.54 from 2022, primarily due to increased interest expense [13] - Fourth quarter comparable FFO as adjusted was $0.63 per share, a decrease of $0.09 from the previous year's fourth quarter [14] - The company recorded $73 million of noncash impairment charges during Q4, mainly related to joint venture assets intended for exit in the next few years [14] Business Line Data and Key Metrics Changes - In Q4, the company leased 840,000 square feet, with a total of 2.1 million square feet leased for the full year [7][18] - Average bidding rents for Q4 and the year were record-breaking at $100 and $99 per square foot, respectively [7] - The retail sector in New York City is recovering rapidly, with significant leasing activity and two major deals totaling approximately $1.8 billion announced in December [8][9] Market Data and Key Metrics Changes - The office leasing market is showing signs of recovery, with strong employment growth in New York City and favorable market conditions entering 2024 [16] - Vacancy rates in the best buildings are below 10%, and rents are rising, indicating a tightening market for high-quality space [17] - The financing market for retail is now open, while the office financing market remains challenging [22] Company Strategy and Development Direction - The company is focused on maintaining balance sheet strength and has strong liquidity of $3.2 billion [23] - Future growth opportunities include acquiring new assets at distressed prices, paying off debt, and potentially selling non-core assets [30] - The company plans to continue developing in the Penn District, which is considered a critical part of its strategy moving forward [61] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the office market, anticipating that occupancy will improve as the market stabilizes [50][56] - The company expects 2024 to represent a trough in earnings, with a rebound anticipated as interest rates trend down and income from leased spaces increases [15][57] - Management noted that the supply-demand equation in major cities will eventually balance, leading to a landlord's market [11] Other Important Information - The company is actively working to push out the maturities on its loans, maintaining a strong liquidity position [23] - Management highlighted the importance of high-quality retail space, noting that the supply of such assets is finite [35][36] Q&A Session Summary Question: Can you provide details on the leasing pipeline and upcoming expirations? - The pipeline includes activity at both PENN 1 and PENN 2, with over 50% of expiring space at 1290 already leased [25][26] Question: What are the opportunities in the current market? - The company is focused on buying back stock, paying off debt, and acquiring new assets at distressed prices [30] Question: How did retention levels perform in 2023? - Retention rates were strong, with better-than-expected leasing activity and discussions with tenants occurring earlier due to limited quality space [33][34] Question: Will the company consider selling retail assets? - The company may sell assets to take advantage of the retail market's recovery, although it does not expect to reach peak pricing from five years ago [41][42] Question: What is the outlook for occupancy and leasing in 2024? - Occupancy is expected to dip in 2024 but recover as leasing activity increases, particularly in the Penn District [48][56]