分组1 - Vornado reported quarterly funds from operations (FFO) of $0.61 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, but down from $0.63 per share a year ago, resulting in an FFO surprise of 19.61% [1] - The company posted revenues of $457.79 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.32% and up from $441.89 million year-over-year [2] - Vornado has surpassed consensus FFO estimates three times over the last four quarters, indicating a positive trend in performance [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and future FFO expectations [3] - Vornado shares have increased by approximately 2.2% since the beginning of the year, compared to the S&P 500's gain of 2.5% [3] - The current consensus FFO estimate for the upcoming quarter is $0.51 on revenues of $452.63 million, and for the current fiscal year, it is $2.31 on revenues of $1.84 billion [7] 分组3 - The estimate revisions trend for Vornado is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] - The REIT and Equity Trust - Other industry is currently in the bottom 32% of Zacks industries, which may impact Vornado's stock performance [8]

Financial Performance - Total revenues for Q4 2024 reached $457.79 million, an increase of 3.5% compared to $441.89 million in Q4 2023[20] - Net income attributable to common shareholders was $1.20 million for Q4 2024, a significant recovery from a loss of $61.01 million in Q4 2023[20] - FFO attributable to common shareholders plus assumed conversions, as adjusted, was $122.21 million for Q4 2024, down from $123.75 million in Q4 2023[23] - Consolidated net income attributable to common shareholders for the year ended December 31, 2024, was $8,275,000, a decrease of 81.0% from $43,378,000 in 2023[27] - Total revenues for the year ended December 31, 2024, were $1,787,686,000, a decrease of 1.3% from $1,811,163,000 in 2023[27] - The company reported a net loss of $19.15 million for Q3 2024, an improvement from a loss of $61.01 million in Q4 2023[20] - The company reported a net loss attributable to common shareholders of $61,013,000 for the three months ended December 31, 2023, compared to a net income of $1,203,000 for the same period in 2024[29] - The company reported a total of $470,021,000 in FFO for the year ended December 31, 2024, down from $503,792,000 in 2023, a decrease of 6.7%[143] Revenue and Income Trends - Total rental revenues for the year ended December 31, 2024, were $1,568,806,000, down 2.4% from $1,607,486,000 in 2023[27] - The company’s fee and other income for the year ended December 31, 2024, was $218,880,000, an increase from $203,677,000 in 2023, reflecting a growth of 7.5%[31] - The company reported a total of $8,282,176 in consolidated debt, including $5,707,176 in mortgages payable and $1,200,000 in senior unsecured notes[75] - The company’s total expenses for the year ended December 31, 2024, were $1,541,696,000, down from $1,565,167,000 in 2023, indicating a reduction of 1.5%[27] Asset and Debt Management - Total assets decreased to $15.99 billion as of December 31, 2024, from $16.19 billion in 2023, reflecting a decrease of $189.06 million[24] - The company repaid $450,000,000 in senior unsecured notes on January 15, 2025[8] - The total consolidated debt as of December 31, 2024, was $10,759.9 million, with a weighted average interest rate of 4.65%[79] - The company has a total of $2,575,000,000 in unsecured debt, with notable maturities in 2025 ($450,000,000) and 2026 ($400,000,000)[90] Leasing and Occupancy - The occupancy rate in New York as of December 31, 2024, is 87.6%, showing an increase from 86.7% in September 2024[98] - The total square footage at December 31, 2024, is 34,803,000, with 27,231,000 square feet in service[97] - The weighted average lease term for office space was 8.4 years, indicating a stable leasing environment[52] - The total annualized escalated rent for the PENN District is $594,400,000, with a total property area of 8,843,000 square feet[105] Capital Expenditures and Investments - For the year ended December 31, 2024, total capital expenditures and leasing commissions are expected to reach $249,894,000, with $188,194,000 allocated to the New York segment[65] - The company plans to invest $120,856,000 in the development of PENN 2, which is part of its ongoing capital expenditure strategy[65] - Total active development projects amount to $975 million, with $820.463 million already expended and $154.537 million remaining[44] Financial Ratios and Coverage - The interest coverage ratio was reported at 1.77, exceeding the required minimum of 1.50[80] - The total outstanding debt to total assets ratio was 49%, well below the required threshold of 65%[80] - The secured debt to total assets ratio was 35%, below the required maximum of 50%[80] Joint Ventures and Partnerships - The company’s ownership in the Fifth Avenue and Times Square JV is 51.5%, with a carrying amount of $2,235,546[70] - The total share of net income from all joint ventures for the three months ended December 31, 2024, was $30,007, compared to a loss of $33,518 in 2023, indicating a turnaround in performance[70] - The 280 Park Avenue joint venture reported a share of net income of $5,838 for 2024, recovering from a loss of $20,959 in 2023[72] Market Performance - Vornado Realty Trust's closing market value of outstanding shares reached $8.8 billion at the end of Q4 2024, up from $8.2 billion in Q3 2024[78] - The high price of Vornado Realty Trust shares in Q4 2024 was $46.63, while the low price was $37.88[78] - The number of outstanding shares was approximately 208.9 million as of the end of Q4 2024[78] Operating Expenses - Operating expenses increased to $236.04 million in Q4 2024, up from $219.93 million in Q4 2023, representing a rise of 7.3%[25] - Operating expenses for the year ended December 31, 2024, totaled $927,796,000, an increase from $905,158,000 in 2023, marking a rise of 2.0%[35] Net Operating Income (NOI) - Net Operating Income (NOI) at share for Q4 2024 was $284,966,000, compared to $287,096,000 for the same period in 2023, reflecting a decrease of 0.4%[37] - Same store NOI at share for the year ended December 31, 2024, decreased by 6.8% compared to 2023, with New York experiencing a decline of 4.7%[41] - The share of NOI from partially owned entities for the year ended December 31, 2024, was $279,229,000, compared to $285,761,000 in 2023, reflecting a decrease of 2.0%[35]

Financial Performance - Vornado Realty Trust reported a net income attributable to common shareholders of $1,203,000, or $0.01 per diluted share for Q4 2024, a significant recovery from a net loss of $61,013,000, or $0.32 per diluted share in Q4 2023 [1] - For the year ended December 31, 2024, net income attributable to common shareholders was $8,275,000, or $0.04 per diluted share, down from $43,378,000, or $0.23 per diluted share in 2023 [3] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q4 2024 was $117,085,000, or $0.58 per diluted share, compared to $121,105,000, or $0.62 per diluted share in Q4 2023 [2] - For the year ended December 31, 2024, FFO was $470,021,000, or $2.37 per diluted share, down from $503,792,000, or $2.59 per diluted share in 2023 [4] Dispositions - The sale of 666 Fifth Avenue to UNIQLO for $350,000,000 was completed on January 8, 2025, with net proceeds of $342,000,000 and a financial statement gain of approximately $76,000,000 expected to be recognized in Q1 2025 [7] - During 2024, two condominium units at 220 Central Park South were sold for net proceeds of $31,605,000, resulting in a financial statement net gain of $15,175,000 [8] Acquisitions and Investments - On August 6, 2024, the company purchased a $50,000,000 B-Note secured by a Midtown Manhattan property, which is currently in default [12] Financing Activity - The company repaid $450,000,000 in senior unsecured notes on January 15, 2025 [13] - A joint venture completed a $400,000,000 refinancing of 640 Fifth Avenue, maturing in July 2029, with a fixed interest rate of 7.47% [16] Leasing Activity - For the three months ended December 31, 2024, total square feet leased in New York was 583,000, with an initial rent of $87.48 per square foot [24] - The weighted average lease term for office space was 5.0 years, with a percentage increase in cash basis initial rent of 6.0% compared to the prior year [24] Occupancy and Net Operating Income (NOI) - As of December 31, 2024, total occupancy was 87.6% in New York, with a same-store NOI decrease of 4.5% for Q4 2024 compared to Q4 2023 [28] - For the year ended December 31, 2024, total NOI at share was $1,099,752,000, down from $1,143,213,000 in 2023 [32] Balance Sheet - As of December 31, 2024, total assets were $15,998,608,000, a decrease from $16,187,665,000 in 2023 [41] - Total liabilities were $9,826,739,000, with a slight decrease from $9,843,931,000 in the previous year [41]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended: December 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. (Exact name of r ...

The upcoming report from Vornado (VNO) is expected to reveal quarterly earnings of $0.51 per share, indicating a decline of 19.1% compared to the year-ago period. Analysts forecast revenues of $447.4 million, representing an increase of 1.3% year over year.Over the last 30 days, there has been an upward revision of 0.9% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of th ...

NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it will file its annual report on Form 10-K for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission and issue its fourth quarter and full year earnings release on Monday, February 10, 2025, after the New York Stock Exchange has closed. The Company will host a quarterly earnings conference call and an audio webcast on Tuesday, February 11, 2025 at 10:00 a.m. Eastern Time (ET). The co ...

Core Insights - Vornado Realty Trust has achieved 100% LEED certification across its entire portfolio of in-service buildings, becoming the first major real estate owner, operator, and developer to do so in the United States [2][4] - The LEED certification, developed by the U.S. Green Building Council, is the most widely used green building rating system globally, promoting sustainable building practices that enhance environmental and human health [3] Company Achievements - Vornado's portfolio includes 26.1 million square feet of in-service buildings, with 24.8 million square feet across 25 buildings receiving the highest LEED Platinum or Gold ratings [4][10] - The company has a strong presence in New York City, with additional assets in San Francisco and Chicago, and has been recognized for its long-standing commitment to sustainability [5][10] Sustainability Initiatives - Vornado is focused on advancing sustainable real estate through technology, resilience, and health, aiming to create lasting value for investors, tenants, and communities [6][8] - The company has implemented measures such as submetering and real-time energy monitoring to reduce consumption and improve energy efficiency across its portfolio [5][6] Industry Recognition - Vornado was awarded the inaugural 2024 Sustainability Impact Award by Nareit for its redevelopment of THE PENN DISTRICT, a 10 million-square-foot campus in Manhattan [8] - The PENN DISTRICT also received the first-ever U.S. certification and Platinum rating globally from ModeScore, highlighting Vornado's success in transforming the area into a greener commercial hub [8]

Core Viewpoint - Vornado Realty Trust (VNO) has experienced a significant stock price increase of 41.5% over the past six months, contrasting with a 2.4% decline in its industry, indicating strong performance and potential growth opportunities [1]. Company Overview - Vornado Realty Trust is an office real estate investment trust (REIT) that focuses on high-quality office properties located in key markets such as New York, Chicago, and San Francisco [1]. - The company benefits from a healthy balance sheet, which supports its growth initiatives [1]. Financial Performance - The Zacks Consensus Estimate for Vornado's 2024 funds from operations (FFO) per share has been revised upward by one cent to $2.16 over the past two months, reflecting positive analyst sentiment [2]. Market Position and Strategy - Vornado's strategy includes concentrating assets in high-rent, high-barrier-to-entry markets and maintaining a diversified tenant base, which is expected to drive steady cash flows and long-term growth [3]. - The company has leased 454,000 square feet in its New York office portfolio at an initial rent of $92.32 per square foot during Q3 2024, indicating strong demand for office space [4]. Rental Trends - Rents for newly constructed or redeveloped properties with ample amenities in transit-centric locations have increased, positioning Vornado to capitalize on this trend [5]. Development and Divestiture Strategy - Vornado is engaging in opportunistic developments and divestitures, including the sale of two condominium units at 220 Central Park South for net proceeds of approximately $31.6 million, which provides capital for reinvestment [6]. - The company’s strategic portfolio repositioning is expected to drive long-term growth [6]. Financial Strength - As of September 30, 2024, Vornado had $2.6 billion in liquidity, including $1 billion in cash and cash equivalents, and $1.6 billion available under its revolving credit facilities, enhancing its financial flexibility for future investments [7].

Company Performance - Shares of the company have gained 27 2% over the past six months compared to the industry's decline of 6 3% [1] - The Zacks Consensus Estimate for VNO's 2025 FFO per share has increased by one cent over the past month to $2 15 [6] Portfolio and Market Position - The company owns a portfolio of top-quality office properties in high-rent, high-barrier-to-entry markets such as New York, Chicago, and San Francisco [2] - The company is strategically focused on expanding its market share in the New York City office market [2] - The company's ability to offer top-quality office spaces with class-apart amenities is likely to drive leasing activity [6] Financial Strength - As of Sept 30, 2024, the company had $2 6 billion of liquidity, including $1 billion in cash and cash equivalents and $1 6 billion available under its revolving credit facilities [4] - The company's healthy balance sheet and ample liquidity enable it to take advantage of future investment opportunities and fund development projects [4] Portfolio Repositioning - The company is focused on improving its core business through opportunistic developments, divestitures, and business spin-offs [3] - Strategic sell-outs provide the company with the resources to reinvest in opportunistic developments and redevelopments [3] Tenant Base - The company enjoys a well-diversified, high-end tenant roster that includes several industry bellwethers, enabling stable rental revenues over time [7] Industry Trends - Rents in newly constructed or best-in-class redeveloped assets with abundant amenities at transit-centric locations have risen, benefiting the company [7] Other REIT Stocks - OUTFRONT Media (OUT) and SL Green Realty (SLG) are other top-ranked stocks in the REIT sector, each carrying a Zacks Rank 2 [5] - The Zacks Consensus Estimate for OUTFRONT Media's 2024 FFO per share has been raised by 1 8% over the past two months to $1 73 [5] - The Zacks Consensus Estimate for SL Green's 2024 FFO per share has been raised marginally over the past two months to $7 78 [5]

NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 52% owned street retail joint venture has completed the previously announced sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the retail joint venture for $350 million. The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores. The $342 million of net proce ...