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.

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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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With hopes for lower interest rates and normalizing economic conditions, real estate investment trusts (REITs) have been moving higher. However, as macro uncertainties mount, there are now plenty of REITs to avoid in August.

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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.

Vornado Vs. Kilroy Realty: I'm Upbeat On Both Of These High-Quality Office REITs - But Only Bought One

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During this Fed tightening cycle, preferred stocks have declined significantly below par value which is normally $25. Buying preferred stocks at below par can represent an excellent total return opportunity as the current dividend yield is high relative to treasuries and other bonds. Also, there's the potential for price appreciation if the securities return to par.

Debunking The Mystery Behind REIT Preferreds

Vornado Realty Trust (NYSE:VNO ) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET Company Participants Steve Borenstein - Senior Vice President & Corporate Counsel Steven Roth - Chairman & Chief Executive Officer Michael Franco - President & Chief Financial Officer Glen Weiss - Executive Vice President, Office Leasing & Co-Head of Real Estate Conference Call Participants Steve Sakwa - Evercore ISI Camille Bonnel - Bank of America Alexander Goldfarb - Piper Sandler Julien Blouin - Goldman Sachs Anthony Paolone - JPMorgan Nick Yulico - Scotiabank Ronald Kamdem - Morgan Stanley Operator Good morning, and welcome to the Vornado Realty Trust Second Quarter 2023 Earnings Call. My name is Gary and I will be your operator for today's call.

Vornado Realty Trust (VNO) Q2 2023 Earnings Call Transcript

Vornado (VNO) reports better-than-expected second-quarter 2023 performance, driven by decent top-line growth. Healthy leasing activity has prevailed across all portfolios.

Vornado's (VNO) FFO and Revenues Surpass Estimates in Q2

Vornado reported exceptional Q2-2023 results. The company's New York office occupancy ticked up just a bit. We look at the key numbers that matter to see whether this 50% rally off the lows has more room to go.

Vornado: Exceptional Results Vs. The Exceptional Debt Load

While the top- and bottom-line numbers for Vornado (VNO) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Compared to Estimates, Vornado (VNO) Q2 Earnings: A Look at Key Metrics

Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.72 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to FFO of $0.83 per share a year ago.

Vornado (VNO) Surpasses Q2 FFO and Revenue Estimates

NEW YORK, July 31, 2023 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended June 30, 2023 Financial Results NET INCOME attributable to common shareholders for the quarter ended June 30, 2023 was $46,377,000, or $0.24 per diluted share, compared to $50,418,000, or $0.26 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 June 30, 2023 was $27,454,000, or $0.14 per diluted share, and $37,403,000, or $0.19 per diluted share for the quarter ended June 30, 2022.

Vornado Announces Second Quarter 2023 Financial Results

NEW YORK, July 27, 2023 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has entered into an agreement to sell four Manhattan retail properties located at 510 Fifth Avenue, 148 – 150 Spring Street, 443 Broadway and 692 Broadway and that it has sold The Armory Show in New York for a combined sales price of $124.4 million.

Vornado to Sell Four Manhattan Retail Properties and The Armory Show for $124.4 Million

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While healthy demand for Vornado's (VNO) premium office assets is likely to have aided its Q2 earnings, an overall choppy U.S. office market and high interest expenses are likely to have marred it.

What's in the Offing for Vornado (VNO) This Earnings Season?

Boston Properties is one of the largest office landlords in the U.S. It has managed to hold its dividend steady through the shift to work from home. Management seems to be warning investors that a dividend cut could be coming.

Is This High-Yield Stock Warning About a Dividend Cut?

Vornado Realty Trust, a New York City-focused office REIT, is a good investment option for income investors looking for reliable high dividend income, despite the current challenges in the office sector. The company's preferred shares, particularly Series M, offer dividend safety due to an extra layer of protection compared to common equity. Despite a heavily leveraged balance sheet, Vornado's high-quality A Class space, strong leasing, shareholder-friendly management, and low risk of bankruptcy make the preferred shares a worthwhile investment.

Vornado Preferred Shares Offer Dependable Dividend And Upside

Vornado Realty Trust shares have climbed 50.28% to $18.50 after a multi-decade low, and the company is expected to benefit from SL Green Realty's sale of a 49.9% stake in their 245 Park Ave building. VNO has a strong liquidity position, with $1.31 billion in on-hand cash liquidity and $2.63 billion in investments in partially owned entities, allowing it to weather rising interest rates and debt loads. Despite risks such as a potential resurgence in work from home, companies downsizing their footprint.

Vornado Realty Has Steam Heading Into Earnings After The SL Green News

Corporate Office Properties Trust

If you haven't exactly been monitoring the performance of office-building investments, that's understandable. With offices sitting empty as employees prefer to work from home, the biggest real estate investment trusts, Alexandria Real Estate Equities NYSE: ARE, Boston Properties NYSE: BXP, Corporate Office Properties Trust NYSE: OFC, Kilroy Realty NYSE: KRC and Vornado Realty Trust NYSE: VNO were among the most-beaten down equities in the past 15 months.

Are Dividend-Paying Office REITs Finally Staging A Comeback?

The article discusses the potential investment merits of preferred shares in Vornado Realty, a large REIT with a focus on high-quality office and retail properties in New York. The company is facing challenges due to COVID-19, increased office construction, and rising interest rates, which have led to a decrease in demand for office space and increased debt expenses. Despite these challenges, I remain bullish on Vornado stock due to the fundamental value of the company's high-quality real estate assets.

Vornado Preferred Shares: Attractive Investment Opportunity Given Real Estate Value

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SL Green is selling a stake in a Manhattan office building at a $2 billion valuation. The deal will help enhance the office REIT's financial profile.

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Vornado: Landmark Transaction May Re-Rate Office REITs Higher

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Commercial property values continue to crater. Movement in inflation and interest rates might suggest the beginning of a recovery.

News for Vornado Realty Trust Stock (VNO)