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, ...

Vornado Realty Trust (VNO) boasts 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. What's Aiding VNO? Vornado's focus on having assets in a few select high-rent, high-barrier-to-entry markets, along with a ...

Vornado Realty Trust (NYSE:VNO) Q2 2024 Earnings Call August 6, 2024 10:00 AM ET Company Participants Steve Borenstein - Executive Vice President and Corporate 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, Real Estate Thomas Sanelli - Executive Vice President, Finance and Chief Administrative Officer Conference Call Participants Steve Sakwa - Evercore ISI John Kim - BMO Capi ...

Vornado Realty Trust's (VNO) second-quarter 2024 funds from operations (FFO) plus assumed conversions as adjusted per share of 57 cents surpassed the Zacks Consensus Estimate of 55 cents. However, the figure declined 20.8% year over year. Results display better-than-anticipated top-line growth. Vornado experienced decent leasing activity, higher initial rent and lower leasing commissions in the quarter. However, the total same-store net operating income (NOI) declined year over year. Total revenues came in ...

am and and and the manage of the management of the management of the management of the management of the management of the management of the management of the comment of th rest REALTY TRUST SUPPLEMENTAL OPERATING AND FINANCIAL DATA For the Quarter Ended June 30, 2024 | --- | --- | |------------------------------------------------------------------------|-------------| | INDEX | Page | | | | | FINANCIAL INFORMATION | | | Financial Highlights | 5 | | | | | | | | | | | | | | | | | LEASING ACTIVITY AND LEASE E ...

Financial Performance - Net income attributable to common shareholders for Q2 2024 was $35,260,000, or $0.18 per diluted share, down from $46,377,000, or $0.24 per diluted share in Q2 2023, representing a decrease of 24.5%[125] - FFO attributable to common shareholders for the six months ended June 30, 2024 was $253,068,000, or $1.29 per diluted share, down from $263,149,000, or $1.35 per diluted share in the same period of 2023, a decrease of 3.1%[126] - Net income for the same period was $40,099,000, down from $62,733,000 in the previous year[148] - Net income for the six months ended June 30, 2024, was $33,826,000, down from $73,931,000 in the prior year, representing a decrease of 54%[171] - Total revenues for the six months ended June 30, 2024, were $886,641,000, compared to $918,282,000 for the same period in 2023, reflecting a decline of 3.4%[165][166] Revenue and Income Metrics - For the three months ended June 30, 2024, total revenues amounted to $450,266,000, with New York contributing $367,578,000 and other regions $82,688,000[142] - The company experienced a decrease in same-store operations revenue by $29,995,000 for the three months ended June 30, 2024, compared to the prior year[151] - Total revenues for the three months ended June 30, 2024, were $450,266,000, a decrease of $22,093,000 compared to $472,359,000 for the prior year's quarter[151] - Total revenue for the six months ended June 30, 2024, was $468,628,000, a decrease of $13,968,000 compared to $482,596,000 for the same period in 2023[169] Operating Income and Expenses - Same store net operating income (NOI) at share decreased by 9.0% for the three months ended June 30, 2024, compared to the same period in 2023[129] - Total expenses for the six months ended June 30, 2024, were $760,341,000, an increase of $7,515,000 compared to $752,826,000 in the prior year[176] - Total expenses for the three months ended June 30, 2024, were $382,388,000, an increase of $10,881,000 from $371,507,000 in the prior year[152] - Interest and debt expense increased to $188,879,000 for the six months ended June 30, 2024, up from $173,402,000 in the prior year, an increase of 8.9%[180] Cash Flow and Liquidity - Cash and cash equivalents and restricted cash decreased by $144,730,000 to $1,116,854,000 as of June 30, 2024, compared to December 31, 2023[190] - Net cash provided by operating activities for the six months ended June 30, 2024, was $226,164,000, down from $374,741,000 in 2023, a decrease of $148,577,000[190] - Net cash used in investing activities was $(307,100,000) for the six months ended June 30, 2024, compared to a net cash provided of $152,373,000 in 2023, a decrease of $459,473,000[191] - As of June 30, 2024, the company had $2.7 billion in liquidity, consisting of $1.1 billion in cash and cash equivalents and $1.6 billion available on revolving credit facilities[189] Development and Construction - The PENN 2 redevelopment project is a 1,795,000 square foot office building with an estimated development cost of $750 million, of which $675,504,000 has been expended as of June 30, 2024[194] - The districtwide improvements within the PENN District have an estimated development cost of $100 million, with $60,493,000 expended as of June 30, 2024[194] - The Sunset Pier 94 Studios joint venture has a total estimated development cost of $350 million, with $183,200,000 funded through construction financing and $166,800,000 through equity contributions[195] - The company has construction commitments totaling approximately $45,819,000 as of June 30, 2024[200] Debt and Interest Rates - As of June 30, 2024, the consolidated debt balance is $8,283,919,000, with a weighted average interest rate of 4.57%[205] - The fixed rate consolidated debt amounts to $7,067,300,000 at an interest rate of 4.28%[205] - The variable rate consolidated debt totals $1,216,619,000 with an interest rate of 6.21%[205] - A 1% change in base rates would result in an effect of $4,512,000 on the consolidated debt[205] Shareholder Returns and Dividends - The company anticipates paying a common share dividend in the fourth quarter of 2024, subject to Board approval[189] - The company authorized a share repurchase program of up to $200,000,000, with $170,857,000 remaining available for repurchases as of June 30, 2024[189] Noncontrolling Interests and Losses - Net loss attributable to noncontrolling interests in consolidated subsidiaries increased to $13,890,000 in Q2 2024 from $2,781,000 in Q2 2023, a rise of 399.5% driven by higher mortgage loan interest rates[159] - The company reported a significant increase in noncontrolling interests' losses, indicating potential challenges in managing subsidiary performance amidst rising interest rates[159] - Net loss attributable to noncontrolling interests in consolidated subsidiaries was $25,872,000 for the six months ended June 30, 2024, compared to $12,709,000 in the prior year, an increase of 103.6%[183]

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 ...

Thomas J. Sanelli (212) 894-7000 The conference call can be accessed by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 8799771. A live webcast of the conference call will be available on Vornado's website at www.vno.com in the Investor Relations section and an online playback of the webcast will be available on the website following the conference call. CONTACT Certain statements contained herein may constitute "forward-looking statements" within the meaning of the ...