VNO Stock Recent News

The return-to-office trend has boosted Vornado Realty Trust's common shares, yet valuation concerns and a lower dividend yield likely make it a less attractive option. Vornado's 4.45% CUM PFD O shares offer an alternative, yielding 5%+ higher than Vornado's common shares. Moreover, O Series possesses less implied call and spread risk than other cumulative perpetuals. Some might reduce exposure to Vornado after its year-over-year run. However, reasons to maintain exposure to Vornado include, a systematic recovery in offices and optimism about PENN 2.

The office market continues to struggle post-pandemic, with high vacancy rates and distressed assets, but top operators like VNO are showing resilience. VNO's strong Q4 2024 earnings and significant leasing activity in NYC indicate a potential market recovery, with shares appreciating over 70% in the past year. VNO's strategic share repurchases and operational efficiencies have contributed to its success, despite the broader market challenges and high vacancy rates in Manhattan.

Vornado Realty Trust's shares are up more than 60% as the REIT recorded a strong fiscal 2024 fourth quarter earnings beat, despite a slight FFO dip. VNO's Series O preferreds trade at a significant discount to their liquidation value with a 7.5% yield on cost due to the high risk-free rate and perceived office property risks. Manhattan's office leasing market is robust, with VNO's occupancy projected to exceed 90% by 2025, bolstered by NYU's master lease and Penn 2's leasing.

Vornado Realty Trust (NYSE:VNO ) Q4 2024 Earnings Conference Call February 11, 2025 10:00 AM ET Company Participants Steven 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, Real Estate Conference Call Participants Steve Sakwa - Evercore ISI John Kim - BMO Capital Markets Jeff Spector - Bank of America Dylan Burzinski - Green Street Capital Floris van Dijkum - Compass Point Michael Griffin - Citi Vikram Malhotra - Mizuho Securities Michael Lewis - Truist Securities Alexander Goldfarb - Piper Sandler Ronald Kamdem - Morgan Stanley Anthony Paolone - JPMorgan Nick Yulico - Scotiabank Brendan Lynch - Barclays Operator Good morning and welcome to the Vornado Realty Trust Fourth Quarter 2024 Earnings Conference Call. My name is Betsy [ph] and I will be your operator for today's call.

VNO's Q4 results reflect better-than-anticipated revenues on decent leasing activity. However, total same-store NOI declines across the portfolio.

Although the revenue and EPS for Vornado (VNO) give a sense of how its business performed in the quarter ended December 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.61 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to FFO of $0.63 per share a year ago.

NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended December 31, 2024 Financial Results NET INCOME attributable to common shareholders for the quarter ended December 31, 2024 was $1,203,000, or $0.01 per diluted share, compared to a net loss attributable to common shareholders of $61,013,000, or $0.32 per diluted share, for the prior year's quarter. FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended December 31, 2024 was $117,085,000, or $0.58 per diluted share, compared to $121,105,000, or $0.62 per diluted share, for the prior year's quarter.

NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends:

With the REIT industry offering a real estate structure for several economic activities, real or virtual, there are pockets of strength. This is likely to be reflected in the earnings releases of KIM, AMH and VNO.