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Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.63 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to FFO of $0.72 per share a year ago.
Victoria Green, G Squared Private Wealth CIO, joins 'The Exchange' to discuss how to trade Marriott, Vornado Realty Trust, and WM.
Get a deeper insight into the potential performance of Vornado (VNO) for the quarter ended December 2023 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.
Vornado Realty's preferred shares are trading at a near 40% discount to their liquidation value. I've been buying the Series N, which currently offers an 8.56% yield on cost. VNO currently spends $15.5 million per quarter on quarterly payments to its preferred shareholders. These payments were 7.74x covered by FFO generated during its last reported quarter.
NEW YORK, Jan. 17, 2024 (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, 2023 with the U.S. Securities and Exchange Commission and issue its fourth quarter and full year earnings release on Monday, February 12, 2024, after the New York Stock Exchange has closed. The Company will host a quarterly earnings conference call and an audio webcast on Tuesday, February 13, 2024 at 10:00 a.m. Eastern Time (ET).
Vornado Realty Trust's shares have appreciated by almost 70% due to improved risk sentiment. The stock's steep discount to book value has been closed. However, office real estate fundamentals remain challenging, with vacancy rates at all-time highs. Vornado also has a heavy debt load that will be refinanced at higher rates in the coming quarters.
Vornado (VNO) cuts its fourth-quarter dividend by 20% to 30 cents per common share, to focus on maintaining its retained cashflows and balance sheet strength. It expects to pay a single dividend in 2024.
Vornado (VNO) reported earnings 30 days ago. What's next for the stock?
Vornado Realty (VNO) is well-poised to gain from its top-quality assets. Also, its repositioning efforts bode well.
Vornado Realty Trust has had a disruptive fiscal year, with suspended dividends and flagging funds from operations as interest expenses bite. The REIT's preferred shares offer compelling yields and a strong potential for high total returns. Vornado reported a decline in revenue for its fiscal 2023 third quarter, but its liquidity position is strong against macro headwinds.