VNO Stock Recent News

Vornado's (VNO) $400-million refinancing of 640 Fifth Avenue will offer greater financial flexibility.

NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 52% owned street retail joint venture has completed a $400 million refinancing of 640 Fifth Avenue, a 315,000 square foot Manhattan office and retail property. The interest only, non–recourse loan carries a fixed rate of 7.47% and matures in July 2029.

Vornado Realty Trust's Series O Preferred Shares offer a high yield and are trading at a steep discount to par value of 52%. Manhattan office real estate trends are improving, with new office developments collapsing and demand for Class A office space increasing. Vornado's balance sheet depth and free cash flow provide strong coverage for the Series O preferreds, making them an attractive investment.

Vornado Realty's (VNO) properties are poised to draw in tenants on the back of the strong demand for premier office spaces. However, elevated interest rates continue to be a concern.

Investors need to pay close attention to Vornado Realty Trust (VNO) stock based on the movements in the options market lately.

Vornado Realty Trust reported mixed earnings for the first quarter, with strong leasing activity in their portfolio and ALX. Occupancy rates for VNO's portfolio remain below 90%, and same-store net operating income is trending downward. We explore VNO's first quarter earnings and compare them against the broader market.

Vornado's (VNO) Q1 results reflect lower-than-anticipated revenues despite decent leasing activity. The total same-store NOI declined across the portfolio.

The headline numbers for Vornado (VNO) give insight into how the company performed in the quarter ended March 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.55 per share, missing the Zacks Consensus Estimate of $0.58 per share. This compares to FFO of $0.60 per share a year ago.

NEW YORK, April 25, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it will file its quarterly report on Form 10-Q for the quarter ended March 31, 2024 with the U.S. Securities and Exchange Commission and issue its first quarter earnings release on Monday, May 6, 2024, after the New York Stock Exchange has closed. The Company will host a quarterly earnings conference call and an audio webcast on Tuesday, May 7, 2024 at 10:00 a.m. Eastern Time (ET).