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Vornado Realty Trust (NYSE:VNO ) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET Company Participants Steve Borenstein – Senior Vice President and Corporation 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 of Real Estate Tom Sanelli – Executive Vice President-Finance and Chief Administrative Officer Conference Call Participants Steve Sakwa – Evercore ISI Camille Bonnel – BoA Michael Griffin – Citi Alexander Goldfarb – Piper Sandler Dylan Burzinski – Green Street John Kim – BMO Capital Markets Anthony Paolone – JPMorgan Julien Blouin – Goldman Sachs Vikram Malhotra – Mizuho Nick Yulico – Scotiabank Ron Kamdem – Morgan Stanley Operator Good morning, and welcome to the Vornado Realty Trust Third Quarter 2023 Earnings Call. My name is Rocco, and I will be your operator for today's call.

Vornado's (VNO) Q3 results reflect lower-than-anticipated revenues despite decent leasing activity. Also, higher operating expenses act as a dampener.

Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.66 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.81 per share a year ago.

Although the revenue and EPS for Vornado (VNO) give a sense of how its business performed in the quarter ended September 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) announced that it has signed an expanded 3D modelling contract with Vornado Air, a U.S. company specializing in the manufacturing and marketing of air circulators, air purifiers, heaters and humidifiers.

NEW YORK, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it will file its quarterly report on Form 10-Q for the quarter ended September 30, 2023 with the U.S. Securities and Exchange Commission and issue its third quarter earnings release on Monday, October 30, 2023, after the New York Stock Exchange has closed. The Company will host a quarterly earnings conference call and an audio webcast on Tuesday, October 31, 2023 at 10:00 a.m. Eastern Time (ET).

Office REITs experienced a significant positive revaluation in the first half of 2023, but the recovery rally slowed in September. Vornado Realty Trust, a large office REIT, has a low forward "P/FFO" of ~8X but a high short interest and currently does not pay dividends. Vornado faces pressure as higher interest rates push higher office and retail capitalization rates.

Vornado's (VNO) assets are poised to draw in tenants, thanks to the strong demand for high-quality properties. However, elevated interest rates continue to be a concern.

Vornado Realty Trust's Series N preferred offer an 8.7% yield against commons that have seen their dividends suspended. The preferreds are also currently trading at a 60% discount to their $25 par value. Reinstatement of the common share dividends from the start of 2024 should help bolster the bull case for the commons.

Vornado (VNO) joins forces with Hudson Pacific, Blackstone, the City of New York and NYCEDC to develop NYC's first-of-its-kind studio campus for a joint investment amount of $350 million.