Vornado Realty Trust - VNO STOCK NEWS

Vornado Realty Trust (NYSE: VNO) has become the first major real estate company in the United States to achieve 100% LEED certification across its entire in-service portfolio. Over the past two years, Vornado submitted its 26.1 million-square-foot portfolio for review, with 24.8 million square feet across 25 buildings achieving LEED Platinum or Gold ratings.

The company's portfolio, primarily concentrated in New York City with assets in San Francisco and Chicago, has demonstrated leadership in sustainability through design, construction, retrofits, maintenance, and tenant improvements. Vornado collaborates with tenants to reduce energy consumption through submetering and real-time monitoring.

The company recently received Nareit's 2024 Sustainability Impact Award for THE PENN DISTRICT redevelopment and achieved the first U.S. certification and Platinum rating globally from ModeScore for transforming the area into a more sustainable commercial hub.

Vornado Realty Trust (NYSE:VNO) has announced the completion of a significant real estate transaction through its 52% owned street retail joint venture. The venture has sold a portion of UNIQLO's U.S. flagship store at 666 Fifth Avenue to UNIQLO for $350 million.

The joint venture maintains ownership of 23,832 square feet of retail space at the same address, including 7,416 square feet at grade, which houses the Abercrombie & Fitch and Tissot stores. The net proceeds of $342 million from the sale have been utilized to partially redeem Vornado's $390 million of preferred equity on the asset.

Vornado Realty Trust (NYSE:VNO) has announced a dividend of $0.74 per common share. The dividend will be paid on December 27, 2024, to shareholders of record as of December 16, 2024. The company has also indicated its intention to maintain its current dividend policy for 2025, which involves distributing one common share dividend in the fourth quarter of the year.

Vornado Realty Trust (VNO) reported Q3 2024 financial results showing a net loss of $19.15M ($0.10 per share), compared to net income of $52.85M ($0.28 per share) in Q3 2023. Funds From Operations (FFO) decreased to $99.26M ($0.50 per share) from $119.49M ($0.62 per share) year-over-year. Adjusted FFO was $102.76M ($0.52 per share) versus $127.24M ($0.66 per share) in the prior year. The company's same-store NOI declined 8.4% compared to Q3 2023, with New York properties showing a 9.0% decrease. Occupancy rates stood at 86.7% for New York office, 77.6% for retail, and 94.5% for 555 California Street.

Vornado Realty Trust (NYSE:VNO) has announced its quarterly preferred dividend declarations. The company will pay the following dividends per share: $0.8125 for Series A Convertible, $0.3375 for Series L, $0.3281 for Series M, $0.3281 for Series N, and $0.2781 for Series O. All dividends will be paid on January 2, 2025, to shareholders of record as of December 16, 2024.

Vornado Realty Trust (NYSE:VNO) has announced the release date for its third quarter 2024 earnings report. The company will file its quarterly report on Form 10-Q and issue its earnings release on Monday, November 4, 2024, after the New York Stock Exchange closes. Following this, Vornado will host a quarterly earnings conference call and audio webcast on Tuesday, November 5, 2024, at 10:00 a.m. Eastern Time.

Interested parties can access the conference call by dialing 888-317-6003 (domestic) or 412-317-6061 (international) and entering the passcode 1557554. A live webcast will be available on Vornado's website at www.vno.com in the Investor Relations section, with an online playback available after the call.

Vornado Realty Trust (NYSE:VNO) has announced that Primark, the international clothing retailer, will open its first Manhattan store in THE PENN DISTRICT. Primark has signed a 78,760 square foot lease at 150 West 34th Street, a prime location in Manhattan. Ed Hogan, EVP Retail Leasing at Vornado, expressed excitement about Primark joining the rapidly transforming PENN DISTRICT, which is becoming a top destination for shopping, dining, and entertainment in New York.

This development aligns with Vornado's vision of creating a dynamic new district with high-quality retail, restaurants, and lifestyle offerings. The company views this as a significant step in enhancing THE PENN DISTRICT's appeal and attracting more visitors to the area.

Medline, a leading healthcare company, has significantly expanded its presence at THE MART, Vornado Realty Trust's (NYSE: VNO) iconic property in downtown Chicago. The company has more than tripled its office space from 51,000 to 161,000 square feet, securing a long-term lease through 2036. This expansion makes Medline one of THE MART's largest tenants.

THE MART, a 3.7-million-square-foot property, is home to numerous creative and innovative companies. Vornado recently completed a $70 million renovation program, enhancing the building's amenities and features. This expansion underscores THE MART's continued appeal in the Chicago office market and Medline's commitment to growth and employee well-being.

Vornado Realty Trust (NYSE: VNO) reported its Q2 2024 financial results. Net income for Q2 was $35.26 million, or $0.18 per diluted share, down from $46.38 million, or $0.24 per diluted share, in Q2 2023. Funds From Operations (FFO) was $148.94 million, or $0.76 per diluted share, up from $144.06 million, or $0.74 per diluted share, in Q2 2023. Adjusted FFO was $112.77 million, or $0.57 per diluted share, compared to $140.74 million, or $0.72 per diluted share, in Q2 2023.

For the first six months of 2024, net income was $26.23 million, or $0.13 per diluted share, compared to $51.55 million, or $0.27 per diluted share, for the same period in 2023. FFO for the six months was $253.07 million, or $1.29 per diluted share, compared to $263.15 million, or $1.35 per diluted share, in 2023. Adjusted FFO for the same period was $221.61 million, or $1.13 per diluted share, down from $257.03 million, or $1.32 per diluted share, in 2023.

Leasing activity included 1.32 million square feet of New York Office space at an average rent of $131.37 per square foot. Financing activities included several refinancings and loan extensions, notably at 280 Park Avenue and 435 Seventh Avenue.