Vornado Realty - VNO STOCK NEWS

Vornado Realty Trust (NYSE:VNO) has received a determination regarding the ground rent for its PENN 1 land parcel. A panel has set the annual rent at $15 million for the 25-year term starting June 17, 2023. However, ongoing litigation in New York County Supreme Court could impact this determination.

If the fee owner prevails in the litigation, the annual rent would increase to $20.22 million, applied retroactively to June 17, 2023. As a result of the panel's determination, Vornado will reverse approximately $17.2 million of previously accrued rent expense and will continue to accrue based on the $15 million annual rent until the litigation is resolved.

Vornado Realty Trust (NYSE:VNO) has announced the completion of a $450 million financing for 1535 Broadway, a premier Times Square retail destination featuring full blockfront 4K LED signage. The property is owned through Vornado's 52% owned street retail joint venture.

The financing terms include:

• Interest-only, non-recourse loan
• Fixed interest rate of 6.90%
• Maturity in May 2030

After accounting for transaction costs and reserves, $407 million of the net proceeds were utilized to partially redeem Vornado's Retail JV preferred equity.

Vornado Realty Trust (NYSE: VNO) has released its 16th consecutive sustainability report for 2024, marking significant environmental achievements. The company became the first major real estate entity to achieve 100% LEED® certification across its in-service building portfolio.

Key accomplishments include winning the inaugural Nareit Impact at Scale Award for THE PENN DISTRICT transformation, receiving Energy Star Partner of the Year with Sustained Excellence for the 9th year, and ranking in the top 3% among Office REITs in GRESB.

Notable metrics include:

• 41% reduction in energy consumption compared to 2009 baseline
• 4.7 million kWh reduction in electric consumption through operational optimization
• 59% waste diversion rate across in-service office portfolio
• 100% renewable energy credits procurement in key markets
• Educational assistance provided to over 14.5 million SF of tenants

Vornado Realty Trust (VNO) reported its Q4 2024 financial results with net income of $1.2M ($0.01 per share), compared to a net loss of $61M ($0.32 per share) in Q4 2023. Funds From Operations (FFO) for Q4 2024 was $117.1M ($0.58 per share), down from $121.1M ($0.62 per share) in Q4 2023.

For the full year 2024, net income was $8.3M ($0.04 per share), decreasing from $43.4M ($0.23 per share) in 2023. Annual FFO declined to $470M ($2.37 per share) from $503.8M ($2.59 per share) in 2023.

Notable transactions include the sale of UNIQLO's flagship store at 666 Fifth Avenue for $350M in January 2025, and the sale of two condominium units at 220 Central Park South for $31.6M. The company completed several refinancing activities, including a $400M refinancing of 640 Fifth Avenue and the extension of its unsecured revolving credit facility to $915M.

Vornado Realty Trust (NYSE:VNO) has announced its quarterly preferred dividend distributions. The Board of Trustees has declared the following dividends payable on April 1, 2025, to shareholders of record on March 17, 2025:

• Series A Convertible: $0.8125 per share
• Series L Cumulative Redeemable: $0.3375 per share
• Series M Cumulative Redeemable: $0.3281 per share
• Series N Cumulative Redeemable: $0.3281 per share
• Series O Cumulative Redeemable: $0.2781 per share

Vornado Realty Trust (NYSE:VNO) has announced its schedule for fourth quarter and full year 2024 earnings release. The company will file its annual report on Form 10-K and issue its earnings release on Monday, February 10, 2025, after the NYSE closing.

A quarterly earnings conference call and audio webcast will be held on Tuesday, February 11, 2025 at 10:00 a.m. ET. Investors can access the conference call via domestic (888-317-6003) or international (412-317-6061) numbers using passcode 0916117. A live webcast will be available on Vornado's website with a playback option following the call.

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.