Welcome to our dedicated page for Vornado Realty Trust news (Ticker: VNO), a resource for investors and traders seeking the latest updates and insights on Vornado Realty Trust stock.
Vornado Realty Trust (NYSE: VNO) is a top-tier owner, manager, and developer of office and retail properties. With a strong presence in key markets such as New York City, Chicago, and San Francisco, Vornado's portfolio includes some of the most prestigious Class A office and retail spaces in the nation. The company's total portfolio encompasses over 27 million square feet of LEED-certified buildings, underscoring its commitment to sustainability and environmental stewardship.
Since its inception, Vornado has been at the forefront of the real estate industry. The company celebrated its 50th anniversary on the New York Stock Exchange in 2012, emphasizing its longstanding influence and stability within the market. Vornado has also been recognized with the Energy Star Partner of the Year Award for Sustained Excellence in 2020, further cementing its role as a leader in sustainable real estate development.
Vornado's strategic focus on high-quality assets in prime locations has been a key driver of its success. In New York City, the company owns and manages an impressive array of properties, including iconic buildings in Manhattan. The company's presence extends to other major markets, with significant assets in both Chicago and San Francisco.
Recently, Vornado announced 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. The company will also release its fourth-quarter and full-year earnings on February 12, 2024, followed by a quarterly earnings conference call and webcast on February 13, 2024, at 10:00 a.m. Eastern Time.
Vornado continues to engage in active development and redevelopment projects, maintaining a dynamic and forward-looking approach to real estate investment. The company's financial health, evidenced by consistent earnings releases and strategic dispositions, ensures its position as a reliable and influential player in the real estate market.
Vornado Realty Trust (NYSE: VNO) reported financial results for the third quarter of 2020, revealing a net income increase of $0.37 per diluted share and FFO growth of $0.87 per diluted share, largely driven by the sale of 220 Central Park South condominium units. However, the company also recognized a non-cash impairment loss from its Fifth Avenue and Times Square joint venture, affecting its overall financial performance. Additional losses from tenant receivables and real estate investments were noted, which had a negative impact on net income and FFO.
Vornado Realty Trust (NYSE: VNO) has successfully completed a $500 million refinancing of PENN11, a 1.2 million square foot Manhattan office building. This new interest-only loan, bearing a rate of LIBOR plus 2.75% (currently 2.90%), matures in October 2025. It replaces a previous $450 million loan with a fixed interest rate of 3.95%, which was set to mature in December 2020. The refinancing reflects Vornado's strategy to enhance its financial flexibility.
Vornado Realty Trust (NYSE: VNO) plans to file its quarterly report on Form 10-Q for Q3 2020 on November 2, 2020, after market close. The earnings conference call will take place on November 4, 2020, at 10:00 a.m. ET. Investors can access the call by dialing 888-771-4371 for domestic or 847-585-4405 for international calls, with the passcode 49978074. A live webcast will be available on Vornado's website. Forward-looking statements in the PR highlight risks related to COVID-19 impacting financial performance and operational results.
Vornado Realty Trust (NYSE: VNO) reported a net loss attributable to common shareholders of $197.75 million ($1.03 per diluted share) for Q2 2020, a stark contrast to net income of $2.40 billion ($12.56 per diluted share) for Q2 2019. Adjusted for non-GAAP items, the net loss for the quarter was $8.60 million ($0.04 per share), while FFO was $203.26 million ($1.06 per diluted share), up from $164.33 million in the same period last year. The company faced significant impacts from the COVID-19 pandemic, reflected in lower rental income and temporary closures of certain properties.
Vornado Realty Trust (NYSE: VNO) has announced that Facebook (Nasdaq: FB) will lease 730,000 square feet at The Farley Building in the PENN DISTRICT, part of a larger $2 billion neighborhood transformation. The Farley Building, adjacent to Penn Station, will offer modern office space while retaining its historic design. Vornado's redevelopment plans include retail space and the Moynihan Train Hall. The project, 95% owned by Vornado, aims to enhance New York City's appeal as a tech hub, further strengthened by Facebook's commitment in this landmark.
Vornado Realty Trust (NYSE: VNO) announced the declaration of quarterly preferred dividends for various series. Shareholders will receive:
- Series A Convertible: $0.8125 per share
- Series K Cumulative Redeemable: $0.35625 per share
- Series L Cumulative Redeemable: $0.3375 per share
- Series M Cumulative Redeemable: $0.328125 per share
Dividends are payable on October 1, 2020, to shareholders of record as of September 15, 2020. The company cautions that COVID-19 may materially impact its future performance.
Vornado Realty Trust (NYSE: VNO) has declared a decreased quarterly dividend of $0.53 per share, amounting to an annual rate of $2.12. This adjustment reflects the impacts of the COVID-19 pandemic and aligns with the company's policy of distributing 100% of taxable income. The dividend payment is scheduled for August 21, 2020, to shareholders recorded by August 10, 2020.
Vornado Realty Trust (NYSE: VNO) reported its financial results for Q2 2020, revealing a net income decrease of $0.99 per diluted share, driven by a non-cash impairment loss of $305.9 million related to the Fifth Avenue and Times Square Joint Venture. Conversely, funds from operations (FFO) increased by $0.51 per share due to a non-cash gain on lease extinguishment and an after-tax net gain from the sale of condominium units. Total adjustments included in net income and FFO amounted to a loss of $200.8 million, highlighting ongoing challenges amid the pandemic.
Vornado Realty Trust (NYSE: VNO) announced its intention to file its quarterly report on Form 10-Q for the period ending June 30, 2020, with the SEC and release its Q2 earnings on August 3, 2020, post-market close. A conference call will be held on August 4, 2020, at 10:00 a.m. ET, accessible via phone or through a live webcast on the company's website. The company warns of potential risks due to the ongoing COVID-19 pandemic, which may materially affect its financial performance and operating environment.
On June 23, 2020, Vornado Realty Trust (VNO) announced plans to explore options for recapitalizing two major properties: 1290 Avenue of the Americas in New York and 555 California Street in San Francisco. Vornado holds a 70% interest in the partnerships managing these properties, retaining sole decision-making authority. Cushman & Wakefield and Eastdil Secured have been assigned as the exclusive agents for each property, respectively. The company cautioned that no transaction is guaranteed to occur.
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