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 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.
Vornado Realty Trust (VNO) reported a significant decline in financial performance for Q1 2020. The net income attributable to common shareholders was $4.96 million, or $0.03 per diluted share, compared to $181.49 million, or $0.95 per share in Q1 2019. Adjusted net income decreased from $24.81 million ($0.13 per share) to $20.23 million ($0.11 per share). Funds from Operations (FFO) fell from $247.68 million to $130.36 million. The COVID-19 pandemic adversely impacted operations, leading to store closures and rent relief requests from tenants. Overall, the financial outlook remains uncertain.
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