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) has declared a quarterly dividend of $.53 per share, to be paid on February 11, 2022. Shareholders of record as of January 31, 2022 will receive this dividend. The company operates as a fully-integrated equity real estate investment trust, with a focus on property management and investment. Vornado acknowledges potential impacts from the COVID-19 pandemic on its business and financial condition, citing risks that could affect operational performance.
Vornado Realty Trust (NYSE: VNO) has successfully refinanced a $950 million loan for its 2.1 million square foot office building at 1290 Avenue of the Americas. The new interest-only loan has a rate of LIBOR plus 1.51%, which is currently 1.60%, for the first five years, with annual increases of 0.25% in years six and seven. The loan matures in November 2028, replacing a previous fixed-rate loan of 3.34% due in November 2022. Vornado holds a 70% stake in the property and retains full decision-making authority.
Vornado Realty Trust (NYSE: VNO) has announced a significant milestone in its ongoing redevelopment of the PENN DISTRICT. Madison Square Garden Entertainment (NYSE: MSGE) has signed a 20-year lease for 428,000 square feet at Vornado’s PENN 2, which will remain MSG’s corporate headquarters. The redevelopment is set for completion in late 2023 and aims to create a modern, amenity-rich office space with features such as floor-to-ceiling windows and extensive outdoor areas. Vornado continues to transform the PENN DISTRICT into a unique work environment in the heart of New York City.
Vornado Realty Trust (NYSE:VNO) announced the promotion of Deirdre Maddock to Senior Vice President, Chief Accounting Officer, succeeding Matthew Iocco, who is retiring after 22 years. Maddock, previously Vice President of SEC Reporting and Corporate Accounting, joined Vornado in 2016 after auditing at Deloitte & Touche LLP. This leadership change supports Vornado's transition to a new generation of leaders, with Iocco staying on until December 31, 2021, to ensure a smooth transition.
Vornado Realty Trust (VNO) reported Q3 2021 financial results, revealing a net income of $37.7 million or $0.20 per diluted share, down from $53.2 million or $0.28 per share in Q3 2020. Funds from Operations (FFO) for Q3 was $158.3 million, translating to $0.82 per share, compared to $278.5 million or $1.46 per share a year prior. For the nine months ending Sept 30, 2021, VNO posted net income of $89.8 million, a substantial recovery from a loss of $139.6 million in 2020. Adjusted FFO for nine months was $393.7 million, up from $370.9 million in 2020.
Vornado Realty Trust (NYSE:VNO) announced the declaration of quarterly preferred dividends for several series of shares. The dividends are as follows: Series A Convertible at $0.8125, Series L at $0.3375, Series M at $0.328125, Series N at $0.328125, and Series O at $0.3059375 per share. Notably, the Series O dividend includes an additional $0.0278125 for the period from September 22 to September 30, 2021. These dividends are payable on January 3, 2022, to shareholders of record on December 15, 2021.
Vornado Realty Trust (NYSE:VNO) announced a quarterly dividend of $.53 per share, payable on November 19, 2021, to shareholders on record as of November 8, 2021. This decision reinforces Vornado's commitment to returning value to its investors. As a fully-integrated equity real estate investment trust, Vornado remains focused on navigating ongoing challenges, particularly due to the COVID-19 pandemic, which poses risks to its financial performance and operations.
Vornado Realty Trust (NYSE:VNO) will release its third quarter earnings on November 1, 2021, after market close, and file its Form 10-Q with the SEC. A conference call will be held on November 2, 2021, at 10:00 a.m. ET, accessible via phone and webcast. The company notes that current conditions, particularly the ongoing effects of the COVID-19 pandemic, may impact its operational performance and financial conditions. Investors are advised to review risk factors related to the pandemic and its economic implications.
Vornado Realty Trust (NYSE: VNO) has priced a public offering of $300 million in perpetual 4.45% Series O Cumulative Redeemable Preferred Shares at $25.00 per share. The offering will close on September 22, 2021, subject to customary conditions. Proceeds will be used to redeem the 5.70% Series K Cumulative Redeemable Preferred Shares, which will also be fully redeemed on October 13, 2021, incurring a $9 million charge in Q3 2021. This strategic move aims to optimize capital structure amidst ongoing challenges presented by the COVID-19 pandemic.
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