Vornado Realty Stock Price, News & Analysis

Vornado Realty Trust (NYSE: VNO) has successfully refinanced One Park Avenue, a 943,000 square foot Manhattan office building, with a $525 million loan. This new loan has a lower interest rate of LIBOR plus 1.107% compared to the previous loan's LIBOR plus 1.75%. Vornado's share of the net proceeds is approximately $105 million, providing enhanced liquidity. The refinancing is set to mature in February 2026, extending the term significantly beyond the prior maturation date in March 2021.

Vornado Realty Trust (NYSE: VNO) reported a significant net loss of $209.1 million, or $1.09 per diluted share, for Q4 2020, contrasting with a net income of $193.2 million, or $1.01 per share, in Q4 2019. For the full year, the net loss totaled $348.7 million, or $1.83 per share, down from a profit of $3.1 billion in 2019. Adjusted Funds from Operations (FFO) also fell to $127.2 million, or $0.66 per share, from $171 million the previous year. The COVID-19 pandemic led to tenant closures, reduced revenues, and property impairments, with a focus on recovery efforts and tenancy rehabilitation.

Vornado Realty Trust (NYSE: VNO) reported its financial results for Q4 2020, showing a decrease in net income attributable to common shareholders of $1.10 per diluted share, primarily due to real estate impairment losses of $236.286 million. However, Funds From Operations (FFO) increased by $0.06 per diluted share. The report highlights a net gain from the sale of 220 Central Park South condominium units amounting to $36.274 million. Results are preliminary, and final figures may differ significantly upon completion of audits.

Vornado Realty Trust (NYSE:VNO) will file its annual Form 10-K for the year ending December 31, 2020, on February 16, 2021, post market closure. A conference call for fourth quarter and full-year earnings will follow on February 17, 2021, at 10:00 a.m. ET. Investors can access the call by dialing provided numbers or via a live webcast on Vornado’s website. The press release highlights the ongoing uncertainties related to the COVID-19 pandemic and its potential adverse effects on the company's financial performance and tenant operations.

Vornado Realty Trust (NYSE:VNO) announced the declaration of quarterly preferred dividends for several series. The Series A Convertible dividend is set at $0.8125 per share, while the Series K will be $0.35625, Series L at $0.3375, Series M at $0.328125, and Series N also at $0.328125. These dividends are payable on April 1, 2021, to shareholders of record by March 15, 2021. This announcement reflects Vornado's commitment to returning value to its shareholders, despite ongoing economic challenges due to the COVID-19 pandemic.

Vornado Realty Trust (NYSE:VNO) has declared a quarterly dividend of $.53 per share, payable on February 12, 2021, to shareholders of record on February 1, 2021. This decision reflects the trust's ongoing commitment to provide returns to its investors amidst current market conditions. Vornado Realty Trust is a fully-integrated equity real estate investment trust, actively managing properties across various sectors.

Vornado Realty Trust (NYSE: VNO) has announced a dividend of $0.1348958 per share on its Series N Cumulative Redeemable Preferred Shares for the period from November 24, 2020, to December 31, 2020.

This dividend is set to be paid on January 4, 2021, to shareholders of record as of December 15, 2020. Vornado Realty Trust operates as a fully-integrated equity real estate investment trust, focusing on property investments and management.

On December 1, 2020, Vornado Realty Trust (NYSE:VNO) announced significant senior management changes and a $35 million annual overhead reduction program. Michael Franco, previously President, has been appointed as Chief Financial Officer, succeeding Joseph Macnow, who will transition to Senior Advisor after a long tenure. The overhead reduction includes cost-cutting measures leading to a $23 million reduction in net income for Q4. These changes aim to enhance operational efficiency amidst ongoing challenges posed by the COVID-19 pandemic.

Vornado Realty Trust (NYSE: VNO) has priced a public offering of $300 million in perpetual 5.25% Series N Cumulative Redeemable Preferred Shares at $25.00 per share. This offering is set to close on November 24, 2020, with the option for redemption starting November 24, 2025. Proceeds will be used for general business purposes. Joint book-running managers include BofA Securities, J.P. Morgan, Morgan Stanley, UBS Investment Bank, and Wells Fargo Securities.