Vornado Realty Stock Price, News & Analysis

Vornado Realty Trust (NYSE: VNO) reported a significantly reduced net income of $53.17 million, or $0.28 per diluted share, for the third quarter of 2020, a sharp decline from $322.91 million, or $1.69 per diluted share, in Q3 2019. For the nine-month period ending September 30, 2020, the company recorded a net loss of $139.62 million, compared to a net income of $2.91 billion in 2019. Funds from Operations (FFO) for Q3 were $278.51 million, with adjusted FFO down to $112.60 million, reflecting the adverse effects of the COVID-19 pandemic on operations.

Vornado Realty Trust (NYSE:VNO) has declared its quarterly preferred dividends, effective January 4, 2021, for shareholders on record as of December 15, 2020. The dividends are as follows: Series A Convertible - $0.8125 per share, Series K Cumulative Redeemable - $0.35625 per share, Series L Cumulative Redeemable - $0.3375 per share, and Series M Cumulative Redeemable - $0.328125 per share. The announcement reflects the company's commitment to delivering income to its shareholders despite ongoing challenges.

Vornado Realty Trust (NYSE:VNO) has declared a quarterly dividend of $0.53 per share, scheduled for payment on November 20, 2020, to shareholders on record as of November 9, 2020. The company, a fully-integrated equity real estate investment trust, faces risks primarily due to the ongoing COVID-19 pandemic, which affects financial performance and tenant operations. Forward-looking statements indicate potential impacts on cash flows and overall business conditions, subject to uncertainties surrounding the pandemic's duration and effects.

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.