Vornado Realty Stock Price, News & Analysis

Vornado Realty Trust (NYSE:VNO) has announced that Primark, the international clothing retailer, will open its first Manhattan store in THE PENN DISTRICT. Primark has signed a 78,760 square foot lease at 150 West 34th Street, a prime location in Manhattan. Ed Hogan, EVP Retail Leasing at Vornado, expressed excitement about Primark joining the rapidly transforming PENN DISTRICT, which is becoming a top destination for shopping, dining, and entertainment in New York.

This development aligns with Vornado's vision of creating a dynamic new district with high-quality retail, restaurants, and lifestyle offerings. The company views this as a significant step in enhancing THE PENN DISTRICT's appeal and attracting more visitors to the area.

Medline, a leading healthcare company, has significantly expanded its presence at THE MART, Vornado Realty Trust's (NYSE: VNO) iconic property in downtown Chicago. The company has more than tripled its office space from 51,000 to 161,000 square feet, securing a long-term lease through 2036. This expansion makes Medline one of THE MART's largest tenants.

THE MART, a 3.7-million-square-foot property, is home to numerous creative and innovative companies. Vornado recently completed a $70 million renovation program, enhancing the building's amenities and features. This expansion underscores THE MART's continued appeal in the Chicago office market and Medline's commitment to growth and employee well-being.

Vornado Realty Trust (NYSE: VNO) reported its Q2 2024 financial results. Net income for Q2 was $35.26 million, or $0.18 per diluted share, down from $46.38 million, or $0.24 per diluted share, in Q2 2023. Funds From Operations (FFO) was $148.94 million, or $0.76 per diluted share, up from $144.06 million, or $0.74 per diluted share, in Q2 2023. Adjusted FFO was $112.77 million, or $0.57 per diluted share, compared to $140.74 million, or $0.72 per diluted share, in Q2 2023.

For the first six months of 2024, net income was $26.23 million, or $0.13 per diluted share, compared to $51.55 million, or $0.27 per diluted share, for the same period in 2023. FFO for the six months was $253.07 million, or $1.29 per diluted share, compared to $263.15 million, or $1.35 per diluted share, in 2023. Adjusted FFO for the same period was $221.61 million, or $1.13 per diluted share, down from $257.03 million, or $1.32 per diluted share, in 2023.

Leasing activity included 1.32 million square feet of New York Office space at an average rent of $131.37 per square foot. Financing activities included several refinancings and loan extensions, notably at 280 Park Avenue and 435 Seventh Avenue.

Vornado Realty Trust (NYSE:VNO) has announced that its 52% owned street retail joint venture has agreed to sell a portion of UNIQLO's U.S. flagship store at 666 Fifth Avenue to UNIQLO for $350 million. The joint venture owns 17,295 square feet of UNIQLO's 90,732 square foot store. The estimated $340 million in net proceeds will be used to partially repay Vornado's $390 million of preferred equity on the asset.

The transaction is expected to close by the first quarter of 2025, subject to customary conditions and UNIQLO's concurrent closing with the office condominium owner. The joint venture will retain ownership of 23,832 square feet of retail space at 666 Fifth Avenue, including the Abercrombie & Fitch and Tissot stores. Eastdil Secured acted as an advisor to Vornado's street retail joint venture in this transaction.

Vornado Realty Trust (NYSE:VNO) has announced quarterly preferred dividend declarations by its Board of Trustees. The dividends are as follows:

• Series A Convertible: $0.8125 per share
• Series L Cumulative Redeemable: $0.3375 per share
• Series M Cumulative Redeemable: $0.3281250 per share
• Series N Cumulative Redeemable: $0.3281250 per share
• Series O Cumulative Redeemable: $0.2781250 per share

These dividends are payable on October 1, 2024, to shareholders of record on September 16, 2024. Vornado Realty Trust is described as a fully-integrated equity real estate investment trust.

Vornado Realty Trust (NYSE:VNO) has announced the release date for its second quarter 2024 earnings report. The company will file its quarterly report on Form 10-Q and issue its earnings release on Monday, August 5, 2024, after the New York Stock Exchange closes. A conference call and audio webcast are scheduled for Tuesday, August 6, 2024, at 10:00 a.m. Eastern Time.

Investors can access the conference call by dialing 888-317-6003 (domestic) or 412-317-6061 (international) with the passcode 8799771. A live webcast will be available on Vornado's website at www.vno.com in the Investor Relations section, with an online playback available after the call.

Vornado Realty Trust (NYSE: VNO) has officially opened Plaza33, a pedestrian plaza on 33rd Street in Manhattan’s West Side. Developed in partnership with the NYC Department of Transportation, the plaza features mature trees, lush landscaping, and a variety of seating options. It's lined with over 70 food and beverage offerings and connects directly to a major transit hub. The project is part of Vornado’s $2.7 billion investment in the PENN DISTRICT, which also includes significant renovations to the PENN 1 and PENN 2 office buildings and other public realm improvements.

Vornado Realty Trust (NYSE: VNO) announced the completion of a $400 million refinancing for 640 Fifth Avenue, a 315,000 square foot office and retail property in Manhattan. The new loan is interest-only, non-recourse, with a fixed rate of 7.47%, and matures in July 2029. This replaces a previous $500 million loan, fully guaranteed by Vornado, which had an interest rate of SOFR plus 1.11% and was set to mature in August 2024. The new financial arrangement reduces Vornado's loan obligation by $100 million.

Vornado Realty Trust (NYSE:VNO) extended one of its unsecured revolving credit facilities from April 2026 to April 2029, with the borrowing amount reduced to $915 million. The new facility bears interest at a rate of SOFR plus 1.20%.