Vornado Realty Stock Price, News & Analysis

Vornado Realty Trust (NYSE:VNO) has announced its quarterly preferred dividends, effective July 3, 2023, for shareholders recorded as of June 15, 2023. The declared dividends include:

• Series A Convertible: $0.8125 per share
• Series L Cumulative Redeemable: $0.3375 per share
• Series M Cumulative Redeemable: $0.328125 per share
• Series N Cumulative Redeemable: $0.328125 per share
• Series O Cumulative Redeemable: $0.278125 per share

This announcement demonstrates the company's ongoing commitment to its shareholders through consistent dividend payments, despite existing economic challenges.

Vornado Realty Trust (NYSE:VNO) announced the postponement of dividends on its common shares until the end of 2023, contingent on finalizing its taxable income and asset sales. The Board will decide on dividend payment methods, which may include cash or a combination of cash and securities.

Additionally, Vornado's Board has authorized a share repurchase program of up to $200 million to enhance shareholder value. Funds saved from the postponed dividends and asset sales will be allocated towards debt reduction or share repurchases. The company may execute these repurchases through various means, with decisions based on economic and market conditions. The program has no expiration date and can be suspended at any time.

Vornado Realty Trust (NYSE:VNO) will file its Form 10-Q for the quarter ending March 31, 2023, on May 1, 2023, after market close. The company will also host a quarterly earnings conference call on May 2, 2023, at 10:00 a.m. ET, accessible via phone and online. Vornado is a fully-integrated equity real estate investment trust (REIT).

Investors are advised that certain statements in the release contain forward-looking statements, which may not guarantee future performance and involve risks, including interest rate increases and inflation. These factors could materially affect the company's future results and operations.

Vornado Realty Trust (NYSE: VNO) released its 2022 Environmental, Social, & Governance (ESG) report, marking its fourteenth annual overview. The report highlights significant sustainability achievements, including:

• 100% renewable energy credits sourced from hydroelectric, solar, and wind facilities.
• A 28% reduction in overall energy consumption since 2009.
• A waste diversion rate of 64%, aiming for a 75% long-term target.
• Awarded NAREIT Leader in the Light and Energy Star Partner of the Year with Sustained Excellence.
• Community programming launched at THE PENN District through the Worklife program.
• Board refreshment with the appointment of Raymond J. McGuire.

Full details are available on the company’s website.

Vornado Realty Trust (NYSE: VNO) reported a net loss of $493.3 million or $2.57 per diluted share for Q4 2022, contrasting a net income of $11.3 million or $0.06 per diluted share in Q4 2021. The full year net loss was $408.6 million, or $2.13 per share, compared to $101.1 million in net income for 2021. Adjusted net income for Q4 was $20.0 million ($0.10/share) versus $23.0 million ($0.12/share) in 2021. Funds from Operations (FFO) for Q4 2022 was $176.5 million ($0.91/share), up from $141.0 million ($0.73/share) in the previous year. The company recognized significant non-cash impairment charges of $595.5 million. Vornado also declared a reduced quarterly dividend of $0.375 per share.

Vornado Realty Trust (NYSE: VNO) reported an estimated $600 million in non-cash impairment charges for Q4 2022. Approximately $480 million of this is related to its common equity investment in the Fifth Avenue and Times Square joint venture (Retail JV). This impairment follows a $2.559 billion gain recognized in 2019 when transferring properties to the Retail JV. The $480 million charge this quarter, along with a $409 million impairment from 2020, partially reverses the earlier gain. Investors should note that these are preliminary estimates and final results may vary significantly due to year-end audit adjustments.

Vornado Realty Trust (NYSE: VNO) plans to file its annual report on Form 10-K for the fiscal year ending December 31, 2022, with the SEC. The company will release its fourth quarter and full-year earnings on February 13, 2023, after market close. A conference call to discuss the results will take place on February 14, 2023, at 10:00 AM ET. Investors can join the call by dialing 866-652-5200 (domestic) or 412-317-6060 (international) or via a live webcast on Vornado’s website. The press release also contains forward-looking statements regarding the company's performance, including factors that may significantly impact future results.