Vornado Realty Trust (VNO) Stock

NEW YORK, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) has announced that its Board of Trustees has approved a dividend of $0.74 for each common share. This dividend will be paid on December 27, 2024, to those who are shareholders as of December 16, 2024.

VNO's valuable properties in certain high-rent areas and their plans to improve their portfolio look promising, even with the current instability in the office real estate market.

The strong demand from tenants for high-quality office spaces and efforts to improve property portfolios are likely to benefit VNO's performance.

Manhattan is seeing a significant trend of converting office spaces into residential units, which is reducing the amount of office space available. Vornado Series O Preferreds are currently trading at nearly 66 cents for every dollar. Leasing activity is robust, and VNO anticipates an increase in its portfolio occupancy rate due to recent lease agreements.

Vornado Realty Trust is among the biggest office real estate investment trusts (REITs) in the market. Their Q3 results met expectations, but there were year-over-year drops in revenue and funds from operations per share, indicating a tough market situation. The need for office space is low because of the increase in remote work, leading to high vacancy rates and more new properties being added to the market.

Vornado Realty Trust (NYSE:VNO) will hold its Q3 2024 Earnings Conference Call on November 5, 2024, at 10:00 AM ET. The call will feature key company participants, including Steven Roth, the Chairman and CEO, and Michael Franco, the President and CFO. Various analysts from different financial institutions will also join the call to discuss the company's performance.

VNO's results for the third quarter show higher-than-expected revenues due to good leasing activity. However, the overall same-store NOI has decreased across the entire portfolio.

Vornado (VNO) reported quarterly funds from operations (FFO) of $0.52 per share, which is higher than the Zacks Consensus Estimate of $0.51 per share. This is a decrease compared to last year's FFO of $0.66 per share.

On November 4, 2024, Vornado Realty Trust (NYSE: VNO) announced its financial results for the quarter ending September 30, 2024. The company reported a net loss of $19.15 million, or $0.10 per diluted share, compared to a net income of $52.85 million, or $0.28 per diluted share, from the same quarter last year. Additionally, the Funds From Operations (FFO) for this quarter was $99.26 million, or $0.50 per diluted share, down from $119.49 million, or $0.62 per diluted share, in the previous year.