Vornado Realty TrustNYSE: VNO

Vornado Realty Trust ( VNO ) reported first-quarter results that continued to underwhelm Wall Street analysts and propelled them to lower estimates yet again to consensus figures representing a 2% decline in the topline and a 19% annual drop in the bottom line. Funds from operations (FFO), plus assumed conversions as adjusted per share, of 55 cents missed the Zacks Consensus Estimate of 58 cents.

Vornado's (VNO) $400-million refinancing of 640 Fifth Avenue will offer greater financial flexibility.

NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 52% owned street retail joint venture has completed a $400 million refinancing of 640 Fifth Avenue, a 315,000 square foot Manhattan office and retail property. The interest only, non–recourse loan carries a fixed rate of 7.47% and matures in July 2029.

Vornado Realty Trust's Series O Preferred Shares offer a high yield and are trading at a steep discount to par value of 52%. Manhattan office real estate trends are improving, with new office developments collapsing and demand for Class A office space increasing. Vornado's balance sheet depth and free cash flow provide strong coverage for the Series O preferreds, making them an attractive investment.

Vornado Realty's (VNO) properties are poised to draw in tenants on the back of the strong demand for premier office spaces. However, elevated interest rates continue to be a concern.

Investors need to pay close attention to Vornado Realty Trust (VNO) stock based on the movements in the options market lately.

The key metrics for Vornado (VNO) in the quarter ending March 2024 provide an indication of the company's performance, suggesting that it could be beneficial to compare these figures to Wall Street predictions and last year's results.

Vornado reported quarterly funds from operations (FFO) of $0.55 per share, falling short of the Zacks Consensus Estimate of $0.58 per share. This is lower than the FFO of $0.60 per share reported in the same quarter last year.

Vornado Realty Trust (NYSE:VNO) revealed today that it plans to submit its Form 10-Q for the quarter ending March 31, 2024 to the U.S. Securities and Exchange Commission and release its first quarter earnings on Monday, May 6, 2024, after the New York Stock Exchange closes. The Company will hold a quarterly earnings conference call and audio webcast on Tuesday, May 7, 2024 at 10:00 a.m. Eastern Time (ET).