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Vornado Realty (VNO)
NYSE:VNO
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Earnings Data
Report Date
Feb 17, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-0.02Last Year’s EPS
0.04Same Quarter Last Year
Based on 11 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 29, 2018
|% Change Since: 3.30%
|Next Earnings Date:Jul 30, 2018
Earnings Call Sentiment|Positive
The earnings call reflects a positive outlook driven by strong leasing activity, strategic agreements like the NYU lease, and a robust financial position with significant debt reduction. However, challenges remain with declining FFO, specific market struggles in San Francisco, and delayed contributions from PENN2 leasing. Overall, the company demonstrates resilience and optimism in market recovery and growth opportunities.Company Guidance
In the third quarter 2024 earnings call for Vornado Realty Trust (VNO), the management provided optimistic guidance, highlighting several key metrics and strategic initiatives. Steven Roth, CEO, emphasized the robust leasing activity in Manhattan, where year-to-date leases reached 2.5 million square feet, including a substantial transaction with NYU for 770 Broadway. The company anticipates signing between 3.5 million and 3.8 million square feet of leases by year-end. Financially, Vornado reported a strong liquidity position with $2.6 billion, and plans to enhance it with over $1 billion from strategic transactions, including a significant prepaid rent deal with NYU to pay off a $700 million loan. Despite a decrease in third-quarter comparable FFO to $0.52 per share from $0.66 the previous year, due to known move-outs and higher interest expenses, the outlook remains positive. The company is poised for growth with a robust leasing pipeline, particularly in the Penn District, and expects significant earnings growth from 2026 as the newly redeveloped properties stabilize. Management remains focused on financial discipline, improving occupancy, and exploring acquisition opportunities selectively, while maintaining a single year-end dividend policy for 2024.Strong Leasing Activity
Year-to-date, Vornado has leased 2.5 million square feet company-wide, including 2.1 million square feet in Manhattan. The company expects to sign between 3.5 million and 3.8 million square feet of leases this year, which would rank #2 in their history.
NYU Lease Agreement
Vornado has agreed to a transaction with NYU for 770 Broadway, with NYU master leasing 1.1 million square feet. The deal includes an upfront payment of prepaid rent sufficient to pay off a $700 million loan on the property.
Retail Leasing Success
Announced a major deal with Primark for their flagship store in America at 345 Montgomery in Penn District on 34th Street.
Strong Financial Position
Liquidity is strong at $2.6 billion, including $1 billion of cash. Anticipated cash increase by over $1 billion from various transactions.
Significant Debt Reduction
Expected to pay off over $1.1 billion of debt, increasing cash on the balance sheet by more than $600 million.
Positive Market Trends
The Manhattan office market is experiencing a strong demand for Class A space, with rents rising and concessions beginning to tick down.
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VNO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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VNO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 04, 2024 | $41.22 | $42.04 | +1.99% |
| Aug 05, 2024 | $26.82 | $30.21 | +12.64% |
| May 06, 2024 | $26.19 | $23.81 | -9.09% |
| Feb 12, 2024 | $26.30 | $24.30 | -7.60% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Vornado Realty (VNO) report earnings?
Vornado Realty (VNO) is schdueled to report earning on Feb 17, 2025, TBA Not Confirmed.
What is Vornado Realty (VNO) earnings time?
Vornado Realty (VNO) earnings time is at Feb 17, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VNO EPS forecast?
VNO EPS forecast for the fiscal quarter 2024 (Q4) is -0.02.
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