Vornado's Q3 FFO & Revenues Beat Estimates, Same-Store NOI Declines

Zacks11-06

$Vornado Realty Trust(VNO-N)$’s VNO third-quarter 2024 funds from operations (FFO) plus assumed conversions, on an adjusted basis, were 52 cents per share, which beat the Zacks Consensus Estimate of ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVornado's Q3 FFO & Revenues Beat Estimates, Same-Store NOI Declines\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-06 00:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/vornados-q3-ffo-revenues-beat-162000648.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>$Vornado Realty Trust(VNO-N)$’s VNO third-quarter 2024 funds from operations (FFO) plus assumed conversions, on an adjusted basis, were 52 cents per share, which beat the Zacks Consensus Estimate of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/vornados-q3-ffo-revenues-beat-162000648.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://finance.yahoo.com/news/vornados-q3-ffo-revenues-beat-162000648.html","article_id":"2481763605","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/qNOh8d9wtxFHvMEOQUQUbw--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/af8fd4b9c9b0c51ea9545a6b3ba63398"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481763605","pubTimestamp":1730823600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Vornado Realty Trust’s VNO third-quarter 2024 funds from operations  plus assumed conversions, on an adjusted basis, were 52 cents per share, which beat the Zacks Consensus Estimate of 51 cents. However, the figure declined 21.2% year over year.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The results displayed better-than-anticipated top-line growth. Vornado witnessed decent leasing activity during the quarter. However, total same-store net operating income  declined year over year.Total revenues came in at $443.3 million in the reported quarter, which beat the Zacks Consensus Estimate of $440.7 million. However, on a year-over-year basis, revenues declined nearly 1.7%.In the reported quarter, total same-store NOI  came in at $247.8 million compared with $270.6 million in the prior-year quarter. The metric for the New York, THE MART and 555 California Street portfolios decreased 9%, 2.8% and 4.7%, respectively, from the prior-year period.At 555 California St","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"Vornado第三季度FFO和收入超出预期，同店NOI下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VNO":1},"content_text":"$Vornado Realty Trust(VNO-N)$’s VNO third-quarter 2024 funds from operations (FFO) plus assumed conversions, on an adjusted basis, were 52 cents per share, which beat the Zacks Consensus Estimate of 51 cents. However, the figure declined 21.2% year over year.\nStay up-to-date with all quarterly releases: See Zacks Earnings Calendar.\nThe results displayed better-than-anticipated top-line growth. Vornado witnessed decent leasing activity during the quarter. However, total same-store net operating income (NOI) declined year over year.\nTotal revenues came in at $443.3 million in the reported quarter, which beat the Zacks Consensus Estimate of $440.7 million. However, on a year-over-year basis, revenues declined nearly 1.7%.\nVornado’s Quarter in Detail\nIn the reported quarter, total same-store NOI (at share) came in at $247.8 million compared with $270.6 million in the prior-year quarter. The metric for the New York, THE MART and 555 California Street portfolios decreased 9%, 2.8% and 4.7%, respectively, from the prior-year period.\nInterest expenses rose 14.5% year over year to $100.9 million.\nDuring the quarter, in the New York office portfolio, 454,000 square feet of office space (292,000 square feet at share) was leased for an initial rent of $92.32 per square foot and a weighted average lease term of 9.7 years. The tenant improvements and leasing commissions were $9.93 per square foot per annum or 10.8% of the initial rent.\nIn the New York retail portfolio, 97,000 square feet were leased (92,000 square feet at share) at an initial rent of $66.26 per square foot and a weighted average lease term of 10.8 years. The tenant improvements and leasing commissions were $3.83 per square foot per annum or 5.8% of the initial rent.\nAt THE MART, 239,000 square feet of space (all at share) was leased for an initial rent of $50.18 per square foot and a weighted average lease term of 8.4 years. The tenant improvements and leasing commissions were $13.19 per square foot per annum or 26.3% of the initial rent.\nAt 555 California Street, 46,000 square feet of office space (33,000 square feet at share) was leased for an initial rent of $98.75 per square foot and a weighted average lease term of 11.6 years. The tenant improvements and leasing commissions were $19.41 per square foot per annum or 19.7% of the initial rent.\nVornado ended the quarter with occupancy in the New York portfolio at 86.7%, down 320 basis points (bps) year over year. Occupancy in THE MART was 79.7%, up 290 bps year over year. Occupancy in 555 California Street remained unchanged at 94.5%.\nVornado’s Balance Sheet\nVornado exited the third quarter of 2024 with cash and cash equivalents of $783.6 million, down 10.2% from $872.6 million as of June 30, 2024.\nVornado currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\n\nVornado Realty Trust Price, Consensus and EPS Surprise\n\nVornado Realty Trust price-consensus-eps-surprise-chart | Vornado Realty Trust Quote\n\nPerformance of Other REITs\nHighwoods Properties Inc. HIW reported a third-quarter 2024 FFO per share of 90 cents, which beat the Zacks Consensus Estimate of 88 cents. However, the figure was lower than the prior-year quarter’s 93 cents.\nQuarterly results reflected healthy leasing activity with rent growth amid rising demand for premium office spaces. However, higher interest expenses undermined the results to an extent. HIW raised its outlook for 2024.\nCousins Properties’ CUZ third-quarter 2024 FFO per share of 67 cents was in line with the Zacks Consensus Estimate.  The figure improved 3.1% on a year-over-year basis.\nThe results reflected strong leasing activity and higher rent realizations amid rising demand for office spaces. However, a rise in interest expenses year over year undermined the results to some extent. CUZ also raised its 2024 outlook for FFO per share.\nNote: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nHighwoods Properties, Inc. (HIW) : Free Stock Analysis Report\nVornado Realty Trust (VNO) : Free Stock Analysis Report\nCousins Properties Incorporated (CUZ) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481763605"}