Vornado Realty Trust (VNO)
Vornado price target raised to $48 from $42 at BofA
BofA analyst Camille Bonnel raised the firm's price target on Vornado to $48 from $42 and keeps a Neutral rating on the shares after the company announced a master lease with NYU for its 1.1M SF office space at 770 Broadway. The firm expects Vornado will lease most of the vacant space at PENN 2 over the next few quarters, which means rent will likely commence in 2026, and it raised it Vornado estimates, but reiterates a Neutral rating on valuation.
Vornado: A Full Recovery Is Priced In
Vornado Realty Trust is one of the largest office real estate REITs in the markets. VNO's Q3 results were in line with estimates but showed YoY declines in revenue and FFO/share, reflecting a challenging environment. The demand for office space remains weak due to the rise of remote work, with significant vacancy rates and new supply entering the market.
Vornado Realty Trust (VNO) Q3 2024 Earnings Call Transcript
Vornado Realty Trust (NYSE:VNO ) Q3 2024 Earnings Conference Call November 5, 2024 10:00 AM ET Company Participants Steven Borenstein - Senior Vice President and Corporate Counsel Steven Roth - Chairman and CEO Michael Franco - President and CFO Glen Weiss - Executive Vice President, Office Leasing and Co-Head, Real Estate Tom Sanelli - Executive Vice President, Finance and CAO Conference Call Participants John Kim - BMO Capital Markets Steve Sakwa - Evercore ISI Floris van Dijkum - Compass Point Dylan Burzinski - Green Street Capital Alexander Goldfarb - Piper Sandler Jeff Spector - Bank of America Michael Griffin - Citi Ronald Kamdem - Morgan Stanley Caitlin Burrows - Goldman Sachs Nick Yulico - Scotiabank Operator Good day. And welcome to the Vornado Realty Trust Third Quarter 2024 Earnings Call.
Vornado's Q3 FFO & Revenues Beat Estimates, Same-Store NOI Declines
VNO's Q3 results reflect better-than-anticipated revenues on decent leasing activity. However, total same-store NOI declines across the portfolio.
Compared to Estimates, Vornado (VNO) Q3 Earnings: A Look at Key Metrics
The headline numbers for Vornado (VNO) give insight into how the company performed in the quarter ended September 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Vornado (VNO) Surpasses Q3 FFO and Revenue Estimates
Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.52 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to FFO of $0.66 per share a year ago.
Gear Up for Vornado (VNO) Q3 Earnings: Wall Street Estimates for Key Metrics
Beyond analysts' top -and-bottom-line estimates for Vornado (VNO), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2024.
Office REITs Finally Turn Around. Vornado Is One Investor's Pick.
Jeffrey Kolitch of Baron Real Estate Fund is putting money into Vornado, an office REIT with high-end properties in New York City.
Vornado Rises 57.6% in Three Months: Will the Trend Last?
Tenants' healthy demand for premier office spaces and portfolio-repositioning initiatives is well-poised to support VNO's performance.
Medline to Expand at Vornado Realty's THE MART by 110,000 Square Feet
VNO securing of lease expansion with Medline at THE MART, Chicago, highlights healthy demand for the office-space building.
Should You Retain Vornado Realty Trust in Your Portfolio Now?
VNO's premium assets in select high-rent markets, portfolio-repositioning efforts and a healthy balance sheet augur well. However, high-interest expense ails.
Vornado (VNO) Up 9.2% Since Last Earnings Report: Can It Continue?
Vornado (VNO) reported earnings 30 days ago. What's next for the stock?
