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Vornado (VNO) Q4 FFO Tops, Revenues Dip on Lower Occupancy
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Vornado Realty Trust (VNO - Free Report) reported fourth-quarter 2020 funds from operations (FFO) plus assumed conversions as adjusted of 66 cents per share, surpassing the Zacks Consensus Estimate of 64 cents. The reported figure, however, plunged 34.8% year over year.
While lower interest expenses aided the bottom line, a decline in same-store net operating income (NOI) in the New York portfolio and theMART affected the company’s quarterly results.
Total revenues were $376.4 million in the reported quarter, outpacing the Zacks Consensus Estimate of $362.8 million. However, the revenue figure compares unfavorably with the year-ago number of $460.9 million.
For the reported quarter, the company collected 95% of the rent, excluding deferrals. This comprised collections of 97% from its office tenants and 88% from retail tenants.
For 2020, the company reported FFO plus assumed conversions as adjusted of $2.53 per share, down 27.5% from the prior year’s $3.49. The reported figure, nonetheless, outpaced the Zacks Consensus Estimate of $2.51. Total revenues of $1.52 billion decreased 20.6% year over year.
Same-store NOI for 2020 decreased 13.8% from the year-ago period.
Behind the Headline Numbers
In the New York portfolio, 163,000 square feet of office space (144,000 square feet of space at share) and 175,000 square feet of retail space (125,000 square feet at share) were leased during the December-end quarter. Also, 62,000 square feet of area (all at share) was leased at theMart and 271,000 square feet of space was leased at 555 California Street (190,000 square feet at share).
At the end of the fourth quarter, occupancy in the New York portfolio was 92.1%, which shrunk 460 basis points (bps) year over year. Occupancy in theMART was 89.5%, down 510 bps year over year. Furthermore, occupancy in 555 California Street was 98.4%, down 140 bps year over year.
Moreover, during the reported quarter, total same-store NOI decreased 11.3% year over year. Same-store NOI in the company’s 555 California Street inched up 0.2%. However, same-store NOI at theMART and the New York portfolio declined 24.2% and 10.8%, respectively.
In the fourth quarter, Vornado closed the sale of five condominium units at 220 CPS for net proceeds of $110.06 million. This resulted in a financial statement net gain of $42.4 million.
As of Dec 31, 2020, the company had $1.62 billion of cash and cash equivalents, up from $1.52 billion reported as of Dec 31, 2019.
Vornado currently carries a Zacks Rank #5 (Strong Sell).
Equinix’s (EQIX - Free Report) fourth-quarter 2020 adjusted FFO per share was $5.76, beating the Zacks Consensus Estimate of $5.65. The figure also improved 4.5% from the year-ago quarter’s $5.51.
Healthpeak Properties, Inc. reported fourth-quarter 2020 FFO as adjusted per share of 41 cents, surpassing the Zacks Consensus Estimate of 40 cents. However, the reported figure compared unfavorably with FFO as adjusted of 44 cents per share recorded in the prior-year quarter.
Highwoods Properties, Inc.’s (HIW - Free Report) fourth-quarter 2020 FFO per share of 87 cents missed the Zacks Consensus Estimate of 88 cents. Also, the reported figure declined 4.4% from 91 cents recorded in the year-ago period.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Vornado (VNO) Q4 FFO Tops, Revenues Dip on Lower Occupancy
Vornado Realty Trust (VNO - Free Report) reported fourth-quarter 2020 funds from operations (FFO) plus assumed conversions as adjusted of 66 cents per share, surpassing the Zacks Consensus Estimate of 64 cents. The reported figure, however, plunged 34.8% year over year.
While lower interest expenses aided the bottom line, a decline in same-store net operating income (NOI) in the New York portfolio and theMART affected the company’s quarterly results.
Total revenues were $376.4 million in the reported quarter, outpacing the Zacks Consensus Estimate of $362.8 million. However, the revenue figure compares unfavorably with the year-ago number of $460.9 million.
For the reported quarter, the company collected 95% of the rent, excluding deferrals. This comprised collections of 97% from its office tenants and 88% from retail tenants.
For 2020, the company reported FFO plus assumed conversions as adjusted of $2.53 per share, down 27.5% from the prior year’s $3.49. The reported figure, nonetheless, outpaced the Zacks Consensus Estimate of $2.51. Total revenues of $1.52 billion decreased 20.6% year over year.
Same-store NOI for 2020 decreased 13.8% from the year-ago period.
Behind the Headline Numbers
In the New York portfolio, 163,000 square feet of office space (144,000 square feet of space at share) and 175,000 square feet of retail space (125,000 square feet at share) were leased during the December-end quarter. Also, 62,000 square feet of area (all at share) was leased at theMart and 271,000 square feet of space was leased at 555 California Street (190,000 square feet at share).
At the end of the fourth quarter, occupancy in the New York portfolio was 92.1%, which shrunk 460 basis points (bps) year over year. Occupancy in theMART was 89.5%, down 510 bps year over year. Furthermore, occupancy in 555 California Street was 98.4%, down 140 bps year over year.
Moreover, during the reported quarter, total same-store NOI decreased 11.3% year over year. Same-store NOI in the company’s 555 California Street inched up 0.2%. However, same-store NOI at theMART and the New York portfolio declined 24.2% and 10.8%, respectively.
In the fourth quarter, Vornado closed the sale of five condominium units at 220 CPS for net proceeds of $110.06 million. This resulted in a financial statement net gain of $42.4 million.
As of Dec 31, 2020, the company had $1.62 billion of cash and cash equivalents, up from $1.52 billion reported as of Dec 31, 2019.
Vornado currently carries a Zacks Rank #5 (Strong Sell).
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You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITS
Equinix’s (EQIX - Free Report) fourth-quarter 2020 adjusted FFO per share was $5.76, beating the Zacks Consensus Estimate of $5.65. The figure also improved 4.5% from the year-ago quarter’s $5.51.
Healthpeak Properties, Inc. reported fourth-quarter 2020 FFO as adjusted per share of 41 cents, surpassing the Zacks Consensus Estimate of 40 cents. However, the reported figure compared unfavorably with FFO as adjusted of 44 cents per share recorded in the prior-year quarter.
Highwoods Properties, Inc.’s (HIW - Free Report) fourth-quarter 2020 FFO per share of 87 cents missed the Zacks Consensus Estimate of 88 cents. Also, the reported figure declined 4.4% from 91 cents recorded in the year-ago period.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
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