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Vornado's (VNO) FFO and Revenues Surpass Estimates in Q4
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Vornado Realty Trust’s (VNO - Free Report) fourth-quarter 2021 funds from operations (FFO) plus assumed conversions as adjusted of 81 cents per share topped the Zacks Consensus Estimate of 74 cents. The reported figure improved 19.1% from the year-ago quarter’s 68 cents.
Vornado’s results display growth in the same-store net operating income (NOI) from the year-ago quarter’s reported figure in the New York portfolio and 555 California Street, partially offset by a decline in the theMART.
Total revenues came in at $421.1 million in the reported quarter, surpassing the Zacks Consensus Estimate of $414.1 million. Further, revenues compare favorably with the year-ago number of $376.4 million.
For the full year, adjusted FFO per share came in at $2.86, higher than the prior-year tally of $2.62 and the Zacks Consensus Estimate of $2.80. This was backed by 4% growth in total revenues to $1.59 billion.
Behind the Headline Numbers
In the New York portfolio, 954,000 square feet of office space (852,000 square feet at share) and 54,000 square feet of retail space (50,000 square feet at share) were leased during the fourth quarter. Also, 28,000 square feet of area (all at share) was leased at theMART.
At the end of the fourth quarter, occupancy in the New York portfolio was 91.3%, down from 92.2% witnessed at the prior year’s quarter-end. Occupancy in theMART was 88.9%, down from 89.5% reported as of Dec 31, 2020. Additionally, occupancy in 555 California Street was 93.8%, down from the prior-year quarter’s 98.4%.
In the reported quarter, total same-store NOI (at share) improved 5.9% year over year. While the metric at theMART dropped 6.6%, the same at the New York portfolio increased 6.2%. The same-store NOI in Vornado’s 555 California Street climbed 15.6%.
As of Dec 31, 2021, VNO had $1.76 billion of cash and cash equivalents, up from $1.62 billion reported as of Dec 31, 2020.
Vornado currently carries a Zacks Rank #5 (Sell).
Vornado Realty Trust Price, Consensus and EPS Surprise
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported an adjusted FFO of $1.97 per share for fourth-quarter 2021, up 7.1% from the year-ago quarter’s $1.84. The figure surpassed the Zacks Consensus Estimate of $1.96.
The year-over-year improvement in ARE’s FFO resulted from 24.4% top-line growth to $576.9 million. Results reflected decent internal growth. Alexandria witnessed a continued healthy leasing activity and rental rate growth during the quarter.
Mid-America Apartment Communities, Inc. (MAA - Free Report) , commonly referred to as MAA, reported fourth-quarter 2021 core FFO per share of $1.90, surpassing the Zacks Consensus Estimate of $1.87. The reported number increased 15.2% from the year-ago figure of $1.57.
MAA’s quarterly results were driven by an increase in the average effective rent per unit for the same-store portfolio. The average physical occupancy for the same-store portfolio also increased year over year.
Equity Residential’s (EQR - Free Report) fourth-quarter 2021 normalized FFO per share of 82 cents outpaced the Zacks Consensus Estimate of 80 cents. Rental income of $645.1 million also beat the consensus mark of $628.6 million.
On a year-over-year basis, Equity Residential’s normalized FFO per share improved 7.9%, while rental income rose 5.2%. EQR’s results were driven by a strong physical occupancy, a substantially improved pricing power and higher non-Residential revenues.
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's (VNO) FFO and Revenues Surpass Estimates in Q4
Vornado Realty Trust’s (VNO - Free Report) fourth-quarter 2021 funds from operations (FFO) plus assumed conversions as adjusted of 81 cents per share topped the Zacks Consensus Estimate of 74 cents. The reported figure improved 19.1% from the year-ago quarter’s 68 cents.
Vornado’s results display growth in the same-store net operating income (NOI) from the year-ago quarter’s reported figure in the New York portfolio and 555 California Street, partially offset by a decline in the theMART.
Total revenues came in at $421.1 million in the reported quarter, surpassing the Zacks Consensus Estimate of $414.1 million. Further, revenues compare favorably with the year-ago number of $376.4 million.
For the full year, adjusted FFO per share came in at $2.86, higher than the prior-year tally of $2.62 and the Zacks Consensus Estimate of $2.80. This was backed by 4% growth in total revenues to $1.59 billion.
Behind the Headline Numbers
In the New York portfolio, 954,000 square feet of office space (852,000 square feet at share) and 54,000 square feet of retail space (50,000 square feet at share) were leased during the fourth quarter. Also, 28,000 square feet of area (all at share) was leased at theMART.
At the end of the fourth quarter, occupancy in the New York portfolio was 91.3%, down from 92.2% witnessed at the prior year’s quarter-end. Occupancy in theMART was 88.9%, down from 89.5% reported as of Dec 31, 2020. Additionally, occupancy in 555 California Street was 93.8%, down from the prior-year quarter’s 98.4%.
In the reported quarter, total same-store NOI (at share) improved 5.9% year over year. While the metric at theMART dropped 6.6%, the same at the New York portfolio increased 6.2%. The same-store NOI in Vornado’s 555 California Street climbed 15.6%.
As of Dec 31, 2021, VNO had $1.76 billion of cash and cash equivalents, up from $1.62 billion reported as of Dec 31, 2020.
Vornado currently carries a Zacks Rank #5 (Sell).
Vornado Realty Trust Price, Consensus and EPS Surprise
Vornado Realty Trust price-consensus-eps-surprise-chart | Vornado Realty Trust Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITs
Alexandria Real Estate Equities, Inc. (ARE - Free Report) reported an adjusted FFO of $1.97 per share for fourth-quarter 2021, up 7.1% from the year-ago quarter’s $1.84. The figure surpassed the Zacks Consensus Estimate of $1.96.
The year-over-year improvement in ARE’s FFO resulted from 24.4% top-line growth to $576.9 million. Results reflected decent internal growth. Alexandria witnessed a continued healthy leasing activity and rental rate growth during the quarter.
Mid-America Apartment Communities, Inc. (MAA - Free Report) , commonly referred to as MAA, reported fourth-quarter 2021 core FFO per share of $1.90, surpassing the Zacks Consensus Estimate of $1.87. The reported number increased 15.2% from the year-ago figure of $1.57.
MAA’s quarterly results were driven by an increase in the average effective rent per unit for the same-store portfolio. The average physical occupancy for the same-store portfolio also increased year over year.
Equity Residential’s (EQR - Free Report) fourth-quarter 2021 normalized FFO per share of 82 cents outpaced the Zacks Consensus Estimate of 80 cents. Rental income of $645.1 million also beat the consensus mark of $628.6 million.
On a year-over-year basis, Equity Residential’s normalized FFO per share improved 7.9%, while rental income rose 5.2%. EQR’s results were driven by a strong physical occupancy, a substantially improved pricing power and higher non-Residential revenues.
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.