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Vornado Realty Trust (VNO - Free Report) reported first-quarter 2020 funds from operations (FFO) plus assumed conversions as adjusted of 72 cents per share, missing the Zacks Consensus Estimate of 76 cents. The reported figure declined 8.9% year over year.
Total same-store net operating income (NOI) in the New York portfolio as well as at theMART impacted the company’s performance in the first quarter.
Total revenues were $444.5 million in the reported quarter, outpacing the Zacks Consensus Estimate of $429.7 million. However, the revenue figure compared unfavorably with the year-ago number of $534.7 million.
Behind the Headline Numbers
In the New York portfolio, 311,000 square feet of office space (297,000 square feet of space at share) and 15,000 square feet of retail space (13,000 square feet of space at share) were leased during the March-end quarter. Also, 231,000 square feet of area was leased at theMart and 6,000 square feet of space was leased at 555 California Street (4,000 square feet at share).
At the end of the first quarter, occupancy in the New York portfolio was 96.7%, flat sequentially, and expanding 70 basis points (bps) year over year. Occupancy in theMART was 91.9%, down 270 bps sequentially and 250 bps year over year. Furthermore, occupancy in 555 California Street was 99.8%, flat sequentially but up 40 bps year over year.
During the reported period, total same-store NOI decreased 2.5% year over year. In fact, same-store NOI in the company’s 555 California Street improved 5.6%. The same at theMART and New York portfolio declined 13.3% and 1.9%, respectively.
During the January-March period, Vornado closed the sale of seven condominium units at 220 CPS for net proceeds amounting to $191.2 million. This resulted in a financial statement net gain of $68.6 million.
As of Mar 31, 2020, Vornado had $1.59 million of cash and cash equivalents, up from the $1.51 million reported as of the prior-year end.
Vornado Realty Trust Price, Consensus and EPS Surprise
We are now looking forward to Equinix (EQIX - Free Report) , Extra Space Storage (EXR - Free Report) and Welltower, Inc. (WELL - Free Report) ,which are slated to report their first-quarter earnings numbers on May 6.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Vornado (VNO) Q1 FFO Misses Estimates, Revenues Surpass
Vornado Realty Trust (VNO - Free Report) reported first-quarter 2020 funds from operations (FFO) plus assumed conversions as adjusted of 72 cents per share, missing the Zacks Consensus Estimate of 76 cents. The reported figure declined 8.9% year over year.
Total same-store net operating income (NOI) in the New York portfolio as well as at theMART impacted the company’s performance in the first quarter.
Total revenues were $444.5 million in the reported quarter, outpacing the Zacks Consensus Estimate of $429.7 million. However, the revenue figure compared unfavorably with the year-ago number of $534.7 million.
Behind the Headline Numbers
In the New York portfolio, 311,000 square feet of office space (297,000 square feet of space at share) and 15,000 square feet of retail space (13,000 square feet of space at share) were leased during the March-end quarter. Also, 231,000 square feet of area was leased at theMart and 6,000 square feet of space was leased at 555 California Street (4,000 square feet at share).
At the end of the first quarter, occupancy in the New York portfolio was 96.7%, flat sequentially, and expanding 70 basis points (bps) year over year. Occupancy in theMART was 91.9%, down 270 bps sequentially and 250 bps year over year. Furthermore, occupancy in 555 California Street was 99.8%, flat sequentially but up 40 bps year over year.
During the reported period, total same-store NOI decreased 2.5% year over year. In fact, same-store NOI in the company’s 555 California Street improved 5.6%. The same at theMART and New York portfolio declined 13.3% and 1.9%, respectively.
During the January-March period, Vornado closed the sale of seven condominium units at 220 CPS for net proceeds amounting to $191.2 million. This resulted in a financial statement net gain of $68.6 million.
As of Mar 31, 2020, Vornado had $1.59 million of cash and cash equivalents, up from the $1.51 million reported as of the prior-year end.
Vornado Realty Trust Price, Consensus and EPS Surprise
Vornado Realty Trust price-consensus-eps-surprise-chart | Vornado Realty Trust Quote
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We are now looking forward to Equinix (EQIX - Free Report) , Extra Space Storage (EXR - Free Report) and Welltower, Inc. (WELL - Free Report) ,which are slated to report their first-quarter earnings numbers on May 6.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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