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Vornado Realty (VNO)
NYSE:VNO
Earnings Data
Report Date
Aug 04, 2025TBA Not Confirmed
Period Ending
2025 (Q2)Consensus EPS Forecast
0.12Last Year’s EPS
0.18Same Quarter Last Year
Based on 11 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:May 05, 2025
|% Change Since: 5.78%
|Next Earnings Date:Aug 04, 2025
Earnings Call Sentiment|Positive
The earnings call reflects a positive outlook with strong financial performance, major lease agreements, and successful sales and financing activities. Despite some market volatility and a temporary decline in occupancy, the company has demonstrated resilience and growth potential.Company Guidance
During Vornado Realty Trust's first-quarter 2025 earnings call, several key metrics and financial activities were discussed, highlighting the company's strong performance and strategic actions. Comparable Funds from Operations (FFO) for the quarter was reported at $0.63 per share, an $0.08 increase from the previous year, and $0.09 above consensus expectations. The overall GAAP same-store Net Operating Income (NOI) rose by 3.5%, with significant leasing activity totaling over 1 million square feet, including a major 337,000 square foot lease with Universal Music Group at PENN 2. The company achieved record-breaking sale prices, such as the $20,000 per square foot UNIQLO sale at 666 Fifth Avenue, contributing $342 million in net proceeds. Additionally, Vornado completed a $450 million financing at 1535 Broadway, bolstering its cash reserves to $1.4 billion, alongside undrawn credit lines of $1.6 billion, resulting in a total liquidity of $3 billion. The NYU transaction at 770 Broadway was also highlighted, with a prepaid rent payment of $935 million, contributing to a projected annual accretion of $25 million. Vornado's strategic maneuvers led to a $915 million debt reduction and a $500 million cash increase, with the company's retail JV preferred equity reduced from $1,828 million to $1,079 million. These actions are expected to boost GAAP earnings by approximately $36 million, with significant growth anticipated over the next several years, particularly from the lease-up of PENN 1 and PENN 2, projected to increase NOI by $125 million and $50 million, respectively.Strong Stock Performance
Vornado Realty Trust's stock increased by 49% in 2024 after a 36% rise in 2023, outperforming other CBD office companies despite a year-end decline of 12%.
Record-Breaking Sale
Completed the UNIQLO sale at 666 Fifth Avenue at a record-breaking $20,000 per square foot, generating $342 million in net proceeds.
Successful Financing
Completed a $450 million financing at 1535 Broadway, generating $407 million in cash during a volatile market.
Positive Ground Lease Arbitration Outcome
Received a favorable ruling on the PENN 1 ground lease rent reset arbitration, reducing annual rent from $26.2 billion to $15 million.
Major Lease Agreements
Finalized a major 337,000 square foot lease in PENN 2 with Universal Music Group and completed a master lease with NYU at 770 Broadway for 1.1 million square feet.
Increased Liquidity
Reduced debt by $915 million and increased cash by $500 million, leading to a robust liquidity position of $3 billion.
Strong Financial Performance
First-quarter comparable FFO was $0.63 per share, an increase of $0.08 from the previous year and $0.09 higher than consensus.
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VNO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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VNO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 05, 2025 | $37.00 | $38.36 | +3.68% |
Feb 10, 2025 | $42.37 | $42.69 | +0.76% |
Nov 04, 2024 | $41.22 | $42.04 | +1.99% |
Aug 05, 2024 | $26.82 | $30.21 | +12.64% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Vornado Realty (VNO) report earnings?
Vornado Realty (VNO) is schdueled to report earning on Aug 04, 2025, TBA Not Confirmed.
What is Vornado Realty (VNO) earnings time?
Vornado Realty (VNO) earnings time is at Aug 04, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VNO EPS forecast?
VNO EPS forecast for the fiscal quarter 2025 (Q2) is 0.12.
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