Office REIT Vornado Q3 net income swings to profit

Vornado Realty Trust

03/11/2025 21:43

Overview

Vornado Q3 net income at $11.6 mln, compared to net loss last year

FFO for Q3 rises to $117.4 mln, reflecting improved operational performance

Company purchased 623 Fifth Avenue for $218 mln, plans redevelopment

Outlook

Company did not provide specific guidance for future quarters or full year in press release

Result Drivers

NYU MASTER LEASE - Significant gain from the 770 Broadway master lease with NYU contributed to net income

ASSET SALES - Gains from sales of 666 Fifth Avenue and other properties boosted financial results

RENT REVERSAL - Reversal of PENN 1 rent expense following rent reset determination positively impacted net income

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
$0.57
Q3 EPS
$0.06
Q3 Adjusted FFO
$117.37 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 7 "hold" and 4 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy."

Wall Street's median 12-month price target for Vornado Realty Trust is $41.50, about 8.6% above its October 31 closing price of $37.94

The stock recently traded at 150 times the next 12-month earnings vs. a P/E of 214 three months ago

Press Release: ID:nGNX907j0j

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)