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Vornado Realty Trust - Stock Quote VNO

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Morningstar's Vornado Realty Trust Stock Analysis

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Vornado's Q1 Results Are in Line With Our Expectations; We Maintain Our $47.50 Fair Value Estimate

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

No-moat-rated Vornado Realty Trust's first-quarter results were largely in line with our expectations. The firm reported adjusted funds from operations of $0.79 per share compared with $0.65 per share in the first quarter of 2021. The year-over-year increase in FFO was primarily on the back of rent commencement on new office and retail leases and the continued recovery of the variable businesses. Meanwhile, overall same-store cash net operating income was down 1.4% on a sequential basis and up 5.8% year over year. Retail same-store cash NOI was up 32% compared with the previous year, primarily because of the rent commencement of new leases.

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Vornado Realty Trust's Company Profile

Business Description

Vornado owns and has ownership interest in Class A office and retail properties highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. It operates as a real estate investment trust.

888 Seventh Avenue
New York, NY, 10019
T +1 212 894-7000
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 3,224

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