https://assets.capyfin.com/instruments/678fdc13234e27009c5d5b82.png avatar
Vornado
🇺🇸 NYSE:VNO
View Company
OverviewEarningsDividends
•
Mar 31, 2020

Vornado Q1 2020 Earnings Report

Vornado's financial performance was impacted by the COVID-19 pandemic, resulting in decreased net income and FFO compared to the prior year's quarter.

Key Takeaways

Vornado Realty Trust reported a decrease in net income attributable to common shareholders for the quarter ended March 31, 2020, with $4,963,000 or $0.03 per diluted share, compared to $181,488,000, or $0.95 per diluted share, for the prior year's quarter. Funds From Operations (FFO) attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter was $130,360,000, or $0.68 per diluted share, compared to $247,684,000, or $1.30 per diluted share, for the prior year's quarter. The company's properties were adversely affected by the COVID-19 pandemic and preventive measures, including retail store closures, remote work for office tenants, temporary closure of the Hotel Pennsylvania, and postponement of trade shows at theMART.

Net income attributable to common shareholders decreased to $4.96 million, or $0.03 per diluted share.

Adjusted net income attributable to common shareholders (non-GAAP) was $20.23 million, or $0.11 per diluted share.

FFO attributable to common shareholders plus assumed conversions (non-GAAP) decreased to $130.36 million, or $0.68 per diluted share.

Adjusted FFO attributable to common shareholders plus assumed conversions (non-GAAP) was $137.57 million, or $0.72 per diluted share.

Total Revenue
$445M
Previous year: $535M
-16.9%
EPS
$0.72
Previous year: $0.79
-8.9%
NY Office Occupancy
0.98%
The Mart Occupancy
0.97%
555 California St Occupancy
1%
Gross Profit
$215M
Previous year: $288M
-25.5%
Cash and Equivalents
$1.59B
Previous year: $307M
+416.8%
Total Assets
$18.2B
Previous year: $17.6B
+3.2%

Vornado

Vornado

Vornado Revenue by Geographic Location

Forward Guidance

The impact of COVID-19 on Vornado's financial condition and operating results remains highly uncertain but the impact could be material.

Positive Outlook

  • Closings on the sale of condominium units at 220 Central Park South have continued.
  • Collected substantially all of the rent due for March 2020.
  • Collected 90% of rent due from our office tenants for the month of April 2020.
  • Collected 53% of the rent due from our retail tenants for the month of April 2020.
  • Aggregate rent collection was 83%.

Challenges Ahead

  • Properties, concentrated in New York City, Chicago and San Francisco, have been adversely affected as a result of the COVID-19 pandemic.
  • Substantially all retail tenants have closed stores and many are seeking rent relief.
  • Substantially all office tenants are working remotely.
  • The Hotel Pennsylvania has been temporarily closed.
  • Trade shows at theMART have been postponed for the remainder of 2020.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Vornado