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Mar 31, 2021
Vornado Q1 2021 Earnings Report
Vornado's financial performance remained under pressure due to the COVID-19 pandemic, but showed signs of recovery with increased leasing activity.
Key Takeaways
Vornado Realty Trust reported a net income of $4.1 million, or $0.02 per diluted share, for the quarter ended March 31, 2021. FFO attributable to common shareholders plus assumed conversions was $118.4 million, or $0.62 per diluted share. The company continued to be impacted by the COVID-19 pandemic, but leasing activity showed positive signs.
Net income attributable to common shareholders was $4.1 million, or $0.02 per diluted share.
FFO attributable to common shareholders plus assumed conversions was $118.4 million, or $0.62 per diluted share.
Collected 96% of rent due from tenants, with 97% from office tenants and 90% from retail tenants.
COVID-19 pandemic continues to adversely affect business, including lower rental income and potential occupancy declines.
Vornado
Vornado
Vornado Revenue by Geographic Location
Revenue by Geographic Location
New York Revenue
CapyFin.com Forward Guidance
The impact of the COVID-19 pandemic on Vornado's financial condition and operating results remains highly uncertain but that impact has been and may continue to be material.
Challenges Ahead
- Lower rental income
- Potentially lower occupancy levels at properties
- Less cash flow available for operating costs
- Less cash flow to pay indebtedness
- Less cash flow for distribution to shareholders