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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.
Revenue by Geographic Location
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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