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Mar 31, 2023
Vornado Q1 2023 Earnings Report
Vornado's financial performance declined in the first quarter of 2023 compared to the previous year.
Key Takeaways
Vornado Realty Trust reported a decrease in net income attributable to common shareholders for Q1 2023, with $5,168,000, or $0.03 per diluted share, compared to $26,478,000, or $0.14 per diluted share in the prior year's quarter. FFO attributable to common shareholders plus assumed conversions also decreased to $119,083,000, or $0.61 per diluted share, from $154,908,000, or $0.80 per diluted share in the same period last year.
Net income attributable to common shareholders decreased to $5,168,000, or $0.03 per diluted share.
Non-GAAP net income attributable to common shareholders was $2,373,000, or $0.01 per diluted share.
FFO attributable to common shareholders plus assumed conversions decreased to $119,083,000, or $0.61 per diluted share.
The company postponed dividends on its common shares until the end of 2023 and authorized a share repurchase program of up to $200,000,000.
Revenue by Geographic Location
Forward Guidance
Vornado plans to use cash retained from dividends or asset sales to reduce debt and/or fund share repurchases.
Positive Outlook
- Vornado completed agreements with Citadel for 350 Park Avenue.
- Citadel master leases 350 Park Avenue for ten years with an initial annual net rent of $36,000,000.
- Vornado entered into a joint venture with Rudin to purchase 39 East 51st Street.
- Board of Trustees has authorized the repurchase of up to $200,000,000 of its outstanding common shares under a newly established share repurchase program.
- Alexander's anticipates the closing of the sale in the second quarter of 2023 and will recognize a financial statement gain of approximately $54,000,000.
Challenges Ahead
- Vornado will postpone dividends on its common shares until the end of 2023.
- Increase in interest rates and inflation.
- Continuing effect of the COVID-19 pandemic on our business.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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