Vornado Q1 2024 Earnings Report

Vornado's financial performance declined in the first quarter of 2024 due to decreased NOI and lease expirations.

Key Takeaways

Vornado Realty Trust reported a net loss of $9.034 million for Q1 2024, a decrease from the net income of $5.168 million in the same quarter of the previous year. FFO attributable to common shareholders plus assumed conversions was $104.129 million, down from $119.083 million in the prior year's quarter. Leasing activity included 291,000 square feet of New York Office space and 36,000 square feet of New York Retail space.

Net loss attributable to common shareholders was $9.034 million, or $0.05 per diluted share.

FFO attributable to common shareholders plus assumed conversions was $104.129 million, or $0.53 per diluted share.

Leasing activity included 291,000 square feet of New York Office space at an initial rent of $89.23 per square foot.

Same store NOI at share decreased by 4.8% compared to March 31, 2023.