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Sep 30, 2020
Vornado Q3 2020 Earnings Report
Vornado's financial performance was impacted by the COVID-19 pandemic, resulting in decreased net income and adjusted non-GAAP net loss for the quarter ended September 30, 2020.
Key Takeaways
Vornado Realty Trust reported a net income of $53.17 million, or $0.28 per diluted share, for the quarter ended September 30, 2020. However, adjusting for items that impact period-to-period comparability, the adjusted non-GAAP net loss was $16.613 million, or $0.09 per diluted share. The company's business has been adversely affected by the COVID-19 pandemic, leading to lower rental income and occupancy levels.
Net income attributable to common shareholders was $53.17 million, or $0.28 per diluted share.
Adjusted non-GAAP net loss attributable to common shareholders was $16.613 million, or $0.09 per diluted share.
FFO attributable to common shareholders plus assumed conversions (non-GAAP) was $278.507 million, or $1.46 per diluted share.
COVID-19 pandemic has adversely affected the business, resulting in lower rental income and occupancy levels.
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 the impact could be material.
Challenges Ahead
- Lower rental income
- Potentially lower occupancy levels at our properties
- Less cash flow available for operating costs
- Less cash flow to pay our indebtedness
- Less cash flow for distribution to our shareholders
Historical Earnings Impact
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Avg. Return Before/After Earnings
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