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Sep 30, 2021
Vornado Q3 2021 Earnings Report
Vornado's financial performance decreased in Q3 2021 compared to the previous year. Net income and FFO were lower, but strategic acquisitions and dispositions were made.
Key Takeaways
Vornado Realty Trust reported a decrease in net income attributable to common shareholders for Q3 2021, with $37.689 million, or $0.20 per diluted share, compared to $53.170 million, or $0.28 per diluted share, for the prior year's quarter. The company completed the acquisition of its partner's ownership interest in One Park Avenue and sold three Manhattan retail properties. Leasing activity continued across New York Office and Retail spaces, as well as theMART and 555 California Street.
Net income attributable to common shareholders was $37.689 million, or $0.20 per diluted share.
FFO attributable to common shareholders plus assumed conversions was $158.286 million, or $0.82 per diluted share.
Increased ownership in One Park Avenue to 100% by acquiring joint venture partner's interest.
Same store NOI at share increased by 4.1% compared to the same period last year.
Revenue by Geographic Location
Forward Guidance
The report does not contain specific forward guidance. It mentions Alexander's will recognize its share of the net gain from the sale of its Paramus, New Jersey property in the fourth quarter of 2021 and expects to close the sale of two Manhattan retail properties in the first quarter of 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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