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Sep 30, 2024

Vornado Q3 2024 Earnings Report

Vornado's financial performance for Q3 2024 resulted in a net loss, but FFO, as adjusted, remained positive.

Key Takeaways

Vornado Realty Trust reported a net loss attributable to common shareholders for the quarter ended September 30, 2024. However, Funds From Operations (FFO) attributable to common shareholders plus assumed conversions, as adjusted, was positive, although lower than the prior year's quarter.

Net loss attributable to common shareholders was $19.154 million, or $0.10 per diluted share.

FFO attributable to common shareholders plus assumed conversions was $99.256 million, or $0.50 per diluted share.

FFO attributable to common shareholders plus assumed conversions, as adjusted, was $102.755 million, or $0.52 per diluted share.

The company continued to engage in financing activities, including refinancing and extending mortgage loans.

Total Revenue
$443M
Previous year: $451M
-1.7%
EPS
$0.52
Previous year: $0.66
-21.2%
NY Office Occupancy
86.7%
Previous year: 89.9%
-3.6%
The Mart Occupancy
77.6%
Previous year: 76.8%
+1.0%
555 California St Occupancy
79.7%
Previous year: 94.5%
-15.7%
Gross Profit
$207M
Previous year: $217M
-4.7%
Cash and Equivalents
$784M
Previous year: $1B
-21.7%
Free Cash Flow
$105M
Previous year: $62.5M
+68.6%
Total Assets
$16.1B
Previous year: $16.5B
-2.2%

Vornado

Vornado

Vornado Revenue by Geographic Location

Forward Guidance

The company will host a quarterly earnings conference call and an audio webcast on Tuesday, November 5, 2024 at 10:00 a.m. Eastern Time (ET).