Vornado Q4 2024 Earnings Report

Key Takeaways

Vornado Realty Trust reported a net income of $1.2 million for Q4 2024, a significant improvement from the $61 million net loss in Q4 2023. Adjusted funds from operations (FFO) stood at $122.2 million, a slight decline from $123.8 million in the prior year. Revenue reached $457.8 million, reflecting an increase from Q4 2023. The company saw fluctuations in its leasing activity and occupancy rates across its properties.

Total Revenue

$458M

Previous year: $442M

+3.6%

EPS

$0.61

Previous year: $0.63

-3.2%

NY Office Occupancy

87.6%

Previous year: 88.8%

-1.4%

NY Retail Occupancy

73.7%

Previous year: 80.1%

-8.0%

Total NY Occupancy

88.8%

Previous year: 87.6%

+1.4%

Cash and Equivalents

$950M

Previous year: $1.26B

-24.7%

Free Cash Flow

$206M

Previous year: $211M

-2.4%

Total Assets

$16B

Previous year: $16.2B

-1.2%

Vornado Revenue

Vornado EPS

Vornado Revenue by Geographic Location

Forward Guidance

Vornado expects continued leasing challenges but remains optimistic about its asset portfolio and long-term strategy.

Positive Outlook

Continued improvement in net income.
Strong leasing performance in select properties.
Strategic asset repositioning efforts progressing.
Focus on operational efficiency improvements.
Diversified portfolio providing stability.

Challenges Ahead

Slight decline in adjusted FFO compared to Q4 2023.
Leasing challenges in certain markets.
Higher interest expenses impacting profitability.
Declining occupancy rates in key properties.
Potential macroeconomic headwinds affecting demand.