NYSE$VNO
Vornado Realty Trust · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Vornado's financial performance reflected a mix of strategic dispositions, leasing activities, and financing restructurings.
Vornado Realty Trust reported net income of $46.4 million, or $0.24 per diluted share, for the quarter ended June 30, 2023. The company completed the sale of the Rego Park III land parcel and restructured the 697-703 Fifth Avenue mortgage loan.
- Net income attributable to common shareholders was $46.4 million, or $0.24 per diluted share.
- FFO attributable to common shareholders plus assumed conversions was $144.1 million, or $0.74 per diluted share.
- Completed the purchase of 39 East 51st Street for $40 million through a joint venture.
- Completed a restructuring of the 697-703 Fifth Avenue $421 million non-recourse mortgage loan, reducing it to $355 million.
Headline financials
Revenue & EPS history
Vornado · Revenue · Quarterly
$472M
Forward guidance
Vornado announced the postponement of dividends on its common shares until the end of 2023, and authorized the repurchase of up to $200,000,000 of its outstanding common shares.
Tailwinds
- Cash retained from dividends or from asset sales will be used to reduce debt and/or to fund the share repurchase program.
- The Board of Trustees has authorized the repurchase of up to $200,000,000 of its outstanding common shares.
- Completed agreements with Citadel for 350 Park Avenue and 40 East 52nd Street.
- Vornado/Rudin JV completed the purchase of 39 East 51st Street for $40,000,000.
- Completed a $129,250,000 refinancing of 512 West 22nd Street.
Headwinds
- The company announced the postponement of dividends on its common shares until the end of 2023.
- There can be no assurance that the PENN District projects will be completed, completed on schedule or within budget.
- There can be no assurance that the Company will be successful in leasing the properties on the expected schedule or at the assumed rental rates.
- Sale of Manhattan Retail Properties is expected to recognize a financial statement loss of approximately $500,000.
- Increase in interest rates and inflation may impact the business, financial condition, and results of operations.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-0.2%
Avg return
Earnings day
+0.7%
Avg return
5 days after
-0.1%
Avg return
30 days after
50%
36 / 72 earnings
Positive
+10.7%
Q3 2020
Best reaction
-7.7%
Q1 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.2% | +8.5% | +17.8% | |
| Q4 2025 | +2.7% | -3.5% | -16.0% | |
| Q3 2025 | -4.8% | -1.4% | -6.0% | |
| Q1 2025 | +3.5% | +5.2% | +5.8% | |
| Q4 2024 | +0.8% | -0.1% | -16.5% | |
| Q3 2024 | +3.7% | +11.0% | +6.2% | |
| Q2 2024 | +7.8% | +8.8% | +18.2% | |
| Q1 2024 | -7.7% | -7.7% | -8.2% | |
| Q4 2023 | -6.6% | -1.4% | -1.7% | |
| Q3 2023 | -1.7% | +18.1% | +21.7% | |
| Q2 2023 | +1.7% | +2.6% | +8.2% | |
| Q1 2023 | -7.2% | -5.3% | -9.7% | |
| Q4 2022 | -0.3% | +6.1% | -16.3% | |
| Q3 2022 | -2.6% | -2.8% | +6.3% | |
| Q2 2022 | -3.4% | -9.0% | -13.7% | |
| Q1 2022 | +0.0% | -6.3% | -12.6% | |
| Q4 2021 | +5.5% | +7.7% | +9.6% | |
| Q3 2021 | +0.9% | +4.6% | -8.1% | |
| Q2 2021 | -2.3% | -1.8% | -1.7% | |
| Q1 2021 | +3.7% | +0.6% | +8.2% | |
| Q4 2020 | -3.3% | +8.8% | +28.5% | |
| Q3 2020 | +10.7% | -1.2% | +29.3% | |
| Q2 2020 | +4.4% | +3.0% | +3.5% | |
| Q1 2020 | -7.5% | -6.2% | -1.7% | |
| Q4 2019 | -5.2% | -8.0% | -56.2% | |
| Q3 2019 | +1.4% | +1.1% | +0.3% | |
| Q2 2019 | +0.9% | -1.7% | -6.9% | |
| Q1 2019 | -1.0% | -3.7% | -4.9% | |
| Q4 2018 | -1.9% | -1.8% | -2.3% | |
| Q3 2018 | +1.4% | -0.3% | +5.3% | |
| Q2 2018 | +2.2% | +2.4% | +9.3% | |
| Q1 2018 | +3.4% | +2.6% | +2.3% | |
| Q4 2017 | -0.3% | -0.0% | +0.8% | |
| Q3 2017 | +2.7% | +0.5% | +5.5% | |
| Q2 2017 | +0.7% | +0.6% | -6.0% | |
| Q1 2017 | +0.1% | -0.6% | -4.2% | |
| Q4 2016 | +2.4% | +3.1% | -1.6% | |
| Q3 2016 | -0.7% | -3.3% | +7.2% | |
| Q2 2016 | -2.1% | -2.4% | -3.8% | |
| Q1 2016 | -1.1% | — | — | |
| Q4 2015 | +1.8% | — | — | |
| Q3 2015 | +0.2% | — | — | |
| Q2 2015 | -0.9% | — | — | |
| Q1 2015 | -3.6% | — | — | |
| Q4 2014 | +0.9% | — | — | |
| Q3 2014 | +1.5% | — | — | |
| Q2 2014 | +0.0% | — | — | |
| Q1 2014 | +0.2% | — | — | |
| Q4 2013 | -0.1% | — | — | |
| Q3 2013 | +0.6% | — | — | |
| Q2 2013 | +0.8% | — | — | |
| Q1 2013 | -0.1% | — | — | |
| Q4 2012 | -0.5% | — | — | |
| Q3 2012 | +0.9% | — | — | |
| Q2 2012 | -2.4% | — | — | |
| Q1 2012 | +2.1% | — | — | |
| Q4 2011 | -2.9% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | -6.4% | — | — | |
| Q1 2011 | -1.8% | — | — | |
| Q4 2010 | -1.5% | — | — | |
| Q3 2010 | +0.7% | — | — | |
| Q2 2010 | -1.3% | — | — | |
| Q1 2009 | -4.1% | — | — | |
| Q1 2010 | -4.1% | — | — | |
| Q4 2009 | -0.6% | — | — | |
| Q4 2007 | -0.6% | — | — | |
| Q3 2008 | +0.1% | — | — | |
| Q3 2009 | +0.1% | — | — | |
| Q2 2008 | +0.8% | — | — | |
| Q2 2009 | +0.8% | — | — | |
| Q4 2008 | +0.8% | — | — |
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