VNO - Vornado Realty Trust

NYSE - Nasdaq Real-time price. Currency in USD
39.18
+1.88 (+5.04%)
As of 12:30PM EDT. Market open.
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Previous close37.30
Open37.73
Bid38.87 x 800
Ask39.00 x 800
Day's range37.00 - 39.44
52-week range27.64 - 70.45
Volume889,824
Avg. volume2,063,191
Market cap7.487B
Beta (5Y monthly)1.37
PE ratio (TTM)2.42
EPS (TTM)16.21
Earnings date03 May 2020
Forward dividend & yield2.64 (7.08%)
Ex-dividend date23 Jan 2020
1y target est52.08
  • Bloomberg

    Toys ‘R’ Us Creditors Sue Directors and Private-Equity Owners

    (Bloomberg) -- Toys “R” Us Inc. creditors filed a lawsuit accusing the defunct retailer’s executives and private-equity owners of fraud and breach of fiduciary trust.Former Chief Executive Officer David Brandon and other directors misrepresented the toyseller’s ability to repay creditors after it filed for bankruptcy in 2017 while collecting millions in bonuses and advising fees, according to the complaint filed in New York Supreme Court. The case is being brought by a trust created for creditors, including toymakers.Toys “R” Us liquidated in 2018, leaving those vendors and workers scrambling for funds too limited to meet all claims. That’s prompted years of recrimination against onetime owners KKR & Co., Bain Capital, and Vornado Realty Trust, who bought the company in 2005 in a deal that critics said left the retailer unable to make investments to remain competitive.A lawyer representing Toys’ former executives and directors called the lawsuit “baseless” and said the group would defend against it “vigorously.”“At all times, the former directors and officers of Toys “R” Us and members of management acted in the best interests of the company and its stakeholders. Because none of the named defendants has any financial exposure, this lawsuit is just a misguided effort to pressure insurance carriers to pay meritless claims,” Bob Bodian of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo P.C. said in an emailed statement.No HopeThe suit claims that the company’s stewards didn’t disclose that Toys had to meet certain milestones it had no hope of achieving when it took on a $3.1 billion bankruptcy loan, and that it misrepresented the company’s financial situation to avoid losing that funding.“The DIP financing strategy was not only a foolish gamble, it was a very expensive gamble,” the complaint says, claiming that it cost Toys more than $700 million in financing fees, interest, professional fees, and additional operating losses that were borne not by Bain, KKR, and Vornado, but trade creditors and employees.Managers assured suppliers that Toys wouldn’t default and that they could continue shipping on credit right up until the company announced its liquidation, resulting in more than $600 million in losses to vendors, the suit says.“The directors gave no consideration -- none at all -- to assessing the probability that the DIP financing strategy would fail,” the creditors say, and refused to consider alternatives such as selling parts of the company. Nor did executives make needed cost cuts, even as sales withered and the company’s chances for recovery narrowed.Unusually ContentiousThe situation has been unusually contentious, according to Greg Dovel, one of the lawyers who brought the case, which he said came months after negotiations among the parties stalled. Dovel said in an interview that he spoke with more than 100 parties while preparing the litigation.“We talked to a lot of trade creditors in gathering evidence,” he said. “Years later, they still have a great deal of anger over this. They really want their day in court.”The suit also asserts that Brandon and other executives awarded themselves $16 million in bonuses on the eve of the company’s bankruptcy filing, while KKR, Bain and Vornado collected more than $250 million in advising fees from the time of their acquisition, including after the company became insolvent in 2014.Executives on an earnings conference call in December 2017, “failed to mention the disastrous holiday results,” and Brandon spoke of the company’s plan to emerge from bankruptcy and its “bright future,” according to court papers. The company also misrepresented its situation when it met manufacturers at a major industry trade show that February -- though at that point they knew a significant lender group was in favor of a liquidation, creditors said in court documents. Instead, Brandon told attendees at a roundtable that the company would emerge from bankruptcy.The company didn’t stop ordering goods until March 14, the day before it announced it was liquidating.After the company’s collapse left 33,000 workers without severance, its owners came under intense pressure from former employees and high-profile politicians like former presidential candidates Elizabeth Warren and Cory Booker to create a fund to pay severance. KKR and Bain created a $20 million fund in late 2018.To contact the reporter on this story: Lauren Coleman-Lochner in New York at llochner@bloomberg.netTo contact the editors responsible for this story: Rick Green at rgreen18@bloomberg.net, Nicole BullockFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Vornado Realty Trust Annual Results Just Came Out: Here's What Analysts Are Forecasting For Next Year
    Simply Wall St.

    Vornado Realty Trust Annual Results Just Came Out: Here's What Analysts Are Forecasting For Next Year

    Last week, you might have seen that Vornado Realty Trust (NYSE:VNO) released its annual result to the market. The...

  • Vornado's (VNO) Q4 FFO Beats Estimates, Revenues Down Y/Y
    Zacks

    Vornado's (VNO) Q4 FFO Beats Estimates, Revenues Down Y/Y

    Vornado's (VNO) Q4 performance reflects decent same-store NOI performance of the New York portfolio as well as theMART and 555 California.

  • What's in the Cards for Regency Centers' (REG) Q4 Earnings?
    Zacks

    What's in the Cards for Regency Centers' (REG) Q4 Earnings?

    While Regency Centers' (REG) Q4 results will likely reflect gains from focus on premium grocery-anchored shopping centers, a dismal retail real estate environment might have curbed its growth tempo.

  • UDR to Report Q4 Earnings: What's in Store for the Stock?
    Zacks

    UDR to Report Q4 Earnings: What's in Store for the Stock?

    While UDR's Q4 performance will likely reflect efforts to boost operating margins on innovative technological solutions and process enhancement, high supply of new units might have been a spoilsport.

  • What's in the Cards for Federal Realty's (FRT) Q4 Earnings?
    Zacks

    What's in the Cards for Federal Realty's (FRT) Q4 Earnings?

    Federal Realty's (FRT) Q4 results to likely reflect adverse impact of secular industry headwinds, including store closures and bankruptcies, despite focus on enhancing portfolio and tenant mix.

  • Near-Term Outlook Bleak for Equity REIT Stocks
    Zacks

    Near-Term Outlook Bleak for Equity REIT Stocks

    Near-Term Outlook Bleak for Equity REIT Stocks

  • Key Factors to Impact Omega Healthcare's (OHI) Q4 Earnings
    Zacks

    Key Factors to Impact Omega Healthcare's (OHI) Q4 Earnings

    Omega Healthcare (OHI) Q4 results to likely reflect top-line growth backed by its diversification efforts, strategic investments amid favorable demand and supply conditions in the company's markets.

  • What's in Store for Simon Property's (SPG) Q4 Earnings?
    Zacks

    What's in Store for Simon Property's (SPG) Q4 Earnings?

    Though Simon Property's (SPG) Q4 results will likely reflect benefits of active portfolio restructuring and the company's omni-channel strategy, the choppy retail environment concerns us.

  • WeWork’s New CEO Says He Has ‘Plenty of Luck.’ He’ll Need It
    Bloomberg

    WeWork’s New CEO Says He Has ‘Plenty of Luck.’ He’ll Need It

    (Bloomberg) -- Sandeep Mathrani knows what it’s like to lead a company out of trouble.His former employer, General Growth Properties, had been flattened by the economic recession of 2008. GGP, the second-biggest owner of shopping malls in America, named Mathrani as chief executive officer in 2011 as it was emerging from what was then the biggest real estate bankruptcy in U.S. history.Six years later, Mathrani sold the business to Brookfield Property Partners LP in a deal valued at about $15 billion. The project won him a reputation as a corporate turnaround artist. “I’ve had plenty of opportunities and plenty of luck,” he said last year during an acceptance speech for a real estate industry award.That luck will surely be tested in his new job at WeWork. The troubled co-working company appointed Mathrani, 57, as CEO on Saturday. He’ll report to Marcelo Claure, the executive chairman at WeWork and operating chief at SoftBank Group Corp., WeWork’s majority owner. In a statement, Claure praised Mathrani’s “turnaround expertise.”Mathrani is a fixture in the clubby world of commercial real estate, but he also has some experience working with startups. At Brookfield, he led an investment in Industrious, a WeWork rival. “While real estate is full of some very dry, very conservative characters, Sandeep is very much not that,” said Jamie Hodari, co-founder and CEO of Industrious. “If WeWork wanted to bring in someone with serious real estate chops but who was a little closer to the WeWork spirit, he seems to fit that bill.”However, WeWork poses a very different challenge from the shopping center business. Adam Neumann, its larger-than-life co-founder, started WeWork in 2010 to rent trendy office spaces to companies and freelancers. He pitched it as a hybrid real estate and technology business, a “physical social network.”Investors bought into Neumann’s vision, giving him billions of dollars and mostly unchecked authority to set up offices around the world. SoftBank, a Japanese technology conglomerate, was the biggest believer and drove the valuation of the business up to $47 billion.But when they tried to take the parent company We Co. public last year, the plan quickly crumbled under scrutiny from Wall Street. WeWork was spending far more than it was generating in revenue and had a litany of apparent conflicts of interest with Neumann, who received loans from WeWork as it paid him rent on buildings he owned. WeWork pulled the IPO in September and agreed to sever ties with Neumann, netting him an exit package worth more than $1 billion. SoftBank said it would rescue the company by arranging about $9.5 billion in financing.The appointment of Mathrani has parallels to the situation at another unicorn startup once beset by crisis. Uber Technologies Inc., which also counts SoftBank as its largest shareholder, replaced its controversial co-founder with Dara Khosrowshahi in 2017. Khosrowshahi, an Iranian immigrant who rose to the top job at online travel provider Expedia Group Inc., was asked to tame Uber’s raucous workplace culture and its boom-or-bust financial model. Both CEOs were respected in their fields but largely unknown outside. And both had solid reputations as business operators capable of increasing profit at a steady pace and earning accolades from public investors.Mathrani was born into a wealthy family in India. In the early 1980s, his father sent him to the prestigious British boarding school Eton, but he soon left to attend public high school in suburban Philadelphia as an exchange student, Mathrani recounted during the 2019 awards ceremony speech. By age 20, he had earned engineering and business degrees from Stevens Institute of Technology, whose campus in Hoboken, New Jersey, overlooks the New York City skyline.His first foray into real estate came when he made $20,000 from flipping an apartment he’d bought for $55,000 two years earlier. For a young engineer, that was a lot of money, Mathrani said in the speech. “Wow, I made 20 grand, hallelujah,” he recalled thinking at the time. “Real estate is a good business!”Mathrani said he applied for whatever real estate jobs he could find. He was hired as a mall designer and began rising through the ranks. In 1994, he went to Forest City Ratner Cos., the development company owned at the time by real estate titan and former Brooklyn Nets owner Bruce Ratner, who would become one of Mathrani’s mentors, according to Women’s Wear Daily. In 2002, Mathrani joined Vornado Realty Trust, the largest owner of real estate in New York City, where he ran the company’s retail division.Eight years later, the call came to lead GGP. There, Mathrani had to overcome the aftershocks of the recession, a retail industry in decline and the sharp rise of Amazon.com Inc. Mathrani focused on high-end properties and courted internet-native brands like Warby Parker and Tesla Inc. to his malls. He was rewarded by becoming one of the highest-paid executives in real estate.In broadcast interviews and speeches, Mathrani is soft-spoken and understated. For the speech last year, he wore a plain suit, patterned tie and rimless glasses, his hair slightly out of place, looking the part of a college professor. He spoke about his fortune in life and finding success in America.In a statement, Mathrani said WeWork “has redefined how people and companies approach work with an innovative platform.” Under Mathrani, WeWork will refocus on office rentals and walk away from passion projects started by Neumann. It has sold business units and other holdings, including a large stake in female-focused co-working startup the Wing. WeWork also said it would terminate about 2,400 jobs.Staff morale at WeWork is low, and it’ll likely take years to get the company’s finances in order. A recent business plan set a target for positive cash flow by 2023. It could take even longer to change the company’s image in the minds of public investors.Mathrani’s role at WeWork is designed to complement Claure, a longtime telecommunications executive who was abruptly thrust into the WeWork debacle a few months ago when he was named chairman. Claure recently tweeted a photo of an inspirational message that he said reminded him of his first few days learning the real estate industry. The message read: “Be brave enough to suck at something new.”To contact the reporters on this story: Gerrit De Vynck in New York at gdevynck@bloomberg.net;Ellen Huet in San Francisco at ehuet4@bloomberg.netTo contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, ;Alistair Barr at abarr18@bloomberg.net, Vlad SavovFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Should You Investigate Vornado Realty Trust (NYSE:VNO) At US$66.40?
    Simply Wall St.

    Should You Investigate Vornado Realty Trust (NYSE:VNO) At US$66.40?

    Today we're going to take a look at the well-established Vornado Realty Trust (NYSE:VNO). The company's stock saw its...

  • Vornado Realty (VNO) Announces Special Dividend: Time to Hold?
    Zacks

    Vornado Realty (VNO) Announces Special Dividend: Time to Hold?

    Solid dividend payouts remain the biggest attraction for REIT investors and Vornado (VNO) remains committed to that. Its special dividend results from dispositions and sale of interests in assets.

  • Bloomberg

    NYC Awaits Apple as Facebook, Google Pounce in Tech-Office Boom

    (Bloomberg) -- New York City is waiting on Apple Inc.One year after the tech giant announced it would bring hundreds of jobs to New York, and on the heels of major Manhattan lease announcements by Facebook Inc. and Amazon.com Inc., the city’s real estate industry is wondering when the iPhone developer will make its move.“The absence is surprising,” Jim Underhill, chief executive officer of commercial-property firm Cresa.Apple, based in Cupertino, California, has a limited presence in New York beyond its popular retail stores. Facebook and Google, meanwhile, have become two of Manhattan’s biggest office tenants, a strong signal that technology companies are tapping into the educated workforce in a city long known as a media and finance stronghold. Even Amazon, which walked away from plans to build a new office hub in Queens early this year, recently signed a lease for 335,000 square feet near Hudson Yards.Apple is still hunting for office space in Manhattan, according to people with knowledge of the matter. The company is trying to figure out how much space it needs and could take more than 250,000 square feet, one of the people said.Apple was reported earlier this year to be in talks with Vornado Realty Trust for a lease at its James A. Farley Post Office Building, but Facebook may end up getting the prized space instead. The project is across Eighth Avenue from Pennsylvania Station, and just east of the buildings where Facebook and Amazon signed their new leases.As recently as two months ago, Apple looked at Essex Crossing, a Lower East Side development that will have 350,000 square feet of office space and more than 1,000 apartments, according to one of the people.Apple declined to comment on its real estate plans.In addition to its retail stores in New York, Apple has a small corporate office near Union Square where it has some marketing and software engineering staff and operates parts of Apple News.The company also keeps a large apartment in Tribeca for project demos and meetings with Apple developers. Occasional product launches have also been held in New York, such as the MacBook Air and iPad Pro updates in 2018.Last month, Apple announced it was starting construction on a $1 billion campus that will expand its presence in Austin, Texas. The company continues to grow at its Cupertino headquarters, home to executives, marketing teams and the majority of its software and hardware engineers. And it plans to add hundreds of jobs in cities across the U.S., including Seattle, San Diego, Pittsburgh and Boston.Then there’s New York, where the expectation is that Apple will eventually join other prominent technology companies with a major Manhattan lease.“It’s more a matter of when, not if,” said Danny Ismail, an office analyst at Green Street Advisors. “It takes a decent amount of work to bring these things to the finish line.”\--With assistance from Mark Gurman.To contact the reporter on this story: Natalie Wong in New York at nwong133@bloomberg.netTo contact the editors responsible for this story: Craig Giammona at cgiammona@bloomberg.net, Christine MaurusFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Vornado (VNO) Refinances $800M Loan for 650 Madison Avenue
    Zacks

    Vornado (VNO) Refinances $800M Loan for 650 Madison Avenue

    Vornado Realty (VNO) boosts financial strength by securing refinancing loan worth $800 million for its Manhattan office and retail property.

  • Vornado (VNO) Down 1.2% Since Last Earnings Report: Can It Rebound?
    Zacks

    Vornado (VNO) Down 1.2% Since Last Earnings Report: Can It Rebound?

    Vornado (VNO) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Vornado's (VNO) Q3 FFO Beat Estimates, Revenues Down Y/Y
    Zacks

    Vornado's (VNO) Q3 FFO Beat Estimates, Revenues Down Y/Y

    While Vornado Realty's (VNO) Q3 performance indicates dismal New York portfolio performance with decline in occupancy, strength in its 555 California property aid results.

  • Vornado (VNO) Q3 FFO Top Estimates
    Zacks

    Vornado (VNO) Q3 FFO Top Estimates

    Vornado (VNO) delivered FFO and revenue surprises of 2.30% and -0.40%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?

  • Ventas' (VTR) Q3 FFO Surpasses Estimates, Revenues Climb Y/Y
    Zacks

    Ventas' (VTR) Q3 FFO Surpasses Estimates, Revenues Climb Y/Y

    Growth in same-store cash net operating income (NOI) for triple-net leased and office portfolios aid Ventas' (VTR) Q3 results.

  • Kimco Realty's (KIM) Q3 FFO & Revenues Surpass Estimates
    Zacks

    Kimco Realty's (KIM) Q3 FFO & Revenues Surpass Estimates

    Kimco Realty's (KIM) Q3 results reflect all-time high occupancy of the company's portfolio, decent new leasing spreads and growth in same-property net operating income (NOI).

  • Cousins Properties (CUZ) Trumps Q3 FFO & Revenue Estimates
    Zacks

    Cousins Properties (CUZ) Trumps Q3 FFO & Revenue Estimates

    Cousins Properties (CUZ) witnesses growth in same-property cash net operating income in Q3 and raises guidance for full-year 2019.

  • PS Business Parks (PSB) Q3 FFO Misses, Revenues Beat Estimates
    Zacks

    PS Business Parks (PSB) Q3 FFO Misses, Revenues Beat Estimates

    PS Business Parks' (PSB) Q3 result indicates Same-Park NOI growth and higher NOI from non-Same-Park and multi-family assets, though NOI reduction due to facilities sold in 2018 offset the positives.

  • Highwoods Properties (HIW) Beats Q3 FFO & Revenue Estimates
    Zacks

    Highwoods Properties (HIW) Beats Q3 FFO & Revenue Estimates

    Encouraging business conditions facilitate healthy leasing volume and robust rent spreads for Highwoods Properties (HIW) in the third quarter.

  • What's in the Offing for Vornado (VNO) This Earnings Season?
    Zacks

    What's in the Offing for Vornado (VNO) This Earnings Season?

    While Vornado's (VNO) Q3 earnings will likely reflect gains from sale of real estate, softness in the retail real estate market might have affected its operations.

  • Vornado Releases List of Items to be Included in Q3 Results
    Zacks

    Vornado Releases List of Items to be Included in Q3 Results

    Vornado Realty's (VNO) third-quarter transactions, like stake divesture at 330 Madison Avenue and sale of 220 Central Park South units, to drive bottom-line growth, per the company.

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