Vornado Realty Trust Reports Mixed Financial Results for Q2 2024

Strategic Insights -

Vornado Realty Trust, a leading commercial real estate company, has released its market report for the second quarter of 2024. The report indicates that the company's net income attributable to common shareholders for the quarter ending June 30, 2024, was $35,260,000, or $0.18 per diluted share, compared to $46,377,000, or $0.24 per diluted share, for the prior year's quarter.

The report also highlights a decline in funds from operations (FFO) attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ending June 30, 2024, which was $148,944,000, or $0.76 per diluted share, compared to $144,059,000, or $0.74 per diluted share, for the prior year's quarter.

However, adjusting for items that impact period-to-period comparability, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP), for the quarter ending June 30, 2024, was $112,766,000, or $0.57 per diluted share, and $140,737,000, or $0.72 per diluted share, for the prior year's quarter.

Key Takeaways:

  • Vornado Realty Trust's net income attributable to common shareholders for the quarter ended June 30, 2024, was $35,260,000, or $0.18 per diluted share.
  • The company's funds from operations (FFO) attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended June 30, 2024, was $148,944,000, or $0.76 per diluted share.
  • Adjusting for items that impact period-to-period comparability, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP), for the quarter ended June 30, 2024, was $112,766,000, or $0.57 per diluted share.
  • Net income attributable to common shareholders for the six months ended June 30, 2024, was $26,226,000, or $0.13 per diluted share.
  • FFO attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2024, was $253,068,000, or $1.29 per diluted share.
  • Adjusting for items that impact period-to-period comparability, FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP), for the six months ended June 30, 2024, was $221,608,000, or $1.13 per diluted share.

Statistics:

  • Net income attributable to common shareholders for the quarter ended June 30, 2024: $35,260,000
  • Net income attributable to common shareholders for the six months ended June 30, 2024: $26,226,000
  • Funds from operations (FFO) attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended June 30, 2024: $148,944,000
  • Funds from operations (FFO) attributable to common shareholders plus assumed conversions (non-GAAP) for the six months ended June 30, 2024: $253,068,000

Sources:

  • "Vornado Realty Trust" report for the quarter ended June 30, 2024 (Source: Vornado Realty Trust)
  • SEC filings: "Vornado Realty Trust" Form 10-Q for the quarter ended June 30, 2024 (Source: Securities and Exchange Commission)