Vornado Realty Trust's chairman criticized NYC Mayor Zohran Mamdani's recent video targeting billionaire Ken Griffin, potentially jeopardizing a crucial $4.5 billion skyscraper project. Despite ongoing optimism from Roth regarding the project's future, Griffin's commitment could wane following public backlash, impacting Vornado's revenue and stability.
Office REITs are on track for their best year since 2019. Average gain of 25.4% in office REITs despite ongoing hybrid work. Vornado Realty Trust up 54%, indicating strong recovery signs. Investor confidence rising as some sectors show potential growth. Challenges remain due to long corporate lease durations.
- Vornado reported $436.38 million in revenue, a 2.1% year-over-year decline. - EPS for the quarter was $0.55, compared to $0.01 a year ago. - Total Property Square Feet in New York slightly below analyst estimates, while total revenues also missed. Price Impact Rating: Bearish Impact Horizon Rating: Short-term Type: Earnings
Summary: - Vornado reported quarterly FFO of $0.55 per share, missing the Zacks Consensus Estimate of $0.58. - The company has surpassed consensus FFO estimates two times over the last four quarters. - Vornado posted revenues of $436.38 million for the quarter, missing the Zacks Consensus Estimate by 3.26%. - Vornado shares have lost about 7.2% since the beginning of the year. Price Impact Rating: Bearish Impact Horizon Rating: Short-term Type: Earnings