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VNOD Vornado Realty

Calendar

3 May 21
13 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.76B 1.76B 1.76B 1.76B 1.76B 1.76B
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) 25.38M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a n/a n/a 62.29M n/a n/a
Cash remaining n/a n/a n/a 1.69B n/a n/a
Runway (months of cash) n/a n/a n/a 66.7 n/a n/a

Beta Read what these cash burn values mean

Financial report summary

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Risks
  • A significant portion of our properties is located in the New York City Metropolitan area and is affected by the economic cycles and risks inherent to this area.
  • We are subject to risks that affect the general and New York City retail environments.
  • Our performance and the value of an investment in us are subject to risks associated with our real estate assets and with the real estate industry.
  • Terrorist attacks may adversely affect the value of our properties and our ability to generate cash flow.
  • Natural disasters and the effects of climate change could have a concentrated impact on the areas where we operate and could adversely impact our results.
  • U.S. federal tax reform legislation now and in the future could affect REITs generally, the geographic markets in which we operate, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate.
  • Real estate is a competitive business and that competition may adversely impact us.
  • We depend on leasing space to tenants on economically favorable terms and collecting rent from tenants who may not be able to pay.
  • We may be adversely affected by trends in office real estate.
  • We may be unable to renew leases or relet space as leases expire.
  • Bankruptcy or insolvency of tenants may decrease our revenue, net income and available cash.
  • We face risks associated with property acquisitions.
  • We are exposed to risks associated with property redevelopment and repositioning that could adversely affect us, including our financial condition and results of operations.
  • From time to time we have made, and in the future we may seek to make one or more material acquisitions. The announcement of such a material acquisition may result in a rapid and significant decline in the price of our securities.
  • It may be difficult to sell real estate timely, which may limit our flexibility.
  • We may not be permitted to dispose of certain properties or pay down the debt associated with those properties when we might otherwise desire to do so without incurring additional costs. In addition, when we dispose of or sell assets, we may not be able to reinvest the sales proceeds and earn similar returns.
  • From time to time we have made, and in the future we may seek to make investments in companies over which we do not have sole control. Some of these companies operate in industries with different risks than investing and operating real estate.
  • We are subject to risks involved in real estate activity through joint ventures and private equity real estate funds.
  • Capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as well as the value of an investment in our debt and equity securities.
  • We may not be able to obtain capital to make investments.
  • We depend on dividends and distributions from our direct and indirect subsidiaries. The creditors and preferred equity holders of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or distributions to us.
  • We have a substantial amount of indebtedness that could affect our future operations.
  • We have outstanding debt, and the amount of debt and its cost may increase and refinancing may not be available on acceptable terms.
  • Failure to hedge effectively against interest rate changes may adversely affect results of operations.
  • Covenants in our debt instruments could adversely affect our financial condition and our acquisitions and development activities.
  • A downgrade in our credit ratings could materially and adversely affect our business and financial condition.
  • Vornado’s Amended and Restated Declaration of Trust (the “declaration of trust”) sets limits on the ownership of its shares.
  • The Maryland General Corporation Law (the “MGCL”) contains provisions that may reduce the likelihood of certain takeover transactions.
  • Vornado may issue additional shares in a manner that could adversely affect the likelihood of certain takeover transactions.
  • We may change our policies without obtaining the approval of our equity holders.
  • Steven Roth and Interstate Properties may exercise substantial influence over us. They and some of Vornado’s other trustees and officers have interests or positions in other entities that may compete with us.
  • There may be conflicts of interest between Alexander’s and us.
  • The trading price of Vornado’s common shares has been volatile and may continue to fluctuate.
  • Vornado has many shares available for future sale, which could hurt the market price of its shares and the redemption price of the Operating Partnership’s units.
  • Loss of our key personnel could harm our operations and adversely affect the value of our common shares and Operating Partnership Class A units.
  • Vornado may fail to qualify or remain qualified as a REIT and may be required to pay federal income taxes at corporate rates.
  • We may face possible adverse federal tax audits and changes in federal tax laws, which may result in an increase in our tax liability.
  • We may face possible adverse state and local tax audits and changes in state and local tax law.
  • We may incur significant costs to comply with environmental laws and environmental contamination may impair our ability to lease and/or sell real estate.
  • The occurrence of cyber incidents, or a deficiency in our cyber security, as well as other disruptions of our IT networks and related systems, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships or reputation, all of which could negatively impact our financial results.
  • Competition for acquisitions may reduce the number of acquisition opportunities available to us and increase the costs of those acquisitions.
  • Changes in the method pursuant to which the LIBOR rates are determined and phasing out of LIBOR after 2021 may affect our financial results.
  • Some of our potential losses may not be covered by insurance.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • Certain statements contained in this Quarterly Report constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Quarterly Report on Form 10‑Q. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict.
  • Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2020.
Content analysis
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Positive
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Uncertain
Constraining
Legalese
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Readability
H.S. sophomore Avg
New words: Concourse, court, decision, failed, favor, footprint, frontage, house, judgement, MTA, overcrowding, overhead, parent, permanently, program, proposed, pursuing, relieve, restaurant, tentative, trial, widely, widening
Removed: AB, acceleration, acceptable, accordion, adjacent, age, amortized, anniversary, attribution, bank, base, bear, benchmark, bonded, broader, build, Central, collect, complex, constrained, construct, continually, corner, corporate, declared, deconsolidation, defer, deferral, deficit, design, deteriorate, deterioration, difficult, distributed, earn, Edge, eligible, entrance, ESD, exercising, expensed, feature, float, focused, forgo, free, fulfill, fulfilling, gain, grant, guarantee, guaranteeing, Hall, implemented, inception, increased, incur, infection, intensity, irrevocably, Kmart, leadership, lending, lessor, Lexington, lifetime, marketable, member, model, monitoring, Moynihan, opportunity, outbreak, outperform, paused, PEI, periodic, Pine, post, predetermined, PREIT, prepayment, Proxy, range, ratably, realizing, record, reimbursed, relief, removal, residential, retainer, retirement, salable, salary, situation, South, Specifically, speed, spending, suffered, Targeted, tower, Train, transferred, UE, Urban, vi, waived, worldwide

Proxies

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