VNO Vornado Realty Trust

Vornado Realty Trust is a real estate investment trust formed in Maryland, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan. Notable properties owned by the company include:
Company profile
Ticker
VNO, VNO+K, VNO+N, VNORP
Exchange
Website
CEO
Steven Roth
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
221657560
VNO stock data
()
News
Stocks That Hit 52-Week Highs On Friday
12 Mar 21
Vornado Realty Q4 Adj. EPS $0.66 Down From $0.89 YoY
16 Feb 21
Earnings Scheduled For February 16, 2021
16 Feb 21
Understanding Vornado Realty's Ex-Dividend Date
28 Jan 21
Truist Securities Upgrades Vornado Realty to Buy, Raises Price Target to $46
22 Jan 21
Press releases
Vornado Releases 2020 Environmental, Social, & Governance Report
12 Apr 21
Vornado Completes $350 Million Refinancing of 909 Third Avenue
29 Mar 21
Vornado Completes $525 Million Refinancing of One Park Avenue
26 Feb 21
Vornado Realty Trust to Host Earnings Call
17 Feb 21
Vornado Announces Fourth Quarter 2020 Financial Results
16 Feb 21
Calendar
16 Feb 21
13 Apr 21
31 Dec 21
Financial summary
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Dec 19 | Dec 18 | Dec 17 | Dec 16 | |
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Financial data from company earnings reports.
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
16 Feb 21 | Beinecke Candace K | Phantom Units Common Shares | Grant | Aquire A | No | No | 37.67 | 620 | 23.36K | 20,220 |
20 Jan 21 | Franco Michael J. | Restricted Units Common Shares | Grant | Aquire A | No | No | 0 | 19,850 | 0 | 19,850 |
20 Jan 21 | Roth Steven | Restricted Units Common Shares | Grant | Aquire A | No | No | 0 | 26,466 | 0 | 26,466 |
12 Jan 21 | Weiss Glen J. | Restricted Units Common Shares | Grant | Aquire A | No | No | 0 | 11,115 | 0 | 11,115 |
12 Jan 21 | Iocco Matthew | Restricted Units Common Shares | Grant | Aquire A | No | No | 0 | 7,605 | 0 | 7,605 |
Institutional ownership Q4 2020
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
79.8% owned by funds/institutions
13F holders |
Current |
---|---|
Total holders | 373 |
Opened positions | 68 |
Closed positions | 52 |
Increased positions | 111 |
Reduced positions | 147 |
13F shares |
Current |
---|---|
Total value | 6.6B |
Total shares | 152.71M |
Total puts | 2.74M |
Total calls | 999.4K |
Total put/call ratio | 2.7 |
Largest owners |
Shares | Value |
---|---|---|
Vanguard | 26.3M | $982.05M |
Norges Bank | 18.08M | $675.2M |
BLK Blackrock | 16.49M | $615.74M |
STT State Street | 10.46M | $390.47M |
IVZ Invesco | 5.79M | $216.34M |
TCI Fund Management | 4.9M | $183.14M |
JPM JPMorgan Chase & Co. | 3.73M | $139.35M |
Dimensional Fund Advisors | 3.2M | $119.34M |
Geode Capital Management | 3.08M | $114.82M |
NTRS Northern Trust | 3.07M | $114.65M |
Financial report summary
?Competition
Diverse DevelopmentRisks
- 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 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
- Our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") within this section is focused on the years ended December 31, 2020 and 2019, including year-to-year comparisons between these years. Our MD&A for the year ended December 31, 2018, including year-to-year comparisons between 2019 and 2018, can be found in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
- In May 2020, the SEC issued Final Rule Release No. 33-10786, which amends the financial statement requirements for acquisitions and dispositions of businesses, including real estate operations, and related pro forma financial information required under SEC Regulation S-X, Rule 3-05, 3-14 and 11-01. The final rule changed the income and investment tests within SEC Regulation S-X, Rule 1-02(w) used to calculate significance and also raises the significance threshold for reporting acquisitions and dispositions of real estate operations, and dispositions of a business from 10% to 20%. The revised income test will also apply to the evaluation of equity method investments for significance in accordance with SEC Regulation S-X, Rules 3-09, 4-08(g) and 10-01(b)(1). The final rule is applicable for fiscal years beginning after December 31, 2020, however early adoption is permitted. The Company adopted the provisions of the final rule in the fourth quarter of 2020.
Content analysis
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Financial reports
10-K
2020 FY
Annual report
16 Feb 21
10-Q
2020 Q3
Quarterly report
2 Nov 20
10-Q
2020 Q2
Quarterly report
3 Aug 20
10-Q
2020 Q1
Quarterly report
4 May 20
10-K
2019 FY
Annual report
18 Feb 20
10-Q
2019 Q3
Quarterly report
28 Oct 19
10-Q
2019 Q2
Quarterly report
29 Jul 19
10-Q
2019 Q1
Quarterly report
29 Apr 19
10-K
2018 FY
Annual report
10 Feb 19
10-Q
2018 Q3
Quarterly report
29 Oct 18
Current reports
8-K
Regulation FD Disclosure
12 Apr 21
8-K
Regulation FD Disclosure
9 Apr 21
8-K
Vornado Announces Fourth Quarter 2020 Financial Results
17 Feb 21
8-K
Vornado Announces Certain Items to be Included in its Fourth Quarter 2020 Financial Results
29 Jan 21
8-K
Vornado Announces Leadership Changes
1 Dec 20
8-K
Unregistered Sales of Equity Securities
24 Nov 20
8-K
Vornado Announces Third Quarter 2020 Financial Results
3 Nov 20
8-K
Vornado Announces Certain Items to be Included in its Third Quarter 2020 Financial Results
20 Oct 20
8-K
Vornado Announces Second Quarter 2020 Financial Results
4 Aug 20
8-K
Vornado Announces Certain Items to be Included in its
20 Jul 20
Registration and prospectus
S-3ASR
Automatic shelf registration
1 Apr 21
8-A12B
Registration of securities on exchange
30 Nov 20
424B5
Prospectus supplement for primary offering
23 Nov 20
FWP
Free writing prospectus
19 Nov 20
424B5
Prospectus supplement for primary offering
19 Nov 20
S-8 POS
Registration of securities for employees (post-effective amendment)
10 Jun 19
S-8
Registration of securities for employees
10 Jun 19
S-3ASR
Automatic shelf registration
2 Apr 18
25-NSE
Exchange delisting
15 Jan 18
25-NSE
Exchange delisting
3 Jan 18
Proxies
DEFA14A
Additional proxy soliciting materials
9 Apr 21
DEF 14A
Definitive proxy
9 Apr 21
DEFA14A
Additional proxy soliciting materials
1 May 20
DEFA14A
Additional proxy soliciting materials
20 Apr 20
DEFA14A
Additional proxy soliciting materials
3 Apr 20
DEF 14A
Definitive proxy
3 Apr 20
DEFA14A
Additional proxy soliciting materials
14 Jun 19
DEF 14A
Definitive proxy
14 Jun 19
PRE 14A
Preliminary proxy
22 May 19
DEFA14A
Additional proxy soliciting materials
3 May 19
Other
UPLOAD
Letter from SEC
31 May 17
CORRESP
Correspondence with SEC
30 May 17
UPLOAD
Letter from SEC
17 May 17
UPLOAD
Letter from SEC
19 Jun 16
CORRESP
Correspondence with SEC
26 May 16
UPLOAD
Letter from SEC
16 May 16
UPLOAD
Letter from SEC
17 May 15
CORRESP
Correspondence with SEC
13 May 15
UPLOAD
Letter from SEC
26 Apr 15
UPLOAD
Letter from SEC
26 Aug 14
Ownership
4
VORNADO REALTY TRUST / Candace K Beinecke ownership change
18 Feb 21
SC 13G
VORNADO REALTY TRUST / STATE STREET ownership change
11 Feb 21
SC 13G/A
VORNADO REALTY TRUST / VANGUARD ownership change
10 Feb 21
SC 13G/A
VORNADO REALTY TRUST / BlackRock ownership change
1 Feb 21
SC 13G/A
VORNADO REALTY TRUST / NORGES BANK ownership change
28 Jan 21
4
VORNADO REALTY TRUST / STEVEN ROTH ownership change
22 Jan 21
4
VORNADO REALTY TRUST / Michael J. Franco ownership change
22 Jan 21
4
VORNADO REALTY TRUST / STEVEN ROTH ownership change
14 Jan 21
4
VORNADO REALTY TRUST / Michael J. Franco ownership change
14 Jan 21
4
VORNADO REALTY TRUST / Haim Chera ownership change
14 Jan 21
Transcripts
2020 Q3
Earnings call transcript
4 Nov 20
2020 Q2
Earnings call transcript
4 Aug 20
2020 Q1
Earnings call transcript
5 May 20
2019 Q4
Earnings call transcript
19 Feb 20
2019 Q3
Earnings call transcript
29 Oct 19
2019 Q2
Earnings call transcript
30 Jul 19
2019 Q1
Earnings call transcript
30 Apr 19
2018 Q4
Earnings call transcript
12 Feb 19
2018 Q3
Earnings call transcript
30 Oct 18
2018 Q2
Earnings call transcript
31 Jul 18
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