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Vornado Realty Trust (VNO)

Vornado Realty Trust is a fully integrated equity real estate investment trust.

Company profile

Ticker
VNO, VNO+N, VNO+O, VNORP
Exchange
Website
CEO
Steven Roth
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
VORNADO REALTY TRUST AND VORNADO REALTY L.P. • 11 East 68th Street LLC • 11 East 68th TRS LLC • 1290 Management II, LLC • 131 West 33rd Street Owner LLC • 137 West 33rd Street Owner LLC • 138-142 West 32nd EAT LLC • 144-150 West 34th Street EAT LLC • 144-150 West 34th Street Owner II LLC • 148 Spring Street, LLC ...
IRS number
221657560

VNO stock data

Calendar

1 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Sep 21 Jun 21 Mar 21 Dec 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
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.27B 2.27B 2.27B 2.27B 2.27B 2.27B
Cash burn (monthly) 16.38M (no burn) (no burn) 4.62M (no burn) (no burn)
Cash used (since last report) 170.94M n/a n/a 48.26M n/a n/a
Cash remaining 2.1B n/a n/a 2.22B n/a n/a
Runway (months of cash) 128.0 n/a n/a 480.1 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 May 22 Beinecke Candace K Phantom Units Common Shares Grant Acquire A No No 33.9957 347 11.8K 16,385
19 May 22 Wight Russell B JR Restricted Units Common Shares Grant Acquire A No No 0 5,167 0 5,167
19 May 22 Mandelbaum David Restricted Units Common Shares Grant Acquire A No No 0 5,167 0 5,167
19 May 22 Raymond J McGuire Restricted Units Common Shares Grant Acquire A No No 0 12,548 0 12,548
19 May 22 Beinecke Candace K Restricted Units Common Shares Grant Acquire A No No 0 5,167 0 5,167
71.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 382 392 -2.6%
Opened positions 43 56 -23.2%
Closed positions 53 57 -7.0%
Increased positions 135 144 -6.3%
Reduced positions 140 124 +12.9%
13F shares Current Prev Q Change
Total value 8.97B 8.52B +5.3%
Total shares 137.83M 148.25M -7.0%
Total puts 679.5K 577.9K +17.6%
Total calls 603.5K 566.5K +6.5%
Total put/call ratio 1.1 1.0 +10.4%
Largest owners Shares Value Change
Vanguard 27.19M $1.23B -1.7%
BLK Blackrock 16M $725.07M -3.9%
STT State Street 13.53M $613.09M +10.8%
BAM Brookfield Asset Management 9.36M $424.08M NEW
BEN Franklin Resources 7.08M $320.92M +8.2%
TROW T. Rowe Price 3.98M $180.25M +221.5%
Geode Capital Management 3.51M $158.94M -1.2%
Dimensional Fund Advisors 2.93M $132.65M -0.9%
NMR Nomura 2.82M $127.86M -33.4%
NTRS Northern Trust 2.49M $112.8M -2.3%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -18.08M EXIT
BAM Brookfield Asset Management 9.36M +9.36M NEW
TROW T. Rowe Price 3.98M +2.74M +221.5%
JPM JPMorgan Chase & Co. 893.66K -2.34M -72.3%
NMR Nomura 2.82M -1.41M -33.4%
STT State Street 13.53M +1.32M +10.8%
Amundi 1.44M +932.81K +184.0%
Lasalle Investment Management Securities 0 -849.09K EXIT
CMTDF Sumitomo Mitsui Trust 603.01K -813.74K -57.4%
BMO Bank of Montreal 217.71K -714.21K -76.6%

Financial report summary

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Competition
Diverse Development
Risks
  • Our business, financial condition, results of operations and cash flows have been and may continue to be adversely affected by the COVID-19 pandemic and the impact could be material to us.
  • 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.
  • 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, including work from home trends.
  • 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.
  • 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.
  • Our properties are subject to transitional risks related to climate-related policy change.
  • Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and negatively, in ways that are difficult to anticipate.
  • 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 able to effectively operate our business if we are unable to attract and retain qualified personnel due to a tight labor market and COVID-19 vaccine mandate in areas in which we operate.
  • Significant inflation could adversely affect our business and financial results.
  • 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, which could adversely impact the value of our common shares.
  • 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.
  • We may be adversely affected by the discontinuation of London Interbank Offered Rate ("LIBOR").
  • 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 continue to depend on future developments, including vaccination rates among the population, the efficacy and durability of vaccines against emerging variants, and governmental and tenant responses thereto, which continue to be uncertain but the 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, 2021.

Content analysis

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Positive
Negative
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Legalese
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Readability
H.S. sophomore Avg
New words: add, adding, adjournment, advance, advanced, alter, ancillary, anniversary, Article, asserting, bearing, binding, blended, calendar, circuit, clarify, clarifying, conclusive, Concurrently, consent, convening, conveyed, deadline, delayed, delivered, earlier, eligibility, foreclosure, forum, indemnification, indemnify, law, lender, meeting, multiple, nominate, omission, outdated, postponement, propose, provision, proxy, ratify, reallocated, receipt, remove, Removing, repeal, repealed, restated, Secretary, sitting, SOFR, System, technical, thereunder, trustee, Union, VII, XII, XV
Removed: green, perform, prime