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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
SEC CIK
IRS number
221657560

VNO stock data

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Calendar

3 May 21
27 Jul 21
31 Dec 21
Quarter (USD)
Jun 20 Mar 20 Sep 19 Jun 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 19 Dec 18 Dec 17 Dec 16
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.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
13 Jul 21 Roth Steven Class A Units Common Shares Option exercise Aquire M Yes No 0 83,469 0 795,082
13 Jul 21 Roth Steven Restricted Units Common Shares Option exercise Dispose M No No 0 27,916 0 0
13 Jul 21 Roth Steven Restricted Units Common Shares Option exercise Dispose M No No 0 37,273 0 37,274
13 Jul 21 Roth Steven Restricted Units Common Shares Option exercise Dispose M No No 0 18,280 0 18,282
20 May 21 Mandelbaum David Restricted Units Common Shares Grant Aquire A No No 0 3,859 0 3,859
20 May 21 Wight Russell B JR Restricted Units Common Shares Grant Aquire A No No 0 3,859 0 3,859
20 May 21 Michael D Fascitelli Restricted Units Common Shares Grant Aquire A No No 0 3,859 0 3,859
20 May 21 William W Helman Restricted Units Common Shares Grant Aquire A No No 0 3,859 0 3,859

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

67.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 395 376 +5.1%
Opened positions 72 71 +1.4%
Closed positions 53 52 +1.9%
Increased positions 135 111 +21.6%
Reduced positions 135 147 -8.2%
13F shares
Current Prev Q Change
Total value 6.87B 6.6B +4.1%
Total shares 128.88M 152.74M -15.6%
Total puts 1.94M 2.74M -29.4%
Total calls 841.5K 999.4K -15.8%
Total put/call ratio 2.3 2.7 -16.1%
Largest owners
Shares Value Change
Vanguard 26.93M $1.22B +2.4%
BLK Blackrock 15.91M $722.3M -3.5%
STT State Street 10.37M $470.67M -0.8%
JPM JPMorgan Chase & Co. 5.25M $238.51M +40.8%
IVZ Invesco 4M $181.73M -30.9%
Geode Capital Management 3.3M $149.4M +7.0%
Dimensional Fund Advisors 3.06M $139.04M -4.2%
BEN Franklin Resources 3.04M $138.21M +8.7%
NTRS Northern Trust 2.88M $130.52M -6.3%
MS Morgan Stanley 2.8M $126.87M +7.6%
Largest transactions
Shares Bought/sold Change
Norges Bank 0 -18.08M EXIT
TCI Fund Management 0 -4.9M EXIT
RY Royal Bank Of Canada 93.21K -2.23M -96.0%
IVZ Invesco 4M -1.79M -30.9%
JPM JPMorgan Chase & Co. 5.25M +1.52M +40.8%
PFG Principal Financial Group Inc - Registered Shares 192K -1.44M -88.2%
NMR Nomura 1.54M -1.33M -46.3%
Nuveen Asset Management 2.43M +1.29M +112.8%
FIL 1.28M +1.2M +1496.3%
PUKPF Prudential 255.05K -1.16M -81.9%

Financial report summary

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Competition
Diverse Development
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.
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