Vornado Realty Trust
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$24.40 | Qhhv | Ltgjnvrr |
Vornado Earnings: Divestitures at Good Valuation and Robust Leasing Volume Marked a Strong Quarter
No-moat-rated Vornado Realty reported a good set of numbers in the second quarter because it sold a few assets at a good valuation and leasing volume remained robust. The firm recorded adjusted funds from operations, or FFO, of $112.8 million or $0.57 per share, which was around 21% lower than the $140.7 million or $0.72 per share FFO reported in the second quarter of the previous year. Most of the year-over -year decline in FFO can be attributed to lease expirations, higher interest expense, and tenant settlement proceeds related to termination income from a former tenant at 345 Montgomery Street property in the previous year.