Vornado Realty Trust

VNO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$42.10	Lsm	Zgyfpybv

Vornado Earnings: Divestitures at Good Valuation and Robust Leasing Volume Marked a Strong Quarter

Suryansh Sharma

Aug 6, 2024

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.

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