Vornado Realty Trust Q3 adjusted FFO per share rises on rent commencements
Overview
U.S. office REIT's Q3 adjusted FFO per share rose to $0.65 from $0.57 yr/yr
Company reported Q3 net loss attributable to common shareholders of $47.1 mln
Outlook
Company did not provide specific financial guidance for the current or future periods in the press release
Result Drivers
RENT COMMENCEMENTS - Co said higher FFO was driven by rent commencements, net of lease expirations
PARK AVENUE PLAZA - Co said acquisition of Park Avenue Plaza contributed to FFO growth
VARIABLE BUSINESSES - Co said variable businesses, primarily signage, contributed to FFO increase
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted FFO Per Share | $0.65 |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 7 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Vornado Realty Trust is $39.50, about 13% above its November 2 closing price of $34.97
The stock recently traded at 247 times the next 12-month earnings vs. a P/E of 2,193 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)