Overview

• Vornado Q3 net income at $11.6 mln, compared to net loss last year

• FFO for Q3 rises to $117.4 mln, reflecting improved operational performance

• Company purchased 623 Fifth Avenue for $218 mln, plans redevelopment

Outlook

• Company did not provide specific guidance for future quarters or full year in press release

Result Drivers

• NYU MASTER LEASE - Significant gain from the 770 Broadway master lease with NYU contributed to net income

• ASSET SALES - Gains from sales of 666 Fifth Avenue and other properties boosted financial results

• RENT REVERSAL - Reversal of PENN 1 rent expense following rent reset determination positively impacted net income

Key Details

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 4 "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 $Vornado Realty Trust(VNO-N)$ is $41.50, about 8.6% above its October 31 closing price of $37.94

• The stock recently traded at 150 times the next 12-month earnings vs. a P/E of 214 three months ago

Press Release: ID:nGNX907j0j

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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.)