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Vornado Realty

Vornado owns and has an ownership interest in Class A office and retail properties highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. It operates as a real estate investment trust.

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Vornado Realty Trust&#39;s (NYSE: VNO) second-quarter 2024 funds from operations (FFO) plus assumed conversions as adjusted per share of 57 cents surpassed the Zacks Consensus Estimate of 55 cents. However, the figure declined 20.8% year over year.

Vornado&#39;s Q2 FFO and Revenues Surpass Estimates

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Vornado Realty Trust (NYSE: VNO) is scheduled to report second-quarter 2024 results on Aug 5, after market close. The quarterly results are likely to reflect a year-over-year decrease in revenues and funds from operations (FFO) per share.

Vornado to Report Q2 Earnings: What&#39;s in the Cards?

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Vornado Realty Trust

Viper Energy, Inc. - Class A Common Stock

Viper Energy Inc

VORNADO RLTY TR 6.50 A PR by Vornado Realty Trust

Vornado Realty Trust 5.25% Series M Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, no par value per share

Vornado Realty Trust 5.25% Series N Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share

Vornado Realty Trust 4.45% Series O Cumulative Redeemable Preferred Shares, Liquidation Preference $25.00 Per Share

B of A Securities analyst Camille Bonnel maintains Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) with a Neutral and raises the price target from $26 to $35.

Price Target

B of A Securities Maintains Neutral on Vornado Realty, Raises Price Target to $35

Evercore ISI Group analyst Steve Sakwa upgrades Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) from Underperform to Outperform and raises the price target from $32 to $38.

Upgrades

Evercore ISI Group Upgrades Vornado Realty to Outperform, Raises Price Target to $38

Evercore ISI Group analyst Steve Sakwa maintains Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) with a Underperform and raises the price target from $31 to $32.

Evercore ISI Group Maintains Underperform on Vornado Realty, Raises Price Target to $32

Barclays analyst Ross Smotrich maintains Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) with a Underweight and raises the price target from $21 to $27.

Barclays Maintains Underweight on Vornado Realty, Raises Price Target to $27

Piper Sandler analyst Alexander Goldfarb upgrades Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) from Underweight to Neutral and raises the price target from $22 to $30.

Piper Sandler Upgrades Vornado Realty to Neutral, Raises Price Target to $30

BMO Capital analyst John Kim upgrades Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) from Market Perform to Outperform and raises the price target from $29 to $40.

BMO Capital Upgrades Vornado Realty to Outperform, Raises Price Target to $40

Evercore ISI Group analyst Steve Sakwa maintains Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) with a Underperform and raises the price target from $24 to $31.

Evercore ISI Group Maintains Underperform on Vornado Realty, Raises Price Target to $31

In the last three months, 5 analysts have published ratings on Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>), offering a diverse range of perspectives from bullish to bearish.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $25.4, along with a high estimate of $32.00 and a low estimate of $21.00. This current average represents a 1.55% decrease from the previous average price target of $25.80. 
<img src="https://www.benzinga.com/files/images/story/2024/1723039300_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
A clear picture of Vornado Realty's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Floris Van Dijkum</td>
<td>Compass Point</td>
<td>Raises</td>
<td>Neutral</td>
<td>$32.00</td>
<td>$27.00</td>
</tr>
<tr>
<td>John Kim</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$29.00</td>
<td>$31.00</td>
</tr>
<tr>
<td>Ross Smotrich</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$21.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Nicholas Yulico</td>
<td>Scotiabank</td>
<td>Lowers</td>
<td>Sector Perform</td>
<td>$23.00</td>
<td>$24.00</td>
</tr>
<tr>
<td>Alexander Goldfarb</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$22.00</td>
<td>$25.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Vornado Realty. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Vornado Realty compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Vornado Realty's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Vornado Realty's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/VNO/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Vornado Realty analyst ratings.</a>
<h2>Get to Know Vornado Realty Better</h2>
Vornado owns and has an ownership interest in Class A office and retail properties highly concentrated in Manhattan, with additional properties in San Francisco and Chicago. It operates as a real estate investment trust.
<h3>Vornado Realty: Financial Performance Dissected</h3>
Market Capitalization: Exceeding industry standards, the company's market capitalization places it above industry average in size relative to peers. This emphasizes its significant scale and robust market position.
Revenue Challenges: Vornado Realty's revenue growth over 3 months faced difficulties. As of 30 June, 2024, the company experienced a decline of approximately -4.68%. This indicates a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: Vornado Realty's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 7.83% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Vornado Realty's ROE excels beyond industry benchmarks, reaching 0.8%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Vornado Realty's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 0.22%, the company showcases efficient use of assets and strong financial health.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 2.02, caution is advised due to increased financial risk.
<h2>What Are Analyst Ratings?</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where Vornado Realty Stands With Analysts

Compass Point analyst Floris Van Dijkum maintains Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) with a Neutral and raises the price target from $27 to $32.

Compass Point Maintains Neutral on Vornado Realty, Raises Price Target to $32

Vornado Realty Trust&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vno#NYSE">VNO</a>) second-quarter 2024 funds from operations (FFO) plus assumed conversions as adjusted per share of 57 cents surpassed the Zacks Consensus Estimate of 55 cents. However, the figure declined 20.8% year over year.
Results display better-than-anticipated top-line growth. Vornado experienced decent leasing activity, higher initial rent and lower leasing commissions in the quarter. However, the total same-store net operating income (NOI) declined year over year.
Total revenues came in at $450.3 million in the reported quarter, which beat the Zacks Consensus Estimate of $434.6 million. However, on a year-over-year basis, revenues declined nearly 4.7%.
Quarter in Detail
In the reported quarter, total same-store NOI (at share) came in at $263.8 million compared with the prior-year quarter&#39;s $289.8 million. The metric for the New York, THE MART and 555 California Street portfolios decreased 4.4%, 4.6% and 46.4%, respectively, from the prior-year period.
Operating expenses increased 3% to $229.4 million year over year. Interest expenses rose 12.9% to $98.4 million year over year.
During the quarter, in the New York office portfolio, 1,322,000 square feet of office space (598,000 square feet at share) was leased for an initial rent of $131.37 per square foot and a weighted average lease term of 9.7 years. The tenant improvements and leasing commissions were $6.54 per square foot per annum or 5% of the initial rent.
In the New York retail portfolio, 4,000 square feet were leased (all at share) at an initial rent of $301.14 per square foot and a weighted average lease term of five years. The tenant improvements and leasing commissions were $10.99 per square foot per annum or 3.6% of the initial rent.
At THE MART, 32,000 square feet of space (all at share) was leased for an initial rent of $56.39 per square foot and a weighted average lease term of 7.2 years. The tenant improvements and leasing commissions were $7.86 per square foot per annum or 13.9% of the initial rent.
Additionally, at 555 California Street, 66,000 square feet of office space (47,000 square feet at share) was leased for an initial rent of $99.14 per square foot and a weighted average lease term of 9.8 years. The tenant improvements and leasing commissions were $12.56 per square foot per annum or 12.7% of the initial rent.
Vornado ended the quarter with occupancy in the New York portfolio at 88.3%, down 180 basis points (bps) year over year. Occupancy in THE MART declined to 76.9% from 80% reported at the end of the year-ago period. However, occupancy in 555 California Street remained unchanged at 94.5%.
Portfolio Activity
During the second quarter, Vornado sold two condominium units at 220 CPS for a net amount of $31.6 million. It also sold its 49.9% interest in 50-70 West 93rd Street to its joint venture partner for a net amount of $2 million.
Balance Sheet
Vornado exited the second quarter of 2024 with cash and cash equivalents of $872.6 million, down 2.3% from $892.7 million as of Mar 31, 2024.
Vornado currently carries a Zacks Rank #4 (Sell).
Vornado Realty Trust Price, Consensus and EPS Surprise
<div class="chart_embed"><img alt="Vornado Realty Trust Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/82/1722952047.png" style="height:265px; width:583px" title="" /></div>
<div class="chart_embed">Vornado Realty Trust price-consensus-eps-surprise-chart | Vornado Realty Trust Quote</div>
Performance of Other REITs
Highwoods Properties Inc.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hiw#NYSE">HIW</a>) reported a second-quarter 2024 FFO per share of 98 cents, which beat the Zacks Consensus Estimate of 90 cents. The figure was also higher than the prior-year quarter&#39;s 94 cents.
Quarterly results reflected a decline in rental property and other expenses year over year and improving leasing activity. However, interest expenses were up year over year. HIW raised its outlook for 2024. HIW currently carries a Zacks Rank#3 (Hold).
Cousins Properties&#39;&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cuz#NYSE">CUZ</a>) second-quarter 2024 FFO per share of 68 cents beat the Zacks Consensus Estimate of 66 cents.
Results reflected decent leasing activity and better-than-anticipated revenues. However, rental property operating and interest expenses increased year over year.CUZ also raised its 2024 outlook for FFO per share. CUZ currently carries a Zacks Rank #3.
Note:&nbsp;Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2317151/vornado-s-vno-q2-ffo-and-revenues-surpass-estimates?cid=CS-BENZ-FT-analyst_blog|earnings_article-2317151">To read this article on Zacks.com click here.</a>

Vornado's Q2 FFO and Revenues Surpass Estimates

WIIM

Vornado Realty shares are trading higher after the company reported better-than-expected Q2 financial results and announced the sale of a retail joint venture for $350 million.

U.S. stocks were higher, with the Dow Jones index gaining over 300 points on Tuesday.
Shares of Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) rose sharply during Tuesday's session after the company reported better-than-expected second-quarter earnings and <a href="https://www.benzinga.com/news/earnings/24/08/40181443/restaurant-company-yum-china-posts-mixed-q2-results-announces-cfo-change">announced a CFO transition.</a>
Core operating profit grew 12% Y/Y to $275 million, with a margin of 10.0% vs. 9.3% a year ago quarter. EPS of 55 cents surpassed the street view of 47 cents.
Yum China shares surged 11.6% to $33.26 on Tuesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) shares surged 90% to $4.92 after the company announced it secured $5 billion in new business from companies seeking to secure their fiber capacity.</li>
<li>Clear Secure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOU#NYSE">YOU</a>) gained 26.4% to $24.61 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates.</li>
<li>Serve Robotics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SERV#NASDAQ">SERV</a>) climbed 24.9% to $17.01 after falling around 7% on Monday.</li>
<li>TG Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGTX#NASDAQ">TGTX</a>) gained 21.2% to $20.85  after the company reported better-than-expected quarterly financial results and raised its FY24 Briumvi U.S. net product revenue. The company entered into a term loan facility with Blue Owl Capital.</li>
<li>Castle Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSTL#NASDAQ">CSTL</a>) rose 17.8% to $25.76 after the company reported better-than-expected second-quarter financial results and increased its FY24 revenue guidance above estimates.</li>
<li>Bioventus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BVS#NASDAQ">BVS</a>) jumped 18.5% to $7.42 after the company reported better-than-expected second-quarter financial results and raised its FY24 guidance above estimates.</li>
<li>Vimeo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMEO#NASDAQ">VMEO</a>) gained 17.2% to $4.18 after the company reported better-than-expected quarterly financial results and raised its FY24 revenue guidance.</li>
<li>Cabot Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBT#NYSE">CBT</a>) rose 15.2% to $100.21 following upbeat quarterly results.</li>
<li>Kenvue Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVUE#NYSE">KVUE</a>) climbed 13.7% to $20.69 after the company reported better-than-expected quarterly financial results.</li>
<li>Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) gained 13.2% to $30.85 following better-than-expected quarterly earnings.</li>
<li>New Oriental Education &amp; Technology Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDU#NYSE">EDU</a>) gained 11.6% to $72.87  after the company upsized its share repurchase program.</li>
<li>BellRing Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRBR#NYSE">BRBR</a>) gained 11.2% to $54.85 following upbeat quarterly earnings.</li>
<li>TransMedics Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMDX#NASDAQ">TMDX</a>) gained 9.3% to $162.20.</li>
<li>BioMarin Pharmaceutical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMRN#NASDAQ">BMRN</a>) rose 9.3% to $87.99 after the company reported better-than-expected quarterly financial results. Also, Evercore ISI Group maintained an Outperform rating on the stock and raised its price target from $113 to $115.</li>
<li>Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) rose 9.1% to $152.55. The company announced that it entered into exchange agreements with a limited number of noteholders of its 6% Convertible Senior Notes due 2025</li>
<li>Materion Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTRN#NYSE">MTRN</a>) gained 9% to $112.74 following strong quarterly earnings.</li>
<li>Planet Fitness, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) rose 9% to $78.53 after the company reported better-than-expected second-quarter financial results and reiterated 2024 outlook.</li>
<li>Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) rose 6.7% to $54.58  after the company reported better-than-expected quarterly financial results.</li>
<li>Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) gained 5.9% to $105.02 after B of A Securities upgraded the stock from Neutral to Buy.</li>
</ul>
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Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) announced today that its 52% owned street retail joint venture has entered into an agreement to sell UNIQLO the portion of its U.S. flagship store at 666 Fifth Avenue owned by the retail joint venture for $350 million. The joint venture owns the fee condominium interest in 17,295 square feet (6,477 square feet at grade) of UNIQLO's 90,732 square foot store. In conjunction with the closing, the pass-through leases between the office condominium owner and the retail joint venture will be terminated. &nbsp;
The joint venture will continue to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie &amp; Fitch and Tissot stores.
All of the estimated $340 million of net proceeds from the sale are expected to be used to partially repay Vornado's $390 million of preferred equity on the asset.

Asset Sales

Vornado Realty Trust Announces That Its 52% Owned Street Retail Joint Venture Has Entered Into An Agreement To Sell UNIQLO The Portion Of Its U.S. Flagship Store At 666 Fifth Avenue Owned By The Retail Joint Venture For $350M

Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) reported quarterly earnings of $0.57 per share which beat the analyst consensus estimate of $0.54 by 5.56 percent. This is a 20.83 percent decrease over earnings of $0.72 per share from the same period last year. The company reported quarterly sales of $450.266 million which beat the analyst consensus estimate of $439.277 million by 2.50 percent. This is a 4.68 percent decrease over sales of $472.359 million the same period last year.

Earnings Beats

Vornado Realty Q2 2024 FFO $0.57 Beats $0.54 Estimate, Sales $450.266M Beat $439.277M Estimate

Vornado Realty Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vno#NYSE">VNO</a>) is scheduled to report second-quarter 2024 results on Aug 5, after market close. The quarterly results are likely to reflect a year-over-year decrease in revenues and funds from operations (FFO) per share.
In the last reported quarter, this New York-based real estate investment trust&#39;s (REIT) FFO plus assumed conversions as adjusted per share of 55 cents missed the Zacks Consensus Estimate by 5.2%. Results displayed lower-than-anticipated top-line growth.
Over the trailing four quarters, Vornado&#39;s FFO plus assumed conversions as adjusted per share surpassed the Zacks Consensus Estimate on two occasions, met on another and missed on the remaining period, the average beat being 3.5%. This is depicted in the graph below:
<div class="chart_embed">
<h3>Vornado Realty Trust Price and EPS Surprise</h3>
<img alt="Vornado Realty Trust Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/16/1722613051.png" style="height:297px; width:610px" title="" />
Vornado Realty Trust price-eps-surprise | Vornado Realty Trust Quote
</div>
<h3>U.S. Office Market</h3>
Per a Cushman &amp; Wakefield (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cwk#NYSE">CWK</a>) report, although the U.S. economy is now slowing, job growth remains healthy. CWK expects office-using job growth to be moderate for the remainder of the year before picking up in 2025.
National absorption of negative 18.2 million square feet (msf) for the second quarter improved from the negative 25.5 msf recorded in the previous quarter, bringing the four-quarter rolling total to a negative 69.6 msf. The second quarter of 2024 marked the 10th straight quarter for office demand being negative.
The Cushman &amp; Wakefield report highlights that despite the weaker trends at the national level, demand for office spaces outperforms in some markets. In the first half of 2024, 28 markets reported positive absorption.
In addition, occupiers&#39; growing preference for high-quality office properties has played a key role in leading to positive absorption rates in these markets.
Nonetheless, the second-quarter national vacancy rate reached a record high of 20.5%, increasing 55 basis points (bps) sequentially and 180 bps year over year. The national asking rent increased to $37.91 in the second quarter from $37.78 in the previous quarter.
<h3>Projections</h3>
Although Vornado has a portfolio of premium office assets strategically situated in sought-after markets like New York, Chicago and San Francisco, its performance in the to-be-reported quarter is likely to have been affected by the choppy environment in the office real estate market.
Also, competition from developers, owners and operators of office properties and other commercial real estate, including sublease space available from its tenants, might have partly limited VNO&#39;s ability to increase rents and/or backfill tenant move-outs and vacancies during the quarter.
The Zacks Consensus Estimate for quarterly revenues is pegged at $435.6 million, suggesting a decrease of 7.8% from the year-ago quarter&#39;s reported figure.
The consensus mark for Vornado&#39;s New York revenues stands at $355.1 million, indicating a decline from $362.5 million in the prior-year quarter. The consensus estimate for occupancy in the New York office portfolio is pegged at 89.50%, down from 91.90% reported a year ago.
Further, high interest rates are expected to have been a spoilsport during the to-be-reported quarter. Elevated rates imply high borrowing costs for the company, which would affect its ability to purchase or develop real estate.
The company&#39;s activities during the to-be-reported quarter were inadequate to garner analysts&#39; confidence. The Zacks Consensus Estimate for the quarterly FFO per share has been revised a cent downward to 55 cents over the past two months. The figure also suggests a 23.6% decline from the prior-year period&#39;s reported number.
<h3>What Our Quantitative Model Predicts</h3>
Our proven model does not conclusively predict a surprise in terms of FFO per share for Vornado this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.
Vornado has an Earnings ESP of -3.20% and currently carries a Zacks Rank of 4 (Sell).
<h3>Stocks That Warrant a Look</h3>
Here are two stocks from the broader REIT sector &mdash; Hudson Pacific Properties&nbsp;and Apple Hospitality REIT (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aple#NYSE">APLE</a>) &mdash; that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
Hudson Pacific Properties, slated to release quarterly numbers on Aug 7, has an Earnings ESP of +4.35% and carries a Zacks Rank of 3 at present.
Apple Hospitality, scheduled to report quarterly numbers on Aug 5, has an Earnings ESP of +12.21% and carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2315527/vornado-vno-to-report-q2-earnings-what-s-in-the-cards?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2315527">To read this article on Zacks.com click here.</a>

Vornado to Report Q2 Earnings: What's in the Cards?

The anticipation of Federal Reserve rate cuts is starting to have a favorable impact on the <a href="https://www.benzinga.com/money/mortgages">real estate mortgage market. </a>
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased by 13 basis points to 6.87% for the week ending July 12, 2024, down from 7% the prior week, as reported by the Mortgage Bankers Association Wednesday. 
This decline represents the most significant drop in borrowing costs in around four months and the lowest rate since early March. 
Fed Rate Cut Bets, Lower Treasury Yields Push Mortgage Rates Down
The reduction was largely propelled by rising expectations on Fed rate cuts and the fall in 30-year Treasury yields, a key indicator for long-term mortgage rates, which decreased by approximately 30 basis points month-to-date to 4.37%.
Market expectations for a 25 basis point rate cut in September have surged to nearly 100%, up from a 60% likelihood a month ago, according to the CME FedWatch Tool.
Joel Kan, the MBA's vice president, said, &#8220;Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower.&#8221;
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082633/image-26-1024x500.png" alt="" class="wp-image-440604" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082633/image-26-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082633/image-26-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082633/image-26-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082633/image-26-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082633/image-26.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Rising Mortgage Demand
The 13 basis point reduction in mortgage rates has positively influenced demand, with applications for new mortgages and refinancing existing mortgages rising significantly last week. 
According to MBA data, mortgage applications in the U.S. jumped by 3.9% in the third week of July, recovering from declines in the previous two weeks to achieve the sharpest increase in a month.
Refinancing applications, which are particularly sensitive to weekly rate changes, increased by 15% from the previous week, reaching their highest level in two years.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082958/image-27-1024x500.png" alt="" class="wp-image-440610" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082958/image-27-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082958/image-27-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082958/image-27-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082958/image-27-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17082958/image-27.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Market Reactions
The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) traded 1.33% higher at the time of publication Wednesday, after closing 1% higher Tuesday. The Vanguard Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) was up 1.27%.
Top performers in the premarket were:
<ul>
<li>SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) up 2.30%. </li>
<li>CubeSmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBE#NYSE">CUBE</a>) up 1.90%.</li>
<li>National Storage Affiliates Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSA#NYSE">NSA</a>) up 0.90%.</li>
<li>Kennedy-Wilson Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KW#NYSE">KW</a>) up 0.56%.</li>
<li>Alexandria Real Estate Equities (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>) up 0.54%.</li>
<li>Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) up 0.47%. </li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39805707/regional-bank-gains-hit-levels-unseen-since-silicon-valley-banks-failure-as-investo">Regional Bank Gains Hit Levels Unseen Since Silicon Valley Bank&#8217;s Failure As Investor Sentiment Shifts To Small-Cap Names</a></li>
</ul>
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Shares of REITs are trading higher following softer-than-expected June CPI data, which could raise expectations of rate cuts.

A lower-than-expected inflation report for May ignited a bullish frenzy on Wall Street, with investors increasing their bets on rate cuts, bolstered by growing confidence that the Federal Reserve will ease its policy stance later this year as price pressures trend <a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-">towards the 2% target.</a>
The Consumer Price Index (CPI) data revealed cooler-than-anticipated monthly and annual inflation rates for both headline and core items. 
This report arrives just ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting, which will commence <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39294739/how-mays-inflation-slowdown-could-influence-feds-next-move-insights-from-6-economis">at 2:00 p.m. ET today.</a>
The implied probability of a rate cut by September has surged to 72%, up from 54% before the inflation report. Fed futures now indicate a 55 basis points reduction (equivalent to two rate cuts) by year-end.
In response to rising expectations for rate cuts, traders quickly pivoted to riskier assets.
The tech-heavy Nasdaq 100 climbed 1.4% to over 19,400 points, setting new record highs. The S&amp;P 500 Index increased by 1.1% to surpass 5,400 points, also achieving fresh all-time highs.
Blue-chip stocks saw a modest rise of 0.2%, but the standout performance came from small caps. The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) surged 2.7%, marking its best session since mid-December 2023.
Treasury yields plummeted across the board, with the 2-year yield dropping 15 basis points to 4.68%. Long-dated yields also declined by approximately 10 basis points, propelling the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) up by 1.6%, its strongest one-day performance since early February 2024.
Industries sensitive to interest rates saw significant gains. The SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>) and the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) soared 4.6% and 3.5%, respectively.
Precious metals also rallied on the back of lower yields and a weakening dollar, with gold rising 0.8% and silver surging 2.8%.
Cryptocurrencies experienced sharp rallies driven by the risk-on sentiment. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) jumped 3.6% to $69,800, while the more speculative Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) surged over 8% on the day.
<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,072.95</td>
<td>2.6%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,471.20</td>
<td>1.4%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,435.07</td>
<td>1.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,819.58</td>
<td>0.2%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:15 p.m. ET</figcaption></figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.1% higher to $542.76.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% higher to $388.81.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA: <a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 1.4 higher to $474.65.</li>
<li>Sector-wise, the&nbsp;Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, up by 2.6%, while the&nbsp;Energy Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 0.8%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rose 4.7%, surpassing Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) as the world&#8217;s biggest company. </li>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rallied over 4%, following <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39294523/cathie-wood-ark-invest-set-new-2-600-price-target-for-tesla-every-car-becomes-an-ai-powered-c">Cathie Wood&#8217;s bullish projection</a> on the EV maker. </li>
<li>The top performers among real estate stocks were Zillow Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>), eXp World Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPI#NASDAQ">EXPI</a>) and Redfin Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDFN#NASDAQ">RDFN</a>), with gains of 13.7%, 11% and 9.4%, respectively. </li>
<li>Among the subset of stocks exposed to the office and commercial real estate sector, SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>) and Vornado Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) rose 8.3% and 8%, respectively.</li>
<li>Within the regional bank industry, First Foundation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) and Western Alliance Bancorp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) rose the most, up 7.5% and 7%, respectively. </li>
<li>Caseys General Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>) skyrocketed over 17% in reaction to stronger-than-expected quarterly earnings and revenue. </li>
<li>Other stocks reacting to company earnings are Oracle Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NASDAQ">ORCL</a>) up 12.7%, Autodesk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) up 5.3%, Rubrik Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) down 4.9%. </li>
<li>Companies set to report their earnings after Wednesday&#8217;s close are Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Dave &amp; Busters Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLAY#NASDAQ">PLAY</a>), and Oxford Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXM#NYSE">OXM</a>). </li>
</ul>
Read now: <a href="https://www.benzinga.com/news/24/06/39292008/short-seller-citron-closes-short-position-in-gamestop-says-it-respects-markets-irrationality">Short Seller Citron Closes Short Position In GameStop, Says &#8216;It Respects Market&#8217;s Irrationality&#8217;</a>
Image generated using artificial intelligence via Midjourney.

Bulls Push Wall Street To Record Highs On Declining Inflation; Tech, Real Estate, Small Caps Surge Ahead Of Fed Meeting: What's Driving Markets Wednesday?

LAMR

Shares of REIT stocks are trading higher amid a drop in Treasury yields following soft May CPI figures.

BMO Capital analyst John Kim maintains Vornado Realty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNO#NYSE">VNO</a>) with a Market Perform and lowers the price target from $31 to $29.

BMO Capital Maintains Market Perform on Vornado Realty, Lowers Price Target to $29

Compass Point analyst Floris van Dijkum reiterated a Hold rating on Vornado Realty (VNO – Research Report) today and set a price target of $32.00. ...

Vornado Realty (VNO) Receives a Hold from Compass Point

Analysts have been eager to weigh in on the Real Estate sector with new ratings on Vornado Realty (VNO – Research Report) and Stag Industrial (STAG...

Analysts Offer Insights on Real Estate Companies: Vornado Realty (VNO) and Stag Industrial (STAG)

BMO Capital analyst John Kim upgraded the rating on Vornado Realty (VNO – Research Report) to a Buy today, setting a price target of $40.00. John K...

Buy Rating on Vornado Realty: A Positive Outlook on NYC Office and Retail Sectors

Vornado upgraded, Hudson Pacific downgraded to Neutral at Piper Sandler

8% Yielding REIT Preferred Shares

The Return Of Volatility

In a report released today, Brendan Lynch from Barclays maintained a Sell rating on Vornado Realty (VNO – Research Report), with a price target of ...


Daniel GoldmanHouse (D-NY)	$1K - $15K	stock	Purchase	May 19, 2023	Apr 10, 2023	House
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