Skip to Content

Vornado Realty Trust VNO

Rating as of

Morningstar’s Analysis

Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price


5-Star Price


Economic Moat


Capital Allocation


Vornado Reports Weak Third-Quarter Results, With the Pandemic Showing No End in Sight

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Vornado Realty reported disappointing third-quarter results, with the firm continuing to suffer as the office real estate industry remains frozen amid a pandemic that has forced most corporate employees to work from home. This impact has been particularly strong in New York City, where Vornado owns most of its assets. During the third quarter, the company reported adjusted funds form operations of $0.59 per share, a sharp decline as compared with $0.89 during the third quarter of 2019. This decrease was primarily driven by various write-offs related to retail bankruptcies and variable income from lodging and trade shows. Vornado has been hard-hit by the pandemic given its somewhat elevated exposure to these variable businesses and a higher retail presence as compared with its fellow office REIT peers. With third-quarter results providing a near-term disappointment, we are lowering our fair value estimate for no-moat rated Vornado Realty to $55 per share from $58.

Read Full Analysis

Company Profile

Business Description

Vornado owns and has 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.

888 Seventh Avenue
New York, NY, 10019
T +1 212 894-7000
Sector Real Estate
Industry REIT - Office
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 4,008