Rising interest rates weighing on Vornado’s earnings, Steve Roth says

Rising Interest Rates Weighing on Vornado’s Earnings, Steve Roth Says

REIT beats Q1 estimates, details planned asset sales amid tenants’ “flight to quality”

New York City’s office market is improving every month, but what it will look like a year from now is anyone’s guess, Vornado Realty Trust’s management said Tuesday.

Vornado’s shares rose roughly 2 percent after the company reported first-quarter earnings and revenue that beat Wall Street consensus expectations. Funds from operations per share, a key REIT earnings metric, increased more than 20 percent year over year to $0.79 on an as-adjusted basis, beating the consensus estimate by 3 cents. Net operating income ticked up 3.1 percent.

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WeWork’s losses Narrow but are Still Huge

WeWork’s Losses Narrow but Still Huge

WeWork’s quarterly losses narrowed throughout 2021, but the year’s total was a sobering reminder of the flex office company’s struggle to regain its former glory.

WeWork’s stock tumbled around 3 percent Friday, then rebounded, after the company reported a $4.4 billion net loss for the year. That’s up from losses of $3.1 billion in 2020 and $3.3 billion in 2019.

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Manhattan investment sales top pre-pandemic levels in Q4 comeback

Manhattan investment sales top pre-pandemic levels in Q4 comeback

The city may be entering its third year under the looming shadow of Covid, but investment sales have snapped back to pre-pandemic levels.

Manhattan recorded 100 investment transactions totaling just over $6.2 billion in the fourth quarter of 2021, according to a report by Avison Young, the highest dollar volume and most deals recorded in a single quarter since 2018.

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CBS Studio Selling for $1.8 Billion as Demand Soars for Show-Business Real Estate

CBS Studio Selling for $1.8 Billion as Demand Soars for Show-Business Real Estate

A venture of two real-estate firms has agreed to pay more than $1.8 billion for the historic CBS Studio Center in Los Angeles, the latest deal in the red-hot studio sector. The higher-than-expected price tag shows how demand for limited studio space is rising. New demand is being fueled in large part by Amazon.com Inc., Netflix Inc. and Apple Inc. competing to create new streaming content. Real-estate investors are getting in on the action by buying the sound stages, office space, and other real estate tied to show business.

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