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.