Vornado Realty Trust Q4 EPS $0.55, Revenue Beats Estimates by 4.4%
Vornado Realty Trust posted Q4 revenue of $453.7 million, down 0.9% year-over-year but 4.4% above estimates, while EPS rose to $0.55 from $0.01 last year, slightly missing the $0.57 consensus. New York office occupancy reached 91.2%, beating projections, but retail occupancy fell to 79.4%, below the 80.1% forecast.
1. Q4 Financial Results
Vornado Realty Trust reported Q4 revenue of $453.71 million, a 0.9% year-over-year decline but 4.4% above analysts’ projections. EPS reached $0.55 per share, up from $0.01 a year earlier, slightly below the $0.57 consensus.
2. Occupancy and Portfolio Metrics
New York office occupancy at Vornado’s share rose to 91.2%, surpassing the 89.8% estimate, while retail occupancy slipped to 79.4% versus a forecasted 80.1%. Total ownership interest in New York properties stood at 20.91 million square feet, marginally below the 21.04 million estimate.
3. Fee and Other Income Trends
Other income surged 41.4% to $27.71 million, driven in part by a 10.9% increase in BMS cleaning fees to $41.25 million. Tenant expense reimbursements fell 15.2% to $38.37 million, and management and leasing fees climbed 3.6% to $2.61 million year-over-year.