Vornado Realty Trust Reports Significant Decrease in Net Income

In the year ended December 31, 2023, the net income attributable to common shares was $43.4 million, or $0.23 per diluted share, compared to a loss of ($408.6) million, or ($2.13) per diluted share in the previous year.

Funds from operations, as adjusted, for the same period was $508.2 million, or $2.61 per diluted share, down from $608.9 million, or $3.15 per diluted share in the previous year. This represents a significant decrease.

Net operating income before depreciation, G&A, and interest for the year ended December 31, 2023, was $1.143 billion, showing substantial growth from 2021 and remaining relatively flat compared to 2022.

Looking at the net operating income by business unit, the New York office segment saw a 3.8% increase, reaching $727.0 million, while the retail segment experienced a decrease of 6.4% to $188.6 million. The residential segment saw an 11.8% increase to $21.9 million, and the Alexander’s segment had a 9.9% increase to $40.1 million.

On the other hand, the Mart segment experienced a significant drop of 34.8% to $61.5 million, and the 555 California Street segment saw a notable increase of 26.3% to $82.9 million.

As a result of these announcements, the company's shares have moved -7.4% on the market, and are now trading at a price of $27.75. If you want to know more, read the company's complete 8-K report here.

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