Stock Monitor: Great Ajax Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 19, 2018 / Active-Investors.com has just released a free earnings report on Vornado Realty Trust (NYSE: VNO) ("Vornado"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=VNO. Vornado reported its fourth quarter fiscal 2017 operating and financial results on February 12, 2018. The Diversified REITs' revenue grew 4% on a y-o-y basis.Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Great Ajax Corp. (NYSE: AJX), which also belongs to the Financial sector as the Company Vornado Realty Trust. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Vornado Realty Trust most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=VNO
Earnings Highlights and Summary
For the three months ended December 31, 2017, Vornado recorded revenues of $536.23 million compared to revenue of $513.97 million in Q4 2016. The Company's reported numbers topped analysts' estimates of $524.1 million.
During full year 2017, Vornado's revenue totaled $2.08 billion compared to $2.03 billion for FY16.
Vornado's net income attributable to common shareholders was $27.3 million, or $0.14 per diluted share, for Q4 2017 compared to $651.2 million, or $3.43 per diluted share, for Q4 2016. On an adjusted basis, the Company's net income attributable to common shareholders was $65.5 million, or $0.34 per diluted share, and $77.8 million, or $0.41 per diluted share, for the year ago corresponding period.
For Q4 2017, Vornado's Funds from Operations (FFO) attributable to common shareholders was $153.2 million, or $0.80 per diluted share, compared to $797.7 million, or $4.20 per diluted share, for Q4 2016. The Company's adjusted FFO for Q4 2017 and Q4 2016 was $187.6 million and $193.2 million, or $0.98 and $1.02 per diluted share, respectively. Vornado's FFO numbers topped Wall Street's estimates of $0.93 per share.
Vornado's net income attributable to common shareholders was $162.0 million, or $0.85 per diluted share, for FY17 compared to $823.6 million, or $4.34 per diluted share, for FY16. The Company's non-GAAP net income attributable to common shareholders was $251.0 million, or $1.31 per diluted share, for FY17 compared to $229.2 million, or $1.21 per diluted share, for FY16.
For FY17, Vornado's FFO was $717.8 million, or $3.75 per diluted share, compared to $1.46 billion, or $7.66 per diluted share, for FY16. The Company's adjusted FFO for FY17 and FY16 was $713.8 million and $683.4 million, or $3.73 and $3.59 per diluted share, respectively.
Operating Results
During Q4 2017, Vornado executed 34 leases totaling 319,000 square feet with average starting rents of $76 a foot and positive mark-to-markets of 7.3%. The Company's year-end occupancies stood at 97.1% up 80 basis points compared to the year ago same period. Vornado's same-store growth was a robust 4.6% on a GAAP basis during the reported quarter.
During FY17, Vornado leased nearly 1.9 million square of office space in 139 separate transactions across its New York office portfolio. The Company achieved a high watermark average starting rent of $79 per square foot with strong mark-to-market of 12.8% GAAP and 9.9% cash.
Vornado had another strong year in its trophy assets, as the Company completed 17 deals in seven of its buildings at or above $100 a foot more than any other owner. These 17 leases with an average starting rent of $117 per foot totaled 363,000 square feet, 20% of the Company's total activity.
Capital Markets and Cash Position
On October 17, 2017, Vornado extended one of its two $1.25 billion unsecured revolving credit facilities from November 2018 to January 2022 with two six-month extension options. Interest rate on the extended facility was lowered from LIBOR plus 105 to LIBOR plus 100.
On December 27, 2017, Vornado redeemed its $450 million, 2.5% senior unsecured notes due 2019. The Company refinanced these notes with 450 million of seven-year 3.5% senior unsecured notes with January 15, 2025. The notes were sold at 99.596% of the face amount to produce a yield of 3.565%.
Vornado's Debt to enterprise value was 27.3% as on the day of the earnings release. The Company's consolidated debt, net of cash to EBITDA was 5.8 times. The Company had $4.1 billion in liquidity comprised of a $1.6 billion of cash restricted cash and marketable securities and its undrawn $2.5 billion revolving credit facility.
Stock Performance Snapshot
March 16, 2018 - At Friday's closing bell, Vornado Realty Trust's stock rose 1.30%, ending the trading session at $69.51.
Volume traded for the day: 1.45 million shares, which was above the 3-month average volume of 1.19 million shares.
Stock performance in the last month - up 5.19%
After last Friday's close, Vornado Realty Trust's market cap was at $13.04 billion.
Price to Earnings (P/E) ratio was at 63.02.
The stock has a dividend yield of 3.63%.
The stock is part of the Financial sector, categorized under the REIT - Diversified industry. This sector was up 0.3% at the end of the session.
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