Vornado Realty Trust
- Home ›
- US ›
- Real Estate
Vornado’s portfolio is concentrated in the nation’s key market — New York City — along with the premier asset in both Chicago and San Francisco. The last earnings update was 24 days ago. More info.
Add to Portfolio Compare Print
VNO Share Price and Events
7 Day Returns
1 Year Returns
VNO Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Vornado Realty Trust (VNO) | 0.2% | -3.6% | -2.5% | -0.4% | -29.1% | -36.9% |
| US REITs | -0.3% | 3.5% | 3.2% | 13.3% | 11.3% | 24.8% |
| US Market | 0.2% | -1.6% | 2.4% | 2.9% | 36.1% | 41% |
1 Year Return vs Industry and Market
- VNO underperformed the REITs industry which returned 13.3% over the past year.
- VNO underperformed the Market in United States of America which returned 2.9% over the past year.
VNO Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Vornado Realty Trust
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Vornado Realty Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 4 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.9% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (67.28%)) |
0.873 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.87 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.873 * 5.96%) |
7.93% |
Discounted Cash Flow Calculation for NYSE:VNO using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Vornado Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Vornado Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.93%) |
|
|---|---|---|---|
| 2019 | 607.99 | Analyst x2 | 563.29 |
| 2020 | 556.44 | Analyst x3 | 477.64 |
| 2021 | 611.63 | Analyst x2 | 486.42 |
| 2022 | 701.48 | Analyst x1 | 516.87 |
| 2023 | 659.92 | Analyst x1 | 450.51 |
| 2024 | 694.58 | Est @ 5.25% | 439.32 |
| 2025 | 725.81 | Est @ 4.5% | 425.33 |
| 2026 | 754.60 | Est @ 3.97% | 409.69 |
| 2027 | 781.73 | Est @ 3.6% | 393.23 |
| 2028 | 807.81 | Est @ 3.34% | 376.47 |
| Present value of next 10 years cash flows | $4,538.78 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $807.81 × (1 + 2.73%) ÷ (7.93% – 2.73%) |
$15,947.36 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $15,947.36 ÷ (1 + 7.93%)10 |
$7,432.16 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $4,538.78 + $7,432.16 |
$11,970.95 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $11,970.95 / 203.55 |
$58.83 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $58.83 |
| Current discount | Discount to share price of
$67.19
= -1 x ($67.19 - $58.83) / $58.83 |
-14.2% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Vornado Realty Trust is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Vornado Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Vornado Realty Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $3.06 |
| NYSE:VNO Share Price ** | NYSE (2019-05-23) in USD | $67.19 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.92x |
| United States of America Market PE Ratio | Median Figure of 3,085 Publicly-Listed Companies | 17.79x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Vornado Realty Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:VNO Share Price ÷ EPS (both in USD) = 67.19 ÷ 3.06 |
21.93x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Vornado Realty Trust is good value based on earnings compared to the US REITs industry average.
- Vornado Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Vornado Realty Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 21.93x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
-11.6%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 2.41x |
| United States of America Market PEG Ratio | Median Figure of 2,123 Publicly-Listed Companies | 1.54x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 21.93x ÷ -11.6% |
-1.89x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Vornado Realty Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Vornado Realty Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $18.62 |
| NYSE:VNO Share Price * | NYSE (2019-05-23) in USD | $67.19 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.89x |
| United States of America Market PB Ratio | Median Figure of 5,201 Publicly-Listed Companies | 1.84x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:VNO Share Price ÷ Book Value per Share (both in USD) = 67.19 ÷ 18.62 |
3.61x |
* Primary Listing of Vornado Realty Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Vornado Realty Trust is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess Vornado Realty Trust's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Vornado Realty Trust has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
VNO Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Vornado Realty Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
- Vornado Realty Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
- Vornado Realty Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:VNO Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | -11.6% |
| NYSE:VNO Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 0.2% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.8% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.7% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 2,191 | 848 | 1 | |
| 2022-12-31 | 2,163 | 878 | 1 | |
| 2021-12-31 | 2,072 | 844 | 402 | 1 |
| 2020-12-31 | 2,202 | 843 | 290 | 4 |
| 2019-12-31 | 2,095 | 806 | 343 | 2 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 2,190 | 601 | 583 |
| 2018-12-31 | 2,175 | 803 | 384 |
| 2018-09-30 | 2,163 | 687 | 310 |
| 2018-06-30 | 2,062 | 785 | 138 |
| 2018-03-31 | 2,109 | 824 | 125 |
| 2017-12-31 | 2,088 | 860 | 175 |
| 2017-09-30 | 2,239 | 1,084 | 291 |
| 2017-06-30 | 2,258 | 992 | 313 |
| 2017-03-31 | 2,077 | 1,025 | 566 |
| 2016-12-31 | 2,178 | 995 | 419 |
| 2016-09-30 | 2,102 | 801 | 505 |
| 2016-06-30 | 2,231 | 806 | 629 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
All data from Vornado Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 2.09 | 2.39 | 1.80 | 2.00 |
| 2020-12-31 | 1.52 | 1.97 | 1.09 | 3.00 |
| 2019-12-31 | 1.76 | 1.76 | 1.76 | 1.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 3.06 |
| 2018-12-31 | 2.02 |
| 2018-09-30 | 1.63 |
| 2018-06-30 | 0.73 |
| 2018-03-31 | 0.66 |
| 2017-12-31 | 0.92 |
| 2017-09-30 | 1.54 |
| 2017-06-30 | 1.66 |
| 2017-03-31 | 2.99 |
| 2016-12-31 | 2.22 |
| 2016-09-30 | 2.68 |
| 2016-06-30 | 3.33 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Vornado Realty Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Vornado Realty Trust has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
VNO Past Performance
How has Vornado Realty Trust performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Vornado Realty Trust's year on year earnings growth rate has been positive over the past 5 years.
- Vornado Realty Trust's 1-year earnings growth exceeds its 5-year average (365.5% vs 16.9%)
- Vornado Realty Trust's earnings growth has exceeded the US REITs industry average in the past year (365.5% vs 16%).
Earnings and Revenue History
All data from Vornado Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 2,190.06 | 583.25 | 157.36 | |
| 2018-12-31 | 2,174.61 | 384.15 | 141.87 | |
| 2018-09-30 | 2,162.90 | 309.96 | 142.75 | |
| 2018-06-30 | 2,061.78 | 138.29 | 145.06 | |
| 2018-03-31 | 2,108.80 | 125.29 | 146.08 | |
| 2017-12-31 | 2,087.83 | 175.20 | 150.78 | |
| 2017-09-30 | 2,238.88 | 291.17 | 152.82 | |
| 2017-06-30 | 2,257.66 | 313.31 | 152.12 | |
| 2017-03-31 | 2,077.06 | 565.91 | 148.08 | |
| 2016-12-31 | 2,177.88 | 418.60 | 143.64 | |
| 2016-09-30 | 2,102.37 | 505.32 | 154.06 | |
| 2016-06-30 | 2,230.74 | 628.68 | 156.64 | |
| 2016-03-31 | 2,483.29 | 444.22 | 165.52 | |
| 2015-12-31 | 1,966.99 | 456.26 | 149.26 | |
| 2015-09-30 | 2,478.03 | 444.74 | 174.74 | |
| 2015-06-30 | 2,400.25 | 329.33 | 178.97 | |
| 2015-03-31 | 2,281.59 | 212.13 | 180.26 | |
| 2014-12-31 | 2,317.26 | 197.59 | 169.27 | |
| 2014-09-30 | 2,139.11 | -64.02 | 182.91 | |
| 2014-06-30 | 2,199.66 | -54.29 | 186.72 | |
| 2014-03-31 | 2,291.17 | -26.13 | 195.00 | |
| 2013-12-31 | 2,195.84 | -176.17 | 177.37 | |
| 2013-09-30 | 3,013.28 | 178.36 | 193.58 | |
| 2013-06-30 | 3,112.84 | 193.53 | 196.84 | |
| 2013-03-31 | 3,179.45 | 119.60 | 195.92 | |
| 2012-12-31 | 2,930.05 | 328.62 | 190.11 | |
| 2012-09-30 | 2,836.27 | 313.27 | 200.00 | |
| 2012-06-30 | 2,812.51 | 272.03 | 198.68 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Vornado Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Vornado Realty Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
- Vornado Realty Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Vornado Realty Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Vornado Realty Trust has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
VNO Health
How is Vornado Realty Trust's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Vornado Realty Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- Vornado Realty Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Vornado Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Vornado Realty Trust Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 5,957.98 | 9,199.11 | 326.66 |
| 2018-12-31 | 5,891.45 | 9,902.42 | 597.95 |
| 2018-09-30 | 5,962.09 | 9,843.22 | 812.73 |
| 2018-06-30 | 5,881.63 | 9,832.09 | 1,130.38 |
| 2018-03-31 | 5,881.90 | 9,825.04 | 1,364.06 |
| 2017-12-31 | 5,992.64 | 10,236.61 | 1,845.13 |
| 2017-09-30 | 6,258.28 | 9,405.25 | 1,303.11 |
| 2017-06-30 | 8,821.31 | 10,893.16 | 1,492.30 |
| 2017-03-31 | 8,829.40 | 10,673.22 | 1,509.33 |
| 2016-12-31 | 8,896.94 | 9,507.35 | 1,522.84 |
| 2016-09-30 | 8,317.31 | 11,274.45 | 1,355.76 |
| 2016-06-30 | 8,593.07 | 11,161.23 | 1,644.07 |
| 2016-03-31 | 8,477.24 | 11,139.31 | 1,678.61 |
| 2015-12-31 | 8,705.30 | 11,161.17 | 1,835.71 |
| 2015-09-30 | 8,558.39 | 10,084.16 | 788.14 |
| 2015-06-30 | 8,398.20 | 9,888.62 | 516.34 |
| 2015-03-31 | 8,348.44 | 9,645.80 | 1,067.57 |
| 2014-12-31 | 8,827.16 | 9,611.23 | 1,198.48 |
| 2014-09-30 | 8,364.97 | 11,234.47 | 1,683.14 |
| 2014-06-30 | 8,419.31 | 10,954.71 | 1,371.23 |
| 2014-03-31 | 8,550.16 | 10,430.31 | 1,156.73 |
| 2013-12-31 | 8,598.36 | 10,125.07 | 583.29 |
| 2013-09-30 | 8,778.93 | 10,092.23 | 872.32 |
| 2013-06-30 | 8,862.22 | 10,115.32 | 781.66 |
| 2013-03-31 | 9,015.69 | 10,523.82 | 585.82 |
| 2012-12-31 | 8,848.30 | 11,232.31 | 960.32 |
| 2012-09-30 | 8,684.35 | 9,918.61 | 465.88 |
| 2012-06-30 | 8,510.45 | 10,323.24 | 471.36 |
- Vornado Realty Trust's level of debt (154.4%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (122.1% vs 154.4% today).
- Debt is not well covered by operating cash flow (6.5%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 1.9x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Vornado Realty Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Vornado Realty Trust has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
VNO Dividends
What is Vornado Realty Trust's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Vornado Realty Trust
shares you are expected to receive
$79
in your first year as a dividend.
Dividend Amount
- Vornado Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
- Vornado Realty Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2005 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 2.93 | 2.00 |
| 2022-12-31 | 2.85 | 2.00 |
| 2021-12-31 | 2.87 | 5.00 |
| 2020-12-31 | 2.81 | 12.00 |
| 2019-12-31 | 2.64 | 6.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-24 | 2.640 | 3.915 |
| 2019-02-11 | 2.520 | 3.709 |
| 2018-02-12 | 2.520 | 3.627 |
| 2017-04-26 | 2.840 | 3.559 |
| 2017-01-18 | 2.840 | 2.715 |
| 2016-10-27 | 2.520 | 2.545 |
| 2016-07-29 | 2.520 | 2.505 |
| 2016-04-27 | 2.520 | 2.578 |
| 2016-01-20 | 2.520 | 2.796 |
| 2015-10-29 | 2.520 | 2.593 |
| 2015-07-30 | 2.520 | 2.704 |
| 2015-04-29 | 2.520 | 2.545 |
| 2015-01-21 | 2.520 | 2.291 |
| 2014-10-30 | 2.920 | 2.559 |
| 2014-07-31 | 2.920 | 2.801 |
| 2014-05-01 | 2.920 | 2.752 |
| 2014-01-15 | 2.920 | 3.024 |
| 2013-10-30 | 2.920 | 3.267 |
| 2013-08-01 | 2.920 | 3.442 |
| 2013-05-02 | 2.920 | 3.463 |
| 2013-01-17 | 2.920 | 3.451 |
| 2012-10-31 | 2.760 | 3.528 |
| 2012-07-31 | 2.760 | 3.384 |
| 2012-05-03 | 2.760 | 3.314 |
| 2012-01-18 | 2.760 | 3.322 |
| 2011-11-01 | 2.760 | 3.623 |
| 2011-07-28 | 2.760 | 3.434 |
| 2011-04-28 | 2.760 | 2.921 |
| 2011-01-12 | 2.760 | 3.132 |
| 2010-10-28 | 2.600 | 3.126 |
| 2010-07-29 | 2.600 | 3.043 |
| 2010-04-29 | 2.600 | 3.359 |
| 2010-01-13 | 2.600 | 3.653 |
| 2009-10-29 | 2.600 | 3.879 |
| 2009-07-30 | 2.600 | 4.364 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Vornado Realty Trust's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.6x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (288.2x coverage).
Income/ dividend checks
We assess Vornado Realty Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Vornado Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Vornado Realty Trust has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
VNO Management
CEO
| COMPENSATION | $11,599,270 |
| AGE | 76 |
| TENURE AS CEO | 6.1 years |
CEO Bio
Mr. Steven Roth, also known as Steve, has been the Chairman of the Board and Chief Executive Officer at Vornado Realty Trust General Partner of Vornado Realty L.P. since May 1989 and April 15, 2013 respectively. From May 1989 until May 2009, Mr. Roth served as Vornado’s Chief Executive Officer. Mr. Roth has been the Chief Executive Officer of Alexander's Inc. since March 2, 1995 and Chairman since May 2004. He served as Chief Executive Officer of Vornado Realty Trust from May 1989 to May 2009. He was also a Managing General Partner of Interstate Properties and was its General Partner since 1968. He served as the Chief Executive Officer of Vornado Operating Co. from May 1998 to 2009. He has been the Chairman of the Board of JBG Smith Properties since July 2017. He served as Chairman of the Board of Vornado Operating Co. since May 1998. He serves as a Director of The Partnership for New York City, Inc. He has been a Non-Independent Trustee of Urban Edge Properties since January 14, 2015. He has been a Director of Alexander's Inc., since 1989 and Toys R US Inc., since September 12, 2005. He has been a Director of Wayne Real Estate Company, LLC since September 2005. He has been a Non-Independent Trustee of Vornado Realty Trust since 1979. He served as Director of J. C. Penney Company, Inc from February 22, 2011 to September 13, 2013. He served as Director of Capital Trust Inc. (Blackstone Mortgage Trust, Inc.) from August 1998 to June 17, 2004. Mr. Roth served as a Trustee of Verde Realty, LLC till March 1, 2010. He serves as a Trustee of the Whitney Museum of American Art, Trustee of the Intrepid Museum Foundation, Member of the Board of Directors of the Jewish Theological Seminary of America and Board member of New York University School of Medicine Foundation. He serves as a Trustee at Dartmouth College and Spinco. After service with the Army National Guard, he began his real estate career in 1965 with Kenilworth Associates. From 1981 to 1987, he served as a member of the Board of the Amos Tuck School and has endowed a professorship there. He also is the principal donor to the Roth Center for Jewish Life at Dartmouth. He served as a Trustee of the Horace Mann School. Mr. Roth received an MBA degree with Highest Distinction from Dartmouth's Amos Tuck School of Business Administration in 1963 and his AB degree from Dartmouth College in 1962. He is a graduate of DeWitt Clinton High School in the Bronx.
CEO Compensation
- Steve's compensation has been consistent with company performance over the past year, both up more than 20%.
- Steve's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Vornado Realty Trust management team in years:
- The tenure for the Vornado Realty Trust management team is about average.
Management Team
Steve Roth
Chairman of the Board & CEO
$12M
76
6.1 yrs
Michael Franco
President
$5M
49
0.1 yrs
Joe Macnow
Executive VP
$4M
72
2.3 yrs
David Greenbaum
Vice Chairman
$6M
66
22.1 yrs
Matthew Iocco
Executive VP & Chief Accounting Officer
47
3.8 yrs
Robert Entin
Chief Information Officer & Executive VP
13.7 yrs
Cathy Creswell
Director of Investor Relations
Craig Stern
Executive Vice President of Tax & Compliance
2.8 yrs
Alan Reagan
Vice President of Development
Alan Rice
Senior VP & Secretary
Board of Directors Tenure
Average tenure and age of the Vornado Realty Trust board of directors in years:
- The average tenure for the Vornado Realty Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Richard West
$279K
80
37.3 yrs
Steve Roth
Chairman of the Board & CEO
$12M
76
30 yrs
Candace Beinecke
Lead Trustee
$329K
71
3.2 yrs
Dan Tisch
$254K
67
7.3 yrs
Mike Fascitelli
$224K
61
22.4 yrs
David Mandelbaum
$229K
82
40.3 yrs
Russ Wight
$229K
78
40.3 yrs
Mandakini Puri
$249K
58
2.4 yrs
Bill Helman
Independent Trustee
60
0.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Vornado Realty Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Vornado Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
VNO News
Simply Wall St News
Can Vornado Realty Trust (NYSE:VNO) Maintain Its Strong Returns?
The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Vornado Realty Trust: 11% = US$583m ÷ US$6.0b (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does Vornado Realty Trust Have A Good Return On Equity? … Combining Vornado Realty Trust's Debt And Its 11% Return On Equity Vornado Realty Trust does use a significant amount of debt to increase returns.
Simply Wall St - – Full articleHow To Look At Vornado Realty Trust (NYSE:VNO)
Vornado Realty Trust is a US$14b. … real estate investment trust (REIT) based in New York, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.
Simply Wall St - – Full articleIs Vornado Realty Trust's (NYSE:VNO) CEO Being Overpaid?
How Does Steve Roth's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Vornado Realty Trust has a market cap of US$14b, and is paying total annual CEO compensation of US$10m. … We looked at a group of companies with market capitalizations over US$8.0b and the median CEO total compensation was US$11m
Simply Wall St - – Full articleDid You Manage To Avoid Vornado Realty Trust's (NYSE:VNO) 28% Share Price Drop?
One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Vornado Realty Trust moved from a loss to profitability. … But if the market expected durable top line growth, then that could explain the share price weakness.
Simply Wall St - – Full articleVornado Realty Trust (NYSE:VNO) Has A ROE Of 6.3%
By way of learning-by-doing, we'll look at ROE to gain a better understanding of Vornado Realty Trust (NYSE:VNO). … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.063 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleWhen Should You Buy Vornado Realty Trust (NYSE:VNO)?
Today we're going to take a look at the well-established Vornado Realty Trust (NYSE:VNO). … A question to answer is whether Vornado Realty Trust's current trading price of $64.02 reflective of the actual value of the? … Let’s take a look at Vornado Realty Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleWhat You Need To Know Before Investing In Vornado Realty Trust (NYSE:VNO)
Vornado Realty Trust is a US$14b. … real estate investment trust (REIT) based in New York, United States. … View our latest analysis for Vornado Realty Trust.
Simply Wall St - – Full articleDoes Vornado Realty Trust's (NYSE:VNO) CEO Pay Compare Well With Peers?
In 2013 Steve Roth was appointed CEO of Vornado Realty Trust (NYSE:VNO). … Check out our latest analysis for Vornado Realty Trust? … At the time of writing our data says that Vornado Realty Trust has a market cap of US$14.2b, and is paying total annual CEO compensation of US$10m.
Simply Wall St - – Full articleOne Metric To Rule Them All: Vornado Realty Trust (NYSE:VNO)
Vornado Realty Trust is a US$15.38b. … real estate investment trust (REIT) based in New York, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.
Simply Wall St - – Full articleWith An ROE Of 3.53%, Has Vornado Realty Trust's (NYSE:VNO) Management Done Well?
Vornado Realty Trust (NYSE:VNO) performed in line with its office reits industry on the basis of its ROE – producing a return of 3.53% relative to the peer average of 7.37% over the past 12 months. … But what is more interesting is whether VNO can sustain or improve on this level of return. … See our latest analysis for Vornado Realty Trust
Simply Wall St - – Full articleVNO Company Info
Description
Vornado’s portfolio is concentrated in the nation’s key market — New York City — along with the premier asset in both Chicago and San Francisco. Vornado is also the real estate industry leader in sustainability policy. The company owns and manages over 23 million square feet of LEED certified buildings and received the Energy Star Partner of the Year Award, Sustained Excellence 2017. In 2012, Vornado commemorated 50 years on the NYSE.
Details
| Name: | Vornado Realty Trust |
| VNO | |
| Exchange: | NYSE |
| Founded: | |
| $13,672,546,798 | |
| $12,817,265,050 | |
| 203,551,389 | |
| Website: | http://www.vno.com |
| Address: |
Vornado Realty Trust 888 Seventh Avenue, New York, New York, 10019, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | VNO | Common Shares | New York Stock Exchange | US | USD | 02. Jan 1968 | |
| DB | VO7 | Common Shares | Deutsche Boerse AG | DE | EUR | 02. Jan 1968 | |
| LSE | 0LR2 | Common Shares | London Stock Exchange | GB | USD | 02. Jan 1968 | |
| NYSE | VNO.PRM | 5.25% CUM PFD M | New York Stock Exchange | US | USD | 04. Dec 2017 | |
| NYSE | VNO PRICL | PFD SER I | New York Stock Exchange | US | USD | 30. Aug 2005 | |
| NYSE | VNO.PRL | PFD SER L 5.40% | New York Stock Exchange | US | USD | 18. Jan 2013 | |
| OTCPK | VNOR.P | PFD CONV SER A | Pink Sheets LLC | US | USD | 04. Oct 2013 |
Number of employees
Current staff
Industry
| Office REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/23 23:46 |
| End of day share price update: | 2019/05/23 00:00 |
| Last estimates confirmation: | 2019/05/21 |
| Last earnings filing: | 2019/04/29 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
