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Vornado Realty Trust

OTCPK:VNOR.P
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VNOR.P
OTCPK
$14B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company 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. The last earnings update was 26 days ago. More info.


Add to Portfolio Compare Print
  • Vornado Realty Trust has significant price volatility in the past 3 months.
VNOR.P Share Price and Events
7 Day Returns
0%
OTCPK:VNOR.P
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
2.1%
OTCPK:VNOR.P
13.8%
US REITs
1.3%
US Market
VNOR.P Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Vornado Realty Trust (VNOR.P) 0% 0% 0.4% 2.1% -8.8% -11.2%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • VNOR.P underperformed the REITs industry which returned 13.8% over the past year.
Price Volatility
VNOR.P
Industry
5yr Volatility vs Market

VNOR.P Value

 Is Vornado Realty Trust undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Vornado Realty Trust.

OTCPK:VNOR.P Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for OTCPK:VNOR.P
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%) (67.26%))
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 OTCPK:VNOR.P 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.

OTCPK:VNOR.P DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.93%)
2019 607.99 Analyst x2 563.30
2020 556.44 Analyst x3 477.64
2021 611.63 Analyst x2 486.43
2022 701.48 Analyst x1 516.88
2023 659.92 Analyst x1 450.52
2024 694.58 Est @ 5.25% 439.33
2025 725.81 Est @ 4.5% 425.34
2026 754.60 Est @ 3.97% 409.71
2027 781.73 Est @ 3.6% 393.24
2028 807.81 Est @ 3.34% 376.49
Present value of next 10 years cash flows $4,538.89
OTCPK:VNOR.P DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $807.81 × (1 + 2.73%) ÷ (7.93% – 2.73%)
$15,948.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $15,948.81 ÷ (1 + 7.93%)10
$7,433.17
OTCPK:VNOR.P Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,538.89 + $7,433.17
$11,972.06
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $11,972.06 / 203.55
$116.24
OTCPK:VNOR.P Discount to Share Price
Calculation Result
Value per share (USD) From above. $228.06
Current discount Discount to share price of $132.79
= -1 x ($132.79 - $228.06) / $228.06
41.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Vornado Realty Trust is available for.
Intrinsic value
42%
Share price is $132.79 vs Future cash flow value of $228.06
Current Discount Checks
For Vornado Realty Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Vornado Realty Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Vornado Realty Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
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?
Raw Data
OTCPK:VNOR.P PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.06
NYSE:VNO Share Price ** NYSE (2019-04-23) in USD $67.68
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Vornado Realty Trust.

OTCPK:VNOR.P PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:VNO Share Price ÷ EPS (both in USD)

= 67.68 ÷ 3.06

22.09x

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?
Raw Data
OTCPK:VNOR.P PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.09x
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 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

OTCPK:VNOR.P PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.09x ÷ -11.6%

-1.9x

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?
Raw Data
OTCPK:VNOR.P PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $18.62
NYSE:VNO Share Price * NYSE (2019-04-23) in USD $67.68
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
OTCPK:VNOR.P PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:VNO Share Price ÷ Book Value per Share (both in USD)

= 67.68 ÷ 18.62

3.63x

* 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.
X
Value checks
We assess Vornado Realty Trust's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Vornado Realty Trust has a total score of 3/6, 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.

VNOR.P Future Performance

 How is Vornado Realty Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

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!
Annual Growth Rate
-11.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Vornado Realty Trust expected to grow at an attractive rate?
  • 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
Raw Data
OTCPK:VNOR.P Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:VNOR.P Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -11.6%
OTCPK:VNOR.P 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 5.7%
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
Raw Data
OTCPK:VNOR.P Analysts Growth Expectations Data Sources
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 numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:VNOR.P Future Estimates Data
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
OTCPK:VNOR.P Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Vornado Realty Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Vornado Realty Trust's revenue is expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:VNOR.P 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.

OTCPK:VNOR.P Future Estimates Data
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
OTCPK:VNOR.P Past Financials Data
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.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Vornado Realty Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Vornado Realty Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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.

VNOR.P 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
Below we compare Vornado Realty Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
Vornado Realty Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Vornado Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:VNOR.P Past Revenue, Cash Flow and Net Income Data
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).
X
Past performance checks
We assess Vornado Realty Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.

VNOR.P 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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Vornado Realty Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from Vornado Realty Trust Company Filings, last reported 1 month ago.

OTCPK:VNOR.P Past Debt and Equity Data
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).
X
Financial health checks
We assess Vornado Realty Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Vornado Realty Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

VNOR.P 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
Dividend payments
3.9%
Current annual income from Vornado Realty Trust dividends. Estimated to be 4.13% next year.
If you bought $2,000 of Vornado Realty Trust shares you are expected to receive $78 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Vornado Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Vornado Realty Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
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.
Raw Data
OTCPK:VNOR.P Annualized Past and Future Dividends
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 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 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 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:VNOR.P Future Dividends Estimate Data
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
OTCPK:VNOR.P Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-24 2.640 3.914
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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (288.2x coverage).
X
Income/ dividend checks
We assess Vornado Realty Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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.

VNOR.P Management

 What is the CEO of Vornado Realty Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Steve Roth
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:

3.8
Average Tenure
66
Average Age
  • The tenure for the Vornado Realty Trust management team is about average.
Management Team

Steve Roth

TITLE
Chairman of the Board & CEO
COMPENSATION
$12M
AGE
76
TENURE
6.1 yrs

Michael Franco

TITLE
President
COMPENSATION
$5M
AGE
49
TENURE
0.1 yrs

Joe Macnow

TITLE
Executive VP
COMPENSATION
$4M
AGE
72
TENURE
2.3 yrs

David Greenbaum

TITLE
Vice Chairman
COMPENSATION
$6M
AGE
66
TENURE
22.1 yrs

Matthew Iocco

TITLE
Executive VP & Chief Accounting Officer
AGE
47
TENURE
3.8 yrs

Robert Entin

TITLE
Chief Information Officer & Executive VP
TENURE
13.7 yrs

Cathy Creswell

TITLE
Director of Investor Relations

Craig Stern

TITLE
Executive Vice President of Tax & Compliance
TENURE
2.8 yrs

Alan Reagan

TITLE
Vice President of Development

Alan Rice

TITLE
Senior VP & Secretary
Board of Directors Tenure

Average tenure and age of the Vornado Realty Trust board of directors in years:

22.4
Average Tenure
71
Average Age
  • 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

TITLE
COMPENSATION
$279K
AGE
80
TENURE
37.3 yrs

Steve Roth

TITLE
Chairman of the Board & CEO
COMPENSATION
$12M
AGE
76
TENURE
30 yrs

Candace Beinecke

TITLE
Lead Trustee
COMPENSATION
$329K
AGE
71
TENURE
3.2 yrs

Dan Tisch

TITLE
COMPENSATION
$254K
AGE
67
TENURE
7.3 yrs

Mike Fascitelli

TITLE
COMPENSATION
$224K
AGE
61
TENURE
22.4 yrs

David Mandelbaum

TITLE
COMPENSATION
$229K
AGE
82
TENURE
40.3 yrs

Russ Wight

TITLE
COMPENSATION
$229K
AGE
78
TENURE
40.3 yrs

Mandakini Puri

TITLE
COMPENSATION
$249K
AGE
58
TENURE
2.4 yrs

Bill Helman

TITLE
Independent Trustee
AGE
60
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Vornado Realty Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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.

VNOR.P News

Simply Wall St News

VNOR.P 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
VNOR.P
Exchange: OTCPK
Founded:
$13,676,617,826
$12,910,738,184
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 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
NYSE VNO.PRM 5.25% CUM PFD M New York Stock Exchange US USD 04. Dec 2017
OTCPK VNOR.P PFD CONV SER A Pink Sheets LLC US USD 04. Oct 2013
Number of employees
Current staff
Staff numbers
3,928
Vornado Realty Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:39
End of day share price update: 2019/04/23 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.