Hot Real Estate stock to watch: Vornado Realty Trust (NYSE: VNO)

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Vornado Realty Trust (NYSE: VNO) stock rose over 1.5% on 29th October, 2019 (As of 12:07 pm GMT-4; Source: Google finance) after the company posted third quarter of FY 19. The company reported net income attributable to common shareholders on adjusted (non-GAAP) basis for the third quarter 2019 of $52,624,000 compared to $64,806,000 in the corresponding period last year. FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP) for the quarters ended September 30, 2019 and 2018 was $170,966,000 and $184,280,000, respectively.

Moreover, during the third quarter, the company closed on the sale of 14 condominium units at 220 CPS for net proceeds of total $348,759,000 resulting in a net gain of $130,888,000. The company in the quarter had sold the 25% interest in 330 Madison Avenue to the company’s joint venture partner and got the net proceeds of approximately $100,000,000 after deducting the share of the existing $500,000,000 mortgage loan that showed the net gain of $159,292,000. The company had also completed the $49,750,000 sale of 3040 M Street, a 44,000 square foot retail building in Washington, DC, which resulted in a net gain of $19,477,000

VNO in the third quarter of FY 19 has reported the adjusted funds from operations per share of 89 cents, beating the analysts’ estimates for the adjusted funds from operations per share of 87 cents, according to Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 35.9 percent to $466 billion in the third quarter of FY 19, missing the analysts’ estimates for revenue of $467.8 million.

Additionally, on July 25, 2019, a joint venture, in which the company have a 50% interest, completed a $60,000,000 refinancing of 825 Seventh Avenue, a 165,000 square foot office building on the corner of 53rd Street and Seventh Avenue, of which $28,882,000 was outstanding as of September 30, 2019. During the quarter, a consolidated joint venture, in which the company have a 50% interest, completed a $75,000,000 refinancing of 606 Broadway, a 35,000 square foot office and retail building on the northeast corner of Broadway and Houston Street in Manhattan, of which $67,500,000 was outstanding as of September 30, 2019. Further in the quarter, VNO has repaid the $575,000,000 mortgage loan on PENN2 with proceeds from the unsecured revolving credit facilities. The mortgage loan was scheduled to mature in December 2021, as fully extended.

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