Vornado Realty Q3 revenue exceeds consensus, helped by same store NOI growth

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Vornado Realty Trust (NYSE:VNO) third-quarter revenue came in stronger than expected Monday as the office REIT's same store net operating income expanded at a solid pace over the year-ago quarter.

Q3 revenue of $457.43M topped the average analyst estimate of $436.3M and rose from $409.2M in Q3 of last year.

Q3 FFO of $0.79 slipped from $0.82 in Q3 at Sept. 30, 2021.

Same store NOI at share increased 4.0% from Q2 and +13.8% from a year before.

Leasing activity during Q3 included 167K square feet of New York office space at an initial rent of $88.99 per square foot and a weighted average lease term of 5.8 years; 62K square feet of New York retail space at an initial rent of $242.89 per square foot and a weighted average lease term of 10.5 years; and 67K square feet at themART (at share) at an initial rent of $52.20 per share and a weighted average lease term of 7.3 years.

Conference call on Tuesday at 10:00 a.m. ET.

Earlier, Vornado Realty Trust Non-GAAP EPS of $0.19 misses by $0.01, revenue of $457.43M beats by $21.14M.