According to Vornado Realty Trust, the REIT that is one of Manhattan's largest owners of office and retail space, less-than-stellar results reported in its Q1 2024 earnings last week were not unexpected.
Vornado reported a net loss of $9M in the first quarter as occupancy in its office portfolio slipped to 89.3% from the 90.7% reported in Q4 2023. Funds from operations during Q1 were $104M, down from $119M in Q1 2023.
"After completing a slew of large leases in December and finishing last year with a market-leading 2.1 million square feet of deals, we expected a more muted first quarter of completed transactions, given where our deal pipeline stood in the negotiation process," Michael Franco, Vornado's president, said during an earnings call.
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