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Vornado’s Business “Adversely Affected” by COVID, But Q3 Numbers Improve
Vornado Realty Trust’s business has been “adversely affected” by the pandemic and measures to contain it, the office and retail REIT said in its third-quarter report. Net income and funds from operations both were down in Q3 compared to the year-ago period, although markedly better than in Q2.
“During 2020, we have experienced a decrease in cash flow from operations due to the COVID-19 pandemic,” Vornado said in a release. That has stemmed from reduced rent collections, the closure of Hotel Pennsylvania in Midtown, the cancellation of trade shows at theMART in Chicago and lower revenues from BMS, its facility services platform.
In light of the evolving health, social, economic, and business environment, governmental regulation or mandates, and business disruptions, “the impact of the COVID-19 pandemic on our financial condition and operating results remains highly uncertain but the impact could be material,” Vornado said.
Pictured: Vornado headquarters at 888 Seventh Ave.
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