Vornado Realty Trust (NYSE: VNO) shares jumped in the after-hours session Monday as the company announced Facebook Inc (NASDAQ: FB) has leased all the office space at the Farley Building in New York.What Happened The Mark Zuckerberg-led company is leasing 730,000 square feet at Vornado's Penn District project. The trust has 10 million square feet of space in total at that project.The social media giant is looking to use its space at Farley to create a "dedicated hub" for its tech and engineering teams, according to its VP of Real Estate and Facilities Robert Cookson.Facebook also leases office space at Vornado's 770 Broadway and at the closeby Hudson Yards.Why It Matters The real estate investment trust declared its second-quarter results on Monday with a net loss of $1.03 per share, compared with a profit of $12.56 per share a year earlier in the same quarter. Vornado said that the COVID-19 crisis had affected its properties concentrated in New York City, Chicago, and San Francisco. Revenue for the quarter fell to $343.03 million from $463.10 million last year. The New York-based trust revealed it had collected 88% of rent due from its tenants despite the ongoing COVID-19 pandemic in the second quarter, which is 94% after taking into account rent deferrals spread over a maximum of twelve months.Price Action Vornado shares traded nearly 5.67% higher at $35.95 in the after-hours session on Monday.See more from Benzinga * Regeneron Says Its Coronavirus Antibody Cocktail Shows Promise For Both Prevention, Treatment In Animal Testing * Twitter Faces Up To 0M FTC Fine Over Allegedly Using Private Data For Targeted Advertising * Trump Asks Microsoft, ByteDance To Pay US Govt A Cut From TikTok Acquisition Deal(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Read More...
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Vornado Realty Trust (NYSE:
VNO) shares jumped in the after-hours session Monday as the company
announced
Facebook Inc (NASDAQ:
FB) has leased all the office space at the Farley Building in New York.” data-reactid=”19″>
Vornado Realty Trust (NYSE:
VNO) shares jumped in the after-hours session Monday as the company
announced Facebook Inc (NASDAQ:
FB) has leased all the office space at the Farley Building in New York.
What Happened
The Mark Zuckerberg-led company is leasing 730,000 square feet at Vornado’s Penn District project. The trust has 10 million square feet of space in total at that project.
The social media giant is looking to use its space at Farley to create a “dedicated hub” for its tech and engineering teams, according to its VP of Real Estate and Facilities Robert Cookson.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Facebook also leases office space at Vornado’s 770 Broadway and at the closeby Hudson Yards.” data-reactid=”27″>Facebook also leases office space at Vornado’s 770 Broadway and at the closeby Hudson Yards.
Why It Matters
The real estate investment trust declared its second-quarter results on Monday with a net loss of $1.03 per share, compared with a profit of $12.56 per share a year earlier in the same quarter.
Vornado said that the COVID-19 crisis had affected its properties concentrated in New York City, Chicago, and San Francisco. Revenue for the quarter fell to $343.03 million from $463.10 million last year.
The New York-based trust revealed it had collected 88% of rent due from its tenants despite the ongoing COVID-19 pandemic in the second quarter, which is 94% after taking into account rent deferrals spread over a maximum of twelve months.
Price Action
Vornado shares traded nearly 5.67% higher at $35.95 in the after-hours session on Monday.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="See more from Benzinga” data-reactid=”34″>See more from Benzinga
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”39″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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