Vornado Realty Trust (NYSE: VNO) saw its shares surge 5.26% in pre-market trading on Tuesday, following the release of its third-quarter 2024 earnings report. The company's strong leasing momentum, healthy liquidity position, and strategic moves in key markets appear to have fueled investor confidence.
One of the key highlights was Vornado's robust leasing activity, with 2.5 million square feet leased year-to-date, including 2.1 million square feet in the Manhattan market. The company expects to reach between 3.5 million and 3.8 million square feet by the end of the year, marking one of the highest leasing volumes in its history.
Additionally, Vornado's liquidity position remains strong, with $2.6 billion available, including $1 billion in cash. This financial flexibility supports the company's leasing programs and debt repayments, providing a solid foundation for its operations.
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