Boston, MA 05/05/2014 (wallstreetpr) – Vornado Realty Trust (NYSE:VNO) is scheduled to release its Q12014 earnings today. The release of the earnings will be followed by a conference call with investors and analysts on Tuesday. The last time the company released its financial scorecard was on February 24, when it reported Q42013, but that report was unpopular with investors.
In the previous quarter (Q42013) the company reported a net loss of 37 cents per share, missing the estimate of analysts at 29 cents positive earnings per share. Though EPS in the quarter fell short of Wall Street expectations, the company exceeded the Street view on revenue that came in at $673.31 million compared with the consensus estimate of $665.7 million.
Investors expect the company to show some improvements in its financial performance when it reports Q1 today. At the last reporting, the management made various promises that should support future positive performance. The management announced internal costs and expenses improvements, revamping of spaces to attract high-payer tenants and acquisition and divestment of some spaces.
Attracting tech tenants
Vornado Realty Trust (NYSE:VNO) plans to rework its 52-story tower and two other adjacent buildings at 555 California in efforts to attract tech tenants. There is a thriving pool of tech tenants looking for office spaces that match their status and Vornado believes it has the assets to match the demand and status of the growing pool of techs. The company already serves financial tenants such as Bank of America Corp (NYSE:BAC) at 555 California. However, revamping the office spaces would entice tech companies that are in constant lookout for office spaces that enhance employee output.
Vornado Realty Trust (NYSE:VNO) is already courting Microsoft Corporation (NASDAQ:MSFT) and mobile games maker Supercell that have shown strong interest in setting up office locations at 555 California.
After the report
Investors should keep a close eye on the conference call during which Vornado Realty Trust (NYSE:VNO) should update about the 555 California revamping and other spaces that the company looks to tap higher revenue.
In the meantime, Vornado Realty Trust (NYSE:VNO) declared a quarterly dividend of 73 cents per share to be paid on May 22 to shareholders of record May 12.
