The coronavirus crisis is costing Vornado Realty Trust $9 million a month, CEO Steven Roth said on Tuesday morning’s earnings call. That loss comes from the closing of the Hotel Pennsylvania in Manhattan’s Penn District, the postponement of trade shows at theMART in Chicago, and reduced revenues from cleaning services, garages and signage rentals. Beyond that, the real estate investment trust is also short $24 million in April rent from tenants — though the company
source https://therealdeal.com/2020/05/05/vornado-sees-tragic-abyss-now-better-times-ahead/
No comments:
Post a Comment