VNO
Vornado Realty Trust34.46
-0.33-0.95%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Key Stats
Market Cap
7.19BP/E (TTM)
8.22Basic EPS (TTM)
4.19Dividend Yield
0.02%Recent Filings
8-K
Vornado Q3 earnings swing positive
Vornado Realty Trust reported Q3 2025 net income of $11.6M, or $0.06 per diluted share, swinging from a $19.2M loss last year, driven by stronger operations but offset by the NYU master lease's prepayment impact. Adjusted FFO rose to $114.5M, or $0.57 per share, up 11% year-over-year, fueled by variable income and rent commencements, while same-store NOI grew 7.5% but cash NOI dipped 8.2% amid free rent periods. Key moves included acquiring 623 Fifth Avenue for $218M to redevelop into boutique offices by 2027, yet PENN 1 rent litigation poses uncertainty.
10-Q
Q3 FY2025 results
Vornado Realty Trust swung to a Q3 profit of $11.6M, or $0.06 per diluted share, from a $19.2M loss last year, while YTD net income attributable to common shareholders soared to $842.3M, or $4.19 per share, up from $7.1M, driven by an $803.2M sales-type lease gain from the 70-year NYU master lease at 770 Broadway closed in May 2025 for a $935M prepaid payment (cash/stock per Note 6), recognizing $165.8M net investment in lease. Revenues edged up 2.4% y/y to $453.7M in Q3 (derived), with New York office NOI at share climbing 9.1% y/y on new leases, though cash basis dipped 7.4% from free rent periods; YTD total revenues rose 2.0% to $1.36B, but operating cash flow jumped to $1.11B from $332M on the lease prepay. Debt fell to $7.2B from $8.3B, with $1.0B cash and $1.4B revolver availability bolstering liquidity; refinancings at PENN 11 and 4 Union Square South locked in fixed rates of 6.35% and 5.64%, maturing 2030 and 2035. Sales of 220 CPS condos and Canal Street units added $24.0M in gains. Yet regulatory disputes over PENN 1 ground rent could hike annual costs to $20.2M if the lessor prevails.
10-Q
Q2 FY2025 results
Vornado Realty Trust posted solid Q2 FY2025 results, with total revenues dipping 2.0% y/y to $441.4M amid the 770 Broadway master lease transition, yet New York office NOI at share held steady at $173.1M while THE MART surged 57.7% y/y on tax reassessment relief. The standout was an $803.2M gain on the sales-type lease to NYU, driving diluted EPS to $3.70 from $0.18 y/y, though operating income before this boost fell 5.8% y/y to $14.1M (derived). Cash swelled to $1.2B with $1.1B operating inflows, fueled by $901.4M prepaid rent, while debt dropped 14.2% y/y to $7.1B after repaying $1.3B including the $450M notes maturity. FCF hit $1.0B (derived from $1.1B OCF minus $82.1M capex), underscoring liquidity strength. But office leasing stays choppy in a high-rate world.
8-K
Vornado's Q2 boosted by NYU lease gain
Vornado Realty Trust reported Q2 2025 net income of $743.8M, or $3.70 per diluted share, boosted by an $803.2M gain from the 70-year master lease of 1,076,000 sq ft at 770 Broadway to NYU for a $935M prepaid payment plus $9.3M annual rent; proceeds repaid the $700M mortgage. Adjusted FFO held steady at $0.56 per share, while same-store NOI rose 5.4% but cash NOI dipped 4.8% amid PENN 1 rent reset to $15M annually—yet litigation risks a hike to $20.2M. Occupancy climbed to 85.2%. Strategic leasing locks in long-term stability.
8-K
Vornado's annual meeting results
Vornado Realty Trust held its 2025 Annual Meeting on May 22, with 94% of shares present. All 10 board nominees, including Steven Roth and Raymond J. McGuire, won election amid some withheld votes. Shareholders ratified Deloitte & Touche as auditors and approved executive pay on an advisory basis. Strong turnout signals steady governance.
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