VNO
Vornado Realty Trust34.46
-0.33-0.95%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Dev tweaks, buyback push, NOI timing.
Q&A surfaced tweaks to 350 Park's structure, granting Vornado 20-36% equity flex as Citadel's space appetite grows beyond 850,000 sq ft. Management doubled down on buybacks—'double yes'—planning dispositions to exploit 'stupid cheap' stock. Cash NOI inflects positive in H2 2026 as free rent burns off, while 623 5th Ave redevelopment eyes 11¢ FFO at 10% yield. TI/LCs were an outlier, not a trend. Analysts pressed on capital plans and dividend; responses stayed high-level but confident. Stock is stupid cheap. Q&A reinforces leasing strength, with eyes on 2027 earnings ramp.
Key Stats
Market Cap
7.19BP/E (TTM)
8.22Basic EPS (TTM)
4.19Dividend Yield
0.02%Recent Filings
8-K
Q4 FFO down to $0.55/share
Vornado released Q4 2025 results on February 9, 2026, posting FFO as adjusted of $110.9M ($0.55/share), down from $122.2M ($0.61/share) year-over-year due to higher interest expense and WeWork lease impacts, yet same-store NOI at share rose 5.0%. Acquisitions like 3 East 54th Street for $141M and refinancings extended maturities, while 888 Seventh Avenue defaulted with forbearance pending. Cash NOI dipped 8.3%.
10-K
FY2025 results
Vornado Realty Trust reported FY2025 results with net income attributable to common shareholders of $842.9M, or $4.20 per diluted share, up sharply from $8.3M, or $0.04 per diluted share, in FY2024, driven by an $803M gain on the 770 Broadway sales-type lease to NYU. NOI at share rose 1.1% y/y to $1.11B, with New York up 3.9% in same-store NOI at share (excluding $17M PENN 1 ground rent reversal), reflecting office occupancy at 91.2% (up from 88.8%) and retail at 79.4% (up from 73.7%). Q4 momentum showed leasing acceleration, with 3.7M sq ft leased at $97.86 initial office rents (10.4% GAAP relet growth). Debt totaled $7.2B at year-end (4.73% weighted average rate), with $2.4B liquidity; $1.5B repurchased in preferred equity redemptions and $51M in common shares. No annual guidance disclosed. Office trends risk quarterly momentum amid hybrid work shifts.
8-K
Vornado issues $500M notes
8-K
Extended debt maturities to 2031
Vornado Realty L.P. amended and extended its revolving credit facilities and term loan to February 2031 on January 7, 2026, trimming the 2031 revolver to $1.105B from $1.25B while boosting the term loan to $850M from $800M. Rates hover at Term SOFR plus 105-120 bps, with sustainability-linked adjustments. Debt covenants cap total indebtedness at 60% of capitalization value. Liquidity strengthened, yet leverage monitored tightly.
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.
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