Vornado Realty Trust Stock Earnings Reports

Vornado reported Q1 2026 results and reiterated that the Manhattan office market is strengthening, with robust leasing momentum across New York and San Francisco. Comparable FFO was $0.52 in Q1 (vs. $0.63 prior year quarter); management expects 2026 comparable FFO to be slightly higher than 2025 and significant earnings growth in 2027 as PENN 1 and PENN 2 GAAP rents ramp. Key portfolio actions: acquisition of 49% of Park Avenue Plaza (1.2M SF) expected to be ~ $0.10 accretive on a full-year basis, continued redevelopment of 623 Fifth Avenue, and active portfolio/asset-sale processes for select non-core assets. Management has repurchased $180M of stock under a $200M program and the Board authorized an additional $300M buyback. Liquidity remains strong (~$2.6B: $1.2B cash, $1.4B undrawn lines). On the 350 Park Avenue development with Citadel/Ken Griffin, management expects to take full time to decide by mid-July and strongly indicated intent to participate in the JV (Citadel commitment is central). Market commentary: tenant demand, limited new Class A supply, rising rents and tightening availability in prime submarkets — Vornado positions itself to benefit. Capital markets remain functional for high-quality assets though spreads widened modestly; near-term financings are largely addressed. Management continues a selective disclosure approach to forward guidance but signaled confidence in accelerating earnings and portfolio value creation.