Vornado Realty Trust Stock Earnings Reports

Vornado reported a strong start to 2026 driven by robust leasing momentum in prime office markets (especially Manhattan and San Francisco), a growing pipeline of leases (over 1 million sq ft in negotiation), and recent portfolio actions (49% acquisition of Park Avenue Plaza and redevelopment of 623 Fifth Avenue). Management expects 2026 comparable FFO to be slightly higher than 2025 with meaningful earnings acceleration in 2027 as GAAP rents from PENN 1/PENN 2 ramp and interest expense declines after certain bond repayments. Leasing metrics were strong (Manhattan average starting rents ~$103/sq ft, positive mark-to-markets), and the company highlighted attractive acquisition economics at Park Avenue Plaza (purchased at a discount to replacement cost with sub‑3% financing through 2031) and ongoing share buybacks (additional $300M authorization). Liquidity remains healthy ($2.6B: $1.2B cash + $1.4B undrawn). On 350 Park Avenue, management reiterated the development plan with Citadel as anchor and said they expect to be “all in” on the joint venture decision by mid-summer, while noting temporary earnings impacts from master-lease modifications as Citadel vacates for demolition. Management emphasized a favorable landlord market driven by constrained new supply and rising replacement costs, and signaled willingness to sell non-core assets at attractive prices while continuing opportunistic acquisitions and buybacks.