Earnings summaries and quarterly performance for VORNADO REALTY TRUST.
Executive leadership at VORNADO REALTY TRUST.
Steven Roth
Detailed
Chairman and Chief Executive Officer
CEO
Barry S. Langer
Executive Vice President—Development and Co-Head of Real Estate
Deirdre Maddock
Chief Accounting Officer
Glen J. Weiss
Executive Vice President—Office Leasing and Co-Head of Real Estate
Haim Chera
Executive Vice President—Head of Retail
Michael J. Franco
President and Chief Financial Officer
Steven J. Borenstein
Secretary
Board of directors at VORNADO REALTY TRUST.
Beatrice Hamza Bassey
Detailed
Trustee
Candace K. Beinecke
Detailed
Lead Independent Trustee
Daniel R. Tisch
Detailed
Trustee
David M. Mandelbaum
Detailed
Trustee
Mandakini Puri
Detailed
Trustee
Michael D. Fascitelli
Detailed
Trustee
Raymond J. McGuire
Detailed
Trustee
Russell B. Wight, Jr.
Detailed
Trustee
William W. Helman IV
Detailed
Trustee
Research analysts who have asked questions during VORNADO REALTY TRUST earnings calls.
John Kim
BMO Capital Markets
11 questions for VNO
Also covers: AIV, ALX, ARDX +32 more
Steve Sakwa
Evercore ISI
11 questions for VNO
Also covers: ALX, AMH, AVB +31 more
Nicholas Yulico
Scotiabank
10 questions for VNO
Also covers: AHR, ALX, AVB +20 more
Ronald Kamdem
Morgan Stanley
10 questions for VNO
Also covers: AAT, ADC, AHR +36 more
Alexander Goldfarb
Piper Sandler
8 questions for VNO
Also covers: ALEX, ALX, AVB +25 more
Brendan Lynch
Barclays
8 questions for VNO
Also covers: BXP, CCI, CUBE +16 more
Dylan Burzinski
Green Street Advisors, LLC
8 questions for VNO
Also covers: AAT, ALX, ARE +11 more
Michael Griffin
Citigroup Inc.
8 questions for VNO
Also covers: AHR, ALX, ARE +32 more
Floris Gerbrand van Dijkum
Compass Point Research & Trading, LLC
6 questions for VNO
Also covers: AKR, ALX, APLE +14 more
Michael Lewis
Truist Securities, Inc.
6 questions for VNO
Also covers: ALX, BDN, BXP +12 more
Vikram Malhotra
Mizuho Financial Group, Inc.
6 questions for VNO
Also covers: ALX, ARE, BXP +17 more
Anthony Paolone
JPMorgan Chase & Co.
5 questions for VNO
Also covers: ARE, BDN, BNL +29 more
Caitlin Burrows
Goldman Sachs
5 questions for VNO
Also covers: ALX, BNL, BRX +19 more
Jeffrey Spector
BofA Securities
5 questions for VNO
Also covers: AKR, AMH, AVB +25 more
Floris van Dijkum
Compass Point Research & Trading
3 questions for VNO
Also covers: AKR, ALX, APLE +19 more
Camille Bonnel
Bank of America
2 questions for VNO
Also covers: ALX
Connor Mitchell
Piper Sandler & Co.
2 questions for VNO
Also covers: BRX, CHCT, CPT +8 more
Jana Galan
Bank of America
2 questions for VNO
Also covers: ADC, AHH, BXP +20 more
Seth Bergey
Citi
2 questions for VNO
Also covers: AHR, BDN, CBRE +15 more
Jing Xian Tan
Bank of America
1 question for VNO
Also covers: ALX
Julien Blouin
The Goldman Sachs Group, Inc.
1 question for VNO
Also covers: ALX, AMH, CBRE +11 more
Seth [indiscernible]
Citigroup Inc.
1 question for VNO
Recent press releases and 8-K filings for VNO.
Vornado Realty Trust Reports Strong Q3 2025 Results and Positive Market Outlook
VNO
Earnings
Guidance Update
New Projects/Investments
- Vornado reported Q3 2025 comparable FFO of $0.57 per share, exceeding analyst consensus by $0.02. The company anticipates 2025 comparable FFO to be slightly higher than 2024, 2026 to be flattish, and 2027 to be an inflection year with significant earnings growth.
- The New York City office market is experiencing its biggest boom in nearly two decades, with Midtown core better building vacancy at 6.2%. Vornado's Q3 2025 New York office leasing activity included 594,000 sq ft at $103 per sq ft average starting rents, with mark-to-markets of +15.7% GAAP and +10.4% cash.
- The Penn District continues to show strong progress, with Penn 2 reaching 78% occupancy and on track to exceed 80% year-end guidance. Vornado also acquired 623 Fifth Avenue for $218 million for redevelopment, targeting a 9% yield on cost, and demolition for the 1.8 million sq ft 350 Park Avenue new build is set for March 2026.
- The company has significantly strengthened its balance sheet, with net debt-to-EBITDA improving to 7.3x and immediate liquidity totaling $2.6 billion, comprising $1.15 billion in cash and $1.44 billion in undrawn credit lines.
Nov 4, 2025, 3:00 PM
Vornado Realty Trust Reports Strong Q3 2025 FFO and Leasing Activity
VNO
Earnings
Guidance Update
New Projects/Investments
- Vornado Realty Trust reported Q3 2025 comparable FFO of $0.57 per share, an increase from $0.52 per share in Q3 2024, with New York same-store GAAP NOI up 9.1%.
- The company's balance sheet strengthened, with net debt-to-EBITDA improving to 7.3 times and immediate liquidity reaching $2.6 billion.
- Leasing activity was robust, with 3.7 million sq ft leased overall during the first nine months of 2025, including 2.8 million sq ft in Manhattan office at strong average starting rents and positive mark-to-markets. New York office occupancy increased to 88.4%.
- Strategic developments include the acquisition of 623 Fifth Avenue for redevelopment and continued progress on the 350 Park Avenue new build, with demolition commencing in March 2026.
- Vornado anticipates 2025 comparable FFO to be slightly higher than 2024, 2026 FFO to be flattish, and significant earnings growth in 2027 driven by the full impact of Penn 1 and Penn 2 leases.
Nov 4, 2025, 3:00 PM
Vornado Realty Trust Reports Strong Q3 2025 FFO and Positive Outlook Amid Robust Manhattan Office Market
VNO
Earnings
Guidance Update
New Projects/Investments
- Vornado Realty Trust reported Q3 2025 comparable FFO of $0.57 per share, an increase from $0.52 per share in Q3 2024, and expects 2025 comparable FFO to be slightly higher than 2024, with significant earnings growth projected for 2027.
- The company's balance sheet has improved, with net debt-to-EBITDA reduced to 7.3 times and immediate liquidity of $2.6 billion as of Q3 2025.
- Manhattan office leasing activity remains robust, with 2.8 million sq ft leased in the first nine months of 2025 and Q3 mark-to-markets of +15.7% GAAP and +10.4% cash. New York office occupancy increased to 88.4%.
- Vornado is advancing several key projects, including the acquisition and redevelopment of 623 Fifth Avenue for $218 million with a projected 9% yield on cost, and the 350 Park Avenue new build, with demolition commencing in March 2026.
Nov 4, 2025, 3:00 PM
Vornado Realty Trust Reports Q3 2025 Financial Results and Strategic Asset Activity
VNO
Earnings
New Projects/Investments
M&A
- Vornado Realty Trust reported net income attributable to common shareholders of $11,589,000, or $0.06 per diluted share, for the third quarter ended September 30, 2025, compared to a net loss of $19,154,000, or $0.10 per diluted share, for the prior year's quarter.
- Funds From Operations (FFO) attributable to common shareholders plus assumed conversions (non-GAAP) increased to $117,372,000, or $0.58 per diluted share, for Q3 2025, up from $99,256,000, or $0.50 per diluted share, in the prior year's quarter.
- For the nine months ended September 30, 2025, net income attributable to common shareholders was $842,250,000, or $4.19 per diluted share, primarily due to an $803,248,000 gain related to the 770 Broadway master lease with NYU and a $76,162,000 net gain from the disposition of a portion of the 666 Fifth condominium to UNIQLO.
- The company acquired the 623 Fifth Avenue office condominium for $218,000,000 on September 4, 2025, with plans for redevelopment to be completed by 2027.
- Significant dispositions include a joint venture sale of 512 West 22nd Street for $205,000,000 on August 14, 2025, from which Vornado received $37,900,000 in net proceeds.
Nov 3, 2025, 9:42 PM
Vornado Realty Trust Reports Strong New York City Office Market Momentum and Deleveraging Progress
VNO
New Projects/Investments
Revenue Acceleration/Inflection
M&A
- Vornado is highly optimistic about the New York City office market, anticipating one of its strongest periods, with 2.3 million square feet leased year-to-date through June 30 and an additional 1.5 million square feet in the pipeline.
- The company has significantly delevered, reducing its net debt to EBITDA from a peak of 8.8 to 7.02 today, with a goal to achieve investment grade status, expecting further leverage reduction by 2027 as Penn District leasing comes online.
- Demand for office space is robust and broad-based across industries, including tech, law, financial, and entertainment, leading to rising rents and reduced free rent packages.
- Vornado plans to pursue future development, including a residential project at 34th and 8th starting in 2026, and is seeing serious interest for the Hotel Penn site.
- The company is also open to opportunistic dispositions of non-New York assets and acquisitions of distressed assets, such as the recent purchase of 623 Fifth Avenue.
Sep 10, 2025, 5:30 PM
Quarterly earnings call transcripts for VORNADO REALTY TRUST.
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