Earnings summaries and quarterly performance for VORNADO REALTY TRUST.
Executive leadership at VORNADO REALTY TRUST.
Steven Roth
Detailed
Chairman and Chief Executive Officer
CEO
BS
Barry S. Langer
Executive Vice President—Development and Co-Head of Real Estate
DM
Deirdre Maddock
Chief Accounting Officer
GJ
Glen J. Weiss
Executive Vice President—Office Leasing and Co-Head of Real Estate
HC
Haim Chera
Executive Vice President—Head of Retail
MJ
Michael J. Franco
President and Chief Financial Officer
SJ
Steven J. Borenstein
Secretary
Board of directors at VORNADO REALTY TRUST.
BH
Beatrice Hamza Bassey
Detailed
Trustee
CK
Candace K. Beinecke
Detailed
Lead Independent Trustee
DR
Daniel R. Tisch
Detailed
Trustee
DM
David M. Mandelbaum
Detailed
Trustee
MP
Mandakini Puri
Detailed
Trustee
MD
Michael D. Fascitelli
Detailed
Trustee
RJ
Raymond J. McGuire
Detailed
Trustee
RB
Russell B. Wight, Jr.
Detailed
Trustee
WW
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
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Steve Sakwa
Evercore ISI
11 questions for VNO
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Nicholas Yulico
Scotiabank
10 questions for VNO
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RK
Ronald Kamdem
Morgan Stanley
10 questions for VNO
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Alexander Goldfarb
Piper Sandler
8 questions for VNO
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Brendan Lynch
Barclays
8 questions for VNO
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Dylan Burzinski
Green Street Advisors, LLC
8 questions for VNO
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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
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ML
Michael Lewis
Truist Securities, Inc.
6 questions for VNO
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VM
Vikram Malhotra
Mizuho Financial Group, Inc.
6 questions for VNO
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AP
Anthony Paolone
JPMorgan Chase & Co.
5 questions for VNO
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CB
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
CB
Camille Bonnel
Bank of America
2 questions for VNO
Also covers: ALX
CM
Connor Mitchell
Piper Sandler & Co.
2 questions for VNO
Also covers: BRX, CHCT, CPT +8 more
JG
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
JX
Jing Xian Tan
Bank of America
1 question for VNO
Also covers: ALX
JB
Julien Blouin
The Goldman Sachs Group, Inc.
1 question for VNO
Also covers: ALX, AMH, CBRE +11 more
S[
Seth [indiscernible]
Citigroup Inc.
1 question for VNO
Recent press releases and 8-K filings for VNO.
Vornado Realty Trust's Sunset Pier 94 Studios Secures Inaugural Lease with Paramount Television Studios
VNO
New Projects/Investments
Hiring
- Vornado Realty Trust, as a joint venture partner, announced that Paramount Television Studios has signed the first lease for 70,000 square feet at Sunset Pier 94 Studios, Manhattan's first purpose-built studio facility, ahead of its opening this month.
- The leased space will be utilized for filming the second season of Dexter: Resurrection, encompassing two sound stages, production support, and office spaces.
- Sunset Pier 94 Studios, which totals 232,000 square feet of leasable space, has experienced robust pre-leasing interest, with this inaugural lease highlighting strong demand.
- The project is anticipated to generate 400 permanent jobs and contribute $6.4 billion to the local economy over the next 30 years.
5 days ago
Vornado Realty L.P. Completes $500 Million Debt Offering
VNO
Debt Issuance
- Vornado Realty L.P., the operating partnership of Vornado Realty Trust, issued and sold $500,000,000 aggregate principal amount of 5.750% Notes due 2033 in an underwritten public offering on January 14, 2026.
- The notes were sold at a public offering price of 99.824% per note, resulting in net proceeds of $495,370,000 after deducting the underwriting discount and before expenses.
- The offering was managed by several underwriters, with BofA Securities, Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC acting as representatives.
- These notes are unsecured and unsubordinated obligations of Vornado Realty L.P., ranking equally with its other unsecured and unsubordinated indebtedness.
6 days ago
Vornado Realty Trust Acquires 3 East 54th Street Development Site
VNO
New Projects/Investments
M&A
- Vornado Realty Trust announced on January 7, 2026, the acquisition of 3 East 54th Street for $141 million.
- The acquired property is a demolition-ready asset on 18,400 square feet of land, zoned for approximately 232,500 buildable square feet.
- The purchase price was offset by a $107 million loan balance that Vornado had previously acquired in 2024 and 2025, which was credited towards the purchase.
- Vornado intends to promptly demolish the existing buildings on the site, which strategically complements its nearby Plaza District and Park Avenue holdings.
Jan 7, 2026, 10:57 PM
Vornado Realty L.P. Prices $500 Million Senior Unsecured Notes Offering
VNO
Debt Issuance
- Vornado Realty L.P. priced an offering of $500 million aggregate principal amount of 5.75% senior unsecured notes due February 1, 2033.
- The notes were priced at 99.824% of their face amount to yield 5.78%.
- The approximately $494 million net proceeds will be used to repay $400 million of unsecured notes due June 1, 2026, with the remaining funds allocated for general corporate purposes.
- The offering is anticipated to close on January 14, 2026.
Jan 7, 2026, 10:49 PM
Vornado Realty Trust Completes Over $2 Billion in Refinancings
VNO
Debt Issuance
- Vornado Realty Trust has completed refinancings totaling over $2.0 billion.
- The 2031 Revolving Credit Facility had its maturity date extended from December 2027 to February 2031 and is valued at $1.105 billion.
- An unsecured Term Loan was extended to February 2031 and upsized to $850 million.
- The 2029 Revolving Credit Facility was upsized by $85 million to $1.0 billion.
Jan 7, 2026, 10:20 PM
Vornado Realty L.P. Amends and Extends Credit Facilities and Term Loan
VNO
Debt Issuance
- On January 7, 2026, Vornado Realty L.P. (VRLP) amended and extended its 2031 Revolving Credit Facility and Term Loan to February 2031. The 2031 Revolving Credit Facility's available borrowing amount was reduced from $1.25 billion to $1.105 billion, while the Term Loan amount was increased from $800 million to $850 million.
- The 2031 Revolving Credit Facility has a current interest rate of Term SOFR plus 105 basis points per annum and a 25 basis point facility fee, and the Term Loan has a current interest rate of Term SOFR plus 120 basis points. Both rates are eligible for adjustment based on sustainability thresholds.
- VRLP also increased the commitment amount under its 2029 Revolving Credit Facility from $915 million to $1.0 billion, with a current interest rate of Term SOFR plus 116 basis points per annum and a 24 basis point facility fee.
- The Term Loan and Revolving Credit Facilities include covenants such as Total Outstanding Indebtedness not exceeding 60% of Capitalization Value and a ratio of Combined EBITDA to Fixed Charges not less than 1.40 to 1.00.
Jan 7, 2026, 9:21 PM
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
Quarterly earnings call transcripts for VORNADO REALTY TRUST.
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