VNO VORNADO REALTY TRUST
Price Chart
Executive Summary
Vornado reported Q1 2026 net loss of $22.8M ($0.12/share) vs net income of $86.8M ($0.43) in Q1 2025, driven by higher interest expense and the absence of a prior-year PENN 1 ground rent reversal. FFO as adjusted fell 18% to $0.52/share. Revenue of $459M was roughly flat y/y, slightly above consensus. A new $300M share repurchase authorization was announced, but operational weakness and rising interest costs overshadow near-term outlook.
Actionable Insight
Monitor preferred dividend coverage ratio as FFO declines and net debt increases. The new $300M buyback signals management confidence but does not offset underlying earnings deterioration. Watch for resolution of 888 Seventh Avenue default and leasing momentum in NYC office portfolio.
Key Facts
- Net loss per share -$0.12 vs prior year income $0.43 per share
- FFO as adjusted declined 18% to $0.52 per share from $0.63
- Same store NOI at share - cash basis decreased 2.9% year-over-year
- Revenue $459.1M, slightly down from $461.6M but above consensus estimate of $427.7M
- Board authorized new $300M common share repurchase program
- Agreed to acquire 49% interest in Park Avenue Plaza for $1.1B gross asset valuation
- Net debt/EBITDAre as adjusted rose to 8.1x from 7.7x at year-end 2025
Financial Impact
Net loss of $22.8M vs prior year net income of $86.8M; FFO as adjusted down $23.1M
Risk Factors
- Rising interest expense pressuring FFO and net income
- Loan maturities and default risk at 888 Seventh Avenue and 606 Broadway
- Weakness in 555 California Street (same store NOI -51.2% cash basis)
- Potential dilution from share repurchase funding if debt-financed
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000899689-26-000028 |
| Document: vno-033126xxex991xearnings.htm | 0000899689-26-000028 |
| Document: vno-20260504.htm | 0000899689-26-000028 |
| Document: 0000899689-26-000028-index-headers.html | 0000899689-26-000028 |
| Document: 0000899689-26-000028-index.html | 0000899689-26-000028 |
| Document: 0000899689-26-000028.txt | 0000899689-26-000028 |
| 8-K Data (Synthetic) | 0000899689-26-000028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
1d ago
|
Press Release
| $38.96 awaiting T+20 | awaiting T+20 | — | $38.27 (−1.77%) |
|
May 4, 2026
5w ago
|
8-K
| $14.96 $15.10 | ▼ −0.94% | ▲ +4.02% | $38.27 (−155.82%) |
|
May 4, 2026
5w ago
|
Press Release
| $30.26 $34.22 | ▲ +13.09% | ▲ +8.13% | $38.27 (+26.47%) |
|
Apr 28, 2026
6w ago
|
Press Release
| $29.35 $33.85 | ▲ +15.33% | ▲ +9.28% | $38.27 (+30.39%) |
|
Apr 21, 2026
7w ago
|
Press Release
| $29.06 $31.65 | ▲ +8.91% | ▲ +4.00% | $38.27 (+31.69%) |
|
Apr 7, 2026
9w ago
|
DEFA14A
| $14.74 $14.96 | ▲ +1.49% | ▼ −7.05% | $38.27 (+159.63%) |
|
Mar 11, 2026
13w ago
|
Press Release
| $26.37 $26.79 | ▲ +1.59% | ▲ +1.07% | $38.27 (+45.13%) |
|
Mar 4, 2026
14w ago
|
Court Ruling
| $28.54 $25.57 | ▼ −10.41% | ▼ −5.99% | $38.27 (+34.09%) |
|
Feb 28, 2026
15w ago
|
Institutional Cluster
| $27.38 $25.18 | ▼ −8.04% | ▼ −0.10% | $38.27 (+39.77%) |
US Market Status
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