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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Vornado Realty Trust
Vornado Realty Trust (VNO) investor relations material
Vornado Realty Trust Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Adjusted Q3 FFO was $126.7M, or $0.65/share, up from $114.5M, or $0.57/share; common shareholders recorded a $47.1M net loss.
Q3 revenue rose to $467.7M from $453.7M, and same-store NOI at share increased 9.0%.
The 350 Park JV closed after quarter-end; deconsolidation is expected to produce a $485M Q4 gain.
Financial highlights
Q3 FFO was $122.6M, or $0.62/diluted share, versus $117.4M, or $0.58; adjusted FFO was $126.7M, or $0.65, versus $114.5M, or $0.57.
Nine-month revenue was $1.389B versus $1.357B; FFO was $363.1M, or $1.85/diluted share, versus $373.5M, or $1.86.
Nine-month adjusted FFO was $360.9M, or $1.84/diluted share, versus $354.2M, or $1.76.
Q3 common-shareholder net loss was $47.1M, or $0.25/diluted share, versus net income of $11.6M, or $0.06; 9M net loss was $53.5M, or $0.28/share.
Q3 expenses rose $38.6M YoY to $445.3M, including $51.9M higher depreciation and amortization.
Outlook and guidance
FY2026 comparable FFO is expected to exceed FY2025; management views Q3 as a reasonable net run rate through 2027, with further growth expected from 2028.
Strong same-store growth is expected through 2027; New York office growth is expected at or above current levels, while retail results may be lumpier.
2026 New York office leasing is projected at 2.4M sq ft, including Citadel’s 1.05M sq ft lease; the pipeline includes another 1.1M sq ft.
Known 2027 offsets include 34th and 7th redevelopment and higher rates; management estimated a ~$0.10 rate impact next year.
350 Park’s projected cost is $6.25B, funded by $3.30B construction financing and $2.95B equity; cash contributions are expected to begin mid-2028.
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Latest events from Vornado Realty Trust
- Adjusted FFO declined as New York gains offset continued weakness at THE MART.VNO
Q4 2023 - NYC office and retail markets see record demand, rising rents, and robust investment activity.VNOBofA NY Global Real Estate Conference 2026
- Q2 2026 FFO per share rose 16% as New York leasing and capital activity remained strong.VNOQ2 2026
- All agenda items, including trustee elections and share plan approval, were passed unanimously.VNOAGM 2026
- Q1 2026 posted a net loss, lower FFO, but strong liquidity and major capital moves.VNOQ1 2026
- 2026 meeting covers board elections, auditor, executive pay, and new equity plan, with strong ESG focus.VNOProxy filing
- Key votes include trustee elections, auditor ratification, and the 2026 Omnibus Share Plan.VNOProxy filing
- Record leasing, one-time gains, and capital actions set up strong future earnings.VNOQ4 2025
- Q1 2025 net income surged to $86.8M, with FFO per share up and liquidity at $3B.VNOQ1 2025
Next Vornado Realty Trust earnings date
Q4 20269 Feb, 2027
Vornado Realty Trust
Next Vornado Realty Trust earnings date
Q4 20269 Feb, 2027
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Frequently asked questions
NYC Offices
Vornado Realty Trust is an American real estate investment trust (REIT) that specializes in commercial properties. The company primarily focuses on acquiring, developing, and managing office buildings and street retail in Manhattan. Vornado's portfolio includes high-profile assets, such as office skyscrapers and luxury retail spaces, and its strategy long-term investment in properties with high potential for value appreciation and steady income generation. The company is headquartered in NYC and its shares are listed on the NYSE.
Two Guys Discount and a Line of Fans
What we today know as Vornado Realty was founded in 1980. However, Its origins trace back to Two Guys, a discount store chain established in the 1940s by brothers Sidney and Herbert Hubschman. The company evolved through a series of mergers and acquisitions, most notably merging with the manufacturer of the Vornado line of fans and renaming itself in the process. Over time, Vornado shifted its focus from retail to real estate, divesting its retail operations during the latter part of the 1970s. What began as a merger between a discount store and a fan manufacturer has become an important player in NYC’s real estate market.
High-Profile Offices
Vornado Realty Trust specializes in owning, managing, and developing office buildings and street retail properties. Primarily focused in New York City, the company's portfolio includes prime office and retail spaces in Manhattan. Vornado's strategy involves acquiring, managing, and optimizing commercial spaces to maximize their value and appeal, renting them out to generate revenue for the long term.
Vornado Realty is a REIT
Vornado Realty Trust operates as a Real Estate Investment Trust (REIT), a type of company that owns, operates, or finances income-generating real estate. As a REIT, Vornado primarily invests in office buildings and street retail properties. The REIT structure mandates that the company distributes at least 90% of its taxable income to its shareholders in the form of dividends, as well as several other legally binding obligations. In return, the company receives certain tax benefits. This is a corporate structure employed by a large number of companies, including some of Vornados' competition, with two notable examples being SL Green Realty and Boston Properties.