Vornado Realty Trust (VNO) Q3 2026 earnings summary

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.