Vornado Realty Trust — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net loss attributable to common shareholders for the quarter ended September 30, 2026, was $47.1 million ($0.25 per diluted share), compared to net income of $11.6 million ($0.06 per diluted share) in the prior year quarter.
• Net loss attributable to common shareholders for the nine months ended September 30, 2026, was $53.5 million ($0.28 per diluted share), compared to net income of $842.3 million ($4.19 per diluted share) in the prior year period, primarily due to an $803.2 million gain on the 770 Broadway master lease with NYU in 2025.
• Funds From Operations (FFO) attributable to common shareholders plus assumed conversions for the quarter ended September 30, 2026, was $122.6 million ($0.62 per diluted share), up from $117.4 million ($0.58 per diluted share) in the prior year quarter.
• FFO, as adjusted, for the quarter ended September 30, 2026, was $126.7 million ($0.65 per diluted share), compared to $114.5 million ($0.57 per diluted share) in the prior year quarter.
• FFO attributable to common shareholders plus assumed conversions for the nine months ended September 30, 2026, was $363.1 million ($1.85 per diluted share), compared to $373.5 million ($1.86 per diluted share) in the prior year period.
• FFO, as adjusted, for the nine months ended September 30, 2026, was $360.9 million ($1.84 per diluted share), compared to $354.2 million ($1.76 per diluted share) in the prior year period.
• Revenues for the quarter ended September 30, 2026, were $467.7 million, compared to $453.7 million in the prior year quarter.
• Revenues for the nine months ended September 30, 2026, were $1.389 billion, compared to $1.357 billion in the prior year period.
• Same store NOI at share increased 9.0% for the three months ended September 30, 2026, compared to the prior year quarter, and 8.4% for the nine months ended September 30, 2026, compared to the prior year period.
• Same store NOI at share - cash basis increased 3.2% for the three months ended September 30, 2026, compared to the prior year quarter, and 1.6% for the nine months ended September 30, 2026, compared to the prior year period.
• Total assets as of September 30, 2026, were $15.64 billion, compared to $15.52 billion as of December 31, 2025.
• Total liabilities as of September 30, 2026, were $8.99 billion, compared to $8.72 billion as of December 31, 2025.

Business Segments and Product Lines:

• 350 Park Avenue: A new joint venture (350 Park JV) was formed on October 20, 2026, with Citadel Enterprise Americas LLC (CEAMER) as the anchor tenant. Vornado holds a 36.1% effective interest. The property was deconsolidated, and Vornado will recognize an estimated net gain of approximately $485 million in the fourth quarter of 2026.
• Park Avenue Plaza: On June 11, 2026, Vornado acquired a 49.0% interest in the 1.2 million square foot office building for a gross asset valuation of $1.1 billion, subject to a $575 million loan.
• 3 East 54th Street: Acquired on January 7, 2026, for $141 million; the site is being demolished for redevelopment.
• Leasing Activity (Three Months Ended Sept 30, 2026): New York office initial rent was $122.96 per square foot; retail initial rent was $496.83 per square foot. Second generation relet space in New York office showed a 37.2% percentage increase in straight-line rent.
• Leasing Activity (Nine Months Ended Sept 30, 2026): New York office initial rent was $113.09 per square foot; retail initial rent was $402.59 per square foot. Second generation relet space in New York office showed a 23.5% percentage increase in straight-line rent.
• Occupancy: Total occupancy as of September 30, 2026, was 91.5%, with New York office at 93.0%, New York retail at 78.4%, THE MART at 79.5%, and 555 California Street at 87.5%.

Other Key Points:

• Joint Venture Formation: The 350 Park JV executed a 1,050,000 square foot anchor lease with CEAMER and closed a $3.3 billion construction loan maturing in October 2032.
• Acquisitions: Vornado acquired a 49.0% interest in Park Avenue Plaza for $1.1 billion and 3 East 54th Street for $141 million.
• Dispositions: Alexander's, Inc. sold its Rego Park I property for $235.5 million, resulting in a $44.3 million gain for Vornado. A 50% owned joint venture sold 606 Broadway, resulting in a $32.1 million gain on debt extinguishment.
• Financing Activity:
  • Repaid $400 million in 2.15% senior unsecured notes due June 2026.
  • Issued $500 million in 5.75% senior unsecured notes due 2033.
  • Refinanced One Park Avenue with a $525 million loan at SOFR plus 1.78%.
  • Refinanced 7 West 34th Street with a $250 million loan at a fixed rate of 5.79%.
  • Refinanced 61 Ninth Avenue with a $161 million loan.
  • Upsized the 2031 Revolving Credit Facility to $1.13 billion and the 2029 Revolving Credit Facility to $1.0 billion.
  • Upsized the Unsecured Term Loan to $850 million.
  • 825 Seventh Avenue mortgage loan matured in October 2026 and was not repaid, resulting in a maturity default.
  • 888 Seventh Avenue mortgage loan is in a forbearance agreement through March 2027.
• Share Repurchase Program: In April 2026, the Board authorized an additional $300 million for share repurchases. During the nine months ended September 30, 2026, Vornado repurchased 4.53 million shares for $133.3 million. $286.6 million remained available as of September 30, 2026.
• Development Projects: Active development includes 350 Park Avenue (1.9 million sq ft, $2.134 billion budget) and 623 Fifth Avenue (383,000 sq ft, $450 million budget).