In a report released today, John Kim from BMO Capital maintained a Buy rating on Vornado Realty, with a price target of $46.00.
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John Kim’s rating is based on Vornado Realty’s strong performance in the second quarter of 2025, which included a beat on Core Funds From Operations (FFOps) and improvements in leasing activity, occupancy, and leverage. The company’s positive results were significantly influenced by a major lease agreement with NYU at 770 Broadway, which contributed to a noticeable increase in leasing activity and occupancy rates.
Despite some challenges, such as a decrease in cash same-store net operating income (SSNOI), Vornado Realty showed resilience with an accelerated leasing activity and improved cash leasing spreads. The company’s financial leverage also improved, with a reduction in the Net Debt to EBITDAre ratio, indicating better financial health. These factors collectively support John Kim’s Buy rating for Vornado Realty.