Analysts Offer Insights on Real Estate Companies: Realty Income (NYSE: O) and Vornado Realty (NYSE: VNO)While lacking the excitement of a groundbreaking transaction (e.g., Uniqlo flagship sale, 770 Broadway master lease), VNO had a quality 3Q25 result headlined by an FFOps beat and strong occupancy gains across the board. Additionally, cash leasing spreads improved to +10.4%, although Cash SSNOI was dragged by PENN 1 ground lease re-set. Transaction activity was more modest, but VNO acquired a boutique office redevelopment opportunity, while selling an established one in Chelsea for $1,185 psf.