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Vornado Realty (VNO)
NYSE:VNO
Earnings Data
Report Date
May 04, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.02Last Year’s EPS
0.43Same Quarter Last Year
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized pronounced operational momentum in Manhattan: robust leasing (4.6M sq ft in 2025), rising market rents and strong penn district lease-up progress, improved occupancy (91.2%), higher GAAP NOI (+5% quarter) and significantly strengthened liquidity and maturities. Offsetting items include a Q4 FFO dip due to higher interest expense, same-store cash NOI down 8.3% driven by free rent, near-term flat FFO guidance for 2026 (with growth expected in 2027), and timing uncertainty on GAAP recognition of signed rents (~$200M). Management presented a constructive and confident tone on fundamentals, active capital allocation (select buybacks, refinancings, development), and improving leverage metrics. Overall, positives appear to meaningfully outweigh the near-term, largely timing-related negatives.Company Guidance
Strong Leasing Volume in 2025
Leased 4,600,000 square feet in 2025 (3,700,000 in Manhattan, 146,000 in San Francisco, 394,000 in Chicago). Highest Manhattan leasing in over a decade and second-highest year on record. Excluding a 1,100,000 sq ft NYU master lease, Manhattan average starting rent was $98/sf with an average lease term of over 11 years.
High-Value Leasing and Mark-to-Markets
Mark-to-markets for 2025 were +10.4% GAAP and +7.8% cash (Manhattan). Fourth quarter mark-to-markets were +8.1% GAAP and +7.2% cash. Executed 46 leases at $100+/sf totaling 2,500,000 sq ft (about two-thirds of activity).
Penn District Momentum (PENN1 & PENN2)
PENN2: 908,000 sq ft leased in 2025 at an average of $109/sf; Q4 leased 231,000 sq ft at $114/sf (avg term >13 years). PENN2 now >1,400,000 sq ft leased since inception and at ~80% occupancy; management expects lease-up to finish this year. PENN1: since redevelopment start leased >1,700,000 sq ft at an average $94/sf; remaining vacancy: PENN2 ~348,000 sq ft, PENN1 ~177,000 sq ft.
Improving Occupancy
Company-wide office occupancy rose from 88.8% to 91.2% year-over-year. New York office occupancy increased to 91.2% (from ~88.4% last quarter), reflecting substantial leasing activity, principally in the Penn District.
NOI and FFO (GAAP vs Cash)
Same store GAAP NOI was up 5% for the quarter. Comparable FFO for the full year was $2.32 per share, slightly higher than 2024. Management emphasizes GAAP metrics are more relevant given heavy recent leasing and free rent impacts on cash numbers.
Balance Sheet Liquidity and Refinancing
Liquidity of $2.39 billion (cash $978M, credit lines $1.41B). Extended maturities through Feb 2031 on nearly $3.5B of debt, refinanced unsecured term loan to $850M (matures Feb 2031), upsized/extended revolvers ($1.13B maturing Feb 2031 and $1.0B maturing Apr 2029), and completed a $500M seven-year unsecured bond at 5.75%.
Leverage Metrics Improving
Net debt to EBITDA improved from 8.6x at the start of the year to 7.7x; fixed charge coverage is steadily rising. S&P changed the company's credit outlook from negative to stable and affirmed the unsecured rating.
Share Repurchases
Bought back 2,352,000 shares for $80M at an average price of ~$34 in recent months; since 2023 authorization repurchased 4,376,000 shares for $109M (avg ~$25/share). Management signals willingness to be more aggressive if disconnect with NAV persists.
Active and High-Potential Development Pipeline
350 Park Ave (1.85M sq ft) construction to commence in April with Ken Griffin/Citadel participation; project expected to deliver 2027. Acquired 623 Fifth Ave (≈383,000 sq ft) for $218M ($569/sf) targeting a high-end redeveloped product; projected incremental cash yield increased from 10.2% to 11.6% (supplement p.22). Closed on a 141M acquisition of 3 W 54th St development site and progressing on a 475-unit rental at 34th St.
New Uses and Amenities Driving Demand
Opened amenity spaces ('The Perch' at PENN2 and rooftop pavilion at 1290 Avenue of the Americas) that have been well received by tenants. Sunset Pier 94 (50% owned) opened six sound stages immediately leased to Paramount and Netflix (short-term leases).
VNO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
VNO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 09, 2026 | $30.99 | $31.84 | +2.74% |
Nov 03, 2025 | $36.90 | $35.08 | -4.93% |
Aug 04, 2025 | $37.81 | $36.28 | -4.05% |
May 05, 2025 | $36.20 | $37.53 | +3.67% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Vornado Realty (VNO) report earnings?
Vornado Realty (VNO) is schdueled to report earning on May 04, 2026, After Close (Confirmed).
What is Vornado Realty (VNO) earnings time?
Vornado Realty (VNO) earnings time is at May 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VNO EPS forecast?
VNO EPS forecast for the fiscal quarter 2026 (Q1) is -0.02.