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Vornado Realty Trust
Vornado Realty Trust (VNO) investor relations material
Vornado Realty Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved industry-leading leasing activity in 2025, with 4.6 million sq ft leased, including record Manhattan volumes and strong performance in San Francisco and Chicago.
Net income attributable to common shareholders for 2025 was $842.9M ($4.20/share), up from $8.3M ($0.04/share) in 2024, mainly due to a $803.2M gain from the 770 Broadway master lease with NYU and a $76.2M gain from the 666 Fifth Avenue sale to UNIQLO.
Funds from Operations (FFO) for 2025 was $486.8M ($2.42/share), up from $470.0M ($2.37/share) in 2024; adjusted FFO was $465.6M ($2.32/share) versus $447.1M ($2.26/share) in 2024.
Major development projects are advancing, including 350 Park Avenue (with Citadel as anchor tenant), PENN 15, and 623 5th Avenue, with significant leasing and redevelopment milestones.
Retail and signage businesses are performing well, with high demand and new initiatives in key locations.
Financial highlights
Comparable FFO for 2025 was $2.32 per share, slightly higher year-over-year; Q4 comparable FFO was $0.55 per share, down from $0.61 due to higher interest expense and prior-year lease termination income.
Same-store GAAP NOI increased 5% for the quarter, while same-store cash NOI declined 8.3% due to free rent and ground lease adjustments.
Net debt to EBITDA improved to 7.7x from 8.6x at the start of the year; fixed charge coverage ratio continues to rise.
Revenues for 2025 were $1.81B, up from $1.79B in 2024.
Q4 2025 FFO was $112.9M ($0.56/share), down from $117.1M ($0.58/share) in Q4 2024; adjusted FFO was $110.9M ($0.55/share) versus $122.2M ($0.61/share) in Q4 2024.
Outlook and guidance
2026 comparable FFO expected to be in line with 2025, with significant earnings growth projected for 2027 as PENN 1 and PENN 2 lease-up impacts materialize.
Cash NOI expected to turn positive in the second half of 2026 as free rent burns off and tenants begin paying rent.
New York office occupancy reached 91.2% and is expected to continue rising.
Active development projects include PENN 2, Sunset Pier 94 Studios, and 623 Fifth Avenue, with a total budget of $1.43B and projected stabilization between 2026 and 2028.
Management highlights risks from interest rate fluctuations, inflation, and market conditions affecting tenants and real estate values.
What drives the New York Office cash NOI decline?
Assess future cash yield from current developments.
How do recent refinancings impact future interest expense?
Explain 623 Fifth Ave's $0.11 FFO contribution.
Reconcile aggressive buybacks with capital plan.
What drives cash NOI inflection in H2 2026?
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Next Vornado Realty Trust earnings date
Q1 20265 May, 2026
Vornado Realty Trust
Next Vornado Realty Trust earnings date
Q1 20265 May, 2026
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Frequently asked questions
NYC Offices
Vornado Realty Trust is an American real estate investment trust (REIT) that specializes in commercial properties. The company primarily focuses on acquiring, developing, and managing office buildings and street retail in Manhattan. Vornado's portfolio includes high-profile assets, such as office skyscrapers and luxury retail spaces, and its strategy long-term investment in properties with high potential for value appreciation and steady income generation. The company is headquartered in NYC and its shares are listed on the NYSE.
Two Guys Discount and a Line of Fans
What we today know as Vornado Realty was founded in 1980. However, Its origins trace back to Two Guys, a discount store chain established in the 1940s by brothers Sidney and Herbert Hubschman. The company evolved through a series of mergers and acquisitions, most notably merging with the manufacturer of the Vornado line of fans and renaming itself in the process. Over time, Vornado shifted its focus from retail to real estate, divesting its retail operations during the latter part of the 1970s. What began as a merger between a discount store and a fan manufacturer has become an important player in NYC’s real estate market.
High-Profile Offices
Vornado Realty Trust specializes in owning, managing, and developing office buildings and street retail properties. Primarily focused in New York City, the company's portfolio includes prime office and retail spaces in Manhattan. Vornado's strategy involves acquiring, managing, and optimizing commercial spaces to maximize their value and appeal, renting them out to generate revenue for the long term.
Vornado Realty is a REIT
Vornado Realty Trust operates as a Real Estate Investment Trust (REIT), a type of company that owns, operates, or finances income-generating real estate. As a REIT, Vornado primarily invests in office buildings and street retail properties. The REIT structure mandates that the company distributes at least 90% of its taxable income to its shareholders in the form of dividends, as well as several other legally binding obligations. In return, the company receives certain tax benefits. This is a corporate structure employed by a large number of companies, including some of Vornados' competition, with two notable examples being SL Green Realty and Boston Properties.
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