Vornado Realty Trust (VNO) Q2 2026 earnings summary

Executive summary

• Comparable FFO for Q2 2026 was $0.67 per share, up $0.11 year-over-year, beating consensus by $0.10 or 17.5%.

• Net income attributable to common shareholders for Q2 2026 was $16.4M ($0.08/share), down from $743.8M ($3.70/share) in Q2 2025, mainly due to a prior-year $803.2M gain from the 770 Broadway NYU lease.

• Strong leasing momentum in Manhattan, with 978,000 sq ft leased in H1 2026 and 328,000 sq ft in Q2 at industry-leading rents.

• Recent acquisitions (623 Fifth Avenue, Park Avenue Plaza, 3 East 54th Street) and ongoing developments (PENN 1, PENN 2, 350 Park Avenue) are expected to drive future growth.

• For the six months ended June 30, 2026, net loss attributable to common shareholders was $6.4M ($0.03/share), compared to net income of $830.7M ($4.14/share) in the prior year.

Financial highlights

• Q2 comparable FFO was $0.67 per share, up from $0.56 in Q2 2025.

• Q2 2026 revenues were $462.2M, up from $441.4M in Q2 2025.

• New York office same store NOI up 13.7% GAAP and 11.9% cash; retail same store NOI up 7.3% GAAP and 5.7% cash.

• Liquidity stands at $2 billion, including $789 million cash and $1.2 billion undrawn credit.

• Stock buyback: 1.8 million shares repurchased in Q2 at $29.92/share; 8 million shares since 2023 at $26.61/share.

Outlook and guidance

• Full-year 2026 comparable FFO expected to exceed 2025, with Q2 run rate as a baseline.

• Significant earnings growth projected for 2027 as lease-up at PENN 1, PENN 2, and Park Avenue Plaza impacts results.

• Occupancy expected to surpass 93% by year-end, with further gains anticipated.

• Projected incremental cash yield for the 623 Fifth Avenue office condominium development is 10.1%, with stabilization expected in 2028.

• Company projects Q3 mark-to-markets over 20% and continued strong growth at PENN 1.