VNO Vornado Realty Trust
Price Chart
Executive Summary
Vornado Realty Trust reported Q1 2026 revenue of $459.1M, beating consensus of $427.7M, but GAAP net loss was $0.12 per share (vs. -$0.11 consensus) and FFO as adjusted fell to $0.52 from $0.63 a year ago. The company announced a $300M share repurchase authorization and agreed to acquire a 49% interest in Park Avenue Plaza, but same-store cash NOI declined 2.9% overall, with 555 California Street dropping 51.2%.
Actionable Insight
Monitor the Park Avenue Plaza closing and same-store NOI trends in New York office and 555 California Street. The $300M buyback may provide a floor, but the declining core earnings and negative GAAP EPS warrant caution.
Key Facts
- Q1 2026 revenue $459.1M vs. consensus $427.7M (beat ~7.3%)
- GAAP net loss per share -$0.12 vs. consensus -$0.11 (miss)
- FFO as adjusted per share $0.52 vs. $0.63 in Q1 2025 (down 17.5%)
- Same-store NOI at share - cash basis declined 2.9% year-over-year
- Board authorized new $300M share repurchase program
- Agreed to purchase 49% interest in Park Avenue Plaza at $1.1B gross asset valuation
- Acquired 3 East 54th Street for $141M in January 2026
- Completed $500M 5.75% senior unsecured notes offering due 2033
Financial Impact
Revenue beat by $31.4M, but FFO as adjusted declined by $0.11 per share YoY
Risk Factors
- Continued office market weakness, especially at 555 California Street (-51.2% cash NOI)
- Net loss and declining FFO may pressure dividend coverage
- High leverage with $4.9B in mortgages and $1.24B in senior notes
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287172 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 4, 2026
19d ago
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Press Release
| $30.26 $31.23 | ▲ +3.21% | ▲ +1.22% | $31.98 (+5.68%) |
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Apr 28, 2026
25d ago
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Press Release
| — | awaiting T+5 | — | — |
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Apr 21, 2026
4w ago
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Press Release
| $29.06 $30.30 | ▲ +4.27% | ▲ +3.18% | $31.98 (+10.05%) |
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Mar 11, 2026
10w ago
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Press Release
| $26.37 $26.42 | ▲ +0.19% | ▲ +2.38% | $31.98 (+21.27%) |
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Mar 4, 2026
11w ago
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Court Ruling
| $28.54 $26.37 | ▼ −7.60% | ▼ −6.27% | $31.98 (+12.05%) |
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Feb 28, 2026
12w ago
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Institutional Cluster
| $27.38 $26.99 | ▼ −1.42% | ▼ −0.22% | $31.98 (+16.80%) |
US Market Status
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