Vornado Realty Trust

VNO

Market cap $7.07B

Vornado Realty Trust is a leading REIT with a diverse portfolio of office, retail, marketplace, and residential properties in New York. VNO's preferred shares, especially VNO.PR.O, offer yields above 7% and present a compelling risk-return profile compared to peers and OTC bonds. Credit ratings for VNO and its preferreds are non-investment grade but remain competitive within the sector, supported by strong asset coverage and stable cash flows.

Manhattan saw 3.73 million square feet of positive net office absorption in the third quarter, with VNO's occupancy rate set to move into the low 90s next year. Third quarter revenue and FFO beat consensus, with FFO of $0.58 per share, growing from $0.50 per share a year ago. The Series O Preferreds are trading at a 42% discount to their liquidation value per share and offer a current yield of 7.64%.

Vornado Realty Trust ( VNO ) Q3 2025 Earnings Call November 4, 2025 10:00 AM EST Company Participants Steven Borenstein - Executive VP, Corporation Counsel & Secretary Steven Roth - Chairman of the Board & CEO Michael Franco - President & CFO Glen Weiss - Executive VP of Office Leasing & Co-Head of Real Estate Barry Langer - Executive VP of Development & Co-Head of Real Estate Thomas Sanelli - Executive VP of Finance & Chief Administrative Officer Conference Call Participants Steve Sakwa - Evercore ISI Institutional Equities, Research Division Floris Gerbrand Van Dijkum - Ladenburg Thalmann & Co. Inc., Research Division John Kim - BMO Capital Markets Equity Research Dylan Burzinski - Green Street Advisors, LLC, Research Division Alexander Goldfarb - Piper Sandler & Co., Research Division Jana Galan - BofA Securities, Research Division Seth Bergey - Citigroup Inc., Research Division Michael Lewis - Truist Securities, Inc., Research Division Vikram Malhotra - Mizuho Securities USA LLC, Research Division Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division Ronald Kamdem - Morgan Stanley, Research Division Brendan Lynch - Barclays Bank PLC, Research Division Presentation Operator Good morning, and welcome to the Vornado Realty Trust Third Quarter of 2025 Earnings Call. My name is Joe, and I will be your operator on today's call.

VNO posts stronger Q3 results with higher FFO, rising occupancy and robust leasing across key New York assets.

Vornado (VNO) came out with quarterly funds from operations (FFO) of $0.57 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to FFO of $0.52 per share a year ago.

The headline numbers for Vornado (VNO) give insight into how the company performed in the quarter ended September 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

NEW YORK, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended September 30, 2025 Financial Results NET INCOME attributable to common shareholders for the quarter ended September 30, 2025 was $11,589,000, or $0.06 per diluted share, compared to net loss attributable to common shareholders of $19,154,000, or $0.10 per diluted share, for the prior year's quarter. FUNDS FROM OPERATIONS ("FFO") attributable to common shareholders plus assumed conversions (non-GAAP) for the quarter ended September 30, 2025 was $117,372,000, or $0.58 per diluted share, compared to $99,256,000, or $0.50 per diluted share, for the prior year's quarter.

VNO's Q3 results are set to show modest revenue and FFO gains, fueled by solid leasing in premium office assets.

NEW YORK, Oct. 30, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends:   Series A Convertible $ .8125000 per share   Series L Cumulative Redeemable $ .3375000 per share   Series M Cumulative Redeemable $ .3281250 per share   Series N Cumulative Redeemable $ .3281250 per share   Series O Cumulative Redeemable $ .2781250 per share           In each case, dividends are payable on January 2, 2026 to shareholders of record on December 15, 2025. Vornado Realty Trust is a fully-integrated equity real estate investment trust.

Office REITs are cheap and often pitched as great investment opportunities. I strongly disagree and expect more pain ahead. Bulls are ignoring two important risks that could cost them dearly.