Vornado Realty Trust Q2 adjusted FFO per share rises on new rent commencements

Vornado Realty Trust

03/08/2026 22:00

Overview
U.S. office and retail REIT's Q2 net income fell sharply due to prior-year one-time gain
Adjusted FFO per share for Q2 rose to $0.67 from $0.56 a year earlier
Company completed $1.1 bln Park Avenue Plaza acquisition and repurchased $53.5 mln in shares

Outlook
Company did not provide specific financial guidance or outlook for upcoming periods

Result Drivers
RENT COMMENCEMENTS - Higher adjusted FFO driven by new rent commencements, net of lease expirations
NYU MASTER LEASE - Additional contribution from the NYU master lease at 770 Broadway
VARIABLE BUSINESSES - Growth in variable businesses, primarily signage, contributed to FFO increase

Company press release: ID:nGNX9xG2pL

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
 
$0.08
 
Q2 Adjusted FFO Per Share
 
$0.67
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 6 "hold" and 4 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Vornado Realty Trust is $39.50, about 0.3% above its July 31 closing price of $39.39
The stock recently traded at 2,427 times the next 12-month earnings vs. a P/E of 659 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)