Vornado Realty Trust swings to Q1 net loss

Vornado Realty Trust

04/05/2026 21:37

Overview

U.S. office and retail REIT reported Q1 net loss, reversing prior-year profit

Adjusted FFO for Q1 fell year-over-year

Company repurchased 2.7 mln shares and authorized new $300 mln buyback program

Outlook

Company did not provide specific financial guidance for the current qtr or full yr in its press release

Result Drivers

PENN 1 GROUND RENT - Absence of prior-year reversal of accrued ground rent at PENN 1 reduced adjusted FFO by $17.2 mln

HIGHER INTEREST EXPENSE - Increased net interest expense reduced adjusted FFO by $15.9 mln

NYU MASTER LEASE - Impact of NYU master lease at 770 Broadway added $7.6 mln to adjusted FFO

Company press release: ID:nGNX4F2pCd

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted FFO (FFO attributable to common shareholders plus assumed conversions, as adjusted (non-GAAP))
$103.1 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 7 "hold" and 3 "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 $32.00, about 6% above its May 1 closing price of $30.20

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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.)