Quarterly ResultMay 4, 2026, 04:30 PM
Vornado Q1 FFO $0.49/Share, Net Loss $22.8M; New $300M Buyback
AI Summary
Vornado Realty Trust reported a Q1 2026 net loss of $22.8 million ($0.12 per diluted share) and FFO of $0.49 per diluted share, a decline from the prior year's net income and higher FFO. Despite the financial downturn, the company announced a new $300 million share repurchase program and significant acquisitions, including a 49% interest in Park Avenue Plaza for $1.1 billion and 3 East 54th Street for $141 million. Various financing activities were also completed, and Alexander's, a partially owned entity, agreed to sell a property.
Key Highlights
- Q1 2026 FFO (non-GAAP) was $96.263 million ($0.49/share), down from $135.039 million ($0.67/share) in Q1 2025.
- Q1 2026 Net Loss attributable to common shareholders was $22.842 million ($0.12/share), compared to $86.842 million net income in Q1 2025.
- Board authorized a new $300 million share repurchase program; $79.844 million repurchased in Q1 2026.
- Agreed to acquire a 49.0% interest in Park Avenue Plaza for $1.1 billion gross asset valuation, expected to close in Q2 2026.
- Acquired 3 East 54th Street for $141 million on January 7, 2026, a demolition-ready asset.
- Alexander's (32.4% owned) agreed to sell Rego Park I for $235.5 million, with Vornado's share of net gain approx. $44 million.
- Refinanced One Park Avenue for $525 million and a $1.13 billion revolving credit facility.
- Same store NOI at share increased 6.1% YoY, but cash basis same store NOI decreased 2.9%.
Price Impact
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