Vornado Q2 Adjusted FFO $0.67/Share; Acquires Park Ave Plaza, 3 East 54th St
Vornado Realty Trust reported Q2 2026 adjusted Funds From Operations (FFO) of $0.67 per diluted share, an increase from $0.56 in the prior year's quarter. Net income decreased significantly to $0.08 per diluted share from $3.70, primarily due to a large gain in Q2 2025 related to the 770 Broadway master lease. The company was active in portfolio management, acquiring a 49% interest in Park Avenue Plaza and 3 East 54th Street, while also completing dispositions like Alexander's Rego Park I and 606 Broadway. Vornado also engaged in significant financing activities, including issuing $500 million in senior unsecured notes and multiple property refinancings, and repurchased $53.46 million of its common shares.
Key Highlights
- Adjusted FFO per diluted share for Q2 2026 was $0.67, up from $0.56 in Q2 2025.
- Net income attributable to common shareholders for Q2 2026 was $0.08 per diluted share, down from $3.70 in Q2 2025 due to a prior year gain.
- Acquired a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion.
- Acquired 3 East 54th Street for $141 million for future development.
- Alexander's, in which Vornado holds a 32.4% interest, sold Rego Park I for $235.5 million, with Vornado recognizing a $44.3 million share of the gain.
- Issued $500 million of 5.75% senior unsecured notes due February 2033.
- Repurchased 1,787,090 common shares for $53.46 million at an average price of $29.92 per share during Q2 2026.
- Same store NOI at share increased by 9.8% for Q2 2026 compared to Q2 2025.
Price Impact
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