Vornado Q2 FFO $0.74/share, up 23.3%; Repurchases $53.5M shares
Vornado Realty Trust announced its second quarter 2026 financial results, reporting FFO attributable to common shareholders of $0.74 per diluted share, a 23.3% increase from $0.60 in the prior year's quarter. Net income attributable to common shareholders decreased significantly to $0.08 per diluted share from $3.70, primarily due to a large gain in the prior year related to the 770 Broadway master lease. The company also engaged in significant acquisition and financing activities, including the purchase of a 49.0% interest in Park Avenue Plaza for $1.1 billion and the issuance of $500 million in new senior unsecured notes. Additionally, Vornado's Board authorized an additional $300 million for share repurchases, with $53.5 million executed during the quarter.
Key Highlights
- Q2 2026 FFO attributable to common shareholders was $0.74 per diluted share, up from $0.60.
- Net income attributable to common shareholders was $0.08 per diluted share, down from $3.70 due to a prior year gain.
- Acquired 49.0% interest in Park Avenue Plaza for $1.1 billion and 3 East 54th Street for $141 million.
- Sold Rego Park I (Alexander's) for $235.5 million, recognizing a $44.3 million gain.
- Repaid $400 million senior unsecured notes and issued $500 million new notes due 2033.
- Refinanced $1.13 billion revolving credit facility and $850 million unsecured term loan.
- Board authorized an additional $300 million share repurchase, with $53.5 million repurchased in Q2.
- Same Store NOI at share increased by 9.8% (GAAP) and 2.9% (cash basis) year-over-year.
Price Impact
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