Quarterly ResultApr 7, 2026, 04:31 PM
Vornado Realty Trust Reports Net Income Soars to $842.9M in 2025, FFO (Adjusted) Up 4.1% to $465.6M
AI Summary
Vornado Realty Trust announced robust financial results for the year ended December 31, 2025, highlighted by a dramatic increase in Net Income attributable to common shares to $842.9 million, or $4.20 per diluted share, from $8.3 million in the prior year. Funds from Operations (FFO), as Adjusted, saw a healthy 4.1% increase to $465.6 million, or $2.32 per diluted share. The company also reported a 5.4% rise in same-store Net Operating Income (NOI), reaching a total NOI of $1,111.9 million, indicating strong operational performance across its portfolio, particularly in THE MART segment.
Key Highlights
- Net Income attributable to common shares for 2025 was $842.9 million ($4.20 per diluted share), a substantial increase from $8.3 million ($0.04 per diluted share) in 2024.
- Funds from Operations (FFO), as Adjusted, increased 4.1% to $465.6 million ($2.32 per diluted share) in 2025, compared to $447.1 million ($2.26 per diluted share) in 2024.
- Funds from Operations (FFO), as Reported, was $486.8 million ($2.42 per diluted share) in 2025, up from $470.0 million ($2.37 per diluted share) in 2024.
- Total Net Operating Income (NOI) reached $1,111.9 million in 2025, with same-store NOI increasing by 5.4% compared to the prior year.
- THE MART business unit's NOI significantly grew to $69.2 million in 2025 from $51.7 million in 2024, while New York Retail NOI decreased to $175.7 million from $191.4 million.
- Adjustments to FFO in 2025 included a $17.0 million after-tax gain on the sale of 220 Central Park South units and a $13.9 million gain on the sale of Canal Street residential units.