VORNADO REALTY TRUST Q1 FY26 Results

Summary

Vornado Realty Trust reported a net loss attributable to common shareholders of $22.8 million, or $0.12 per diluted share, for the first quarter of 2026, compared to a net income of $86.8 million, or $0.43 per diluted share, for the same quarter last year. FFO attributable to common shareholders plus assumed conversions was $96.3 million, or $0.49 per diluted share, compared to $135.0 million, or $0.67 per diluted share, for the prior year's quarter. The company repurchased 2,745,713 common shares for $79.8 million during the quarter. Vornado also agreed to purchase a 49.0% interest in Park Avenue Plaza and acquired 3 East 54th Street.

Key Highlights

1. 1

   Net loss attributable to common shareholders for Q1 2026 was $22.8 million, or $0.12 per diluted share, compared to net income of $86.8 million, or $0.43 per diluted share, for the prior year's quarter.

2. 2

   Funds From Operations (FFO) attributable to common shareholders plus assumed conversions for Q1 2026 was $96.3 million, or $0.49 per diluted share, compared to $135.0 million, or $0.67 per diluted share, for the prior year's quarter.

3. 3

   Adjusted FFO for Q1 2026 was $103.1 million, or $0.52 per diluted share, compared to $126.2 million, or $0.63 per diluted share, for the prior year's quarter.

4. 4

   During Q1 2026, Vornado repurchased 2,745,713 common shares for $79.8 million at an average price of $29.08 per share.

5. 5

   Vornado agreed to purchase a 49.0% interest in Park Avenue Plaza at a gross asset valuation of $1.1 billion in April 2026.

6. 6

   On January 7, 2026, Vornado acquired 3 East 54th Street for $141.0 million.

7. 7

   Alexander's, in which Vornado owns a 32.4% interest, entered into an agreement to sell its Rego Park I property for $235.5 million in March 2026.