VORNADO REALTY TRUST

Vornado Realty Trust and Rudin Management have partnered with Kenneth C. Griffin (Citadel's Founder and CEO) in a joint venture to develop a 1.9 million square foot trophy office building at 350 Park Avenue. Citadel Enterprise Americas LLC will serve as the anchor tenant with a 15-year, 1.05 million square foot lease. The project has an estimated budget of $6.2 billion, with Vornado holding a 36% stake and contributing land valued at $500 million, plus an additional $400 million in capital contributions. Vornado will also act as the developer, property manager, and leasing agent, earning customary fees.

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.

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.

Vornado Realty Trust reported Q2 2026 total revenues of $462.2 million, an increase from the prior year, while basic earnings per share stood at $0.09. Net income attributable to common shareholders for the quarter was $16.4 million, significantly lower than the previous year due to a large one-time gain in Q2 2025. The company also detailed its UPREIT structure, where Vornado is the sole general partner and a 91.2% limited partner of Vornado Realty L.P., through which it conducts most of its business, with the filing combining reports for both entities.

Vornado Realty Trust announced the declaration of quarterly preferred dividends for several series. The Series A Convertible dividend is $0.8125000 per share, Series L Cumulative Redeemable is $0.3375000 per share, Series M and N Cumulative Redeemable are both $0.3281250 per share, and Series O Cumulative Redeemable is $0.2781250 per share. These dividends are payable on October 1, 2026, to shareholders of record as of September 15, 2026.

Vornado Realty Trust announced it will file its quarterly report on Form 10-Q for the second quarter ended June 30, 2026, and issue its earnings release on Monday, August 3, 2026, after market close. The company will host a quarterly earnings conference call and audio webcast on Tuesday, August 4, 2026, at 10:00 a.m. Eastern Time. Details for accessing the call and webcast were provided.

Vornado Realty Trust announced the completion of its previously announced acquisition of a 49% interest in Park Avenue Plaza. The property was valued at $1.1 billion, representing a significant discount to replacement cost. This trophy, Class A office building is 99% occupied by blue-chip tenants with an 11-year weighted-average lease term and substantially below-market rents. Vornado acquired its interest subject to its share of a $575 million loan at a fixed rate of 2.99% maturing in November 2031, with Fisher Brothers retaining 51% ownership and management.

Vornado Realty Trust announced that its reimagined PENN 2 office tower in THE PENN DISTRICT campus is now 90% leased. This milestone was achieved with new full-floor leases from Altana AI for 62,309 square feet and Veeva for 62,223 square feet. The 31-story tower, which has undergone a complete reinvention, now hosts a roster of blue-chip companies and offers extensive amenities, contributing to the 4.4 million square feet PENN DISTRICT campus.

Vornado Realty Trust's 45.1% owned joint venture completed a $161 million refinancing for its 61 Ninth Avenue property in Manhattan. The new interest-only loan matures in March 2029 and carries a floating rate starting at SOFR plus 3.00% for the first year. This new financing replaces a previous $155 million loan that bore interest at SOFR plus 2.45% and was scheduled to mature in November 2026.

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.