Monitor preferred dividend coverage ratio as FFO declines and net debt increases. The new $300M buyback signals management confidence but does not offset underlying earnings deterioration. Watch for resolution of 888 Seventh Avenue default and leasing momentum in NYC office portfolio.
Price Chart
Executive Summary
Vornado reported Q1 2026 net loss of $22.8M ($0.12/share) vs net income of $86.8M ($0.43) in Q1 2025, driven by higher interest expense and the absence of a prior-year PENN 1 ground rent reversal. FFO as adjusted fell 18% to $0.52/share. Revenue of $459M was roughly flat y/y, slightly above consensus. A new $300M share repurchase authorization was announced, but operational weakness and rising interest costs overshadow near-term outlook.
Key Financial Metrics
Key Facts
- Net loss per share -$0.12 vs prior year income $0.43 per share
- FFO as adjusted declined 18% to $0.52 per share from $0.63
- Same store NOI at share - cash basis decreased 2.9% year-over-year
- Revenue $459.1M, slightly down from $461.6M but above consensus estimate of $427.7M
- Board authorized new $300M common share repurchase program
- Agreed to acquire 49% interest in Park Avenue Plaza for $1.1B gross asset valuation
- Net debt/EBITDAre as adjusted rose to 8.1x from 7.7x at year-end 2025
Financial Impact
Net loss of $22.8M vs prior year net income of $86.8M; FFO as adjusted down $23.1M
Risk Factors
- Rising interest expense pressuring FFO and net income
- Loan maturities and default risk at 888 Seventh Avenue and 606 Broadway
- Weakness in 555 California Street (same store NOI -51.2% cash basis)
- Potential dilution from share repurchase funding if debt-financed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000899689-26-000028 |
| Document: vno-033126xxex991xearnings.htm | 0000899689-26-000028 |
| Document: vno-20260504.htm | 0000899689-26-000028 |
| Document: 0000899689-26-000028-index-headers.html | 0000899689-26-000028 |
| Document: 0000899689-26-000028-index.html | 0000899689-26-000028 |
| Document: 0000899689-26-000028.txt | 0000899689-26-000028 |
| 8-K Data (Synthetic) | 0000899689-26-000028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | Press Release | $40.91 $36.65 | ▼ −10.41% | ▼ −9.18% | $33.90 (−17.15%) |
Jul 30, 2026 9w ago | Press Release | $40.15 $38.72 | ▼ −3.56% | ▼ −7.53% | $33.90 (−15.58%) |
Jun 11, 2026 16w ago | Press Release | $38.27 $38.35 | ▲ +0.21% | ▼ −1.57% | $33.90 (−11.43%) |
May 4, 2026 21w ago | 8-K | $14.96 $15.10 | ▼ −0.94% | ▲ +4.02% | $33.90 (−126.57%) |
May 4, 2026 21w ago | Press Release | $30.26 $34.22 | ▲ +13.09% | ▲ +8.13% | $33.90 (+12.01%) |
Apr 28, 2026 22w ago | Press Release | $29.35 $33.85 | ▲ +15.33% | ▲ +9.28% | $33.90 (+15.49%) |
Apr 21, 2026 23w ago | Press Release | $29.06 $31.65 | ▲ +8.91% | ▲ +4.00% | $33.90 (+16.64%) |
Apr 7, 2026 25w ago | DEFA14A | $14.74 $14.96 | ▲ +1.49% | ▼ −7.05% | $33.90 (+129.95%) |
Mar 11, 2026 29w ago | Press Release | $26.37 $26.79 | ▲ +1.59% | ▲ +1.07% | $33.90 (+28.54%) |
Mar 4, 2026 30w ago | Court Ruling | $28.54 $25.57 | ▼ −10.41% | ▼ −5.99% | $33.90 (+18.76%) |
US Market Status
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