Watch for the earnings call on Aug 4 for leasing momentum and 2026 FFO guidance. The strong operational momentum and active capital recycling (Park Ave Plaza, 606 Broadway) support further upside, but 555 California Street weakness and $1.1B credit facility drawn ($918M) are risks. The $300M buyback provides a floor.
Price Chart
Executive Summary
Vornado Realty Trust reported Q2 2026 FFO as adjusted of $0.67 per share, up 19.6% YoY from $0.56, driven by strong same-store NOI growth of 9.8% (New York office +11.9%) and accretive capital deployment, including the Park Avenue Plaza acquisition. Revenue of $462.2M beat consensus of $453.6M marginally, but the GAAP EPS of $0.08 (vs consensus $0.09 miss) is not the Street metric — the core FFO performance is what equity REIT investors focus on, and it was solid.
Key Financial Metrics
Key Facts
- FFO as adjusted per diluted share $0.67, up from $0.56 YoY (+19.6%)
- Total same-store NOI at share grew 9.8%, with New York office up 11.9%
- Revenue $462.2M vs consensus $453.6M (beat by 1.9%)
- Board authorized additional $300M share repurchase; 1.79M shares repurchased at avg $29.92 in Q2
- Acquired 49% interest in Park Avenue Plaza at $1.1B gross valuation (49% share ~$539M)
- Repaid $400M 2.15% senior notes due June 2026 with proceeds from $500M 5.75% notes due 2033
Financial Impact
FFO as adjusted per share grew 19.6% YoY; same-store NOI up 9.8%; $300M buyback authorized
Risk Factors
- 555 California Street same-store NOI declined 14.3% (GAAP) and 48.6% (cash basis)
- Office occupancy at 90.8% remains below pre-pandemic levels
- Leverage increased with $500M notes issuance; credit facilities drawn at $918M
- 888 Seventh Avenue loan in forbearance status — default risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3337907 |
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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