Monitor the Park Avenue Plaza closing and same-store NOI trends in New York office and 555 California Street. The $300M buyback may provide a floor, but the declining core earnings and negative GAAP EPS warrant caution.
Price Chart
Executive Summary
Vornado Realty Trust reported Q1 2026 revenue of $459.1M, beating consensus of $427.7M, but GAAP net loss was $0.12 per share (vs. -$0.11 consensus) and FFO as adjusted fell to $0.52 from $0.63 a year ago. The company announced a $300M share repurchase authorization and agreed to acquire a 49% interest in Park Avenue Plaza, but same-store cash NOI declined 2.9% overall, with 555 California Street dropping 51.2%.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $459.1M vs. consensus $427.7M (beat ~7.3%)
- GAAP net loss per share -$0.12 vs. consensus -$0.11 (miss)
- FFO as adjusted per share $0.52 vs. $0.63 in Q1 2025 (down 17.5%)
- Same-store NOI at share - cash basis declined 2.9% year-over-year
- Board authorized new $300M share repurchase program
- Agreed to purchase 49% interest in Park Avenue Plaza at $1.1B gross asset valuation
- Acquired 3 East 54th Street for $141M in January 2026
- Completed $500M 5.75% senior unsecured notes offering due 2033
Financial Impact
Revenue beat by $31.4M, but FFO as adjusted declined by $0.11 per share YoY
Risk Factors
- Continued office market weakness, especially at 555 California Street (-51.2% cash NOI)
- Net loss and declining FFO may pressure dividend coverage
- High leverage with $4.9B in mortgages and $1.24B in senior notes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287172 |
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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