Vornado Realty Trust Reports Q3 2026 Earnings with Increased Adjusted FFO and Strong New York Office Leasing
Vornado Realty Trust (VNO) reported third-quarter 2026 results characterized by a significant 14% year-over-year increase in adjusted Funds From Operations (FFO), reaching $0.65 per diluted share. This growth was primarily fueled by rent commencements at the PENN1 and PENN2 properties. Despite a reported net loss of $47.1 million due to interest expenses and non-cash depreciation, the company demonstrated strong operational momentum in its core New York office portfolio. The company highlighted robust leasing activity in Manhattan, with average starting rents reaching $123 per square foot and significant mark-to-market increases. Vornado is also advancing major development projects, including a $3.3 billion construction loan for the 350 Park Avenue joint venture. With $1.9 billion in total liquidity and anticipated asset sale proceeds exceeding $1 billion, management appears focused on leveraging high demand in Class A-plus office space to drive long-term value.
Topics: FFO Financial Results Office Leasing Real Estate
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